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If this trend continues – with prices rising and wages remaining stagnant – there will be very few items that one could afford for one hour's pay.
Yet as the IMF noted, the income for top earners in many developed countries has been rising while remaining stagnant for those at the bottom.
Other segments of society, meanwhile, are losing out, with their share of the total declining, and their real incomes remaining stagnant.
The export of thousands of jobs overseas since the 1970's has more to do with specific United States economic policies, particularly free trade and deregulation, that have resulted domestically in corporations and wealthy individuals increasing their fortunes and the standard of living of American workers remaining stagnant.
For ordinary Americans, it has been a different story, with jobs shipped overseas by the millions and wages remaining stagnant, with labor unions under constant assault and labor standards weakened, with the safety net shredded and the message sent out to workers everywhere: You're on your own.
With the economy proving reluctant to grow, and the job market remaining stagnant, consumers continue to tighten their belts.
Similar(41)
But that matters little when unemployment remains high and wages remain stagnant.
The job market remains weak, and wages and middle-class incomes remain stagnant.
Poverty levels have remained stagnant.
But mortgage and business loans remain stagnant.
It remained stagnant for about 15 years.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com