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Income inequality grows in the heartland of pozz
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2018-11-20 at 1:54 PM UTC
Nine out of every 10 Silicon Valley jobs pays less now than … in 1997…
… employees in the middle of Silicon Valley’s income ladder have been hit hardest as their inflation-adjusted wages declined between 12 and 14 percent over the past 20 years, according to a study from UC Santa Cruz’s Everett Program for Technology and Social Change and the labor think tank Working Partnership USA, which examined the economic impact of technology companies.
Technology workers saw a median wage increase of 32 percent over the past 20 years…
Meanwhile, the region’s economy has been booming. Since 2001, the amount of money generated per Silicon Valley resident — the area’s per person GDP — has grown 74 percent, the study found.
https://www.mercurynews.com/2018/11/18/silicon-valley-wages-have-dropped-for-all-except-highest-paying-jobs-report/
This is literally held up as the model for the rest of the world to follow. -
2018-11-20 at 1:56 PM UTC
In 2001, about 64 percent of the money generated in Silicon Valley went to workers. By 2016, that was down to 60 percent.
In other words 40% of income goes to Capital.
That's incredible.The following users say it would be alright if the author of this post didn't die in a fire! -
2018-11-20 at 2:47 PM UTCI wonder how much of that is due to wage fixing between major companies
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2018-11-20 at 5:29 PM UTC
Originally posted by aldra I wonder how much of that is due to wage fixing between major companies
It makes sense to allow positions to go unfilled or bring in immigrants to do the work rather than compete against each other.
And of course you have the outright collusion not to compete against each other.
https://www.cnet.com/g00/news/apple-google-others-settle-anti-poaching-lawsuit-for-415-million/?i10c.encReferrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmllLw%3d%3d&i10c.ua=1&i10c.dv=19 -
2018-11-20 at 6:46 PM UTCYeah, that's what I was referring to - tech companies specifically agreeing to reduce employment competition to keep wages down. If I remember right Google and Apple only got caught because they kept incriminating paperwork; the agreements were thought to be far more widespread at the time though only verbal in many cases
