Amid “Full Employment,” No Recovery in US Wages | WHAT REALLY HAPPENED


Amid “Full Employment,” No Recovery in US Wages

Trump claims his $1.5 trillion tax cut—including the slashing of the corporate tax rate from 35 percent to 20 percent—will create more jobs and increase wages. As in the Obama years, however, this massive windfall for big business and the rich will not be used to expand production, let alone increase the wages and living standards of workers. It will go for stock buybacks and dividend increases, which benefit the richest investors.

Wages are so low now that 7.6 million Americans are forced to work multiple jobs, a number not seen in 20 years. In a recent article titled “China-Like Wages Now Part of US Employment Boom,” Forbes noted that a forklift operator hired at $12.75 an hour at Amazon’s Fall River, Massachusetts fulfillment center makes $382 for a 30-hour week, “not much more than the average guy in Beijing,” where the median weekly wage is $329.53. At 40 hours a week, a higher paid, full-time Amazon worker in Fall River earns $28,800 a year before taxes, roughly what Amazon’s billionaire CEO Jeff Bezos pockets every minute.

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