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OBAMA PARTIES AS ROME BURNS: U.S. wages down by 23 percent - while president takes a vacation

By Catholic Online (NEWS CONSORTIUM)
8/12/2014 (2 years ago)
Catholic Online (www.catholic.org)

National, international problems roil as Obama plays golf

Lots of negative news to go around - Ebola seems to be spreading worldwide, Islamic State is increasing its stranglehold on Iraq, a much beloved comedian and screen actor is found dead at home, an apparent suicide - U.S. President Barack Obama is in Martha's Vineyard, playing golf for a two-week vacation. Here's some more bad news: It's been recently learned that the median wages for the average American is down by as much as 23 percent.

The timing of Obama's swank vacation has even the president's supporters worried.

The timing of Obama's swank vacation has even the president's supporters worried.

Highlights

By Catholic Online (NEWS CONSORTIUM)
Catholic Online (www.catholic.org)
8/12/2014 (2 years ago)

Published in Business & Economics

Keywords: Wages, cities, U.S., Obama, vacation


LOS ANGELES, CA (Catholic Online) - Jobs growth in the U.S. since the 2008 recession has been undermined by lower wages, with workers earning an average 23 percent less than earnings from jobs which were lost.

That's the findings of a report by the United States Conference of Mayors, or USCM, an organization representing U.S. cities said on Monday.

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The average annual salary in sectors where jobs were lost, such as manufacturing and construction during the 2008-9 financial crisis was $61,637.

In addition, the report said that job gains through the second quarter of 2014 in comparative sectors showed average wages of $47,171, implying $93 billion in lower wage income.

The report also showed that the majority of metro areas, 73 percent had households earning salaries of less than $35,000 a year.

Overall, American workers, on average, earned $24.45 an hour in July, up only a penny from June. Over the past year, wages have grown just two percent, in keeping with where they have been stuck since late 2009.

There's even more disheartening news: U.S. jobs pay an average 23 percent less today than they did before the 2008 recession.

"Under a similar analysis conducted by the Conference of Mayors during the 2001-2002 recession, the wage gap was only 12 percent compared to the current 23 percent -- meaning the wage gap has nearly doubled from one recession to the next," the Conference of Mayors in a said in a statement. 

President Barack Obama has yet to comment on the dour economic findings. President Barack Obama is beginning a lavish Martha's Vineyard twelve day vacation at the 8,100-square foot mansion of Democratic Party donor Joanne Hubschman.

The timing of Obama's swank vacation has even the president's supporters worried.

"Even some of Obama's most ardent supporters are questioning the wisdom of this summer's sojourn as war roils Gaza and a wave of families and children are crossing the southwestern US border illegally," according to the Boston Globe.

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