Protections for labor have been stripped await as Capitalism has become more and more hegemonic over the last 50 years. Profit seeking corporations have always looked for ways to cut their wages. Combine this with the fact that we have become an increasingly globalized world, where labor standards are much lower in third world countries, and you have many factors that play into wage stagnation.
It is ultimately a race to the bottom when you have a globalized economy, but do not have standardized worker protections across said economy.
Immigration has plenty of benefits on society, and we should not use wage stagnation relative to productivity growth (which can be stopped) justify isolationism and protectionism. Whether we like it or not, we live in an increasingly globalized economy and we should fight to have broader labor protections and give more power to workers to be able to protect themselves and fight for fairer wages. The alternative is, as I previously stated, a race to the bottom.
It is ultimately a race to the bottom when you have a globalized economy, but do not have standardized worker protections across said economy.
Immigration has plenty of benefits on society, and we should not use wage stagnation relative to productivity growth (which can be stopped) justify isolationism and protectionism. Whether we like it or not, we live in an increasingly globalized economy and we should fight to have broader labor protections and give more power to workers to be able to protect themselves and fight for fairer wages. The alternative is, as I previously stated, a race to the bottom.