The REAL History Of American Wages
May 28, 2021
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3:10Now PlayingThe REAL History Of American Wages
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as posted by the channelPres. Biden explains the history of why the productivity of American workers is rising -- but their wages aren't.
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"Joe Biden has called for corporate America to raise wages for workers as rising inflation and supply chain bottlenecks create “bumps in the road” for the US economic recovery.
The US president’s appeal came during a visit to the industrial city of Cleveland, Ohio as he prepared to unveil on Friday a $6tn White House annual budget that incorporates sweeping plans for large-scale government investment.
Biden made the trip to defend the administration’s economic record and rebut Republican criticism that higher prices and labour shortages because of strong fiscal support were overheating the economy and stalling the recovery.
“You can’t reboot a global economy like flipping on a light switch. There’s gonna be ups and downs in jobs and economic reports. There’s going to be supply chain issues and price distortion on the way back to stable, steady growth,” Biden said. “But this is already clear: we’re on the right track.”
The White House sees salary increases as a solution to the current misalignments in the labour market — with some businesses struggling to fill job openings despite millions of people still out of work — as well as a way to help low-wage households keep up with higher inflation."
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