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The typical household is now no better off, indeed about $3,000 worse off, than it was in the mid to late 1970s, in spite of 35 years of economic growth.
Over the last couple of decades or more the median wage rate has hardly changed, and wage rates below the halfway point have fallen by five to as much as ten percentage points.
And as a result I see more clearly the need and the possibilities for fundamentally changing tax and social policies, and promoting human capital investment in a way that favours families who have made little or no progress over the course of 30 years, others who have witnessed outright declines in their standard of living, and even others who in spite of their overall income levels face increased insecurity.