As you may know, the supposed slow-growth of wages since the early 1970s has long been a cause-celebre among the left’s equity crowd. It is usually attributed to lower income tax rates, or the demonic powers of “neoliberalism.” One factor that is seldom considered, at least by the mainstream media and the celebrated egalitarian academics like Thomas Piketty, is the role the sharp rise of economy-wide government regulation that began at precisely the moment that wage growth flat-lined. Environmental regulations in particular have been highly effective at saying No to new projects of all kinds.
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