The top 1% are just stealing the money from the people who actually do the work
by David Atkins
I explored some of the consequences of prioritizing assets over wages this weekend and how that choice has negatively affected the economy. A new study shows just how precipitously wages have declined over the last two decades:
The 10 most common occupations in America — with retail sales at the top — now make up one-fifth of total U.S. employment, according to the recently released Occupational Employment and Wages report for May 2013. Significantly, the average annual pay of seven of the top 10 in 2013 is down from 1999 when adjusted for inflation.
The top two jobs out of those 10 were the same in 2013 as they were in 1999. Those two, retail sales and cashiers, make up 6 percent of the workforce, up from 5.4 percent in 1999. The third largest, food preparation and serving workers, moved up from ninth in 1999. That job also includes fast food.
The economy is broken. Note that wages for the most common occupations have fallen even as the stock market has exploded upward. All the advantages are accruing to the very top of the income scale.
The people at the top aren’t working any harder or smarter than they were before. They’re just stealing more of the money, and it’s about time we took it back for the people who actually do the work in this country.
.