Your wages are hurting. Here’s George Will:
As the global recovery gains strength, the prices of three things will rise – oil, food and money. David Rosenberg of Gluskin Sheff in Toronto reports that in the last three months, 100 percent of the $55 billion increase in aggregate U.S. wages and salaries has been matched by increased grocery and gasoline prices. They are absorbing 22 percent of wages and salaries, a portion matched only twice in the past two decades – both times presaging recessions.
But the workforce is still shrinking:
The share of the population that is working fell to its lowest level last year since women started entering the workforce in large numbers three decades ago, a USA TODAY analysis finds.
Only 45.4% of Americans had jobs in 2010, the lowest rate since 1983 and down from a peak of 49.3% in 2000. Last year, just 66.8% of men had jobs, the lowest on record.
Meanwhile, Washington continues to grow faster than revenues:
And ever-increasing Federal regulations continue to hinder employment and growth:
“Our statistical analysis of historical data indicates that federal expenditures on regulatory activity have a significant impact on the size of the private-sector economy and private-sector employment,” says Dr. George S. Ford, chief economist of the Phoenix Center. “While the entire federal budget must be cut to address the deficit problem, the evidence indicates that reductions in the overall federal regulatory budget may substantially impact the growth of economic output and employment.”
Put it all together and what have you got?
Fewer American workers must navigate ever-more labyrinthine rules to make their ways home with a smaller paycheck to support an enlarged dependent class while making higher payments on unmanageable debt.
Something’s gotta give.