We are facing a historically tight labor market, and unemployment numbers are low. But unfortunately, low unemployment doesn’t mean people are doing well. In fact, as many as 50 million American households do not have the income to support a family. Economists speak positively about 3.1% median wage growth, but a typical entry-level worker making $12 an hour could get a 3.1% annual increase every year for 15 years and still not make enough to afford basic living expenses for a family.
With jobs plentiful, we have an opportunity to bring new workers into this economy. To invest in people and help the current workforce become more skilled and more productive. To pay a decent wage, provide a safe place to work, and foster a culture where workers’ contributions matter because a good job is a competitive advantage.
Read the rest of the blog published at the Aspen Institute here.