To the extent that the lackluster economic growth rate has expressed itself in new hiring, the jobs created have for the most part been low-wage, contingent and part-time, with poor health and retirement benefits. In April, the National Employment Law Project issued a report showing that since the financial crash of 2008, 1.9 million high- and average-paying jobs in the private sector have been eliminated and replaced with 1.8 million low-wage jobs. Real median household income in the US fell from $55,600 in 2007 to $51,017 in 2012—a decrease of nearly ten percent in just five years.
Posted on: Thu, 31 Jul 2014 22:00:00 +0000
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