Monthly Archives: July 2011
The Task Force on Job Creation has released it’s latest report for 2011.
Participants included Rep. John Garamendi (D-CA 10), Sen. Tom Harkin (D-IA), Sen. Leonard Boswell (D-IA), Leo Hindery, Jr., Sherle Schwenninger, Hon. Patrick Mulloy, and moderator Michael Hirsh.
The 32-page report is available for any interested parties in a pdf format. It includes 15 recommendations to assist in remedying the economic and job situation, including both short and long-term scenarios.
The full report can be found and downloaded here.
Real Pay for Full-Time Minimum Wage Earners Down $800 this Year;
Purchasing Power of Low-wage Earners has Fallen Since Congress Last Raised the Minimum Wage, Two Years Ago This Sunday
On Sunday, July 24, two years will have passed since Congress last raised the federal minimum wage to $7.25 per hour. The increase gave a modest bump in pay to approximately 4.5 million workers, of whom more than three-quarters were adults, nearly two-thirds were women, and nearly half a million were single parents with children under 18. Since then, the value of the wage has fallen: minimum wage earners would take home an extra $800 this year if the wage kept pace with rising inflation.
As President Obama noted earlier this month, CEO compensation grew 23 percent last year, while wages for the average American worker grew only half a percent, and actually fell slightly after inflation. Minimum wage workers have fared even worse: since the 2009 increase, the real value of the minimum wage has fallen 5 percent. An increase in the federal minimum wage now would provide a critical boost to consumer demand and promote hiring and job growth, the National Employment Law Project said today.
[From the National Employment Law Project. Read more after the cut.]
Op-Ed post from author Holly Sklar, from the McClatchy Tribune News Service:
Big company CEOs got a 23 percent raise last year and corporate profits are at record highs. But the minimum wage has less buying power now than in 1956 – the year Elvis Presley first topped the charts, videotape was breakthrough technology and the Dow closed above 500 for the very first time.
It’s no accident wages are down while corporate profits are up. As JPMorgan’s July 11 “Eye on the Market” newsletter put it, “Reductions in wages and benefits explain the majority of the net improvement in (profit) margins… US labor compensation is now at a 50-year low relative to both company sales and US GDP.”
[Read more under the cut.]
The SSA’s Office of Retirement and Disability has released the 2010 numbers for SSI Recipients by State and County.
Key Alaskan Numbers:
Total SSI Recipients: 12,269
Of this 12,269:
1,890 are aged
10,379 are blind or disabled
1,255 are under 18
7,986 are between 18 and 64
3,028 are 65 or older
4,166 are also receiving OASDI
6,166 is the amount of payments (in thousands of dollars)
For further information broken down by county as well as access to the full report, click here.