U.S. workers would prefer to work less—if they could afford to do so. Low-waged individuals work long hours to provide for their families.
The typical American workweek declined from roughly seventy hours in 1850, to sixty hours in 1900, to fifty hours in 1920, and (allowing for variation during the Depression and World War II) stabilized at a little over forty hours by the middle of the century. After that, further diminution of work-time largely ceased. Indeed, as we have seen, hours worked per week and per year have increased very substantially for large numbers of Americans in recent years. In 2000, 76 percent of American workers put in forty or more hours a week—an increase from 73 percent in 1983. Workers in France and Germany reduced work compared to their American counterparts—by 260 hours per year between 1979 and 2000, the equivalent of cutting six and a half forty-hour-weeks out of the work year.
In 2003 the U.S. economy produced just over $38,000 for each individual, or just over $152,000 for every group or family of four. Per capita production in the United States increased more than sixfold during the twentieth century—even though the economy was jolted by two World Wars and the Great Depression. Projecting twentieth-century growth forward yields a very large number by the end of the twenty-first century—minimally $220,000 per head and $880,000 for each group or family of four. (All in 2003 dollars). Per capita GDP will still be impressive by the century’s end if the conservative assumptions used in the Social Security Trustees Report are followed: $125,000 per person, or $501,000 per group of four (again, all in 2003 dollars). If the American workweek were even to be cut in half, the U.S. economy would still be able to produce an extraordinary amount for each family by the century’s end. A recent estimate is that productivity gains of 2 percent per year—if fully translated into reduced work-time—would cut roughly seven hours off the workweek in the course of only one decade. Robert Fogel has argued that as early as 2040 current trends and “technophysio evolution” could produce a 1,400-hour work-year, a 30-hour workweek, 30 holidays, and 12 sick days.
The richest 1 percent of households now owns half of all outstanding stock, financial securities, trust equity, and business equity in the United States. A mere 5 percent owns more than two-thirds of America’s financial assets. In recent years those with incomes over $1 million—a minuscule less than two-tenths of 1 percent of all taxpayers––made more money from stock sales than all the rest of the nation combined. Political scientist Alan Wolfe adds, “There are really only two classes in America now, the top 2 percent and everybody else.”
The typical American workweek declined from roughly seventy hours in 1850, to sixty hours in 1900, to fifty hours in 1920, and (allowing for variation during the Depression and World War II) stabilized at a little over forty hours by the middle of the century. After that, further diminution of work-time largely ceased. Indeed, as we have seen, hours worked per week and per year have increased very substantially for large numbers of Americans in recent years. In 2000, 76 percent of American workers put in forty or more hours a week—an increase from 73 percent in 1983. Workers in France and Germany reduced work compared to their American counterparts—by 260 hours per year between 1979 and 2000, the equivalent of cutting six and a half forty-hour-weeks out of the work year.
In 2003 the U.S. economy produced just over $38,000 for each individual, or just over $152,000 for every group or family of four. Per capita production in the United States increased more than sixfold during the twentieth century—even though the economy was jolted by two World Wars and the Great Depression. Projecting twentieth-century growth forward yields a very large number by the end of the twenty-first century—minimally $220,000 per head and $880,000 for each group or family of four. (All in 2003 dollars). Per capita GDP will still be impressive by the century’s end if the conservative assumptions used in the Social Security Trustees Report are followed: $125,000 per person, or $501,000 per group of four (again, all in 2003 dollars). If the American workweek were even to be cut in half, the U.S. economy would still be able to produce an extraordinary amount for each family by the century’s end. A recent estimate is that productivity gains of 2 percent per year—if fully translated into reduced work-time—would cut roughly seven hours off the workweek in the course of only one decade. Robert Fogel has argued that as early as 2040 current trends and “technophysio evolution” could produce a 1,400-hour work-year, a 30-hour workweek, 30 holidays, and 12 sick days.
The richest 1 percent of households now owns half of all outstanding stock, financial securities, trust equity, and business equity in the United States. A mere 5 percent owns more than two-thirds of America’s financial assets. In recent years those with incomes over $1 million—a minuscule less than two-tenths of 1 percent of all taxpayers––made more money from stock sales than all the rest of the nation combined. Political scientist Alan Wolfe adds, “There are really only two classes in America now, the top 2 percent and everybody else.”
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