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May 26 / Jonathan

Where did all the money go?

Kevin Drum:

The average 40-year-old guy made $44,000 in 1973, and that was as good as it ever got. Today that number is about $40,000. It’s gone down even though the American economy has nearly doubled on a per-person basis during that time.

So where did all the money go? What happened in 1973 that suddenly stopped wage growth for half the population in its tracks? And what should we do about it?

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