Posts Tagged ‘wages’

About the 4.5 million jobs that Obama has (or has not) created …

September 6, 2012

The Dems are touting 4.5 million jobs created by President Obama.

CNN says that the number  is an accurate description of the growth of private-sector jobs since January 2010, when the long, steep slide in employment finally hit bottom.

But – and it’s a BIG but — while a total of 4.5 million jobs sounds great, it’s not the whole picture.

According to CNN:

Nonfarm private payrolls hit a post-recession low of 106.8 million January 2010 … The figure currently stands at 111.3 million as of July.

While that is indeed a gain of 4.5 million, it’s only a net gain of 300,000 over the course of the Obama administration to date since the private jobs figure stood at 111 million in January 2009, the month Obama took office.

And total nonfarm payrolls, including government workers, are down from 133.6 million workers at the beginning of 2009 to 133.2 million in July 2012. There’s been a net loss of nearly 1 million public-sector jobs since Obama took office, despite a surge in temporary hiring for the 2010 census.

Meanwhile, the jobs that have come back aren’t the same ones that were lost.

According to a study released last week by the liberal-leaning National Employment Law Project, low-wage fields such as retail sales and food service are adding jobs nearly three times as fast as higher-paid occupations.

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How many hours do you work each month … just to pay your mortgage or rent?

January 4, 2012

On average, the number is now over 100 – almost 3 weeks !

That’s up from 72 hours – about 2 weeks – back at the turn of the century.

Ouch.

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“The Toil Index …  portrays the most dramatic element of the middle-class squeeze — the effort required to rent a house served by a school of average quality. ” Robert Frank, New York University

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Source: Washington Post Chart 12

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A college degree is still worth it …

November 15, 2011

Interesting piece in Business Week

Punch line: Sure, it costs more, and technology is threatening high-paying jobs. But the Great Recession shows postsecondary education is more valuable than ever

Supporting factoids:

The share of jobs in the U.S. economy requiring postsecondary education went up from 28 percent in 1973 to 59 percent in 2008… … and is projected to increase to 63 percent over the next decade.

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Median earnings in 2008 …

  • College graduate with a BA working full-time  … $55,700
  • Associates Degree (typically awarded by community and technical colleges)  … $42,000.
  • High school-only grads  … $33,800
  • Without a high school diploma ….$24,300

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Earnings Power

About 25 percent of those in the top 40% of wage earners have only a high school diploma.

About 20 percent of workers with a college degree are in the lowest 40% of wage earners.

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Unemployment rates:

  • 4.3% for college graduates and above who are 25 years and older.
  • 9.5% for high school graduates
  • 13.9% for those with less than a high school education

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