Monday, March 22, 2004

New jobs and the concentration of wealth

Title: New jobs just don't pay well
Source: Knight Ridder Newspapers
Date: March 15, 2004

From the article:
    While politicians and news media reports have focused on the numbers of jobs lost and gained in this U.S. recovery - a net loss of 2.3 million jobs since 2001 - little has been said about the disparity in pay between jobs lost and jobs gained.
  • "A national study says the new jobs being created pay 21 percent less than the jobs they replace."
  • "In December, 4.79 million involuntarily worked part time, compared with 3.25 million in December 2000, federal labor statistics show."
  • "Some jobs are being created in education, health care services or hospitality, but they pay less, have poor benefits, and they certainly don't pay pensions like the old jobs did,"
Where is all of the money saved by these lower-paying, lower-benefit jobs going? It is concentrating -- it is going to the wealthiest Americans instead of spreading out to the people doing the work. Wal-Mart provides a perfect example of the phenomenon.


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