"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Wednesday, August 13, 2014

Wages down 23 percent since 2008

You are working harder and making less

While 8.7 million jobs have been regained since the 2008 recession, they are paying much less, by an average of 23 percent, according to a report released Monday by the United States Conference of Mayors.

"While the economy is picking up steam, income inequality and wage gaps are an alarming trend that must be addressed," said Conference of Mayors President Kevin Johnson, the mayor of Sacramento, Calif., in a news release. "We cannot put our heads in the sand on these issues."

The annual wage in sectors where jobs were lost, particularly in manufacturing and construction, during the recession was $61,637, but the average wage of new jobs through the second quarter of 2014 is $47,131, the report shows.

It represents a loss of $93 billion in wages, according to the report.

The losses in construction and manufacturing were replaced by jobs in hospitality, health-care and administrative support.

The report shows the gap between low- and higher-income households is growing and likely will continue in the future. In 2012, the latest year for which figures are available, 73 percent of metro areas had a larger share of poorer households (those making less than $35,000 per year) than upper-income households of above $75,000.


An Explosion of Homeless
The homeless have always been with us.  But since the Bush created Great Depression and housing bubble, I have personally seen an explosion of homelessness.  Even today I cannot go 100 feet from my California home without seeing people dumpster diving for cans to recycle for cash. 
The economy has taken a serious, and I think, permanent turn down.  With computerization, robotics, the Internet and outsourcing we have lost millions of jobs with millions more to go in the future.  A revived economy might hold off disaster for a while, but the downward trend is powerful.

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