The U.S. economy has turned a corner. The national unemployment rate hit a post-recession low of 7.8% in September. Rising consumer confidence, increasing home prices and other leading economic indicators confirm the trend.
Unemployment is still too high, but a focus on the number of jobs obscures a serious long-term crisis of declining wages and a shrinking middle class that is having a harder and harder time making ends meet. New jobs pay less, raises are rare and benefits even rarer. According to a National Employment Law Project study released in August, the majority of new jobs created in the last two years pay just $13.83 an hour or less. Nobel laureate economist Joseph Stiglitz recently said, "Increasing inequality means a weaker economy" for all of us.
Read the rest in the Los Angeles Times: With paychecks, size matters.