the "Economic Miracle"
- June 3 -
JOEL BLAU, email@example.com
Author of the just-released "Illusions of Prosperity: America's Working Families
in an Age of Economic Insecurity," Blau said: "Below the rosy surface of economic
exuberance lurk low-paying jobs, job insecurity, corporate downsizing and massive
inequality. The average worker's pay (in real terms) actually declined 8 percent
from 1973 to 1997. CEO compensation has skyrocketed so much that if other salaries
had kept pace, the typical factory worker would now be earning $90,000 a year
and the income from a minimum wage job would yield $39,000 annually."
HELENE JORGENSEN, firstname.lastname@example.org,
Senior policy fellow at the 2030 Center, Jorgensen said: "People are working more
and more hours, more and more jobs -- and more family members are working. Young
workers entering the labor market now are getting paid substantially less than
their parents. A high school graduate today makes 28 percent less than a young
man with a high school degree did in 1973. Even with people with a college degree,
you still see a decline of 8 percent in their starting salaries. Very few manufacturing
jobs with benefits remain; rather, we see service sector jobs that are typically
low paying. There has been growth in non-standard jobs, like temp agency workers
who are paid less than people with a regular job and don't have health insurance."
JANE D'ARISTA, email@example.com,
Director of programs at the Financial Markets Center, D'Arista said: "This is
a prosperity that is based on intolerable levels of debt by households, businesses,
and state and local governments. Further, it's debt that is being fueled not by
savings -- because net personal savings have fallen virtually to zero -- but by
inflows of foreign savings. It's a very vulnerable situation and one that should
not be considered sustainable for very long."
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