The labor share of our nation’s income—that is, the portion of all the income paid to workers, rather than, say, investors—is scraping all-time lows. Do you feel like the American dream is a little hollow these days? Yes, exactly.
There are quite a few factors driving the decline of the labor share—weakening of labor unions, financialization of the economy, concentration of superstar firms in industries—but the bigger picture is that workers are getting less of our economy, owners of capital are getting more, inequality keeps on increasing, and your hope for economic mobility declines.
Will we ever uncover the source of why Americans are sleeping on the street and souring on capitalism as a tiny unaccountable class of super-rich investors soaks up and ever-greater portion of our economy? Only time will tell. In any case, be sure to vote Republican in 2020 so you can say “Merry Christmas.” There is nothing more important.