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UPDATE: And the hits keep coming: "...the split between American workers and the companies that employ them is widening and could worsen in the next few months..."
Meanwhile: "America’s middle-class jobs have been decimated since 2007, replaced largely by low-wage jobs."
Mar 03, 2013 at 09:01 PM | Permalink
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One of the most depressing videos I've watched in a long, long time. The dream of ever becoming well enough off to not have to worry is fast dying in this country. The rich get richer and the poor get poorer and the folks in the middle can't tread water forever.
Mar 03, 2013 at 11:01 PM
Regarding the second link, a couple of comments.
First, the fact that 60% of job losses were in the middle range of wages ($13.84 to $21.13 per hour) isn't particularly informative unless we know what proportion of jobs fell into that category before the recession. If middle range accounted for 60% of all jobs, it wouldn't be surprising for it to generate 60% of all job losses.
Second, those mid-wage jobs haven't been "replaced" by low-wage jobs, because we're far from back to normal. We're still 3% below the peak level of employment of early 2008. We were at 138 million back then and by the time we hit bottom in early 2010 we'd lost 8 million jobs. Now we've gained 4 million back but are still 4 million below where we were, and much more than 4 million below where we would have been had employment kept growing to match population growth.
In other words, it's not really an apples-to-apples comparison until we finally get back into a real expansion. Until we do, we can't really know what, if anything, is replacing those mid-wage jobs.
Andrew Brod |
Mar 03, 2013 at 11:22 PM
If trickle down worked, we'd all sure be standing outside catching cash in our hats. Seems like redistribution as an Evil Socialist concept depends on which way the money goes.
Would I be forgiven if I said the game just might, possibly, be rigged?
Mar 04, 2013 at 07:25 AM
When you agree that coveting the wealth of others is not greed, but protecting private property is you know you are a friend of Ed's Marxist Musings.
Mar 04, 2013 at 10:00 AM
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