During the pandemic, wages for the lowest-paid workers jumped 7%, briefly outpacing even software developers. Fast food chains were offering $20 an hour just to get people in the door, and for a moment, workers had the upper hand. But that shift reversed, and the leverage that dishwashers and fast food workers gained didn't last.
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Transcripts
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This is the Daily Note.
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I'm James A.
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Brown.
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A chart from the Financial Times shows something remarkable.
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During the pandemic, the poorest workers finally caught up.
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Their pay jumped 7%.
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Dishwashers got bigger raises than software developers.
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It's supply and demand now.
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That's over poor workers.
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Wages crashed.
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For a moment, workers had power.
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Nobody wanted to work for 10 bucks anymore.
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So fast food paid 20 and begged for help.
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Then everything reversed.
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Fast, brutal and expected.
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Which means poor workers are falling behind again.
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It reminds me of something an old teacher once said in high school.
