Full-Time Jobs, Poverty-Level Wages

Full-Time Jobs, Poverty-Level Wages

Why are there so many bad jobs? The key explanation is that working Americans have not shared in benefits of economic growth. In 2000 the median wage of adult workers was (in 2010 dollars) $17.41 and by 2010 it had barely grown to $17.60. During this same period the annual increase of productivity was over 2.5 percent. Who benefited from this growth? Between 1993 and 2008 the top 1 percent captured 52 percent of all new income in the economy. This is not just a story about dividends and stocks: the share of earnings captured by the top 1 percent nearly doubled.