Posted by: coastcontact | November 8, 2013

The Stock Market is thrilled – You should not be …

Happy Face

In case you were hoping that America’s three-decade-long trend toward extreme wealth inequality was starting to reverse itself, Pew has some bad news for you.

Nothing has changed.

The rich are still getting richer… and everyone else is still getting hosed.

Today’s monthly job report reinforces that fact.

Out of the marvelous 204,000 new jobs “Leisure and hospitality employment rose by 53,000 in October.  Within the industry, employment in food services and drinking places increased by 29,000, the same as its average monthly gain over the prior 12 months.

Employment in retail trade increased by 44,000 in October, compared with an average monthly gain of 31,000 over the prior 12 months.”

In other words of the 204,000 new jobs 97,000 were in low  paying positions.  Most of these jobs pay less than $15.00 an hour.  At $600 per week (15 x 40 hours) their total annual income is $31,200.  That number is below middle class.  Those in the $10 to $12 hourly pay rate are clearly part of the poor.

So celebrate the number of new jobs if you must.  Just realize that this society is creating a nation of poor people.

Wal-mart is making money and so are the owners of corporate stocks.

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Responses

  1. As always, a very well written posting. Hopefully, if we all keep drawing people attention to the obvious, American’s will wake up. That said-after some of the comments I read on some of the sites I go to-I have my doubts.

  2. The article stated that one complex of factories that assembles the iPod (among other items) had over 200,000 workers that lived and worked in the factory, with employees regularly working more than 60 hours per week. The article also reported that workers made around $100 per month and were required to live pay for rent and food from the company, which generally amounted to a little over half of workers’ earnings.


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