JUNE 4, 2004
Bush Ignores Wage Crisis Hitting Middle Class
Over the last month, the Bush administration has cited
recent jobs numbers to claim that average workers' paychecks are increasing.
Vice President Cheney said, "real incomes and wages are growing."[1] But as new
studies show, wages have actually decreased for the average worker, even as
corporate profits and CEO pay have exploded.
According to the Economic Policy Institute, while corporate profits have risen
by more than 62%, workers' take home pay has dropped by .6%.[2] This follows an
earlier report which shows that industries currently adding jobs pay 21% less[3]
than industries that are slashing jobs. Despite this wage crisis, President Bush
is pushing to cut off an estimated 8 million workers from overtime pay
protections,[4] and supports efforts to outsource even more well-paid American
jobs.[5] Meanwhile, he refuses to raise the minimum wage, despite new research
showing a minimum wage hike would not adversely affect businesses or
consumers.[6]
The story, of course, is different for the president's wealthy campaign donors.
A recent study shows CEO pay exploded by 27% in just one year,[7] all while the
President lavished more than $1 trillion in new tax breaks on the richest 1% of
the population. To put the contrast into dollars, the average worker takes home
$517 a week[8] and will receive about $400 in tax breaks from President Bush. At
the same time, the average CEO takes home $155,769 a week[9] and this year alone
received well over $50,000 in new tax breaks from Bush.[10]
Sources: