> This was very much unlike the post-war period, where US industry was running on borrowed time, making increasingly burdensome concessions to unions that led to huge bankruptcies and retrenchment in the 1970s in many industries.
You mean the adjustment from the post-war period of 1945-1975? Just like the one you referenced from 1870-1900? The post-war boom in wages here, that you can see many times in history, occurs due to demographics. You are essentially arguing to the contrary of your point, that large-scale wage increases for average people translate to better outcomes for all. Higher velocity of money, more innovation. You do realize that society as a whole is a large union, correct? And if suddenly there are far less people for work, then it has the same effect as a group holding out for higher wages? That is functionally what a strike is; it's as if a large portion of the young population is all striking at once (they're in fact dead).
> massive deadweight loss from greater unrealized production/earnings
And what does this deadweight loss thing mean exactly... coming from someone who studied economics? This is completely made up, more casual libertarian groupthink from people who got rich and conveniently stop believing in society. Can we stay grounded on this board please?