Behind the Economic Miracle

Agent Smiley (smiley_777@hotmail.com)
Thu, 10 Jun 1999 08:33:17 PDT


----Original Message Follows----
From: "institute@igc.org" <institute@igc.org>
To: undisclosed-recipients:;
Subject: USA: Behind the "Economic Miracle"
Date: Sun, 6 Jun 1999 00:37:08 -0500 (CDT)

Institute for Public Accuracy
915 National Press Building, Washington, D.C. 20045
(202) 347-0020 * http://www.accuracy.org * ipa@accuracy.org
___________________________________________________

Thursday, June 3, 1999

BEHIND THE "ECONOMIC MIRACLE"

JOEL BLAU, jblau@erols.com
Author of the just-released "Illusions of Prosperity: America's Working 
Families in an Age of Economic Insecurity," Blau said: "Below the rosy 
surface of economic exuberance lurk low-paying jobs, job insecurity, 
corporate downsizing and massive inequality. The average worker's pay (in 
real terms) actually declined 8 percent from 1973 to 1997. CEO compensation 
has skyrocketed so much that if other salaries had kept pace, the typical 
factory worker would now be earning $90,000 a year and the income from a 
minimum wage job would yield $39,000 annually."

HELENE JORGENSEN, hjorgen@erol.com, www.2030.org
Senior policy fellow at the 2030 Center, Jorgensen said: "People are
working more and more hours, more and more jobs -- and more family members 
are working. Young workers entering the labor market now are getting paid 
substantially less than their parents. A high school graduate today makes 28 
percent less than a young man with a high school degree did in 1973. Even 
with people with a college degree, you still see a decline of 8 percent in 
their starting salaries. Very few manufacturing jobs with benefits remain; 
rather, we see service sector jobs that are typically low paying. There has 
been growth in non-standard jobs, like temp agency workers who are paid less
than people with a regular job and don't have health insurance."

JANE D'ARISTA, jane.darista@snet.net, www.fmcenter.org
Director of programs at the Financial Markets Center, D'Arista said: "This 
is a prosperity that is based on intolerable levels of debt by households, 
businesses, and state and local governments. Further, it's debt that is 
being fueled not by savings -- because net personal savings have fallen 
virtually to zero -- but by inflows of foreign savings. It's a very 
vulnerable situation and one that should not be considered sustainable for 
very long."

For more information, contact at the Institute for Public Accuracy:
Sam Husseini, (202) 347-0020; David Zupan, (541) 484-9167



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