For generations America’s promise has been that opportunity to create a better life for your family awaits if you work hard and play by the rules. But this Labor Day, that promise is more out of reach than ever for an increasing number of people.
Income inequality skyrockets as more of our nation’s gains go to an increasingly smaller group. According to the Economic Policy Institute, the average chief executive officer of the 350 largest companies in the US raked in a whopping $18.9 million in compensation in 2017, a 17.6 percent increase over 2016. Workers’ wages are not even keeping up with the cost of inflation.
The situation is even bleaker for people of color, women and those without a college degree. All groups are falling further behind, despite companies making empty promises about using the windfall of the Trump Administration corporate tax cuts to boost wages. The negotiating power of working people—achieved by standing together in a union—is at its lowest point in generations.
The future of work is perhaps more uncertain in 2018 than it has ever been.