In case you have forgotten or thought the situation has improved, pay is not keeping up with the cost of living. According to the article from Investor’s Business Daily,
The working poor and middle class are getting hit the hardest. Higher gas and food prices buffet hourly wage earners the most. Skilled white-collar workers are just slightly better off, though they are also more likely to benefit from bonuses or home appreciation.
As a worker low on the organization chart, bonuses don’t benefit me much. Without a home, there’s nothing to appreciate. (Well, I appreciate being alive, but that’s not what they meant.)
The article places the blame squarely on globalization.
Updated July 16, 2010 and originally published May 20, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.