Job prospects for the lower classes weren't already grim enough. Hence the need for Obamacare and immigration amnesty. Mish Shedlock summarizes:
- Temporary hiring at Wal-Mart has gone from 1-2% to 10% in a year
- Employees face an 8-36 percent increase in healthcare premiums in 2013
- Part-time employees now need to work 30 hours instead of 24 to get coverage
- 61% of the stores in the survey were only hiring temps or were not hiring at all
- Regular employees have seen their hours cut
I say again to my readers: The middle is crumbling. You've got to go up or you are going to go down. Get yourself lots of skills that will set you apart from those who are taking the down escalator. Lots of things are coming together to make living standards lower for most of the population. Low skilled immigrants, Obamacare's disincentives for hiring full time employees, and robotic automation are among the reasons living standards have gone down for many people in the last 20 years. More to come.
A Reuters survey of 52 stores run by the largest U.S. private employer in the past month, including one in every U.S. state, showed that 27 were hiring only temps, 20 were hiring a combination of regular full, part-time and temp jobs, and five were not hiring at all.
Before the recession of 2008 median household incomes never regained their peak of the late 1990s. As of fall of 2012 median household income was back to the level of 1995. California's fall in state per capita GDP presages the nation's fall because California is living America's demographic future.
Employers who hire for high-paying occupations will continue to hire lots of directs because medical costs are a small percentage of total costs and they need directs who will stick around and accumulate knowledge of company practices. But for lower IQ workers the job market is especially grim. Since 1997 total employment of high school graduates has dropped 9% and total employment of high school drop-outs has dropped 14%. For black men the labor market is especially grim.
|Share |||By Randall Parker at 2013 June 15 10:59 AM|