I would say sure, if it werent for the fact that a lot of major corporations are currently having some of their most profitable years ever. And if you consider companies like Apple that are sitting on literal mountains of cash, this argument breaks down.
The link in my comment clearly shows that most of the profits are going to a small number of corporations. This is even more evidence that companies are more unstable (compared to period between WW2 and now).
From the article:
>In 2015, for example, the top 200 companies by earnings accounted for all of the profits in the stock market, according to calculations by Kathleen Kahle, a professor of finance at the University of Arizona, and Professor Stulz. In aggregate, the remaining 3,281 publicly listed companies lost money.
The employees of those 200 companies are in a good spot, but not the remaining 3,281. The consolidation due to vertical integration, automation, outsourcing are all resulting in reduced demand for labor, hence the lagging wages and instability.
