“Economy adds 173K jobs in August; jobless rate down to 5.1 percent”
THE HILL: Jobs gains are averaging 221,000 a month over the past three months, a figure economists argue is enough to reach full employment and further cinch up slack in the labor market.
Low-Income Workers See Biggest Drop in Paychecks
NEW YORK TIMES: Despite steady gains in hiring, a falling unemployment rate and other signs of an improving economy, take-home pay for many American workers has effectively fallen since the economic recovery began in 2009, according to a new study by an advocacy group that is to be released on Thursday.
The declines were greatest for the lowest-paid workers in sectors where hiring has been strong — home health care, food preparation and retailing — even though wages were already below average to begin with in those service industries.
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If this trend is inexorable due to the modern economy, the only democratic solution (that’s with a small “d”) will be greater re-distribution of wealth by subsidies to the poor and greater and better public ‘common goods’… Schooling, parks, medical services, housing, etc. We need only look to Scandinavia countries to see how this is done.
