As we honor the working men and women this Labor Day, a new study confirms that they are struggling in the current economy:
In its first national labor scorecard, the Rutgers School of Management and Labor Relations said more than 10 percent of Americans are unemployed, discouraged from seeking work or underemployed. That is a nearly 25-percent increase from one year earlier.
Here are some more statistics on the state of our workforce:
— About 530,000 were subject to mass layoffs in the last year, growth of nearly 5 percent, but a lower rate than five and 10 years ago.
— The median weekly earnings for American workers have not grown in real terms over the last eight years.
— At $6.55, the federal minimum wage is worth 40 cents less per hour, in inflation-adjusted dollars, than it was a decade ago.
— While employer-assisted childcare and employee wellness programs have grown quickly over the last decade, they still cover less than one quarter of American workers.
— Roughly 4 percent of the workforce wants to work full-time, but is working part time because they can’t find full-time work.
You can view the whole study and the press release from Rutgers. Just a few more facts that fly in the face of the “economy is basically strong argument” being made by George Bush, John McCain and Chris Myers. At what point do they have to acknowledge reality, if ever?