However, under severed monopsony, laid-off workers were cut-off from the employers that may have been suppressing their wages. As EPI explains:"Once the employer-employee ties have been severed, employers' power to rehire those same workers at the same pay and working conditions is greatly reduced." The workers may have simply migrated away, or gotten new jobs, or demanded more out of work.
But while wage gains were notable, and likely impacted the lives of many low-earners, the lowest-paid Americans are . As EPI calculates, those workers — who are disproportionately Black, Hispanic, and female — saw an average hourly wage of $12.57 in 2022. Meanwhile, the top 10% of wage-earners made 41.4% of total earnings in the US in 2021.
Now goods and services must follow. Their sharp spike was bc the McNugget dude went from $8 an Hr to $19.
Why?
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