While labor productivity may not be growing as fast as it used to, it is certainly higher today than ever before. Between 1973 and 2016 net productivity rose by 73.7 percent. What do you think happened to wages over that same time frame? If you guessed that they were stagnant, you’re catching on. Wages were up just 12.5 percent over those same forty-three years, meaning that productivity has outpaced pay by 5.9x. Meanwhile, the ratio of pay between the CEO and the average worker went from 22.3:1 to 271:1. Move along, folks, nothing to see here.
