Despite recent blips, the U.S. stock market is near all-time highs, and the country has experienced years of uninterrupted growth. It’s party time again in Silicon Valley as multiple high-tech companies have valuations in the billions, many with nary a profitable quarter. On a wider front, the U.S. unemployment rate is respectable at around 5-6%.
But amid these positive signs, wage growth has been anemic, as explained in this April 2015 Economist blog, titled “Why American wage growth is so lousy,” which related, “Inflation-adjusted wages for typical workers are stagnant. In fact, they have barely grown in the past five years; average hourly earnings rose 2% year-on-year in February of 2015: about the same as in February of 2010.” So where is U.S. wage growth going to come from?