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October 14, 2011

Pay Drops 7%, Won't Recover For 10 years

“Bleak doesn’t come close to describing how bad things are for America’s workers: ‘From 2000 to 2010, median income in the U.S. declined 7% after adjusting for inflation, according to Census data. That marks the worst 10-year performance in records going back to 1967,” as reported by the Wall Street Journal today.'” 

And, contrary to so many reports, college graduates didn’t have any wage gains over that decade either:  “College graduates have generally fared better in the U.S., and they currently have a 4.2% unemployment rate compared to 9.1% for the entire work force. But a college degree hasn’t been enough to ensure wage gains from 2000 through 2010. According to Census Bureau data, only advanced degree holders managed to record increases in earnings over that period.”

Bad, getting worse and no relief in sight for many years.  This isn’t just bad for workers, including college grads.  With 70% of GDP coming from consumer spending, it’s bad news for America and the economy.  

Read the story here

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