October Unemployment and Wage Data

US average wages are in free fall, dropping to a new low of $19.57 an hour in October. Pretty stunning that the average wage dropped 22 cents an hour in just a month. Not surprisingly with historic low average wages, 75 people go on food stamps for every new job added. Think this will end well?

But for the 5 million americans experiencing long term unemployment, the rate has gone up to 40.6% in October. Once they give up looking for gainful employment they'll join 8.3 million americans finding a part time, minimum wage job or two further lowering the average hourly wage...and seeking food stamps.

Another 4 million americans are "marginally attached", discouraged workers living in somebody's basement, their immobile car or under a bridge while hoping they can get food stamps.

As the Federal Reserve prints trillions of dollars for banks, american wealth is systematically being destroyed amongst the peasant class. Declining wages are bad enough but as interest rates collapse to near zero, non-wage income plummets as well. Stocks, bonds and other investments generate little income for retirement savings or other needs. We're getting poorer every day. But we have food stamps.Well, some of us do.

Soon we'll all be shitting in the hall like Coney Island apartment dwellers after Sandy. We'll all be too poor to afford to flush the toilet.

Note to blog viewers:
Sarah Palin's ass, Jennifer Aniston sucking bananas and rottweiler photos are not available on this posting.