Minimum wage is just a part of the problem

I won’t harp on the lack of action and political machinations by Republicans on the minimum wage scandal.  I’ve said it often enough and need not even hunt down my own posts for links.  Suffice it to say we’re getting screwed by corporate America while the GOP creams their jeans in response.

The median hourly wage for American workers has declined 2 percent since 2003, after factoring in inflation. The drop has been especially notable, economists say, because productivity — the amount that an average worker produces in an hour and the basic wellspring of a nation’s living standards — has risen steadily over the same period.

As a result, wages and salaries now make up the lowest share of the nation’s gross domestic product since the government began recording the data in 1947, while corporate profits have climbed to their highest share since the 1960’s. UBS, the investment bank, recently described the current period as “the golden era of profitability.”

Until the last year, stagnating wages were somewhat offset by the rising value of benefits, especially health insurance, which caused overall compensation for most Americans to continue increasing. Since last summer, however, the value of workers’ benefits has also failed to keep pace with inflation, according to government data.

What does that mean?  It means you, poppets, are working harder and giving more of yourselves while your employer takes more from you and gives you the shaft for your dedication.

It also means your employers are fisting you on benefits while they roll in the dough of historic profits.

Leave a Reply