On June 10, 2013, The Huffington Post states:
Minimum wage workers haven’t seen their pay go up much in the past 50 years, but that doesn’t mean they’re less valuable to their employers.
The chart below from the New America Foundation, a non-profit public policy institute, shows that worker productivity has in fact skyrocketed even as the real minimum wage (which is the minimum wage adjusted for inflation) has seen slow growth.
The New America Foundation report adds to the growing body of evidence that workers are getting squeezed while companies profit.
The minimum wage would be $21.72 an hour if it kept pace with increases in worker productivity, according to a March study by the Center for Economic and Policy Research.
Whoever wrote this editorial does not understand economics nor the New American Foundation policy researchers.
Worker productivity is not skyrocketing; contrary it is the non-human factor of production––physical productive capital (human-intelligent machines, super-automation, robotics, digital computerized operations, etc.) that is increasingly and exponentially more productive.
