Climbing above the poverty line has become more daunting in recent years. NY Times reports that the composition of the nation’s low-wage work force has been transformed by the Great Recession, shifting demographics and other factors.
More than half of those who make $9 or less an hour are 25 or older, while the proportion who are teenagers has declined to just 17 percent from 28 percent in 2000, after adjusting for inflation, according to Janelle Jones and John Schmitt of the Center for Economic Policy Research.
Today’s low-wage workers are also more educated, with 41 percent having at least some college, up from 29 percent in 2000. “Minimum-wage and low-wage workers are older and more educated than 10 or 20 years ago, yet they’re making wages below where they were 10 or 20 years ago after inflation,” said Mr. Schmitt, senior economist at the research center.
"If you look back several decades, workers near the minimum wage were more likely to be teenagers — that’s the stereotype people had. It’s definitely not accurate anymore.”
Read more personal stories of the "recovery" here.
via Zero Hedge http://ift.tt/1eS9aU1 Tyler Durden