Destruction of Middle Class Continues
Fed continues to hold out false hope economy will turn around
Two week ago Janet Yellen, the current boss of the Federal Reserve, said the American worker would see an uptick in wages.
“Wage increases are still running at a low level, but there have been some tentative signs that wage growth is picking up,” Yellen said.
“We’ve seen an increase in the growth rate of the Employment Cost Index
and a mild uptick in the growth of average hourly earnings.”
Yellen’s prediction was trashed on Friday when the Labor Department
released figures on wages and salaries in the second quarter. The
numbers show a scant 0.2 percent increase in wages, the smallest since
records began in 1982. The dismal number followed a 0.7 percent increase
in the first quarter.
Zero Hedge
says this should not be surprising considering the fact the United
States was converted into part-time worker and minimum wage service
sector society.
The globalists have worked long and hard to transfer decent,
relatively high paying jobs to third world hellholes where people work
12 hours a day for a dollar an hour or less. This has resulted in a
massive and unprecedented concentration of wealth by large transnational
corporations and the destruction of a middle class in America.
The government has facilitated the gutting of the middle class by
imposing a blizzard of rules and regulations on business which in turn
encourages it to move operations overseas. Enabling by Congress is quite
natural considering it is owned by Wall Street, corporations and large banks.
