Dark times for workers
Here's something I noticed simply from the fact that I'm unable to buy half as much food as I did a year ago: Wages are lagging behind prices for the first time in 14 years, while corporate profits explode.
The effective 0.2-percentage-point erosion in workers' living standards occurred while the economy expanded at a healthy 4%, better than the 3% historical average.
Meanwhile, corporate profits hit record highs as companies got more productivity out of workers while keeping pay increases down.
Some see climbing profits and stagnant wages as not only unfair but also ultimately unsustainable. "Those that are baking the larger pie ought to see their slices expanding," said Jared Bernstein, an economist with the liberal Economic Policy Institute in Washington.
Hell, I'm confident that the situation will improve, what with President Bush's crack economic team on the case!
posted by Mark D. @ 12:50 PM |
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3 Comments:
I predict the newest "trend" will be an inexplicable increase in workplace theft. But it is unsustainable- this is one of the things that may reviatalize the Union Movement- hopefully soon!
-Andy
From the article,
"With benefits factored in, workers' total compensation did outpace inflation in 2004"
Dark times? Hardly.
Signed
-Censored
That was an interesting stat, but my hunch is that the benefits simply included the inflated costs for health care. I highly doubt that workers are getting more benefits, just more expensive ones (the higher costs for which are being taken from their stagnating wages)...
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