>Date: Fri, 4 Jun 1999 12:19:19 -0400 >Sender: The Other Economic Summit USA 1997 <[EMAIL PROTECTED]> >From: Doug Hunt <[EMAIL PROTECTED]> >Subject: Behind the "Economic Miracle" > >>From the Common Dreams News Center > http://www.commondreams.org > >> JUNE 3, 1999 3:57 PM >> FOR IMMEDIATE RELEASE >> CONTACT: Institute for Public Accuracy >> Sam Husseini, (202) 347-0020 >> David Zupan, (541) 484-9167 >> >> Behind the "Economic Miracle" >> >> WASHINGTON - June 3 - >> >> JOEL BLAU, [EMAIL PROTECTED] >> Author of the just-released "Illusions of Prosperity: America's >> Working Families in an Age of Economic Insecurity," Blau said: >> "Below the rosy surface of economic exuberance lurk >> low-paying jobs, job insecurity, corporate downsizing and >> massive inequality. The average worker's pay (in real terms) >> actually declined 8 percent from 1973 to 1997. CEO >> compensation has skyrocketed so much that if other salaries >> had kept pace, the typical factory worker would now be earning >> $90,000 a year and the income from a minimum wage job would >> yield $39,000 annually." >> >> HELENE JORGENSEN, [EMAIL PROTECTED], www.2030.org >> Senior policy fellow at the 2030 Center, Jorgensen said: >> "People are working more and more hours, more and more jobs >> -- and more family members are working. Young workers >> entering the labor market now are getting paid substantially less >> than their parents. A high school graduate today makes 28 >> percent less than a young man with a high school degree did in >> 1973. Even with people with a college degree, you still see a >> decline of 8 percent in their starting salaries. Very few >> manufacturing jobs with benefits remain; rather, we see service >> sector jobs that are typically low paying. There has been growth >> in non-standard jobs, like temp agency workers who are paid >> less than people with a regular job and don't have health >> insurance." >> >> JANE D'ARISTA, [EMAIL PROTECTED], www.fmcenter.org >> Director of programs at the Financial Markets Center, D'Arista >> said: "This is a prosperity that is based on intolerable levels of >> debt by households, businesses, and state and local >> governments. Further, it's debt that is being fueled not by >> savings -- because net personal savings have fallen virtually to >> zero -- but by inflows of foreign savings. It's a very vulnerable >> situation and one that should not be considered sustainable for >> very long." >> ### >> � Copyrighted 1997-1999. All rights Reserved. Common Dreams > >** NOTICE: In accordance with Title 17 U.S.C. Section 107, this >material is distributed without profit to those who have expressed >a prior interest in receiving the included information for research >and educational purposes. ** > > ------------------------------------------------------------------------ Big Yellow! Your yellow pages on the web. To find out more about Money and Investments click here! http://clickhere.egroups.com/click/230 eGroups.com home: http://www.egroups.com/group/corp-ethics http://www.egroups.com - Simplifying group communications
