WINNING THE WAR ON WAGES:

Another short- to medium-term policy decision affecting wage growth is to avoid trade deals, such as the proposed Trans-Pacific Partnership, that would further erode Americans' wages and send jobs overseas.

And there are several things we can do to bolster the labor standards and institutions that support wage growth. Raising the minimum wage to $12.50 an hour by 2020 would ensure that the minimum wage equals more than half the average wage, as it did in the late 1960s. And it has been too long since we have raised the salary threshold for overtime pay; raising it to $50,000, so that anyone making below that would get overtime, would move us closer to what prevailed in the 1970s, when about two-thirds of salaried workers received overtime pay.

Protecting and expanding workers' right to unionize and bargain collectively is also essential; the erosion of collective bargaining is the single largest factor suppressing wage growth for middle-wage workers over the last few decades. And we need to modernize our New Deal-era labor standards to include earned sick leave and paid family leave so workers can balance work and family.

Finally, stronger laws and enforcement to deter and remedy wage theft and the illegal treatment of employees as independent contractors could put tens of billions of dollars into workers' pockets.

Contrary to conventional wisdom, wage stagnation is not a result of forces beyond our control. It is a result of a policy regime that has undercut the individual and collective bargaining power of most workers. Because wage stagnation was caused by policy, it can be reversed by policy, too.

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