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This last year saw the pace of job growth pick up, a welcome development. Yet the economy remains far from healthy. In 2014 the twin issues of income inequality and stagnant wage growth for the vast majority of Americans took center stage. Better late than never. EPI’s top charts of 2014 show why addressing inequality and spurring wage growth is so necessary–and so doable.

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Policy choices led to these trends, and different policy choices can reverse them. The first policy choice should be based on the “do no harm” principle: the Federal Reserve should not try to slow recovery in the name of fighting inflationary pressures until wage growth is much, much stronger. After this, policymakers should support those labor standards that can restore some bargaining power to low- and moderate-wage workers in coming years. That means policy actions such as passing a higher minimum wage, expanding rights to overtime pay, protecting the labor rights of undocumented workers, and restoring the right to collective bargaining. Copy the code below to embed this chart on your website.

In 2014, rising income inequality became a front-burner political issue. This figure shows that the stakes of rising inequality for the broad American middle-class are enormous. In 2007, the last year before the Great Recession, incomes for the middle 60 percent of American households would have been roughly 23 percent (nearly $18,000) higher had inequality not widened (i.e., had their incomes grown at the overall average rate—an overall average buoyed by stratospheric growth at the very top). The temporary dip in top incomes during the Great Recession did little to shrink that inequality tax, which stood at 16 percent (nearly $12,000) in 2011. Note: From 1948 to 1979, net productivity rose 108.1 percent, and hourly compensation (of production/nonsupervisory workers in the private sector) increased 93.4 percent.

From 1979 to 2013, productivity rose 64.9 percent, and hourly compensation rose 8.0 percent. Data are for compensation of production/nonsupervisory workers in the private sector (who make up over 80 percent of the private-sector workforce) and net productivity (growth of output of goods and services less depreciation per hour worked) of the total economy.

Source: Hourly compensation is derived from inflating the average wages of production/nonsupervisory workers from Bureau of Labor Statistics (BLS) (specifically the Employment, Hours and Earnings—National database, by a compensation-to-wage ratio. Copy the code below to embed this chart on your website. As 2014 comes to a close, there is a growing recognition that the root of rising American inequality is the failure of hourly pay for the vast majority of American workers to keep pace with economy-wide productivity (output produced in an average hour of work). When hourly pay for the vast majority tracked productivity for decades following World War II, the American income distribution was stable and growth broadly shared. Since the late 1970s, the link between typical workers’ pay and productivity has broken down and allowed capital owners (rather than workers) to claim a larger share of income and allowed those at the very top of the pay distribution to claim a larger share of overall wages.

This growing “wedge” between typical workers’ pay and productivity is what needs to shrink if we’re to address rising inequality. Copy the code below to embed this chart on your website. The ability of those at the very top to claim an ever-larger share of overall wages is evident in this figure.

Two things stand out: the extraordinarily rapid growth of annual wages for the top 1 percent compared with everybody else (and particularly the bottom 90 percent), and the fact that even workers in the 90th to 95th percentiles—a very privileged group in relative terms—only saw their wages grow in line with economy-wide average wage growth. This means that wage growth of workers in the bottom 90 percent of the wage distribution was actually below average. Copy the code below to embed this chart on your website. Over the entire 34-year period between 1979 and 2013, hourly wages for the bottom 70 percent of American workers grew less than 11 percent. Expressed as an annual average, this comes out to yearly wage growth of 0.3 percent or less. Furthermore, take a look at the late 1990s: Nearly all the wage growth of the bottom 70 percent of wage earners happened in that brief period when labor markets got tight enough—unemployment fell to 4 percent for a two-year spell in 1999 and 2000—to finally deliver across-the-board hourly wage growth.