American Workers’ Earnings Fall 1.2% in Past Year

http://www.usatoday.com/money/economy/2008-02-20-real-earnings_N.htm

This merely continues the three-decade trend in falling earnings that I detailed in the first chapter of Five Short Blasts.  This trend will persist as long as our enormous trade deficit lasts.  When I update the book for the 2nd edition, those graphs of income and especially net worth (following the collapse of the housing bubble) are going to look like they fell off a cliff!

The downward spiral continues.  Wages can’t even keep pace with the price of cheap imported junk.  Isn’t globalization wonderful?

Pete

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