And here’s a curious bit of data for both Buffett and Greenspan, champions of the “American productivity” school of euphorinomics:
Between 2000-2007, U.S. worker productivity increased 18%, but salaries declined, on average, $2,000.
Despite producing an average of 2.5% more geegaws each year, the median inflation-adjusted family has fallen over the past seven years, from $58,000 to $56,000. “It’s a compelling example of a large disconnect,” says Jared Bernstein of the Economic Policy Institute. “Americans aren’t being rewarded for their productivity.”
Really.
5 Min. Forecast