Wages in the U.S. have stagnated since the early 1970s. Between 1979 and 2020, workers' wages grew by 17.5% while productivity grew over three times as fast at 61.8%.

"It's not true that wages haven't grown at all," said Allison Schrager, senior fellow at the Manhattan Institute. "They have, but they haven't grown as quickly as they had in the past."