Many people in the middle class did not get a pay raise in a very long time, perhaps as long as ten years, because of the financial crisis of 2010. For many years, people have worked long hours for less money, and it’s been frustrating for the middle class to watch their way of life become more and more difficult.
There are a number of factors that have contributed to wage stagnation in the United States.
One factor is globalization, which has led to increased competition from cheaper labor markets overseas. This has put downward pressure on wages for many workers in industries that are exposed to international competition.
Another reason is technological change, which has reduced the demand for certain types of jobs and increased the demand for workers with different skill sets. This has led to wage stagnation for some workers, while others with the necessary skills and education have experienced wage growth.
Other factors that have contributed to wage stagnation include changes in the labor market, such as the decline of unions and the increasing use of part-time and contract workers, which can reduce bargaining power and suppress wages.
Additionally, macroeconomic factors such as slow economic growth and low inflation can also contribute to wage stagnation.
Wage stagnation is a very good reason to become a real estate investor. You cannot solve the problem of low pay by working more for a system that does not value your contribution. This kind of problem requires innovation, and becoming a real estate investor is a good solution.
You can begin your real estate investment education right here, on demand! Start with our Real Estate Investing Masterclass! Work at your own pace, at night, weekends or whenever. Real estate coach and attorney Brian Gormley created these materials to help you take back control of your earnings. Get started today!