This topic has been increasingly researched in academic circles. I will post supporting research for my argument as it pops up.
The Pew Research Center has done good work compiling and analyzing the impact of a lack of increase in purchasing power among American workers. I have linked the full study below, and pulled out several key graphs.
One piece I will get to future posts is the extreme growth in wealth inequality this vicious cycle has created, and how it has created effectively dual economies and societies within America. This dual system simply furthers the Peak Cheap cycle, as the upper economic society does not see the negative impact of their decision making, only the value created, while the lower sees the negative, and little to none of the positive.
Key Graphs:
https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/
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