Posted on 11/27/2019 7:44:00 AM PST by Oldeconomybuyer
Although the U.S. is on a record streak for job-creation, many Americans still feel like they can't get ahead — it's not their imagination. The last three decades have seen the economy churn out more and more jobs that offer inadequate pay, a group of researchers found.
"The history of private-sector employment in the U.S. over the past three decades is one of overall degradation in the ability of many American jobs to support households — even those with multiple jobholders," they wrote.
The group wants to popularize a new economic metric, called the Job Quality Index, that goes beyond the usual labor market barometers, which tend to focus on the quantity of employment.
"In 1990, the jobs were pretty much evenly divided" said Daniel Alpert, a founder of Westwood Capital and one of the creators of the index. In the process of running the numbers, he said, "We discovered that 63% of all jobs that were created since 1990 were low-wage, low-hour jobs. That was a pretty stunning statistic."
To calculate the index's value, the researchers split up the jobs created every month into those that pay above average and those that pay below average, and then divide one figure into the other. An index value below 100 means there are more lower-paying jobs relative to higher-paying jobs; a value above 100 means the opposite.
Other entities involved in the creation of the index are the Cornell University Law School, the University of Missouri at Kansas City, the Coalition for a Prosperous America and the Global Institute for Sustainable Prosperity.
(Excerpt) Read more at cbsnews.com ...
That’s a GOOD idea. Loans should be given based on majors.
I know a person can change majors but at least the loan company is taking a step to prevent default.
Some employees are useless and already paid way to much .... take the NFL for example
While Google has created some pretty cool stuff Facebook is worthless yet pays ridiculous salaries.
And Libs cry about what an executive makes.
Written as though it's due to Trump.
But by the numbers due to NAFTA.
These people should be in Gitmo or worse.
The dishonesty here is that CBS composed a headline that implies that this is Trump’s fault when in reality it’s the long-term fruit of trade and immigration policies pushed by Daddy Bush and continued in lockstep by his son, Clinton and Obama.
Why is this surprising? Government mandates on insurance coverage, minimum wages, bargaining incentivize companies to cut hours or cut wages and/or outsource work. The transient professional managers encourage short-term gains over long-term investments. Atomized families and social isolation encourage people to move on whenever their personal satisfaction seems lacking. Media teases the idea that you can have it all right now if you find the right circumstances. Doomsayers militate against long-term planning.
It is past time for a reckoning with the Marxist vermin who have taken over academia and the press.
A new calculation without any historical basis being used to talk down the economy.
In other words - the traditional democrat playbook.
It uses sleight of hand by taking the mean (average) pay scale and trying to fit it against the median (50% above and 50% below) pay point. The mean and median only coincide in a “normal” distribution.
Finally, the measure has no relationship to the value of the work being performed. If a job is worth $18K per year, it pays that amount. If it’s worth $500K per year, it pays the higher amount. By measuring equality of outcome rather than equality of opportunity, it is simply another socialistic statistic meant to denigrate we the people’s common sense and the historically better economies under Republican presidents.
I agree that government spending is out of control and needs to be reined in, but how does an increase in public sector salaries and benefits lead to a decrease in private sector salaries and benefits? It might encourage more people to choose public sector over private sector jobs. In which case the private sector will have to raise salaries and benefits to attract top talent or even middling talent.
Bringing companies back is one thing. Giving those jobs to H1B is something else.
Also IMO, Student Loans should be given for the sciences, math, engineering, BS degree etc.
Aren't they already?
https://thecollegeinvestor.com/21311/student-loan-forgiveness-engineering-majors/
Thanx, didn’t know that.
“The last three decades have seen the economy churn out more and more jobs that offer inadequate pay...”
Except from 2008-2016 of course...right, cbs?
The meager jobs created during a Democrat administration are awesome! And when no jobs are created during a Democrat administration (Obama) it’s the new normal”
If only it just during Democrat administrations! But it’s not, as Trump has pointed out.
NAFTA and other trade “deals” sent our manufacturing base out of the country - and the GOP was hand-in-hand with Clinton in pushing this outsourcing. Trump blames Bush along with Clinton. We shouldn’t hide from that fact.
One of the reasons the GOP donor establishment and the NeverTrumpers hate Trump is because he wants to reverse those trade deals and even impose tariffs to rebuild our manufacturing base.
The author: About me - Irina Ivanova
[Search domain www.iaivanova.com/about/] www.iaivanova.com/about/
I’m a Brooklyn-based multimedia journalist, working in words, video and charts. I currently work as a data reporter for CBS MoneyWatch. Before that, I was a news editor for The Huffington Post, and before that, I reported on health care for Crain’s New York Business.
When Trump is gone, the GOP establishment expects to resume control again as if nothing ever changed. We’ll be back to sending our jobs overseas, so the donor class can be assured of higher profits. That’s the Republican Party establishment for you.
Public sector employees don't produce anything that actually brings in the money to pay their salaries, benefits and pensions.
That money comes from the efforts of private sector employees. So, besides paying for their own mortgages, food, clothing, etc., a portion of their incomes go to pay for public employees mortgages, food, clothing, etc.
And then, here's the kicker, when a government employee retires and starts collecting his or her pension, the private sector now has to pay for that person's retirement AND the salary and benefits for his or her replacement.
For instance, here in our little NorCal (aka The State of Jefferson) hamlet, we are not only paying for the current salary and benefits of our sheriff, we are paying for the generous pensions of 4 past sheriffs.
And that's just one position. Multiply that by the thousands of other government positions in local, state and federal government and you'll begin to see the problem.
And that doesn't even take into consideration the expense of building and maintaining beautiful government buildings, vehicles and landscaping.
All of those expenses come out of the pockets of those engaging in private, free enterprise sector.
So much manufacturing has moved to China that I DON'T find it stunning. There's more fast-food places with low paying jobs and they'll be cut into with robots before long.
My father was a Hungarian immigrant that came to this country when he was 5 years old. Had 2 (sometimes 3) jobs for most of his life. Never complained, was thankful for the opportunity he had here in the US. Oh well....
Complete made up BS
https://www.wsj.com/articles/trumps-middle-class-economic-progress-11569786435
Trump’s Middle-Class Economic Progress
A new study indicates median incomes are rising far faster than they did under Bush or Obama.
https://www.cbsnews.com/news/the-u-s-has-1-million-more-job-openings-than-unemployed-workers/
https://www.cbsnews.com/news/the-u-s-has-1-million-more-job-openings-than-unemployed-workers/
So your sheriff doesn’t produce anything of value? He doesn’t fight crime, just sits on his behind and eats donuts? Man, I didn’t know NorCal was THAT bad. I have friends who live there, so I have heard stories, but wow. You have my sympathy FRiend.
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