Monday, September 07, 2015

Most workers actually making LESS than 5 years ago

CNBC reports:
For all the talk about the nearly 250,000 jobs a month the economy is creating, workers' real wages, including the cost of living, are going backward. Average pay in real terms slumped 4 percent from 2009-14, according to the National Employment Labor Project.

What's more, the jobs that have been most plentiful during the post-Great Recession boom have seen some of the biggest declines in pay. Restaurant workers, whose ranks have swelled by 376,000 over the past year (according to the Bureau of Labor Statistics), saw real pay declines of 8.9 percent for cooks, 7.7 percent for food preparers and 4.8 percent for waiters and waitresses.
No Keynesian multiplier for you!