[Marxism] New York Times: "Hourly wages declined by 2 percent since 2003"
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Mon Aug 28 05:35:51 MDT 2006
August 28, 2006
New York Times
Real Wages Fail to Match a Rise in Productivity
By STEVEN GREENHOUSE and DAVID LEONHARDT
With the economy beginning to slow, the current expansion has a chance
to become the first sustained period of economic growth since World
War II that fails to offer a prolonged increase in real wages for most
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."
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