Worker pay has fallen behind what workers actually produce, and this breakdown lays out the decades of policy choices behind it, which is bad news for anyone counting on a paycheck to keep up with the cost of living.

• Pay and output used to rise together, but they split apart in the early 1970s.
• Tax breaks for business machinery in the 1960s sped up automation, letting companies produce more without hiring or paying more.
• Trade laws in the 1970s and NAFTA in the 1990s pushed manufacturing jobs overseas and opened the door to cheaper foreign labor, both of which weakened workers' bargaining power at home.
• Deregulation in 1980 and the rise of gig apps like Uber and Lyft in the 2010s added more competition for jobs while cutting job security and benefits.
• Stocks and real estate have surged instead, meaning wealth has piled up in assets rather than wages, which is good for owners of stocks and property but not for people who rely on a salary.

Outlook: Without a shift in policy, workers are likely to keep being asked to do more for less, fueling ongoing burnout.