Article courtesy of The New York Times, written by Thomas B. Edsall
The economic forces driving this year’s nomination contests have been at work for decades. Why did the dam break now?
The share of the gross national product going to labor as opposed to the share going to capital fell from 68.8 percent in 1970 to 60.7 percent by 2013, according to Loukas Karabarbounis, an economics professor at the University of Chicago’s Booth School of Business.
Even more devastating, the number of manufacturing jobs dropped by 36 percent, from 19.3 million in 1979 to 12.3 million in 2015, while the population increased by 43 percent, from 225 million to 321 million.
The postwar boom, when measured by the purchasing power of the average paycheck, continued into the early 1970s and then abruptly stopped (see the accompanying chart).
In other words, the economic basis for voter anger has been building over forty years.