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Monday, January 13, 2014

Fiancialization = joblessness, wealth inequality

Low wage capitalism with a dab of cronyism: Of job sectors with the highest growing raw number of positions 9 out of 10 will pay $35,000 a year or less with little to non-existent benefits.

There was a big miss with the latest employment report.  The addition of 74,000 jobs produced the weakest employment report going back to January of 2011.  Yet part of this is not a surprise given the weak retail sales over the holidays at the expense of cash strapped American consumers.  If you dig deep into the data you find a continuing pattern of low wage employment taking over the nation.  This trend is accelerating as wealth inequality reaches record proportions.  When the Great Recession struck many good paying jobs were washed away in a bathtub of corporate financilization that has truly set the country on a fast track to economic inequality.  Austerity for the public and corporate welfare for Wall Street.  Even the “Wolf of Wall Street” still lives in a multi-million dollar home in California while fleeced investors take a walk down memory lane.  Low wage jobs are here to stay.  This might be stunning for older Americans but young Americans are faced with this once the minted college degree paid by debt is picked up.  What does it say that the vast majority of the top 10 job sectors in America will pay $35,000 or less?

Low wage America
The latest BLS jobs report was a big disappointment.  It frankly caught the market off guard because they were used to the juiced up stock market of 2013.  Of course, not much of the gains going to the financial sector or even the highly speculated real estate market are trickling down to working Americans.  The lords of finance are sucking out every penny from the real economy and are living high on the hog with 75 percent of wealth controlled by the top 10 percent of earners in our country.

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