Friday, January 9, 2015

SLAVE LABOR RETURNING TO AMERICA

The trend is disturbing. People are working more and getting paid less. Where is all the money going? It's obviously not going down to those who are doing the work growing the economy, but rather flows upward to those who sit in Boardrooms scheming for ways to hoard more profits and enrich themselves at the expense of those who provide the labor.  Income inequality is alive and well in the USA.


Jobs are up, but wages are down.

The economy added 252,000 jobs in December, the Labor Department reported Friday, down from November’s robust increase of 353,000 jobs. Unemployment was 5.6 percent, down from November’s 5.8 percent. But average hourly private-sector earnings were down 5 cents, compared to November’s increase of 6 cents.

The picture for wages, both through 2014 and over the past decade and a half, remains dismal. Nominal average annual wages grew 2.2 percent in 2014, beating inflation projections by only 0.7 percent and leaving median income well below its level not only before the Great Recession began but also after the recession ended. In five-and-a-half years of economic recovery, the median income should have increased. Instead, it is lower.

Speaking at the Washington event, Sen. Elizabeth Warren said, “For tens of millions of working families who are the backbone of this country, this economy isn’t working. These families are working harder than ever, but they can’t get ahead.”