record erosion of wages

The NY Times reports that wages for Americans are lowest as a fraction
of the US economic output since these statistics were recorded in the
1950s.

Straydog...

Here, its already happening. The economists are screwed up. You can read
my review of Keen's (he's an economist) book:

Traditionally wages would expand when the economy was increasing

nonesuch...

And what exactly this tells us about the state of the economy? Maybe that

Jean Smith...

I'm sure that's why they've built a three story motel for their workers and
marked it booked for years. They live there already.

The story was on the HDnet version of the evening news BTW. It might be repeated

Jose...

It tells you that people are not standing in unemployment or soup lines.

Thumper...

You should get out more.
Thumper

workers cannot afford a bank account and therefore need to cash their
paychecks. In Mexico this is the way that the "economy" might work, as no
one can trust the mexican banks, I imagine. I think the NYT article speaks
for itself.

Jose...

You want a serious and un-complicated answer for the state of the
economy? Go see where people are standing in line. It's not the
unemployment line or soup line, they are in lines cashing their payroll
check at the bank.

(supposedly now).
Globalization of manufacturing and intellectual labor are the cause:

Only the top decile of the population is bucking this trend.

Islander...

The other part of this story is that personal debt including both credit
cards and mortgages is increasing. It appears that our supposed
economic recovery is being bought on credit.