How the Pandemic Pushed Low-Wage Workers' Pay Up 7% and Past Some Tech Salaries
During the pandemic, wages for the lowest-paid workers jumped 7%, briefly outpacing even software developers. Fast food chains were offering $20 an hour just to get people in the door, and for a moment, workers had the upper hand. But that shift reversed, and the leverage that dishwashers and fast food workers gained didn't last.
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Transcript
This is the Daily Note.
Speaker A:I'm James A.
Speaker A:Brown.
Speaker A:A chart from the Financial Times shows something remarkable.
Speaker A:During the pandemic, the poorest workers finally caught up.
Speaker A:Their pay jumped 7%.
Speaker A:Dishwashers got bigger raises than software developers.
Speaker A:It's supply and demand now.
Speaker A:That's over poor workers.
Speaker A:Wages crashed.
Speaker A:For a moment, workers had power.
Speaker A:Nobody wanted to work for 10 bucks anymore.
Speaker A:So fast food paid 20 and begged for help.
Speaker A:Then everything reversed.
Speaker A:Fast, brutal and expected.
Speaker A:Which means poor workers are falling behind again.
Speaker A:It reminds me of something an old teacher once said in high school.
Speaker A:There's no such thing as fair economics.
Speaker A:So what do you think?
Speaker A:Let me know on jamesabrown.net on that note.
Speaker A:I'm James A.
Speaker A:Brown, and as always, be well.
