Oh, How the Wages Have Fallen
Most Americans have caught on by now that the economic implosion that rocked the national and global economy over the past two years hasn't meant good things for their personal finances. (continued)
Most Americans have caught on by now that the economic implosion that rocked the national and global economy over the past two years hasn’t meant good things for their personal finances. But when it comes to paycheck patterns, it turns out that wages have been on the decline for much longer than that — try a decade, for example. –KA
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Median weekly wages, when adjusted for inflation, fell slightly for both high school and college graduates from 2000 to 2009, according to a recent analysis by the Economic Policy Institute, a Washington think tank.
“The story is often told that college graduates have done well and everyone else has not. But that’s not true,” said Josh Bivens, an economist at EPI.
For high school graduates, median inflation-adjusted wages were $626 per week in 2009, compared with $629 in 2000, according to EPI. If you assume a worker gets paid for a full year, that adds up to $32,552 in 2009, down from $32,708 in 2000.
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Editorial Cartoons
Politics
The despair of lower-income voters was seen as a political problem rather than an empirical reality.
Editorial Cartoons
Media
As mainstream outlets continue to focus on inflation, consumer sentiment about the economy remains staggeringly low.
Opinion
Staunch capitalists like Gurner tell us every day they want more exploitation and precarity for people just trying to get by.
Ear to the Ground
The administration says the moves will safeguard renters and promote rental affordability.
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