I want to commend your attention to an article at Quartz by Gwynn Guilford for which the title of this post is a summary:
The numbers tell one story. Unemployment in the US is the lowest it’s been in 50 years. More Americans have jobs than ever before. Wage growth keeps climbing.
People tell a different story. Long job hunts. Trouble finding work with decent pay. A lack of predictable hours.
These accounts are hard to square with the record-long economic expansion and robust labor market described in headline statistics. Put another way, when you compare the lived reality with the data and it’s clear something big is getting lost in translation. But a team of researchers thinks they may have uncovered the Rosetta Stone of the US labor market.
Read the whole thing. This situation has not been lost on the Germans who characterize our strategy of maximizing the number of minimum wage jobs as “the American model”. How has this occurred?
- Decline in primary production
- Decline in manufacturing jobs
- Increased trade with countries without enforced health, labor, or safety standards
- Immigration, particularly illegal immigration
- Outsourcing, both onshore and off
That doesn’t just have serious implications for the economy as the author points out. It has serious implications for our politics and government as well. Just as one example when most jobs don’t kick enough into the Social Security system to pay for the retirement benefits, it puts an inevitable strain on the entire program.
We are presently at a fifty year low in unemployment and nearing a fifty year low in job quality.






