6 September 2004

This Labor Day, most U.S. workers are worse off than they were at this time last year

Productivity is rising, economy is growing, yet American workers continue to lose ground.
The average real wage – that is, adjusted for inflation – has actually fallen over the past year. This is in spite of the fact that the economy has grown by 4.7 percent. In other words, even when the economy is growing, most of the people who make it grow aren't getting anything out of it.

This continues a long-term trend – briefly interrupted in the late 1990s – that has dominated the last 30 years. Over the last three decades the median real wage has grown by only about 8 percent. In other words, the majority of the American labor force has failed to share in the gains from economic growth.

But CEO pay is rising at a record pace.

Another piece of evidence that shows that the current regime is anything but a good steward when it comes to the economic matters.

A nice perspective regarding the 120,000 jobs added in August.


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