Fast Company, July 30, 2019: Stanford profs: US income inequality is only getting worse. Now what?
The U.S. economy hit a historic high in 2018, and today unemployment is at its lowest rate in five decades. Yet wage growth for the vast majority of Americans has stalled, and more people are struggling to afford housing, healthcare, education and other basics.
“Times are good if you are college educated and working in the right industries in the right locations,” says economist Paul Oyer. “But the last 50 years have been terrible for people with lower skills. Adjusted for inflation, the average earnings of a man who didn’t go to college is lower now than it was 50 years ago. That’s unheard of.”