40 Percent of Americans Now Make Less than 1968 Minimum Wage

[eridani]

http://www.nationofchange.org/40-percent-americans-now-make-less-1968-minimum-wage-1361362370

To put this even another way, the average American’s living standard would be much, much higher today if wages had not decoupled from productivity gains – with the gains all going to the 1% instead of being shared by We, the People. If wages had kept pace we wouldn’t feel the terrible squeeze that everyone in the middle class is feeling. (Never mind what has happened to those below the middle class.)

This is one more way to understand the effect of income and wealth inequality on each of us. The 1%/99% thing is real. When you hear that the 6 Walmart heirs have more wealth than 1/3 (or more) of all Americans combined, it is real. When you hear that the people on the Forbes list of the 400 wealthiest Americans have more wealth than half of all Americans combined, it is real.

And the effects on the rest of us are real.

[jtuck004]

1. The low-wage jobs explosion

Some 58% of the jobs created during the recovery have been low-wage positions, according to a new report by the National Employment Law Project. Only 22% have been mid-wage jobs and 20% higher-wage positions. These low-wage jobs pay $13.83 an hour or less.
...
The fastest growing low-wage jobs include retail salespeople, food prep workers, laborers and freight workers, waiters and waitresses, personal and home care aides, office clerks and customers representatives.

Here.

Far more damaging to the future security of this country than any terrorist. And the answer in some states is a renewed emphasis on STEM courses. They are important, but more STEM grads won't increase demand, and that is always what drives job creation. It will make for better educated minimum wage home health care aides, however.


Thanks for that.

[Sherman A1]

2. Spoke with a co worker about this report the other day

and we were figuring what out what our incomes would be if they had kept up with the productivity gains or even half of them.

It was depressing.

[CanonRay]

3. In 1968 I was 17 and making the minimum wage

and you couldn't live on it then, you sure as hell can't live on it now.

[CrispyQ]

4. Walmart's preparing investors for another quarter of low sales.

PAY YOUR EMPLOYEES A LIVING WAGE, YOU GREEDY FUCKS!

[snot]

5. And multiply the effects over the 44 years since then, and it really adds up --

both the losses to the 99% and the profits to the 1%. (Of course, the disparity between wealth created and pay has been incrasing gradually over that period, so you can't just multiply the final gap by 44.)

[marmar]

6. Circling the drain.

nt

[shcrane71]

7. We know.