There was an article on CNN just yesterday about how many millions of Americans are stuck in dead end minimum wage jobs that don't want them. My husband is looking for work as a chef, he went for an interview Saturday and they offered it to him, but he turned it down and here's why. They offered $10 an hour, no more than 20 hours a week (they don't want to pay benefits, and told him that straight up), split shifts anywhere from 8:30 in the morning until 3 am and there would be days where you got off at 3 and had to open the next day, and no chance of a raise or more hours until your review which wouldn't happen for 6 months. We have a family, the job is 40 miles away, and he might bring home $150 a week after taxes. Why bother?!?
That is true because, the foreign countries will continue doing those jobs at a very low cost,that is why they will never stop using cheap labor.
Yeah, we have the option to find labor in our country, but many times producing abroad can cost less than half so what's the point right?
Wages will go up when more jobs are available. More jobs become available when conditions for private business growth and expansion are more favorable. When employers have to compete for workers, they will have to pay them more.
I don't quite understand why the OP thinks that it will take 14 years for things to get better? In some sectors the truth is people were paid way to much for what it was they did. It makes sense if you think of it this way, many of these jobs were held by baby boomers that were at the top of their careers. Are we looking at skewed data that includes the payout they received in force retirements? While it is true many American's make due on less, it seems inevitable that salary will increase. Why? because of supply and demand. The GDP is still increasing but money isn't, companies will either have to except less and drop cost or find better alternatives to remain competitive which means more jobs to increase new supply. Guess how long it will take depends on how much more the government plans on mucking around in peoples lives.
14 years is a long time! I just think that the system/society/whatever will adjust for the current wage inflation assumptions through productivity gains driven by technology and increased levels of vocational education. In other words, if we are stuck in a period of no wage growth then people will find ways to improve their opportunities to increase their output. This doesn't have to be through formal education any more either.
Ever since I was a kid that I hear about the word crisis, so this is a permanent situation, but the fact is that it's getting worse and the rich keep getting richer, so 14 years? That's nothing!
Thank you for this article. What I can say, is that wage stagnation is forcing our people (Americans) into poverty. I wish I had an easy answer, but the solution is a controversial one. You mentioned foreign competition. Well, let's begin there. We have no choice but to protect our workers, and their wages by limiting certain imports. Protectionism isn't a four letter word. Trade agreements may need to be rewritten, but that is preferable to allowing half the population to fall below the poverty line.
The economy of my country seem to be going downward and it is really a depressing state that we are presently in. Public sector workers have been enduring a wage freeze for a number of years now and it was to be lifted next April. It was something that was worth looking forward to as we all were holding strain as we were advised that there had to be some restraints due to the economic climate that we were in at the time. We are now hearing that we are going to have to forgo the relieve of the wage freeze and have another one placed on us for some number of years again. It is a sad day in this place and it is a fact that the individuals at the helm of decision making in the country do not make plans which have the citizens at heart. Reckless investments are made and not enough is being done to promote growth and without it, our dollar will continue to slide and we will be in a continuous state of borrowing to sustain our self.
