In the past 20 years, the US economy has grown nearly 60 percent. This huge increase in productivity is partly due to automation, the internet, and other improvements in efficiency but it’s also the result of Americans working harder—often without a big boost to their bottom lines. Oh, and meanwhile, corporate profits are up 20 percent. [Let me show you exactly what I mean.] Words: 550
So says Dave Gibson (www.motherjones.com) in excerpts from an article* which Lorimer Wilson, editor of www.munKNEE.com (It’s all about Money!), has further edited ([ ]), abridged (…) and reformatted below for the sake of clarity and brevity to ensure a fast and easy read. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement. Gibson goes on to say:
Below are 12 charts that [illustrate my point and] will make your blood boil:
1. Median household income not keeping up with productivity
Productivity has surged, but income and wages have stagnated for most Americans. If the median household income had kept pace with the economy since 1970, it would now be nearly $92,000, not $50,000.
Sources: Bureau of Labor Statistics, Congressional Budget Office, Economic Policy Institute, Census Bureau
2. Growth is almost back to pre-recession peak
3. …but jobs are still way below pre-recession peak
Sources: Organisation for Economic Co-operation and Development; Stephen Gordon, Université Laval
4. Growth sectors have lagged in creating jobs
Source: Bureau of Labor Statistics
5. Wages have not kept up with cost of living
Since 1990 the real value of the minimum wage has increased 21% but the cost of living has increased 67%. In addition, income required for a single worker to have real economic security is $30,000 yet one year’s earnings at the minimum wage is only$15,080
Sources: Bureau of Labor Statistics, Economic Policy Institute, Wider Opportunities for Women
6. Middle-class workers are over-worked; low-income workers are under-employed
The length of a typical workweek has increased for many middle-class workers while hours have declined for low-income workers due to a shrinking job market, causing under-employment.
Source: Center for American Progress
7. There is a major disparity in union vs. non-union wages
The median yearly earnings of union workers is $47,684 compared to only $37,284 for non-union workers.
Sources: Bureau of Labor Statistics, Economic Policy Institute
8. More US multinationals are laying off workers at home and hiring overseas
9. US workers get less employment advantages than those in most other countries in many regards…
Source: McGill Institute for Health and Social Policy
10. Employed are slaves to their emails
- 22% are expected to respond to work email when they’re not at work.
- 50% check work email on the weekends.
- 46% check work email on sick days.
- 34% check work email while on vacation.
Source: Pew Internet & American Life Project
11. Working moms spend 80 minites more per day on child care and household duties than working dads
Meanwhile, dads enjoy nearly 50 more minutes of watching TV and other leisure activities on a daily basis.
Source: Bureau of Labor Statistics
12. Women still get stuck with the majority of work around the house
Source: Michigan Institute for Social Research
- The above article consists of reformatted edited excerpts from the original for the sake of brevity, clarity and to ensure a fast and easy read. The author’s views and conclusions are unaltered.
- Permission to reprint in whole or in part is gladly granted, provided full credit is given as per paragraph 2 above.