Hey all, some quick links on the state of the economy:
Bad News for Labor:
- From 2009, real median income declined by 2.9 percent while productivity rose by 4.5. America’s working and middle class getting squeezed, and the period this refers to is called the “recovery.” (H/T Marginal Revolution) Why is this so? Part of it’s here:
- “The 4.AM Army. Every morning, hundreds of thousands of workers show up for jobs that are unseen, uncertain and underpaid—and vital to the U.S. economy” Time magazine reports on the plight of temporary workers in the US:
The rise of the blue collar permatemp helps explain one of the most troubling aspects of the recovery. Despite a soaring stock market and steady but meager job growth, many workers are returning to the workforce in temporary or part-time jobs. This trend is intensifying the U.S.’s decades-long rise in income inequality, in which low- and middle-income workers have seen their real wages stagnate or decline. On average, temps earn 25% less than permanent workers.
only 4% of temps have a pension or retirement plan from their employer. Only 8% get health insurance from their employer, compared with 56% of permanent workers.
And because the Obama administration has granted temp agencies an exception with Healthcare, more and more companies are tempted to source their labor there rather than pay for employees’ insurance.
- More bad news? Sure. The job market is even worse for teenagers.”kids going to school have been displaced at an unbelievable rate: by more than 50 percent. High school students working today work at less than a 50 percent rate to what they did back in 2000″. And the people getting screwed over haven’t changed: The jobless rate for black teen dropouts – 95 percent.