Unemployment is down, most new jobs are part time. President Obama is kicking ass.
This post was edited on 8/12 12:58 PM by Headhunter
This post was edited on 8/12 12:58 PM by Headhunter
Great economic news. If you made 52k in 2008 now you make 38k.
- Thread starter Headhunter
- Start date
I think the numbers in the original post are incorrect. Per the report I'm reading, it stats that the average wage was $61,637 where as the replacement wage was $47, 171.
"We repeat this analysis for the recent recession here. In 2008 and 2009 the US economy
lost 8.7 million jobs (Figure 1). By examining the sectors from which the jobs were lost,
most notably manufacturing and construction (Figure 2), we find that the average annual
wage in sectors (current wages weighted by number of jobs) where jobs were lost in the
downturn was $61,637. A similar accounting of the jobs gains through 2014q2 shows
average wages of $47,171 per year. This wage gap, at 23%, is significantly larger than
that of the earlier recession and recovery, and implies $93 billion in lower wage income."
Extensive job losses in high-wage manufacturing ($63K) and construction ($58K) sectors
were replaced by jobs in the lower wage sectors of hospitality ($21K), health care
($47K), and administrative support ($37K).
Mayor's Report
"We repeat this analysis for the recent recession here. In 2008 and 2009 the US economy
lost 8.7 million jobs (Figure 1). By examining the sectors from which the jobs were lost,
most notably manufacturing and construction (Figure 2), we find that the average annual
wage in sectors (current wages weighted by number of jobs) where jobs were lost in the
downturn was $61,637. A similar accounting of the jobs gains through 2014q2 shows
average wages of $47,171 per year. This wage gap, at 23%, is significantly larger than
that of the earlier recession and recovery, and implies $93 billion in lower wage income."
Extensive job losses in high-wage manufacturing ($63K) and construction ($58K) sectors
were replaced by jobs in the lower wage sectors of hospitality ($21K), health care
($47K), and administrative support ($37K).
Mayor's Report
Yeah that's not good news at all. It's a shame that the gap between rich and poor has only grown under this president, but no one cares.
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Pilt, are you saying the U.S. Mayor's report is using voodoo economics? Because it basically says that the jobs lost were replaced with positions paying 22% less. I've linked the data in the post just above yours.
And if supply side economics is voodoo, then what the heck do you call Keynesian economics where your entire economic strategy is to borrow from Peter to pay Paul and hope that Peter never raises your borrowing rates (like he did to Greece, Spain, and Italy).
Justin
