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Falling Wages

Reported by Eleanor - June 15, 2004 -

On CNN Lou Dobbs Tonight, June 15 at 6:53 pm ET, Dobbs offered a chart comparing the growth of corporate profits to wages paid to workers in the last three years. The difference is stark.

Since 2001, corporate profits in America have increased by 62%. Worker benefits have increased during the same time period by 2.8%. Take home pay, or real wages, have DECREASED by .6% (less than 1%). Dobbs shows this chart to demonstrate the alarming decline in the middle class.

Comment: If this trend continues, who will buy the products produced by the corporations, especially since they pay slave wages to the foreign workers who are taking American jobs and producing the goods overseas, then shipping them back to sell to highly paid Americans? Since America is the world's largest consumer of manufactured goods, so far, this process has worked. Americans are still able to buy, but not for long. Walmart doesn't pay enough.