American Dream Is Dead—If You Are In The 99%
Next to the headline Goldman Raises CEO’s Stock Bonus 90% to $13.3 Million was another, Ranks of working poor increasing—the sad part is most do not see correlation between them.
Goldman CEO Lloyd C. Blankfein’s stock bonus will enable him to now top JPMorgan Chase’s top honcho Jamie Dimon. Oh poor Jamie!
On the other hand despite the Obama administrations touting of continued job creations for 27 consecutive months, a third of the nation’s working families earning is so low that they continually juggle to meet their daily necessities.
A report released on last Tuesday by the Working Poor Families Project, released, “Although many people are returning to work, they are often taking jobs with lower wages and less job security, compared with the middle class jobs they held before the downturn."
The report mentioned that “more than 70 percent of low-income families and half of all poor families were working by 2011. The problem is they did not earn enough to cover their basic living expenses."
A solid 32 percent of working family earnings placed them below double the poverty threshold of $45,622, a rise from 28 percent in 2007. The percentage of children rose from 33 percent in 2007 to 37 percent in 2011, as part of working poor families.
Why is this happening?
The report says, “The growth in the ranks of the working poor coincides with continued growth in income inequality. Many of the occupations experiencing the fastest job growth during the recovery also pay poorly. Among them are retail jobs, food preparation, clerical work and customer assistance.” While, “many jobs that do not require much in the way of educational credentials but pay relatively well have lagged in the recovery. They include carpenters, painters, real estate brokers and insurance professionals.”Continued on the next page