With the way people are taking paycuts to keep jobs, underemployment is hitting the economy pretty hard.
My wife lost her job but was given the option to work "part time" with almost all the same amounts of responsibilites for 1/2 pay.
She has been looking for months for other jobs but still goes to work, has her office, and does the same job with one less responsibility so they can call her a contract employee without benifits.
So she is under employed seriously.
But they don't show the fact she can't spend in this economy like she used to. I picked up the whole family insurance so I make less as well as the family plan is much higher then single or plus one for the daughter on her plan.
So I spend less.....
And how many unpaid weeks off we hear about? Those people spend less.....
What you posted is exactly what is transferring. More labor for less money. Once we have lost it all we will work for far less and be thankful. Everyone thinks we are going to a socialist state. Not all true. I have an autistic son. He used to get 300 dollars a month to combat his perscription costs. He no longer gets that. I pay 17 dollars per hour for my retirement and medical benefits. I have blue cross blue shield PPO. Unbelievable insurance but no insurance company covers an autistic child. My sons rispedal is 800 dollars a month for pills that cost 18 cents each to produce. If I needed risperdal my insurance covers 100% generic or 5 dollars it cost me for name brand. Well I have to pay 800 more a month now for my sons medicine. The government helped bring it to 500 but no longer can help out. Now I don't expect to get something for free but I do have some of the best insurance money can buy. Also I am being reamed on the cost of perscription. This medicine in another country would go for less than 100 dollars. There is a major shift going on and it is going to make us work harder and receive less. All the people on welfare will soon be losing that too. People collecting unemployment and social security is at risk as well. No body is going to get something for nothing. These politicians are blowing air in the wind. The truth is we will all be working harder and making less in a very short time.
The mexicans have been doing more labor for less money, the chinese have been doing more labor for less money, I think the world is starting to equilibrate a bit. I guess we were living like Roman Senators with a slave class doing our roofs and cooking our foods in the restaurants and thinking that was normal. Could not last forever.
You make an excellent point concerning people having to take paycuts to keep their jobs. I personally have heard from many people I know that have had to do that. Fun there's no government statistic (to my knowledge) that takes this into account.