A New York Times analysis published this week adds data to a feeling that I believe many of us already had: over the past decade, US productivity grew at roughly twice the rate of real compensation. Labor’s share of national income sits near a 78-year low. Tech employment contracted for 18 consecutive months. Finance shed more than 100,000 jobs since May 2025. Oil and gas went from roughly 200,000 workers in 2013 to about 115,000 today.
AI advocates tend to skip this step. They cite efficiency, output per hour, leaner operations. While that might be correct, the other side of the coin is fewer people doing more, with the margin flowing to balance sheets rather than paychecks.
