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america's new low wage economy
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<blockquote data-quote="rickyb" data-source="post: 1545640" data-attributes="member: 56035"><p><a href="http://www.zerohedge.com/news/2015-03-06/why-no-wage-increases-more-half-jobs-added-february-were-lowest-quality-lowest-payin" target="_blank">http://www.zerohedge.com/news/2015-03-06/why-no-wage-increases-more-half-jobs-added-february-were-lowest-quality-lowest-payin</a></p><p></p><p>the three biggest single-category jobs added in February (because Professional services includes numerous occupations), were also the three lowest quality, lowest paying ones:</p><ul> <li data-xf-list-type="ul">Leisure and Hospitality, added 66K jobs</li> <li data-xf-list-type="ul">Education and Health added 54K</li> <li data-xf-list-type="ul">Retail trade added 32K</li> </ul><p></p><p>Together these three job categories accounted for 152K jobs, or more than half the total February job gains. <em>They also represent the lowest paid jobs in the US. </em></p><p></p><p><em><strong>And that's why there is no wage increase. </strong></em></p><p></p><p>.........................</p><p></p><p>For three decades before the financial crash of 2008, real wages for most Americans were stagnant. But they could maintain their living standards by borrowing.</p><p></p><p>That cushion is now deflated. The U.S. can no longer fulfill the dreams 0f Wall Street, the Pentagon, and the Middle Class. At least one dream must die. Despite partisan differences, both political parties have agreed to sacrifice the people. An economic recovery will eventually create more jobs, predicts Faux, but most will no longer pay a middle class salary. On our present track, real incomes by 2024 will be dramatically lower than they are today.</p></blockquote><p></p>
[QUOTE="rickyb, post: 1545640, member: 56035"] [URL]http://www.zerohedge.com/news/2015-03-06/why-no-wage-increases-more-half-jobs-added-february-were-lowest-quality-lowest-payin[/URL] the three biggest single-category jobs added in February (because Professional services includes numerous occupations), were also the three lowest quality, lowest paying ones: [LIST] [*]Leisure and Hospitality, added 66K jobs [*]Education and Health added 54K [*]Retail trade added 32K [/LIST] Together these three job categories accounted for 152K jobs, or more than half the total February job gains. [I]They also represent the lowest paid jobs in the US. [/I] [I][B]And that's why there is no wage increase. [/B][/I] ......................... For three decades before the financial crash of 2008, real wages for most Americans were stagnant. But they could maintain their living standards by borrowing. That cushion is now deflated. The U.S. can no longer fulfill the dreams 0f Wall Street, the Pentagon, and the Middle Class. At least one dream must die. Despite partisan differences, both political parties have agreed to sacrifice the people. An economic recovery will eventually create more jobs, predicts Faux, but most will no longer pay a middle class salary. On our present track, real incomes by 2024 will be dramatically lower than they are today. [/QUOTE]
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