Reluctant Raises

The total value of wages is $7.2 trillion. If we add 2.3 million workers/year to payrolls, the current rate, each of which earns the average wage of $42,498, total wages rise by $98 billion. However, a 1.36% increase in real wages for workers also equals $98 billion and explains why wage increase are so critically important to the economy. Unfortunately for most employees, wages have been stagnant.