Monday, September 3, 2012

Economic Failure: 58 Percent Of The Jobs Being Created Are Low Paying Jobs


Michael Snyder
The Economic Collapse
Sept 3, 2012
Are you good at flipping burgers , waiting tables or stocking shelves?  Are you proficient with a cash register?  Do you enjoy doing mindless work for very low pay?  If you answered yes to any of those questions, then you are probably going to fit in very well in the new U.S. economy. 

According to a report that has just been released by the National Employment Law Project, 58 percent of the jobs that have been created since the end of the recession have been low paying jobs.  So exactly what is a low paying job?  Well, the National Employment Law Project defines it as a job with an hourly wage between $7.69 and $13.83.  But of course you can’t pay a mortgage or support a family on $13.83 an hour.  Even if you got full-time hours the entire year, you would make less than $28,000 on an annual basis.  The federal poverty level for a family of five is $27,010.  So needless to say, most of these new jobs are not paying enough to support a middle class lifestyle.  This represents an economic failure on a fundamental level.  Our economy is producing very few good jobs that enable people to be able to raise families and live the American Dream.  The ranks of “the working poor” are exploding and the number of Americans that are dependent on the government is sitting at an all-time record.  Sadly, if current trends continue things are going to get a lot worse.
The numbers compiled by the National Employment Law Project are absolutely stunning.  Most of the jobs lost during the recent recession were mid-wage jobs, and most of the jobs created since then have been low wage jobs.  This represents a fundamental shift in our economy.  Just check out these figures….
-21 percent of the jobs lost during the last recession were low wage jobs paying between $7.69 and $13.83 an hour.
-58 percent of the jobs created since the end of the recession have been low wage jobs paying between $7.69 and $13.83 an hour.
-60 percent of the jobs lost during the last recession were mid-wage jobs paying between $13.84 and $21.13 an hour.
-22 percent of the jobs created since the end of the recession have been mid-wage jobs paying between $13.84 and $21.13 an hour.

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