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U.S. Wage Trends - Research Papers

U.S. Wage Trends

The microeconomic picture of the U.S. has changed immensely since 1973, and the trends are proving to be consistently downward for the nation�s high school graduates and high school drop-outs. �Of all the reasons given for the wage squeeze � international competition, technology, deregulation, the decline of unions and defense cuts � technology is probably the most critical. It has favored the educated and the skilled,� says M. B. Zuckerman, editor-in-chief of U.S. News & World Report (7/31/95). Since 1973, wages adjusted for inflation have declined by about a quarter for high school dropouts, by a sixth for high school graduates, and by about 7% for those with some college education. ...

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of Welfare Reform Network.
In view of these facts, I wonder if these trends are good or bad for society. �The danger of the information age is that while in the short run it may be cheaper to replace workers with technology, in the long run it is potentially self-destructive because there will not be enough purchasing power to grow the economy,� M. B. Zuckerman. My feeling is that the trend from unskilled labor to highly technical, skilled labor is a good one! But, political action must be taken to ensure that this societal evolution is beneficial to all of us. �Back in 1970, a high school diploma could still be a ticket to the middle income bracket, a nice car in the driveway and a house in the suburbs. Today all it gets is a clunker parked on the street, and a dingy apartment in a low rent building,� says Time Magazine (Jan 30, 1995 issue).
However, in 1970, our government provided our children with a free education, allowing the vast majority of our population to earn a ...

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U.S. Wage Trends. (2004, July 12). Retrieved November 28, 2024, from http://www.essayworld.com/essays/U-S-Wage-Trends/10899

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PAPER DETAILS

Added: 7/12/2004 05:55:49 AM
Category: Economics
Type: Premium Paper
Words: 1223
Pages: 5

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