[whakim]

This isn't actually true because the growth of Gross National Income is proportional to the size of the working population. I'm also not talking about wages in absolute terms, I'm talking about the wage share (the percentage of GNI which goes to wages, as opposed to capital). Definitionally, the wage share has been declining since the 1970s because rates of growth have been slowing, which increases the capital/income ratio and (assuming return rates on capital remain relatively constant) will increase the capital share of income (and thus decrease the wage share). I'm not necessarily claiming to know what the correct value should be for the wage share, only that it's significantly lower than it used to be (and will probably continue to decline for the forseeable future). That being said, the wage share is obviously closely tied to inequality; if you reduced returns on capital and/or increased growth, you'd likely also increase the wage share.