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U.S. Wage Trends - Research Papers

U.S. Wage Trends

The microeconomic picture of the U.S. has changed immensely since 1973, and the trends are proving to be consistently downward for the nation’s high school graduates and high school drop-outs. “Of all the reasons given for the wage squeeze – international competition, technology, deregulation, the decline of unions and defense cuts – technology is probably the most critical. It has favored the educated and the skilled,” says M. B. Zuckerman, editor-in-chief of U.S. News & World Report (7/31/95). Since 1973, wages adjusted for inflation have declined by about a quarter for high school dropouts, by a sixth for high school graduates, and by about 7% for those with some college education. ...

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of Welfare Reform Network.
In view of these facts, I wonder if these trends are good or bad for society. “The danger of the information age is that while in the short run it may be cheaper to replace workers with technology, in the long run it is potentially self-destructive because there will not be enough purchasing power to grow the economy,” M. B. Zuckerman. My feeling is that the trend from unskilled labor to highly technical, skilled labor is a good one! But, political action must be taken to ensure that this societal evolution is beneficial to all of us. “Back in 1970, a high school diploma could still be a ticket to the middle income bracket, a nice car in the driveway and a house in the suburbs. Today all it gets is a clunker parked on the street, and a dingy apartment in a low rent building,” says Time Magazine (Jan 30, 1995 issue).
However, in 1970, our government provided our children with a free education, allowing the vast majority of our population to earn a ...

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PAPER DETAILS

Added: 7/12/2004 05:55:49 AM
Category: Economics
Type: Premium Paper
Words: 1223
Pages: 5

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