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The continued slow wage growth during the 2nd Obama term and first 3 years of T's administration during a tight labor market were concerning to me. I'm not sure if there is yet an explanation. If anyone has one, please link!
My sense is that the explanations were partisan. On the left, the answer was that Obama's stimulus didn't go far enough and his monetary policy wasn't loose enough. On the right, uncertainty re: the ACA led to sluggish hiring because employment costs were hard to predict.
a tech lay-person's hot take: it's neither of those, but rather the drop in tech/globalization costs over that time. It's like a pressure relief valve on wages: when wages go up, the cost of automating and/or off-shoring becomes viable, bringing wages down.
this is a good point; and also why that's not happening now. Not those kind of jobs at issue.
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