A new report illustrates the perpetually harrowing landscape of the American job market, reported The Huffington Post. According to research released this week by Morgan Stanley, America has the highest percentage of low-paying jobs out of the Organisation for Economic Co-operation and Development (OECD).
The OECD is an economic group of 34 developed countries. Just over 25 percent of the jobs in America are low-paying while the average of the other 33 countries is at 16 percent. The OECD defines low-paying jobs as those that pay two-thirds less than that of each country. Morgan Stanley, who lent support to the study, noted that America’s ranking illustrates the income inequality crisis.
Economists with Morgan Stanley say that “income inequality is stifling U.S. economic growth because low-income Americans aren’t able to spend enough to boost the greater economy.”
“Stronger growth in wages and salaries is essential,” said Ellen Zentner and Paula Campbell, the Morgan Stanley economists who did the research. “It would help households spend more broadly across the income spectrum.”
Wall Street deregulation, out-of-control inflation, and near-stagnant minimum wage in America have all contributed to the vast number of underpaid employees. Not since the 1960s has the minimum wage been a viable income to support families. In 1968, minimum wage could support a family of three. Current minimum wage can barely support a home of two people.
Raise the minimum wage in America. With all the profits that corporations bring in by cheating the system anyway, it won’t exactly break the bank.