What’s Wrong Today:
Everyone is encouraged by recent economic news, it seems that our economy continues to slowly improve, more jobs, more car sales, maybe more sales of existing homes (depending on whether you believe the data this time).
So, What’s Wrong?
Take a look at this chart:
Don’t know about you, but I think this chart shows that real wages are stagnant for the past 6 months, while if we look at the past 12 months, real wages are down by 1.8%.
Although we have been adding private sector jobs, the pay for these new workers does not match the average wages of the workers that preceded them. And in fact, these low wage new jobs are helping to drag the average down significantly.
So, many thanks to the job creators and the wonderful job they are doing. The average Joe is not “recovering” despite the headlined “Economic Recovery”.
