:: Saturday, September 02, 2006 ::
Rising Tides Raise Only Rich Boats
That wonderful economy Illinipundit occasionally trumpets? It's not going to you and me, folks.
Between 1995 and 2005, productivity -- a measure of the quantity and quality of what workers produce per hour -- grew 33.4 percent. But hourly wages rose only 11 percent, with almost all of that increase coming during the late 1990s, according to EPI.This of course doesn't even touch on the loss of benefits, which the article goes on to describe. I've read elsewhere that this most recent period of productivity growth is the first time since WWII that such growth wasn't accompanied by a growth in real wages. I'm sure that Atrios or Brad Delong, both economists, could analyze the crap out of this, but I think it's safe to say that, for all the rosy pictures the economic numbers paint for the economy at large, the benefits of our economy aren't being felt by the average voter, let alone the poor who need it most.
Looking back even farther, the disparity is greater. Since 1979, productivity rose 67 percent, while wages rose only 8.9 percent.
"The economic expansion continues to bypass most working families," said EPI economist Jared Bernstein, a coauthor of the report.
...Since 2001, however, the median wage for both genders with college educations remained essentially flat.
And among young college graduates, their entry-level wages have fallen since 2000 -- 79 cents per hour for men and 33 cents per hour for women.
:: The Squire 1:33 PM :: email this post :: ::