Monday, September 1, 2008

Laboring More, Earning Less

This Labor Day, it seems the Rutgers School of Management and Labor Relations is reporting what so many of us have known for a while, U.S. workers are working harder than ever for less pay (in real terms adjusted for inflation).

Some of the most disturbing findings in the report based on information from the U.S. Bureau of Labor Statistics:
The median weekly earnings for American workers have not grown in real terms over the last eight years. [emphasis mine]

At $6.55, the federal minimum wage is worth 40 cents less per hour, in inflation-adjusted dollars, than it was a decade ago.

Roughly 4 percent of the workforce wants to work full-time, but is working part time because they can't find full-time work.
So, while the cost of gas & other basics of life have increased (sometimes dramatically) over the past 8 long years, Americans are effectively earning about the same as they did in 2000. I wonder what happened 8 years ago that might have caused U.S. workers to lose so much ground?

I'll give you three guesses...and the first two don't count! :-/

This is the link to CNN's story about the report.

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