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Old 08-31-2012, 11:57 AM
 
Location: NYC
89 posts, read 240,234 times
Reputation: 173

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"Lower-wage occupations, with median hourly wages of $7.69 to $13.83, accounted for 21 percent of job losses during the retraction. Since employment started expanding, they have accounted for 58 percent of all job growth."

http://www.nytimes.com/2012/08/31/bu...inds.html?_r=1
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Old 08-31-2012, 02:51 PM
 
80 posts, read 222,396 times
Reputation: 48
They actually had to conduct a study to find this out....
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Old 08-31-2012, 03:01 PM
 
841 posts, read 1,918,432 times
Reputation: 1183
The lowest I have seen now is $7.50 for a job that would have paid 10 dollars a year ago.
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Old 08-31-2012, 03:02 PM
 
7,237 posts, read 12,750,520 times
Reputation: 5669
Another "Well duh!" study/thread.
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Old 08-31-2012, 03:43 PM
 
Location: Lincoln County Road or Armageddon
5,033 posts, read 7,236,747 times
Reputation: 7322
Race to the bottom...
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Old 08-31-2012, 05:44 PM
 
Location: Metro Detroit, Michigan
29,837 posts, read 24,937,877 times
Reputation: 28540
No surprise. Like it or not, America has been designated the "global economy's" loser. The good paying jobs are out there, but they demand you to work twice as hard for the same pay. Before the recession, companies were actually conducting workshops to improve employee happiness and well being, on the principle that a happy worker is a productive worker... Today, they would just assume find someone else

Considering much of this is due to the recession, and we are 5 years in, I expect this to have some very pronounced effects on society in this country. Higher violence, and in particular, higher suicide rates. Japan has been in a recession for 20 years now, and they have one of the world's highest suicide rates. Unfortunately, that's what I expect to see happen here as well. The best case scenario for this country would be for the COL to adjust or hold steady, otherwise, things will be getting even tougher for a lot of people.

Time to find some hobbies or something to make ya happy, cause even if money could buy happiness, lots of folks are going to be seeing less of it.
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Old 08-31-2012, 05:49 PM
 
Location: NJ
18,665 posts, read 19,983,283 times
Reputation: 7315
Next week, look for the Times breaking news that grass is green, skies are blue, and the sun is yellow.

It had to be a slllloooowwww news day. A 4th grader could have created a newspaper with this surprising (sar) news.
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Old 08-31-2012, 06:05 PM
 
653 posts, read 1,803,714 times
Reputation: 447
Good lord. How low is low? Rents aren't going down.
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Old 08-31-2012, 06:52 PM
 
Location: Provo, Utah
97 posts, read 320,957 times
Reputation: 97
While money can't buy happiness, it most certainly can buy Silver, and at artificially low prices.
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Old 08-31-2012, 07:21 PM
 
Location: Wartrace,TN
8,074 posts, read 12,799,949 times
Reputation: 16531
Costs for raw material and labor benefits are increasing while competitive pressure is lowering the contribution margin on products. Wages are one of the few areas where business can reduce costs.

This is what we all agreed upon when we voted in the democrats/republicans for the past 100 years. We all voted to encourage "fair trade" with third world countries. We all agreed to the debt bubble economic policies. We all agreed to 9% per year medical cost inflation with special privilege for the medical industry so they can make their own rules. We all agreed to the Federal reserve and its "quantitative easing" that pushes commodity and equity assets to the moon while encouraging mal-investment. We all agreed that our manufacturing base was expendable.

Wake up. Complaining about the symptoms is pointless. The cure is a revolution which results in the establishment being tossed into the gutter and people that ARE PUBLIC SERVANTS rather than self servants hold public office.
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