As has been stated before, this has very little to do with the president realistically. Although they always take credit. Part of this is a result of the rebound after the declines during COVID, and the wage growth aspect is more than a little bit a result of many states upping their minimum wages, as well as wage competition due to lower unemployment. And in the end a lot this is driven by a factor that will really begin to haunt America in the coming decades, which is the fact that we save and invest on a personal level at a lower rate than the majority of the top 20 developed nations, and our aging population is the worst-prepared for retirement of any developed nation as we have a ridiculously insufficient social safety net, which other nations have covered much more effectively than us. We better be ready to absorb the aging work force and the resultant likely drop-off in productivity as we push people to work longer and longer since fewer and fewer can afford any kind of retirement. Even my parents, who had planned as well as you could on a middle-class income, both worked nearly into their 80's. This is all window-dressing for debts we are incurring to be paid later by everyone in our society in ways we are neither anticipating nor planning for.
I am glad to see the wage gap lessening, although it took heavy government regulation at the state level and a pandemic to do it. Cannot see that being repeated so likely it is a market correction that will drop flat again and begin to widen as we have already seen. We need better mechanisms to tie wages to corporate profits in order to keep things balanced going forward. COLAs should be in the neighborhood of 1.5X the rate of inflation, not 1/2 of it, and should be mandatory at the very least. Or it should be a minimum of 1/2 of average corporate revenue growth for a given industry. Are you contributing to a 20% average revenue growth in your company for their industry? Then you should be entitled to a 10% raise at a minimum. Something like that has to be initiated to keep wages in line with corporate profit growth and inflation. I am NOT saying THIS is the solution, so if anyone wants to debate these EXACT points, feel free, but you are debating with yourself. I am just spit-balling, and stating again that something LIKE this needs to happen if we want sustainable wages that provide for a living for the majority of Americans AND some kind of future for retirement as we live longer and longer as a species.
To take that a step further, speaking as a nihilist who believes we are merely a cancer, growing uncontrollably on the planet and needlessly destroying life to sustain our own, maybe we need to stop with the medical advancements to extend our lifespans when the added years are never as productive, nor of a similar quality, as the years before. Once we reach a point we can keep someone alive for an extra 15 years, but at a nearly unlivable quality of life, what have we really accomplished other than further diluting our resources and burdening the younger generations to care for us as we age to points where we can no longer care or provide for ourselves, and then live that way for added decades. Maybe Logan's Run wasn't that far off in their logic.