Tuesday, February 14, 2012

Al Jazeera English:The downward mobility of the US middle class

by Robert Reich
Robert Reich

"Berkeley, CA - January's increase in hiring is good news, but it masks a bigger and more disturbing story - the continuing downward mobility of the middle class in the US.

Most of the new jobs being created are in the lower-wage sectors of the economy - hospital orderlies and nursing aides, secretaries and temporary workers, retail and restaurant. Meanwhile, millions of US workers remain in jobs only because they've agreed to cuts in wages and benefits. Others are settling for jobs that pay less than the jobs they've lost. Entry-level manufacturing jobs are paying half what entry-level manufacturing jobs paid just six years ago.

Other people are falling out of the middle class because they've lost their jobs, and many have also lost their homes. Almost one in three families with a mortgage is now metaphorically underwater, holding their breath against imminent foreclosure."

See the compelte article at: The downward mobility of the US middle class - Opinion - Al Jazeera English

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