The latest figures from the Bureau of Labor and Statistics (BLS)
reveals that 62 percent of Americans earn $20 or less per hour. And
this only examines those that actually have a job. Most of the new jobs
added since the Great Recession ended have come in the low-wage segment of our economy
which seems to be adding the bulk of employment.
These are certainly
interesting times that we live in. The US has close to 130 million
jobs. 18 million jobs pay less than $10 an hour and 63 million pay
between $10 and $20. These two segments makeup 81 million jobs so it is
understandable why the two income household is more of a necessity
rather than a luxury. The median household income in the US is roughly
$50,000 per year. Adjusting for inflation income is back to levels last
seen in the 1980s.
Americans feel poorer because their purchasing
power has been eroded by inflation
and also the swarm of lower paying jobs that now dominate the market.
The US middle class is shrinking and to ignore this is to ignore the
actual facts.
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