TO
ECONOMIC
NEWS
AND
THE
% NEW
REPORT ON THE
STATUS
OF
% WORKERS IN
WISCONSIN.
% AS
WE
LOOK
AHEAD
TO
LABOR
DAY,
% THE CENTER
OFFERS
WHAT
IT
CALLS
% ITS
FACTS
AND
FIGURES
REPORT ON
% THE STATE
OF
WORKING
WISCONSIN.
% ASSOCIATE
DIRECTOR AT
COWS
LAURA
% DRESSER
JOINS
US
NOW.% >>
THANKS FOR
HAVING
ME.
% >> SO
YOUR
REPORT
SAYS THERE
IS
% GOOD NEWS.%>>
YES.
% THERE
IS
GOOD
NEWS.
% AND THIS IS
THE
FAMILIAR
NEWS OF
% THE KIND
OF
THE
GREAT
CLOUD OF
% THE
GREAT
RECESSION
OF
2007
HAS
% REALLY
LIFTED.
%
WE'VE
HAD
LONG-TERM,
SUSTAINED
% UNEMPLOYMENT AT
LOW
LEVELS,
% STEADY JOB GROWTH.
% AND
SO
THAT
PICTURE
I
THINK
IS
% REALLY
CLEAR
IN
PEOPLE'S
HEAD
% RIGHT
NOW.
% >>
THERE
IS
BAD
NEWS.
% >>
YES.
% SO WE
SORT
OF
START WITH
THAT,
% BUT
I
THINK
ONE OF
THE
BIG
% MYSTERIES OF
THIS
MOMENT
IS
% GIVEN ALL
THAT
GOOD
NEWS,
WHY
% ARE THESE
KIND
OF
QUESTIONS
OF
% ECONOMIC
INSECURITY
STILL
SO
% SALIENT
FOR
PEOPLE.
% SO WE
TRIED
TO
FOCUS
THIS
REPORT
% ON
THESE
VERY
LONG-TERM
TRENDS,
% 30
AND
40
YEARS
LONG,
THAT
HAVE
% UNDERMINED PEOPLE'S SENSE
OF
% SECURITY,
WORKING
WISCONSIN'S
% SENSE OF
SECURITY.
% THAT'S
THE
FOCUS OF THE
REPORT.% >>
AS
TO
THAT
FOCUS,
YOU
TALK
% ABOUT WAGE
STAGNATION,
THAT
THE
% MEDIAN WAGE
IS
ONLY
73
CENTS
% HIGHER THAN IT
WAS
IN
1979.% >>
SO.
% SO
WE'RE
BASICALLY
AT
18
BUCKS% AN HOUR NOW.
% AND
THAT'S
JUST
BARELY,
LIKE
63
% CENTS AN
HOUR
HIGHER
THAN IT
WAS
% IN
1979
ONCE
YOU
ADJUST
FOR
% INFLATION.
% THAT STANDS
OUT
AS A
COMPLETE% BREAK FROM THE
WAY
THE
ECONOMY
%
WORKED, FROM
THE
POST WORLD
% WAR II
INTO
1979,
WHEN
THE% ECONOMY
GREW,
WAGES
GREW.
% THEY WERE
SORT
OF
LOCKED
% TOGETHER
AND
WORKERS
SAW
THE
% BENEFITS
OF
GROWTH.
% WHAT
WE'VE
HAD
IN
THE
2000s
IS
% THIS
WAIG
!
WAGE
STAGNATION
IN
THE
% CONTEXT
OF
GROWTH,
SO
WORKERS
% DON'T SEE
AS
MUCH
GOOD
NEWS
FROM
% LOW
UNEMPLOYMENT
AS
THEY
USED
% TO.%>>
WHAT
EXPLAINS
THE
STAGNATION?% >> I
THINK A
LOT
OF
PEOPLE
SPEND% A
LOT
O
F
TIME,
BUT
THERE'S
% CERTAINLY
THINGS, THERE
ARE
% CERTAINLY
INSTITUTIONAL
FACTORS
% THAT
MATTER A
LOT
IN
MY
ANALYSIS
% OR
THINKING THE
WAY
I
THINK
% ABOUT WHAT WE COULD DO
WITH
% POLICY.
% THE
STATE'S
MINIMUM
WAGE
IS
% $7.25 AN HOUR,
THE
WAY IT
WAS A
% DECADE AGO.
% THAT'S ONE
THING
THAT
KEEPS
% WAGES
DOWN.
% OUR LABOR
MOVEMENT,
WHICH
HAS
% OFTEN
SERVED
BOTH
THROUGH
POLICY
% APPROACHES
AND
THROUGH
ITS
OWN
% BARGAINING
TO
KEEP
WORKERS'
% WAGES
HIGHER, HAS
BEEN
DECIMATED
% BY PUBLIC POLICY
IN
THIS
STATE.
% SO
I
THINK WE
CAN
SEE
THINGS
% WHERE
POLICY
--
YOU
KNOW,
HOW
DO
% YOU
MAKE
THAT
BETTER
OR
WHY
DID
% THIS HAPPEN.
% WE'VE MOVED
AWAY
FROM
SOME
% POLICIES
THAT
ACTUALLY
HELD
% WORKING PEOPLE KIND OF
CLOSER TO% ECONOMIC GROWTH.%>>
YOU
DESCRIBE
HOW
PRODUCTIVITY
% HAS
GROWN
BY
70%
DURING
THE
SAME
% PERIOD.%WHAT IS
THE IMPLICATION OF
THAT?
% >>
ONE
TIME
TO
THINK ABOUT
IT,% ACROSS
THE
POST-WAR
PERIOD, IF
% THE ECONOMY
GREW
BY
70%,
WE'D
% SEE WAGES
UP
BY
70%.
% THAT WOULD PUT
THE
MEDIAN
WAGE
% TODAY,
WHICH
I
S
$18 AN
HOUR,% WOULD
BE
WELL
OVER
$25 AN
HOUR
% TODAY IF
WAGES
WERE
STILL
LOCKED
% INTO
PRODUCTIVITY THE
WAY THEY
% WERE.
% AND
YOU
SEE
THAT'S SORT
OF
THIS
% GAP THAT'S
GROWING, THAT
IF
% WORKERS ARE
MAKING,
YOU
KNOW,
% WITH AN
HOUR
OF
LABOR
THEY'RE
% MAKING
70%
MORE GOODS AND
% SERVICES AND
IF
THEY
AREN'T
% BRINGING
HOME
MORE
IN
WAGES,
% THEN
THOSE
WAGES
ARE
--
THAT
% VALUE IS GOING
AND,
AS
WE
KNOW,
% IN
THIS
ECONOMY
THEY'RE GOING
TO
% THE TOP
END,
TO
OWNERS
AND
% MANAGERS.%>>
SPEAKING OF THE
TOP
END,
YOU
% ALSO POINT IN
THIS
REPORT
TO
% INCOME
INEQUALITY.
% IS
IT
NEARLY A
MILLION
DOLLARS,
% THE
REST OF
THE
99%
AT
$51,000.
% THAT IS
QUITE A
GAP.
% >> IT
IS.
% ON
ONE OF
THE
MEASURES WE
ARE% BACK TO LEVELS
THAT
WE
HAVEN'T
% SEEN
SINCE
1928.
% INEQUALITY
FELL
ACROSS FROM
% BASICALLY
1929
THROUGH
THE
% 1970s,
BUT HAS
BEEN
ON
% DECLINE.
% AND THE
REWARDS
OF
ECONOMIC
% GROWTH
CONTINUE
TO
ACCRUE AT
THE
% VERY TOP.
% SO YOU
SEE A
MILLION
VERSUS
% $50,000
AND
THAT
GAP
IS
JUST
% GROWING.%>> ALL RIGHT.
% WE
LEAVE
IT
THERE.