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First, the Bush recovery has been weak in terms of jobs created, and, more importantly, in terms of growth of wages. This is the first "expansion" since WWII in which real wages have not risen, indeed, the median hourly wage actually fell by 2% since 2003 (Peters 2006). Wages and salaries have reached their lowest share of national income since data began to be collected in 1947 - just 45% of GDP in the first quarter of 2006, compared with 53.6% in 1970 or 50% as recently as 2001. Even workers at the 90th percentile have seen real pay fall for the past three years (Peters 2006). A detailed study of census data found that all of the growth of median income in the United States from 2001 to 2005 was due to growth of incomes of those over age 65; for those under age 65, income fell by an average of $2000 (The New York Times 2006)Good stuff; gotta love them Republicans.
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2 comments:
Fact-check before posting. Try researching earnings, not wages, and the percentage of total compensation derived from benefits, as opposed to wages, over time. And be very wary of claims about wage stagnation, especially in view of the oft-made and utterly misleading comparison between income quintiles of un-equal population.
Sorry, Carl. I'm not interested in CEO stock options, or people clipping coupons or stock and/or bond swindlers. This is about the earnings of people who work for a living. You might know a few somewhere.
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