Despite what Obama says about the state of the economy under his presidency, no one can deny there are clearly visible ways in which the economy has not recovered.
One that stands out is the take-home pay of the American worker. Whether we look at median weekly income, or median income, incomes have declined since Obama has took office. Even as unemployment has fallen, earnings have yet to budge. In fact, employment is now primarily growing in low-skilled, low-paying professions.
As Zero Hedge reported:Recall that in January, “70 percent Of Jobs Added In January Were Minimum Wage Waiters And Retail Workers.”
February was even worse: most of the jobs that were created, if only on a seasonally adjusted basis, were of the lowest paying, worst possible quality, as has been the case for the past 7 years as the Bureau of Labor Statistics (BLS) desperately seeks to “pad” its political mandate of providing proof in a recovery which however is impossible if it were to tell the truth.
As a result, as the BLS itself admitted, “job growth occurred in health care and social assistance, retail trade, food services and drinking places, and private educational services” – all of which are the lowest-paying wage groups.
Of the 242,000 jobs created in February, 189,000 were near the lower end of the wage scale, in education, retail trade, and leisure/hospitality.
That’s nearly 80 percent. Now we know why Obama is so insistent on raising the minimum wage. Thanks to his own policies, the only jobs being created are low-paying — which fits perfectly into his (and liberals’) long term brilliant strategy. Flood the market with low-skilled workers, destroy the economy so there are only low-paying jobs being created, and latch everyone onto the government teat.
[Note: This post was authored by The Analytical Economist]