Why “efficiency” and “productivity” really mean more profits for corporations and less sanity for you.
Illustration: Mark Matcho; Chart Artwork: Jeff Berlin
Want more rage? We’ve got 11 charts that show how the superrich spoil it for the rest of us.
In the past 20 years, the US economy has grown nearly 60 percent. This huge increase in productivity is partly due to automation, the internet, and other improvements in efficiency. But it’s also the result of Americans working harder—often without a big boost to their bottom lines. Oh, and meanwhile, corporate profits are up 20 percent. (Also read our essay on the great speedup and harrowing first-person tales of overwork.)
You have nothing to lose but your gains
Productivity has surged, but income and wages have stagnated for most Americans. If the median household income had kept pace with the economy since 1970, it would now be nearly $92,000, not $50,000.
Growth is back…
…But jobs aren’t
Sorry, not hiring
The sectors that have contributed the most to the country’s overall economic growth have lagged when it comes to creating jobs.
See the rest of the charts here: