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53 Million Americans Drowning In Cycle Of Low-Wage Work

Tyler Durden
November 12th, 2019
ZeroHedge
Comments (11)

This article was originally published by Tyler Durden at ZeroHedge.

It’s the “Greatest Economy Ever,” right? Well, it depends on who you ask.

For instance, a new report sheds light on 53 million Americans, or about 44% of all US workers, aged 18 to 64, are considered low-wage and low-skilled.

Many of these folks are stuck in the gig economy, making approximately $10.22 per hour, and they bring home less than $20,000 per year, according to a Brookings Institution report.

An overwhelmingly large percentage of these folks have insurmountable debts if that are student loans, auto loans, and or credit card debt. Their wages don’t cover their debt servicing payments as their lives will be left in financial ruin after the next recession.

While the top 10% of Americans are partying like it’s 1999, most of whom own assets, like stocks, bonds, and real estate, are greatly prospering off the Federal Reserve’s serial asset bubble-blowing scheme and President Trump’s stock market pumping on Twitter.

Today’s artificial economy isn’t working for everyone as the wealth inequality gap swells to crisis levels. 

The US is at the 11th hour, one hour till midnight, as the wealth inequality imbalance will correct itself by the eruption of protests on the streets of major metro areas, sort of like what’s been happening across the world in Chile, Hong Kong, Lebanon, and Barcelona.

An uprising, a revolution, people are waking up to the fact that unelected officials and governments have ruined the economy and has resulted in their financial misery of low wages and insurmountable debts. 

The report shows almost half of all low-wage workers are clustered in ten occupations, such as a retail salesperson, cooks and food preparation, building cleaners, and construction workers (these are some of the jobs that will get wiped out during the next recession).

Shown below, most of these low-wage workers are centered in areas around the North East, Mid-Atlantic, and Rust Belt.

As we’ve detailed in past articles, millions of these low-wage and low-skilled jobs will never be replaced after the next recession, that’s due in part to mega corporations swapping out these jobs with automation and artificial intelligence.

The solution by the government and the Federal Reserve, to avoid riots in the streets, will be the implementation of various forms of quantitative easing for the people. 

There’s a reason why you already hear the debate of universal income, central banks starting to finance green investments, and other various forms of short/long term stimulus, that is because the global economy is grinding to a halt — and the only solution at the moment is to do more of the same.

President Trump is Breaking Down the Neck of the Federal Reserve!

He wants zero rates and QE4!

You must prepare for the financial reset

We are running out of time

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The Finger is on the Nuke Button | Future Money Trends

Author: Tyler Durden
Views:
Date: November 12th, 2019
Website: https://www.zerohedge.com

Copyright Information: This content has been contributed to SHTFplan by a third-party or has been republished with permission from the author. Please contact the author directly for republishing information.

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11 Comments...

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  1. Anonymous says:

    The Workman is Worthy of His Hire Pt 1
    Click here

  2. bb in GA says:

    This is not a mystery.

    A generation or two ago, you could graduate from HS and start out in a blue collar job and work your way in 5 years or so into a position earning $20 – 40 per hour (in today’s $) plus overtime w/ pretty good benefits and sometimes a defined benefit pension for 25-30 years in.

    Gone With the Wind – Now, you can (HS grad or not) take on all the $7 – $15 per hour jobs you can handle with no benefits or pension.

    All those good jobs were moved off shore or automated…

    No mystery at all…

    <bb

    • Anonymous says:

      And the Social Security Administration is finally admitting that the ponzi scheme will be completely depleted by 2035.

    • rellik says:

      Unions destroyed the goose that was laying the golden egg.
      That is why off-shoring and automation is so attractive. Union employees cost too much.
      Bottom line is you get paid what you are worth in an open economy, not what you think your are worth.
      My favorite is the Indian H1B workers displacing American programmers. Those same workers survive in America, live in the same economy we do, so what is the problem?
      Americans want more than they are worth.
      If you don’t like your pay find a better paying job, or learn a skill set that makes you more valuable to a company. I’ve spent most of my adult life going to school to improve my skills. I also worked full time and raised a family. I retired at age 55.
      Looking back on the years there isn’t much I would change in my life. Maybe the one biggie is, I would have borrowed $10,000 and bought Microsoft went they first went public, or went to work for them when I was offed a job, I could have designed a better Windows.
      Aloha.

      • cranerigger says:

        Two major contributors to this problem: 1) people don’t pay attention to their politicians & the results of idiotic political decisions (Illegal immigration, H1B, NAFTA, GATT, etc) 2) many snowflakes grew up in an era of “preparation-for-the-future” being disparaged. Life is a competition of sorts; 1) prepare for a trade or acquire the necessary degrees to enjoy a good career, 2) Try to stay out of trouble so jobs in security-required environments are available to you, 3) have a work-ethic that makes you a desirable employee.

        Being a snowflake that embraces communism is failed thinking. Only delusional professors & other communists think that is a useful goal. They are using snowflakes as disposable USEFUL IDIOTS.

  3. The Workman is Worthy of His Hire Pt 1 video
    Click here

  4. Frank Thoughts says:

    This is the Great Bifurcation. It is society restructuring along the lines of the third world. I have worked and lived in many third world countries and so it is a familiar pattern.

    Being part of the elite in those countries, I had a great life. Those societies function but it is the scale of wealth they produce that is the difference between first and third world. A third world economy means the bottom 90 percent have no savings, no purchasing power and no rights (owning land etc.).

    All wealth is hoarded by the corrupt local elite and foreigners. Any surplus is sent to overseas accounts and investments. The country then functions on foreign aid and charity.

    This is America’s future. “Hi I am Sally Struthers!! I want to talk to you about the lack of clean water in Detroit and Baltimore. For just 10 cents you can buy a glass of water for a child in these cities. Or how about $20 and get them a Popeyes chicken sandwich? …”

  5. mike says:

    The regular commenter on another article posted here, that said he “stayed out of -away from, such establishments and demographic controlled areas” is correct.

    I am WRONG thinking he was a racist jerk. Maybe he knows something, His words and this video below has taught a lesson.
    You Tube video: “Tensions Running High After Body Slamming Incident at Popeye’s” (My elderly family members eat there.)

    Animals that “work at” one of the metioned demographic favorites, body slams a past middle age woman. WTF? “Savages. Just doing what savages do.”

    What is this USA country becoming? 3rd world with blackouts, bad roads, failing bridges, internal passports to move about, censorship, road pirates demanding papers, corruption at every level, riots, savages allowed to burn-riot-loot. And now a communist type of coup. It will only get worse.
    Are you paying attention to the crumbeling civil rights and infrastructure?

    Here is another video my friend put up.
    You Tube Video: “Offended cops nearly end man’s life over nothing!”
    The You Tube channel is: HighImpactVlogs
    Entertainment background for a cold winter day while you clean and sharpen your tools.

  6. Sam Adams says:

    And let’s keep letting in the ILLEGALS and paying them to kill wages and getting stuff for free that Americans can’t even get. The DemonCRAP plan sounds great huh!!!!!!???

  7. John Connor says:

    Oh, poor babies, too stupid to figure out how to make a decent living, too bad-so sad (not)

  8. Anonymous says:

    Working for someone else for less-than gainful wage, and effectively not allowed to work for yourself equals slavery.

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