Sunday, March 15, 2015

Truest statement of the week

This downward trend in spending reflects the actual conditions facing millions of working people: unemployment, employment in undesired low-paying service jobs, declining or stagnating wages, cuts to hours, and a general decline in living standards. These latest figures, suggestive of recessionary trends, further underscore that there is no real economic recovery under way. Insofar as jobs are being created they are overwhelmingly low-paid, oftentimes in the service sector. Traditionally high-paying jobs have undergone massive wage cuts. For instance, vehicle manufacturing workers lost 21 percent of their income between 2003 and 2013.

-- Gabriel Black, "US retail sales fall for third consecutive month" (WSWS).

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