This is the hottest job market since the 1990s. Why aren’t wages growing faster?

Because it’s an illusion. The economy is only benefiting the very wealthy. The rest of us are getting scraps. Truth is wages have not changed in decades. Meanwhile corporate profits have boomed:

What’s clear is that the stock market is at record highs and many companies are having another very profitable year, yet the share of the economic “pie” going to workers remains at basically a 70-year low. And it does not show any signs of rebounding, even in a hot job market.

“One thing that really troubles me is the pace of wage growth. Workers are getting a smaller cut of what we produce than they used to,” tweeted Betsey Stevenson, associate professor of economics at the University of Michigan. “Everyone thought that a strong labor market would help change that, but worker’s share (compared to profits) of GDP remains stubbornly low.”

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