Robert Reich • 19752 implied HN points • 12 Jan 24
- The virtuous cycle of rising wages with productivity gains broke in the late 1970s, leading to stagnant incomes for most American workers.
- Corporate governance shifted in the 1980s, with a focus on maximizing shareholder returns, leading to massive job cuts and weakened worker bargaining power.
- Decline in union membership since the late 1970s has contributed to shrinking middle class as unions effectively negotiated better wages and benefits for workers.