Center for Economic and Policy Research co-director Dean Baker calls poverty Americaâ€™s â€œnew growth industry.â€ The state of todayâ€™s America is deplorable.
In his latest May 3 analysis, economist John Williams said â€œApril â€œemployment and unemployment data were nonsense: the economy remains in serious trouble.â€
About 23% of Americans wanting work canâ€™t find it. Most jobs are temp or part-time low pay/poor or no benefit service ones with no futures. Conditions are getting worse, not better.
Federal, state and local government jobs were lost. Construction shed 6,000 jobs. Zero manufacturing jobs were created. Most good ones are overseas. Theyâ€™ve been offshored to low-wage countries.
Economist David Rosenberg called April a â€œpotemkin payroll report. Whereâ€™s the income hiding,â€ he asked? Average wage-based income declined 0.4%. It was the biggest drop since last October.
Market analyst Graham Summers discussed â€œa truly horrible economic realityâ€ beneath Aprilâ€™s headline job numbers. The average workweek declined by 0.2 hours. The average manufacturing workweek was down 0.3%.
Fewer overall hours worked subtracts 15 minutes per week. Applied to private sector employment, itâ€™s â€œthe equivalent of over 21 million work hours lost in one month.â€
Itâ€™s the biggest decline since April 2009. At that time, the economy was â€œabsolutely imploding. Itâ€™s numerical equivalent of firing 718,000+ people.â€
Itâ€™s how companies begin dealing with downturns. â€œThey donâ€™t start laying people off en masseÃ¢â‚¬Â¦.they start cutting work hours bit by bit.â€
Mass layoffs arrive during â€œfull-blown recessions. The first stage â€œis already happening.â€ Clear signs show it.
Markets are euphoric. Theyâ€™re hitting new highs. Economic contraction is ignored. It happened in 2000 and 2008. Warning signs look ominously like earlier.
Peter B. Edelman co-directs Georgetown Universityâ€™s Center on Poverty, Inequality, and Public Policy. He calls â€œlow-wage workâ€ in America â€œpandemic.â€
America â€œdescended into poverty,â€ said Paul Craig Roberts. Growing millions struggle to get by. Many are â€œone medical problem or lost job away from homelessness.â€
Some colleges and universities offer adjunct professorships. They pay â€œ$10,000 per year or less.â€ Education was once â€œtouted as the way out of poverty.â€ Increasingly it reflects it. So do military enlistments. Theyâ€™re a desperate way to find work.
Americaâ€™s wealth disparity is deplorable. The top 1% owns over half the nationâ€™s wealth. The bottom 90% has a decreasing share. Social inequality defines todayâ€™s America. Itâ€™s unprecedented or close to it.
It matches or exceeds 19th century harshness. Protracted Depression conditions affect growing millions. Poverty, unemployment, homelessness
This article originally appeared on : Global Research