The coming wage crisis
In the future of automation, the crisis in the advanced economies may be flat wages and not a lack of jobs. That future appears already to be here: In April, unemployment fell to 3.9%, but two-thirds of U.S. jobs pay less than $20 an hour. And the three most-common jobs, held by 11.5 million people, pay much less.
- Retail sales ($13.07 an hour)
- Cashier ($10.43)
- Food-preparer ($9.84)
Why it matters: In the first technological cycle of the Industrial Age, in the beginning of the 19th century, we got the Luddite uprising. Over the subsequent decades, jobs were destroyed and new jobs created, roiling millions of people's lives. But the biggest crisis was low wages — Americans could not afford the basics.