The Obama economy is working. Most of the jobs available are low wage, no benefit, poverty guaranteed position. In just one month over 800,000 left the job force. In reality the unemployment rate did not go down—if it were normal labor participation the unemployment rate would be close to 10%. Obama can use statistics to lie—but the public knows we are in a Depression. Then we have the policies to raise the cost of energy, water, health care and food.
The Depression is here and Obama is giggling that we are not smart enough to known.
““Deep into the recovery, job growth is still heavily concentrated in lower-wage industries,” said the National Employment Law Project, a progressive research group which has been pushing for Congress to increase the minimum wage.
Lower-wage industries accounted for 22% of job losses during the recession but 44% of employment growth over the past four years.
Mid-wage industries accounted for 37% of job losses but 26% of recent employment growth.”
Most jobs created in this recovery are low-wage, study finds
Market Watch, 5/1/14
A majority of the new jobs created in the four years of the recovery have been in low-wage sectors, according to a new report released this week.
“Deep into the recovery, job growth is still heavily concentrated in lower-wage industries,” said the National Employment Law Project, a progressive research group which has been pushing for Congress to increase the minimum wage.
Lower-wage industries accounted for 22% of job losses during the recession but 44% of employment growth over the past four years.
Mid-wage industries accounted for 37% of job losses but 26% of recent employment growth.
Higher-wage industries accounted for 41% of job losses but 30% of the recent employment growth.
Michael Evangelist, a policy analyst at NELP, said this trend toward low-wage job is another reason to boost the minimum wage.
“These jobs are here to stay, it’s just time to make them better,” he said. “The stereotype of a 16-year holding these jobs to earn pocket change no longer applies.”
The study also could signal why the the economy remains lackluster despite the steady decline in the unemployment rate.
Low-wage workers don’t have enough spending power to spark the “virtuous cycle” where more employment leads to more spending and demand and then additional hiring.
“It’s a chicken and egg thing. We’re going to need strong economic growth before companies go back and hire high-wage workers,” Evangelist said.
