It wouldn't probably fit the classification of a "Workers Paradise", but if there was at least some growth with workers wages in Real Dollars that reflected the growth prior to 1972. Since 1972 wages in Real Dollars have not equaled workers wages at their peak.
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Real Wages Decline Again — Literally No One Notices
Your read it here first: Real wages fell 0.2% in 2012, down from $295.49 (1982-84 dollars) to $294.83 per week, according to the 2013 Economic Report of the President. Thus, a 1.9% increase in nominal wages was more than wiped out by inflation, marking the 40th consecutive year that real wages have remained below their 1972 peak.
Real Wages Decline Again ? Literally No One Notices - Business Insider
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Obviously, this effects wage earners ability to participate in the consumer driven economy. As 70% of our economy is consumer driven, this isn't healthy for our economy, actually it makes the US economy in a constant position of being vulnerable.
The chart below shows the effect on the US's ability to recover from recessions. Please note how much longer it taken for this country to recover from recessions. The last three recessions have taken much longer to recover from than recessions when wages were increasing in Real Dollars.
It's very clear that in order for the US's economic security to be strong, we must have a strong working middle class. When we don't, the US economy is fragile.
