How to stay competitive without really trying
by digby
I have been taken to task by readers for suggesting that our recent austerity craze is caused, at least in part, by a desire among our betters to lower wages. For our own good, of course.
And yes, perhaps that is a bit hyperbolic. But perhaps not:
The U.S. job market is slowly improving, and most economists expect that gradual recovery to continue this year. Yet one of the most disturbing trends of the recession is still very far from being reversed. America’s middle-class jobs have been decimated since 2007, replaced largely by low-wage jobs.
A recent presentation from the Federal Reserve Bank of San Francisco lays out the situation clearly. The vast majority of job losses during the recession were in middle-income occupations, and they’ve largely been replaced by low-wage jobs since 2010.
Just saying.
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