Oct 27, 2014
Recently, the national unemployment rate dropped a fraction below 6% to 5.9%. Politicians and economists haven’t stopped gloating, calling this proof of a recovery. But for most people, the opposite is true.
Take Maryland, for example. You bet it’s a Recovery for the rich.
The worth of Steve Biscotti, main owner of the Baltimore Ravens, rose from 2.1 billion dollars to 2.6 billion dollars in 2014.
The worth of Kevin Plank, CEO of Under Armour, headquartered in Baltimore, rose from 1.7 billion dollars last year to three billion dollars in 2014.
Compare this to the working class.
Maryland’s unemployment rate has shot up in recent months to 6.3% in August and 6.4% in September, much higher than the state’s 4.7% average before the recession.
In Baltimore the rate has continued at around 10% – one out of 10 people looking for work, unemployed ... officially.
Wages have not risen for most workers, especially in manufacturing, the food industry and health services. One out of three new jobs are lower paying jobs. Median household income dropped more than 5% since 2007. A popular term these days is a “wageless recovery.”
More people are working part-time, not by choice.
Labor force participation is at an historic low.
This is the reality.