Wednesday, September 26, 2012

Obamanomics in action: Household incomes fall in August, off 8.2% under Obama; Low-wage work force grows 30% as the number of jobs shrinks

(IBD) In another sign that the economic recovery under President Obama is not producing gains for average Americans, median household incomes fell 1.1% in August to $50,678, according to a report released Tuesday by Sentier Research.

Since the economic recovery started in June 2009, household incomes are down 5.7%, the Sentier data show, and they are down more than 8% since Obama took office.

(CST) Low-wage workers in Chicago are better educated, older and rely more on that income these days to meet basic needs than 10 years ago.

And there are substantially more of them. [...]

The report is “compelling evidence that as the number of jobs shrinks, people are forced to chase lower and lower paying jobs,” Doussard said. “I think this is a wake up call, and I think we need to acknowledge that low-wage jobs used to be the exception to the rule of an economy that produced a lot of mid- and higher-wage job opportunities. Increasingly low-wage jobs are the rule. This is not something that happens on the margin of the economy.”