The exit of 7.9 million low-wage workers from the workforce, coupled with the addition of 1.5 million jobs in the top half of the wage distribution, skewed average wages upward.“Families near the bottom of the income and wealth distributions generally continued to experience substantial gains in median and mean net worth between 2016 and 2019,” says a September 2020 report by the Federal Reserve banking system.Families at the top of the income and wealth distributions experienced very little, if any, growth in median and mean net worth between 2016 and 2019 after experiencing large gains between 2013 and 2016 [during the Obama administration].The 2019 wage gains were also aided by raises in minimum wages in many states.
The enforced wage gains did cut jobs because the economy was booming, and Trump largely blocked business demands for more legal immigration.
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