Race to the bottom is here: We heard about that race to the bottom from presidential candidate and business man Ross Perot, when he described it as that great "sucking sound" of jobs leaving the U.S..
It's happened, and we can now graph the results. It means there's no real middle class market for jobs anymore. Period.
|Click to enlarge|
The top graph is described this way:
Washington Post: (This is) one way to see the labor market getting increasingly polarized over the past decade, as industries with low average pay grow significantly and mid-range industries wither — mainly driven by the steep decline in U.S. manufacturing. Since 2010, lower-wage jobs like food preparation and personal care have grown fast. So have high-end jobs in management, finance and health care. But a number of middle-class occupations, particularly teaching and construction, have continued to decline.
The second graph shows areas' in the middle that clearly show a lack of middle class, good paying jobs:
Here’s Joshua Lerner of the Oregon Office of Economic Analysis:: “Where we have seen slower growth is in the middle. The light blue bars, which I term lower middle-wage jobs account for about 40 percent of all occupations in 2012 yet account for just 26 percent of the growth. The dark blue bars, which I term upper middle-wage jobs, account for another 19 percent of all occupations and 0 percent of the growth. This, by definition, is job polarization.”