Mon, Apr 28, 2014, 6:14pm EDT Low wage jobs dominate the U.S. economic recovery It's no secret that the bulk of new jobs created since the Great Recession ended pay low wages, but the extent of the gap between low and high-paying jobs may surprise you. The National Employment Law Project reports that that low wage industries employ 1.85 million MORE workers now than at the start of the recession while mid-and higher-wage industries employ 1.83 million LESS. Low wage industries account for 44% of employment growth over the past four years but only 22% of job losses during the recession. As a result of this imbalance, the take home pay for households has fallen, averaging $51,000 in 2012, or 8% less than the average $55,000 in 2007, adjusted for inflation, according to the NELP. While many agree there is a problem, there is little agreement on the solution. Thomas Piketty, author of the best-selling Capital in the Twenty-First Century, proposes a global wealth tax, which would include include the U.S., among other solutions. Some conservative groups such as the American Enterprise Institute and Heritage Foundation favor increasing the earned income tax credit. http://finance.yahoo.com/blogs/dail...he-minimum-wage--henry-blodget-142907469.html THANKS, OBAMA. THANKS A LOT.
BLS: In 20% of American Families, No One Works http://cnsnews.com/news/article/ali-meyer/bls-20-american-families-no-one-works =========================================================== Men Who Work Full-Time Earn Less Than 40 Years Ago http://cnsnews.com/news/article/terence-p-jeffrey/men-who-work-full-time-earn-less-40-years-ago CNSNews.com) - The real median income of American men who work full-time, year-round peaked forty years ago in 1973, according to data published by the U.S. Census Bureau.
The debt (re deficit) and endless QE are what continues to prop America's sham economy. Even with all that hot air blown into the engine, most jobs in this phoney recovery (going on 6 years after the fact...??!) are the likes of burger flippers and Walmart greeters. America cannot borrow endlessly to finance this temporal hiccup in stability. There's a time limit to all this, which is quickly approaching. Better plan a GTFO while you still can.
Really, how stupid does one have to be to blame Obama for this? Extremely stupid or just plain old regular stupid? I just love how the moron right blames Obama for everything wrong.
So it is the Fed's "money printing" that has filled the pockets of the average American, giving them the purchasing power to buy hamburgers?
Actually, what he is saying is quite the opposite. The Fed printing money has filled to pockets of the elite and the rich, and left the economic mainstream stagnant, subject to rising prices and at the mercy of another bubble which will hit them when it pops, but not help them as it is inflated.
So it's the elite and rich who are buying more burgers, driving the hiring surge in fast food? (I agree on the bubble part.)
No, it's more likely middle class americans who were used to eating much better and are now being forced to manage dinner for their families on the $1 menu of the local Mc Donald's.