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Responding to the CareerBuilder report on Twitter, Randi Weingarten, president of the American Federation of Teachers, argued the results show the urgent need for "strong unions" and "an economy that works for us," not merely the wealthiest. (Photo: Steve Rhodes/Flickr/cc)
'Time to Redistribute Wealth': 1% Thriving While 78% Living Paycheck to Paycheck
As President Trump flaunts booming stock market, most U.S. workers as vulnerable as ever
Aug 25, 2017
Top CEOs may be thriving, but most American workers are drowning in debt, saving little, and living paycheck to paycheck.
That's according to a new report by CareerBuilder, which found that:
- 78 percent of American workers are living paycheck to paycheck, up from 75 percent last year;
- 71 percent of workers are in debt, up from 68 percent last year;
- 56 percent believe their debt is unmanageable;
- 54 percent of minimum-wage workers say they have to work more than one job to make ends meet.
The report's findings--based on a survey of more than 3,400 full-time workers across various industries and income levels--suggest that the stock market boom President Donald Trump has so frequently flaunted has done little to help the workers he claims to support.
As Michelle Smith pointed out in an analysis for the People Policy Project, "the stock market tells us about the prospects of capital owners, but it certainly doesn't tell us much about the average worker."
David Hildebrand, a democratic socialist challenging Dianne Feinstein (D-Calif.) for her Senate seat in 2018, observed that the numbers found in the CareerBuilder survey are "nothing new," and that they show "it's time to redistribute wealth."
As Common Dreams reported last month, wages for most workers have remained flat for decades. Meanwhile, CEO compensation continues to soar: a recent analysis by the Economic Policy Institute (EPI) found that the pay of top CEOs rose by an "outrageous" 937 percent between 1978 and 2016.
Judging by his tax proposals--and by his claim during his presidential campaign that wages are "too high"--Trump appears unlikely to reverse these decades-long trends.
Responding to the CareerBuilder report on Twitter, Randi Weingarten, president of the American Federation of Teachers, argued the results show the urgent need for "strong unions" and "an economy that works for us," not merely the wealthiest.
Others echoed Weingarten's outrage and conclusion:
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
Top CEOs may be thriving, but most American workers are drowning in debt, saving little, and living paycheck to paycheck.
That's according to a new report by CareerBuilder, which found that:
- 78 percent of American workers are living paycheck to paycheck, up from 75 percent last year;
- 71 percent of workers are in debt, up from 68 percent last year;
- 56 percent believe their debt is unmanageable;
- 54 percent of minimum-wage workers say they have to work more than one job to make ends meet.
The report's findings--based on a survey of more than 3,400 full-time workers across various industries and income levels--suggest that the stock market boom President Donald Trump has so frequently flaunted has done little to help the workers he claims to support.
As Michelle Smith pointed out in an analysis for the People Policy Project, "the stock market tells us about the prospects of capital owners, but it certainly doesn't tell us much about the average worker."
David Hildebrand, a democratic socialist challenging Dianne Feinstein (D-Calif.) for her Senate seat in 2018, observed that the numbers found in the CareerBuilder survey are "nothing new," and that they show "it's time to redistribute wealth."
As Common Dreams reported last month, wages for most workers have remained flat for decades. Meanwhile, CEO compensation continues to soar: a recent analysis by the Economic Policy Institute (EPI) found that the pay of top CEOs rose by an "outrageous" 937 percent between 1978 and 2016.
Judging by his tax proposals--and by his claim during his presidential campaign that wages are "too high"--Trump appears unlikely to reverse these decades-long trends.
Responding to the CareerBuilder report on Twitter, Randi Weingarten, president of the American Federation of Teachers, argued the results show the urgent need for "strong unions" and "an economy that works for us," not merely the wealthiest.
Others echoed Weingarten's outrage and conclusion:
Top CEOs may be thriving, but most American workers are drowning in debt, saving little, and living paycheck to paycheck.
That's according to a new report by CareerBuilder, which found that:
- 78 percent of American workers are living paycheck to paycheck, up from 75 percent last year;
- 71 percent of workers are in debt, up from 68 percent last year;
- 56 percent believe their debt is unmanageable;
- 54 percent of minimum-wage workers say they have to work more than one job to make ends meet.
The report's findings--based on a survey of more than 3,400 full-time workers across various industries and income levels--suggest that the stock market boom President Donald Trump has so frequently flaunted has done little to help the workers he claims to support.
As Michelle Smith pointed out in an analysis for the People Policy Project, "the stock market tells us about the prospects of capital owners, but it certainly doesn't tell us much about the average worker."
David Hildebrand, a democratic socialist challenging Dianne Feinstein (D-Calif.) for her Senate seat in 2018, observed that the numbers found in the CareerBuilder survey are "nothing new," and that they show "it's time to redistribute wealth."
As Common Dreams reported last month, wages for most workers have remained flat for decades. Meanwhile, CEO compensation continues to soar: a recent analysis by the Economic Policy Institute (EPI) found that the pay of top CEOs rose by an "outrageous" 937 percent between 1978 and 2016.
Judging by his tax proposals--and by his claim during his presidential campaign that wages are "too high"--Trump appears unlikely to reverse these decades-long trends.
Responding to the CareerBuilder report on Twitter, Randi Weingarten, president of the American Federation of Teachers, argued the results show the urgent need for "strong unions" and "an economy that works for us," not merely the wealthiest.
Others echoed Weingarten's outrage and conclusion:
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