this post was submitted on 15 Oct 2023
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Americans of course are realizing all of the value corresponding to the high GDP. There is no one else to take it. American workers, however, are realizing vastly less. Most of the value generated by the labor of workers in the US, and of workers in every nation, is claimed as profit by the very tiny section of society that owns most of the business, and who are not providing labor that generated the wealth.
Perhaps it is the distinction between workers' wages and owners' profit, as the division of the entirety of wealth generated within society, that you are describing as "reality".
Based on your response, it appears you misunderstood my comments, as may be expected if you form your analysis from the Economist. The Economist supports the interests of business owners, which are mutually antagonistic with the interests of workers.
If workers realized a greater share of the value generated by their labor, then they would have more control over the conditions of their labor, and more freedom in their lives, as well as simply more enjoyment from higher wages. As such, in higher numbers they would seek to fill positions that are meaningful and substantive in terms of social value, including teaching and nursing, and more of such positions would be available.
Again, the shortcoming in your analysis is due to your believing the scarcity narrative, that because business owners insist on taking far too much, workers should be condemned to fight for scraps.