Don't talk to me about "the economy." What about MY economy?
There's a class war going on already, and guess who's winning? Here's hint: Not you.
The current expansion [sic] has a chance to become the first sustained period of economic growth since World War II that fails to offer a prolonged increase in real wages for most workers.
The median hourly wage for American workers has declined 2 percent since 2003, after factoring in inflation. The drop has been especially notable, economists say, because productivity â€” the amount that an average worker produces in an hour and the basic wellspring of a nationâ€™s living standards â€” has risen steadily over the same period.
Working more for less? What a surprise! Please, Mr. Bush, may I have some more?
Until the last year, stagnating wages were somewhat offset by the rising value of benefits, especially health insurance, which caused overall compensation for most Americans to continue increasing. Since last summer, however, the value of workersâ€™ benefits has also failed to keep pace with inflation, according to government data.
So much for the Ownership Society!