Good luck rebounding if there’s no middle class. This isn’t a new problem but Washington keeps pretending as though it isn’t even a problem. The decades long decline is ignored by both parties in favor of making life easier and more comfortable for the financial elite. NY Times:
America’s private payrolls shrank from January 2008 through February 2010, losing 8.84 million jobs on net. They have been growing every month since that nadir, adding 1.26 million jobs on net. (Public payrolls are another story — they’ve been falling over the last year.)
All this means, of course, that the private sector job market still has a long way to go before it returns to its previous peak. Worse, those jobs that have been created in the last year typically pay less than the jobs they’re replaced.
According to NELP:
* Lower-wage industries (those paying $9.03 -$12.91 per hour) accounted for just 23 percent of job losses, but fully 49 percent of recent growth.
* Midwage industries ($12.92 -$19.04 per hour) accounted for 36 percent of job losses, and 37 percent of recent growth.
* Higher-wage industries ($19.05 -$31.40 per hour) accounted for 40 percent of job loss, but only 14 percent of recent growth.