There’s no reason for anyone’s wages to be going down. Personal income per capita, adjusted for inflation, has doubled over the past forty years. If the income distribution today were as equal as it was in 1973, everyone’s wages could be twice as high.
Instead, a few people at the top make 1000% more than people at the top did in the 1970s, while the bottom half of Americans have had no raises at all.
Literally all of the economic growth of the past forty years has gone to the top half of Americans. Most of it has gone to the top twenty percent, and an obscene proportion of it has gone to the top tenth of one percent. That’s just not right.