No new jobs in a decade! No one is hiring, wages are frozen, and the mushrooming current account deficit provides $500 billion per year to create new jobs overseas. And all Obama wants to do is talk about is slashing the deficits.
But what about the jobs that are left? At least those are good paying jobs, right? I mean, at least a guy can put food on the table and pay the bills, right?
Not so.
Right now, roughly 65 million of the 130 million jobs in the country pay between $55,000 to $60,000 per year. In other words, they provide a “living wage”, so that families don’t have to scrape by in abject poverty. The other 65 million people are muddling by with part-time jobs or low-wage donkeywork that pays a lousy $20,000 to 25,000 per year.
So, here’s the deal: (According to David Stockman) Since 2007, we’ve lost 6.5 million of these good paying jobs, but added zero during that same period. All the growth has been in low wage jobs.
Stockman says, “For the last decade we have lost 10 per cent of the middle income economy and, so far in this alleged recovery, we’ve not replaced one of the 6.5 million middle class jobs we’ve lost….. We’ve got a real income distribution problem in this economy, and it’s getting worse, not better.” (David Stockman: Lack of Middle Class Jobs plus Low Growth equals “Alleged Recovery”, Yahoo Finance)
A former Reaganite talking about “income distribution”?!? Now there’s a shocker.