MCWAGES FOR THE MCAMERICA JOB RECOVERY

SOURCE: MY BUDGET 360

We are witnessing an economic race to the bottom. The recovery has largely been one of low-wage work. This is easily seen through the paychecks Americans are receiving. What isn’t readily visible is what is being slashed on the backend including healthcare, benefits, and the expanding impact of inflation on purchasing power. A report from the National Employment Law Project finds the continuing trend of the McWage recovery. This is a suitable name for what is occurring in this so-called recovery that is only exacerbating wealth and income inequality. For example, 3.6 million higher-wage jobs were lost due to the recession and only 2.6 million jobs in this segment have been added back. We are in a net-deficit of good paying jobs by 1 million. On the other hand, we lost 2 million low-wage jobs during the recession but have added 3.8 million lower-wage jobs during the recovery. A net add of 1.8 million lower-wage jobs. This is the kind of recovery being dished out by the bailout happy Wall Street and their aggressive behind the scenes shenanigans of raiding the pockets of Americans. The story is the same: corporate welfare and financial handouts while austerity and a race to the bottom for the rest.
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