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brentspeak Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-06-11 02:39 PM
Original message
Economic recovery being built on low pay “McJobs”

http://www.msnbc.msn.com/id/41781471/ns/business-bloomb... /
http://www.telegram.com/article/20110227/NEWS/102270521...

Workers forced to settle for less in new economy
Lower pay and worse benefits


By Joshua Zumbrun and Shobhana Chandra BLOOMBERG NEWS
Sunday, February 27, 2011

snip

The improvement in the unemployment rate to 9 percent in January from a two-decade peak of 10.1 percent in October 2009 masks a new reality: Many of the jobs people are taking as the economy rebounds offer lower pay, fewer hours and worse benefits than some of the 8.75 million positions that disappeared because of the recession, according to Paul Ashworth, chief U.S. economist at Capital Economics Ltd. in Toronto.

This may restrain income growth, limiting bigger gains in consumer spending, which accounts for about 70 percent of the U.S. economy. It also underscores Federal Reserve Chairman Ben S. Bernanke’s contention that wages, which increased 1.7 percent on an average hourly basis last year, have acted as a constraint on inflation, allowing the central bank to keep interest rates at record lows to sustain growth.

“In the last recovery, we were adding management jobs at this point, and this time it’s disappointing,” said Ashworth, who published a report on Jan. 27 about pre- and post-slump employment based on data from the Bureau of Labor Statistics. “The very best jobs, we’re still losing those.”

Projections from the bureau reinforce his pessimism. While the number of openings for food preparation and serving workers, including those at fast-food restaurants, will grow by 394,300 in the decade ending in 2018, the median wage is only $16,430 including tips, based on 2008 data. Meanwhile the number of posts for financial examiners, who earn $70,930, will expand by just 11,100.


http://www.skyvalleychronicle.com/FEATURE-NEWS/THE-NEW-...



THE NEW TRICKLE
DOWN ECONOMICS

Economic recovery being
built on low pay “McJobs”
In past thirty years
America’s leading export has been
good paying American jobs


February 26, 2011

(MONROE, WA) -- If you’ve been out of work for a long time and have been forced to take a job far below your previous one in pay, prestige and future advancement potential – or have been forced by circumstances to lower your aim and start looking for that type of replacement job - you are far from alone.

America’s economic recovery appears to be built on a foundation of “McJobs”, according to a new Bloomberg/MSNBC report -- and there are those who saw this coming decades ago.

snip

And even though U.S. corporations have amassed record levels of profits and cash reserves, they are off shoring their legal work simply because it puts even more money in their pockets, says Hightower.

snip

NAFTA has turned out to be great for investors, not so for many American workers.


NAFTA, you ask? Well, Obama, unlike his campaign promise to renegotiate it in favor of American workers, is expanding and solidifying it on behalf of the US Chamber of Commerce and a few wealthy investors.

But it doesn't stop there, Mr. and Ms. Declining Middle Class: Obama has negotiated, on behalf of Wall St. and the US Chamber of Commerce, a brand-new NAFTA-style deal with South Korea.

Has the plutocracy made sure there's enough cake for the other 90% to eat?
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DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-06-11 02:41 PM
Response to Original message
1. K& R ....still at 0
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woo me with science Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-06-11 02:47 PM
Response to Original message
2. K &R nt
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BlueIris Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-06-11 03:09 PM
Response to Original message
3. K&R. nt
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jwirr Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-06-11 03:33 PM
Response to Original message
4. Numbers without substance. Empty promises.
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hulka38 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-06-11 05:04 PM
Response to Original message
5. K&R
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Agent William Donating Member (628 posts) Send PM | Profile | Ignore Sun Mar-06-11 05:09 PM
Response to Original message
6. Eventually the plutocracy will over play its hand...
They always do in the end...
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WorseBeforeBetter Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-06-11 05:27 PM
Response to Original message
7. State settles for luring low-wage jobs (North Carolina)
http://www.newsobserver.com/2010/09/19/690381/incentive...

Definitely Two Americas in this state...
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bigwillq Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-06-11 05:37 PM
Response to Original message
8. K and R (nt)
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Peter1x9 Donating Member (281 posts) Send PM | Profile | Ignore Sun Mar-06-11 05:39 PM
Response to Original message
9. Plutocracy in action.
n/t
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Exilednight Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-06-11 06:32 PM
Response to Original message
10. K&R
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hay rick Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-06-11 07:47 PM
Response to Original message
11. K&R
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-06-11 11:19 PM
Response to Original message
12. k & r
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kath Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-07-11 12:56 AM
Response to Original message
13. Obama broke a campaign promise?!?? I'm SHOCKED, shocked I say!
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Dokkie Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-07-11 01:14 AM
Response to Original message
14. K&R
These jobs do not pay living wage and would be dropped the min there is another downturn
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opihimoimoi Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-07-11 02:21 AM
Response to Original message
15. The GOPers are ankle biting Obama all the way to defeat but they won't succeed
The Econ is picking up way beyond McJobs....numbers picking up steadily...

Soon, the tide will turn for the better as the Nation goes into a higher gear once them pesky GOPers are outta the way,,,they are cynical defeatists

all their plans and proposals are counter productive and won't work...they conned their way into office...

Its a GOPer Scam

Bait and switch is whot they did....
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raccoon Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-07-11 09:13 AM
Response to Original message
16. K&R. You don't have to be John Kenneth Galbraith to see this. nt
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They_Live Donating Member (244 posts) Send PM | Profile | Ignore Mon Mar-07-11 09:53 AM
Response to Original message
17. K&R
I think we're about 80 cents a gallon away from complete chaos.
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AmandaRuth Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-07-11 11:56 AM
Response to Original message
18. everyone should be concerned about this
an economy built on low-wage jobs won't support middle class jobs, that's for sure. So if you are a a bookkeeper, warehouse supervisor, retail floor manager, and on and on, and make over 45,000 a year, watch out friends, you and your jobs are sure to be next in line for, ah, re-structuring....
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progressoid Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-07-11 12:34 PM
Response to Original message
19.  No no no, he's a socialist.
He's the most liberal President since McKinley!!11!
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