Friday, October 21, 2011

But it's our fault, according to the repugs...

The figures for the 2010 wages that were reported to the Social Security Administration came out yesterday, and what these figures reveal is startling. Fifty percent of those working made less than $26,364, the median wage in 2010. After adjusting for inflation, this means that the average American wage is at its lowest since 1999.

And during 2010, the number of millionaires increased by 20%.

Derek Thompson, writing for the Atlantic also observes that, "The size of the missing workforce is 10 million. The number of working people fell by 5.2 million since 2007. But that's not the entire job deficit, because, based on population growth estimates, 4.5 million more would have joined the workforce between 2007 and 2011. Add it up, and you get a 10-million-worker gap." Read more here.

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