Bloomberg News: Millions of Americans Have Run Out of Options

Rich Miller and Michelle Jamrisko have a good piece on how millions of working Americans, faced with decades of declining wages, have pretty much exhausted their options and are hitting the wall.

The Republicans quoted either poo-poo the problem or blame it on Obama or the Fed. Of course.

None of which explains a central point of the piece:

Even those with college degrees are having trouble keeping up, he said. While they earn more than those with less schooling, they’ve seen no real wage growth in recent years. The median income of men 25 years of age and older with a bachelor’s degree was $56,656 last year, 10 percent less than in 2007 after taking account of inflation, according to Census data.

Miller and Jamrisko also rightly note this trend has tracked the decline in union membership and, by extension, the economic power of working people to negotiate wages and benefits.



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