Reply #186: Wage Decline

[unlawflcombatnt]

Below is graph from the U.S. Bureau of Labor Statistics showing the steady decline in wages over the last several years. Do you suppose 7 million extra workers might be lowering those wages some?



The link for this graph can be found at Real Hourly Wages

I wonder what kind of an effect the addition of 66-100+ million more workers will have on this wage chart over the next 20 years. If our labor force increased at the current assumed rate of 150,000/month, that would be an increase in our workforce of 36 million over 20 years. If we double or triple the rate of labor force increase, won't it cause real wages to decline? They're declining at present with a much smaller rate of increase. So wouldn't a faster rate of increase cause wages to decrease even faster?

Increased supply of anything always reduces the price. If the supply of labor increases even faster, won't that reduce the price (wages) of labor even faster?