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article imageOp-Ed: Wages dropped sharply during Obama's 'economic recovery'

By Larry Clifton     Aug 11, 2014 in Politics
Washington - While statistics show an increase in part-time and lower paying jobs since 2008, many Americans are working two, and in many cases three jobs, to support their families.
Ever get the feeling that the dollar doesn’t stretch as far as it did before the Obama administration's so-called economic recovery?
It’s not your imagination. It’s very real. According to a Reuters report published Monday, Americans are being paid 23-percent less than in 2008.
Back in 2008, when the hope and change policies of the Obama administration were the talk of the town, the average annual salary in sectors where jobs were lost was $61,637.
Nearly six years later, Mr. Obama's so-called economic recovery saw average annual salaries drop to $47,171, indicating a loss of $93 billion in wages. That's change you can believe in.
Highlighting an increase in poverty in the US under the Obama administration, the report also showed that the majority of metro areas - 73 percent - had households earning salaries of less than $35,000 a year.
While the latest monthly employment data from the Labor Department showed that more than 200,000 jobs were created for the sixth straight month in July, government figures do not show the amount of jobs lost or reflect the significantly lower wages earned by Americans who have been able to find jobs.
On average, Americans earned about $24.45 an hour in July, up a penny from June. Over the last year, average American wages have increased an anemic 2%, according to the report.
Records show the 2% growth in wages that has not kept pace with inflation has remained static since 2009, when a so-called "economic recovery" was declared by the Obama administration.
Declining U.S. wages have hit millennials hardest, as younger Americans struggle to support their families and pursue professional careers in the face of increasing student loan debt.
For most Americans, the administration's economic recovery feels more like a sharp economic downturn.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of DigitalJournal.com
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