Americans lose US$ 1 trillion in wages till 2012 - report - December 4, 2009

For wage earners in the United States the recession is not over, but might only begin, says a new report by the Center for Economic and Policy Research (CEPR). 

The total wage deficit will amount from 2008 till 2010 to more than one trillion US dollar, more than the estimated costs of president Obama's ambitious health care plan. 

For what the authors call a "conservative estimate" they use data from the Bureau of Labor Statistics and the Congressional Budget Office. "From the standpoint of jobs - the economic variable that most concerns American - the recession is not even one-third over," the report says. Salary losses over 2008 and 2009 have been relative moderate, compared to what we can expect. "Lost earnings in 2011 will be higher than they were in 2009; and 2012 will be almost three times as bad as 2008, the first full year of the recession." 

The full report can be obtained here (pdf) 

(h/t Talking Union) 

The Paywizard, the US WageIndicator can be found here. 

 


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