The point is that there's enormously different implications. If comp stagnates less than productivity then you have a huge bargaining problem.

If comp keeps pace with productivity but is all eaten up by healthcare costs, either something caused people to willingly spend much more of their money on healthcare costs than they'd do earlier (aging maybe? obesity maybe?) or something is going crazy with healthcare expenses.

I've heard persuasive evidence that if you control for obesity the costs look ok actually.

> "Wrong! Health insurance costs more for the same benefits, so really, you got a raise!"

It's even worse than that, health insurance costs more for less benefits.

Your boss is still paying you more. You dont see it, but they definitely do.