As the 5 year chart
below reveals, there has been no wage pressure in the economy over the past 5
years. The most recent drop and snap back late in 2005 is attributed to
Hurricanes “Katrita” (So too the revised Nov/Dec payroll data).
Labor Arbitrage via globalization and outsourcing has put a lid on the growth of wages and personal income across all industries. Union negotiations across numerous sectors
(Aircraft Pilots, Auto Workers, Teachers, Police and Fire) have resulted in
either flat or minimal increases – in many cases below the inflation level. Job
creation continues to be primarily in lower paying positions: food service,
health care, and retail (higher paying construction jobs being the exception).
Quote of the Day
“Wall Street’s graveyards are filled with men who were right too soon.”
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.