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 ...
Statistics are difficult.
How can over 50% of the jobs be in the lower 50% of jobs?
Clearly, they don’t mean “jobs in the bottom 50% of earnings”.
But, how do we define “new jobs”?
Obviously, if “new jobs” are additional jobs, they are likely added at the bottom of the pile, and will have low wages. Then you work your way up the ladder, making more and more money, and then you retire. Until then, your job at some point entered the top 50%, BUT IT was not a “new job”.
Hence, most of the “new jobs” are “below average”.
This is like the statistic that the minimum wage doesn’t pay enough for the average rent — as if people making the LOWEST WAGE POSSIBLE should be able to afford the rent paid by the people making the AVERAGE WAGE.
I agree; if the economy was as great as some would like to believe Trump would be polling at 90% (despite posturing, most voters vote with their wallets). Our standard of living has been falling for decades, and it shows in how few young people see having a family or owning a home as a realistic goal.
The problem with your analysis is that the open border/H-1B scams are now eliminating those people who had been working their way upward for years; we started replacing our unskilled workforce decades ago (and succeeded in keeping the minimum wage relatively flat as costs increased by doing so), now we’re replacing our white-collar middle class (outside of tech, which was already facing this problem).
Years ago I watched “Occupy Wall Street” protestors outside their former employers’ buildings in NYC, and you could clearly see their Asian replacements filing into the office buildings behind them. I’m sure in many of those cases, those Asian scabs have moved into the residences of the former American employees as well. The 2007/2008 “collapse” was a great opportunity for the financial sector to re-set compensation (downward) for those jobs they couldn’t move overseas, and traffick those scabs from overseas to replace those costly Americans.
You’re right; the “Great Replacement” (via LEGAL immigration) hasn’t slowed under Trump. Both heads of the Uniparty hydra oppose him, and US.
I have a close friend who is pissed at Trump because his son’s career at the EPA has been curtailed after the election of President Trump. I am proud to say that my son has a real job in the private sector and is learning how to make it in the real world like almost all of us on this site have done.
Screw the hangers on imbedded in a cushy job-for-life fed job. Time to make everyone prove their value by requiring those in club fed to justify their employment. If they can’t, they do not need to be on the fed dole.
Agitprop. Here, on CNN of all places:
Why ‘Shark Tank’ star Kevin O’Leary likes Tesla, gold, and the Trump economy
https://www.youtube.com/watch?v=J-C38UhtdnM
Note: this topic is from . Thanks Oldeconomybuyer.
Chairman of O'Shares ETFs Kevin O'Leary explains why he's investing in Tesla and gold, as well as his forecast for the 2020 election.
Why 'Shark Tank' star Kevin O'Leary likes Tesla, gold, and the Trump economy
CNNBusiness | Published on Nov 21, 2019
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