Monday, April 4, 2011

American Workers' Wages Falling

The Wall Street Journal reports today that American workers' wages are actually falling when increasing living costs--food, gas, and health care costs--are included in calculations of wage levesls:

"Average hourly earnings were flat in March for the 4th time in five months. Their 1% annualized growth during that period is the weakest such stretch in 25 years...It is bad enough that salaries are basically stagnant; it is worse that it comes as living costs are climing. In fact, after adjusting for inflation, real wages are actually falling..." (Evans, p. C1)

Robert Reich contends in his recent essay that we are headed for a double-dip. My feeling though is the economy never really recovered but was merely papered over...

"The Truth About the Economy That Nobody in Washington or on Wall Street Will Admit: We're Heading Toward a Double Dip: The economy is slowing ominously, and the booster rockets are disappearing..."

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