The purchasing power of the typical American family is 3.1 percent lower now than it was five years ago. No wonder people are unhappy about the economy! The benefits of rising levels of economic activity have simply not accrued to middle-income wage earners.
Chosen excerpts by Job Market Monitor. Read the whole story at Why the Middle Class Isn’t Buying Talk About Economic Good Times – NYTimes.com.
As the Russell Sage Foundation points out, the slow housing recovery means that, in 2013, median households were still 36 percent poorer than they were a decade earlier. In fact, the housing bust was big enough to erase all the gains the middle class had made the past 30 years—and then some. As you can see below, … Continue reading
The number of people performing low-skill, low-pay, manual labor tasks has grown along with the number undertaking high-skill, high-pay, nonroutine, principally problem-solving jobs. Employment in the United States is becoming increasingly polar- ized, growing ever more con- centrated in the highest- and lowest-paying occupations and creating growing income inequality. The causes and consequences of this … Continue reading
Millions of U.S. teaching, construction and other middle-skill jobs lost in the last recession have not returned, exacerbating the already high unemployment that has been a drag on the U.S. recovery, New York Federal Reserve officials said on Wednesday. These middle-skill jobs, which pay roughly $25,000 to $50,000 annually, suffered the heaviest losses in the … Continue reading
Eighty-five percent of the middle class say their standard of living is harder to maintain than it was a decade ago. This is due, in large part, to the fact that a middle class job often no longer supports a middle class life. Namely, their incomes have not kept pace with the costs of the … Continue reading
Canadians have little doubt that they face less financial stress about medical costs than Americans. Many also credit their labor unions for the size of their paychecks; union membership rates are higher in Canada. Canadians also know that the American housing bubble and bust were more severe than their version. via Life in Canada, Home … Continue reading
The American middle class, long the most affluent in the world, has lost that distinction. While the wealthiest Americans are outpacing many of their global peers, a New York Times analysis shows that across the lower- and middle-income tiers, citizens of other advanced countries have received considerably larger raises over the last three decades. After-tax … Continue reading
The increased wealth of highly skilled workers, the insane wealth of those with capital, and the outsourcing of lower skilled jobs have left us all asking, “what happened to the middle class?” Source: BestMSWPrograms.com Related articles The decline of middle-class workers / Job polarisation and wages Skills Gap – Middle-skill Workers – New England: … Continue reading