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US Wage Trends

Wage Trends

The microeconomic picture of the U.S. has changed immensely since 1973, and the trends are proving to be consistently downward for the nation’s high school graduates and high school dropouts. Of all the reasons given for the wage squeeze international competition, technology, deregulation, the decline of unions and defense cuts technology is probably the most critical. It has favored the educated and the skilled, says M. B. Zuckerman, editor-in-chief of U.S. News & World Report (7/31/95). Since 1973, wages adjusted for inflation have declined by about a quarter for high school dropouts, by a sixth for high school graduates, and by about 7% for those with some college education. Only the wages of college graduates are up. Of the fastest growing technical jobs, software engineering tops the list. Carnegie Mellon University reports, recruitment of its software engineering students is up this year by over 20%. All engineering jobs are paying well, proving that highly skilled labor is what employers want!
There is clear evidence that the supply of workers in the [unskilled labor] categories already exceeds the demand for their services, says L. Mishel, Research Director of Welfare Reform Network. In view of these facts, I wonder if these trends are good or bad for society. The danger of the information age is that while in the short run it may be cheaper to replace workers with technology, in the long run it is potentially self-destructive because there will not be enough purchasing power to grow the economy, M. B. Zuckerman. My feeling is that the trend from unskilled labor to highly technical, skilled labor is a good one! Nevertheless, political action must be taken to ensure that this societal evolution is beneficial to all of us. Back in 1970, a high school diploma could still be a ticket to the middle-income bracket, a nice car in the driveway and a house in the suburbs. Today all it gets is a clun...

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Bibliography:
Bibliography Where have the good jobs gone?, By: Mortimer B. Zuckerman U.S. News & World Report, volume 119, pg 68 (July 31, 1995) Wealth: Static Wages, Except for the Rich, By: John Rothchild Time Magazine, volume 145, pg 60 (January 30, 1995) Welfare Reform, By: Lawrence Mishel http://epn.org/epi/epwelf.html (Feb 22, 1994) 20 Hot Job Tracks, By: K.T. Beddingfield, R. M. Bennefield, J. Chetwynd, T. M. Ito, K. Pollack & A.R. Wright U.S. News & World Report, volume 119, pg 98


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