General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe Recovery Fails to Deliver a 35-Year Trend of Broad-based Wage Stagnation,
2014 Continues a 35-Year Trend of Broad-based Wage Stagnation, a report by Elise Gould of the Washington-based Economic Institute, describes the pay crisis.
Last year was yet another year of poor wage growth for American workers, the EPI report says. With few exceptions, real (inflation-adjusted) hourly wages fell or stagnated for workers across the wage spectrum between 2013 and 1014even for those with bachelors or advanced degrees The report adds that, ever since 1979, the vast majority of American workers have seen their hourly wages stagnate or decline.
Yes, the economy shows signs of a rebound. But the recovery has left millions of workers behind. Millions of others are struggling to keep up with the cost of living. Record profits have benefitted only those at the top of the economic pyramid.
The EPI reports conclusions:
During 2013 and 2014, real hourly wages fell for the majority of Americans.
Since the recession, only those at the top of the wage distribution have experienced a real increase in pay.
People of color continue to experience falling wages significantly below that of their white counterparts.
The most significant wage loss occurred among those with college and advanced degrees. That calls into question the belief that wage performance is rooted education and training.
Workers with the least education actually experienced a growth in their wages. The growth was likely a result of increases in state minimum wages, demonstrating the impact public policy can have on wages.
Causes of Wage Stagnation, by Lawrence Mishel, the president of the progressive think tank. The factors include:
The abandonment of full employment: Policy makers obsession with inflation as opposed to unemployment has harmed wage growth. High rates of unemployment dampen wage growth, which in turn leads to greater inequality.
Declining union density: The decline of unions helps account for the increase in corporate profits in recent decades. The erosion of union power accounts for a third of the growth of inequality among men and a fifth of that of women.
Other labor market policies and business practices: The long-term decline in the federal minimum wage accounts for about two-thirds of the increase in the gap between lower- and middle-wage workers.
Growth in power of the top 1 percent, particularly finance and CEOs: Financial deregulation has allowed CEOs and other managers to earn excessive wages and bonuses, and
Globalization policies: Trade agreements have benefited U.S. corporations and driven down the wages of its United States-based workers. The governments failure to maintain the value of the dollar has hurt domestic labor by encouraging imports from lesser-developed countries with lower-paid workers.
more:
http://www.thenewcrossroads.com/2015/04/19/the-recovery-fails-to-deliver-rising-wages/#.VTRBVp6dovY.gmail
Erich Bloodaxe BSN
(14,733 posts)Stagnation for the rest of us. Delivered to us thanks to a Dem administration that kept on W's money men, and kept talking on and on about 'retraining'.
awoke_in_2003
(34,582 posts)90% of the people in DC are there for their enrichment only.
Erich Bloodaxe BSN
(14,733 posts)And I'll freely admit that if the Republicans had their way, 100% of the recovery would have gone to the richest of the rich, not just 93%.
awoke_in_2003
(34,582 posts)is social issues, which are important, too. Economically though, there is very little difference
mmonk
(52,589 posts)The TPP is a tempest in a tea pot for 2016.
haikugal
(6,476 posts)"you should just be grateful you have a job!"' Remember when that started? Fuckers!
Ichingcarpenter
(36,988 posts)Sherman A1
(38,958 posts)I do remember that.
Ichingcarpenter
(36,988 posts)the whole planet knows something is terribly wrong with the system and its not working anymore
for humanity but they want to save the banksters and wall street and try to reform it by
throwing a shallow hole ridden net of measures that won't stem the tide of the reality most of us see and witness
liberal_at_heart
(12,081 posts)for what you have.
cui bono
(19,926 posts)ctsnowman
(1,903 posts)job now that I had 5 years ago and my check has gone DOWN due to benefit cost increases and the benefits are shittier than ever.
I pity anyone starting their career.
Erich Bloodaxe BSN
(14,733 posts)instead of being unemployed during that time, I'd have made another 240k (gross). That's what long term unemployment has cost me so far.
ctsnowman
(1,903 posts)sell some stock and start your own business. Just ask Romney next time you are having dinner at the club.
Seriously though sorry to hear the system has failed you so badly. Hang in there.
Peace.
Erich Bloodaxe BSN
(14,733 posts)Yeah, I sold all my stock first, to keep up with bills. Then I drained my IRA's. Then it was on to simply living off the charity of relatives.
Initech
(100,038 posts)For the rest of us, we're in the middle of an economic disaster that's on par if not worse than 1920. And the anti labor pieces of shit that are getting elected (or in the case of Scott Walker, inexplicably reelected) to all levels of government certainly aren't helping things.
haikugal
(6,476 posts)We can't secure the vote (for a variety of reasons, in numerous ways) and I question election results.
We don't matter....money is speech, so we're too poor to be heard. So much for the great American experiment eh?! It's a complete fiat accompli coup..and our democratic president is leading the charge to dot the I's and cross the T's so it's locked in. All nice and 'legal' he he he...just like 'W'....
stillwaiting
(3,795 posts)The only way the script changes is through a left-wing economic resurgence.
Wage cuts, benefits cuts, or no raises or 1-3% pay raises while the costs of most everything we buy continues to increase much more year to year.
It's not sustainable, and it will continue to get even more ugly than it already is.
sendero
(28,552 posts).... anything different is sadly misinformed. There is nothing on the horizon that is going to change the dynamic in play, and the TPP would probably just make it worse.
erronis
(15,181 posts)This is one of those things we get when cutting and pasting from other sites. Recoveries probably don't deliver 35 year trends.
Perhaps the OP could rewrite this with a single punctuation addition: "The recovery fails to deliver; A 35 year trend..."
mckara
(1,708 posts)It's the reason for wage stagnation, short term profits instead of long term benefits for society, and the funneling of wealth to the people who need it least and who horde it offshore rather than circulating it in the economy.
Spitfire of ATJ
(32,723 posts)Republicans LOVE to give Americans the ILLUSION of a nation in the grips of a bad economy.
This makes workers expect less.
It also makes the money the rich have worth more because it's rare for the rest of us.
Oilwellian
(12,647 posts)He used to receive that every year as a COLA. We're not hurting, but we're also not getting ahead as retirement quickly approaches.
sendero
(28,552 posts)... (annual) was 1%. I've never gotten less than 3% before. I don't expect this to change in the next decade or two.
lumberjack_jeff
(33,224 posts)File that under "I wonder why they don't vote for us"
From the study
http://www.epi.org/publication/stagnant-wages-in-2014/
Jesus Malverde
(10,274 posts)Ichingcarpenter
(36,988 posts)shit paying jobs.
Jesus Malverde
(10,274 posts)Ichingcarpenter
(36,988 posts)that is being done by the elites on purpose which he didn't address.
yeah I miss that guy, Mr 2006.......