{"id":39675,"date":"2011-09-23T10:52:10","date_gmt":"2011-09-23T15:52:10","guid":{"rendered":"http:\/\/media.lclark.edu\/content\/hart-landsberg\/2011\/09\/19\/labor-market-blues\/"},"modified":"2012-02-20T16:09:05","modified_gmt":"2012-02-20T21:09:05","slug":"labor-market-blues","status":"publish","type":"post","link":"https:\/\/thesocietypages.org\/socimages\/2011\/09\/23\/labor-market-blues\/","title":{"rendered":"Labor Market Blues: The Recession by Degree"},"content":{"rendered":"<p>Everyone says that they want an economic recovery.\u00a0 So, why don\u2019t we have one?\u00a0 Most surveys of business people tell the same story: there is no recovery because business owners are\u00a0unwilling to hire and they are unwilling to hire because people are not spending.<\/p>\n<p>So, why aren\u2019t people spending?\u00a0 One reason is that many people are unemployed.\u00a0 Another reason, one that business leaders doesn\u2019t like to discuss, is that business has been boosting its profits by cutting worker pay.\u00a0 And not just for the less educated who are said to be the unfortunate victims of technology and globalization.\u00a0 Rather, as the chart <a href=\"http:\/\/blogs.wsj.com\/economics\/2011\/09\/19\/only-advanced-degree-holders-see-wage-gains\/?mod=WSJBlog&amp;mod=WSJ_EC_RT_Blog\">below<\/a> shows, for workers in almost\u00a0all educational categories.<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" style=\"border: 0px initial initial;\" src=\"http:\/\/media.lclark.edu\/content\/hart-landsberg\/files\/2011\/09\/na-bn371_census_g_20110919135704.jpg\" alt=\"na-bn371_census_g_20110919135704.jpg\" width=\"540\" height=\"331\" border=\"0\" \/><\/p>\n<p>The average earnings of workers in almost all educational categories declined between\u00a02000 and\u00a02010.\u00a0 Talk about a lost decade for working people!\u00a0 Only those with an MD, JD, MBA or PhD enjoyed a real increase over the period, and those workers make up only 3% of the workforce.<\/p>\n<p>The average earnings of college graduates, 19.5% of the workforce, declined (adjusted for inflation) by approximately 8%.\u00a0 Interestingly, the average earnings of high school graduates, 30.7% of the workforce, actually suffered a smaller decline.<\/p>\n<p>These numbers make clear that the solution to our economic problems is not more education.\u00a0 Even those with Masters Degrees lost money on average.\u00a0 Recovery will require real structural change in the way our economy operates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Everyone says that they want an economic recovery.\u00a0 So, why don\u2019t we have one?\u00a0 Most surveys of business people tell the same story: there is no recovery because business owners are\u00a0unwilling to hire and they are unwilling to hire because people are not spending.\u00a0<br \/>\nSo, why aren\u2019t people spending?\u00a0 One reason is that many people [&#8230;]<\/p>\n","protected":false},"author":1853,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[29,36,12498,34],"class_list":["post-39675","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-class","tag-economics","tag-economics-great-recession","tag-education"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/posts\/39675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/users\/1853"}],"replies":[{"embeddable":true,"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/comments?post=39675"}],"version-history":[{"count":12,"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/posts\/39675\/revisions"}],"predecessor-version":[{"id":45101,"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/posts\/39675\/revisions\/45101"}],"wp:attachment":[{"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/media?parent=39675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/categories?post=39675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thesocietypages.org\/socimages\/wp-json\/wp\/v2\/tags?post=39675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}