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Reuters
Corporate power keeps U.S. wages 20% lower than they should be-White House
WASHINGTON (Reuters) -With inflation at a four-decade high, a U.S. government report shows corporate America has used its clout in the labor market to keep wages 20% lower than they should be, the White House said on Monday. The report, prepared by the Treasury Department with help from the Justice Department, Labor Department and Federal Trade Commission (FTC), found companies had the upper hand in setting wages because they generally knew more about the labor market than workers do. “These conditions can enable firms to exert market power, and consequently offer lower wages and worse working conditions, even in labor markets that are not highly concentrated,” the report said.
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