Writing in Huffington Post, Dan Froomkin cuts past the political debate to a bigger, looming problem. While politicians demagogue about jobs, the real problem is wages – low wages. He cites the political writer Jeff Faux who has just written a book entitled The Servant Economy: Where America’s Elite is Sending the Middle Class. Faux looks at falling wages and sees a future where the only jobs that pay will be for those who serve the rich.
I’m not as pessimistic, but I do think that depressed wages will bring another recession soon. People can’t go years without a raise, have their pay cut, and pay more for health insurance without some impact on the economy. As Faux would say, the rich won’t care. They’ve got theirs and they’re looking for more.