The End Of The Social Contract

1947-1974
• US productivity rose 97% and median wages rose 95%
• Labor’s share of national income was 50%
• The three largest employers were high-wage and unionized: AT&T, GM, Ford
• 1/3 of labor was unionized

1975-
• US productivity rose 80% and median wages rose 10%
• Labor’s share of national income is 43%, a record low, while corporate profits are at a record high
• The three largest employers are low-wage retail: WalMart, YUM! and McDonalds
• 6.6% of labor is unionized

The Single Best Article on the End of the Social Contract in the U.S.
The Forty-Year Slump