The White-Collar Blues
By BOB HERBERT
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http://www.nytimes.com/2003/12/29/opinion/29HERB.html
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From my small corner of the globe, the facts are as follows -
* Neither I nor any of my colleagues have received a raise or cost of living adjustment in four years. This includes my *practice manager* or, to use English instead of corporato-speak, my boss.
* During the same period, the cost of living (healthcare, housing, auto, education, childcare, etc.) has increased at a brisk rate for myself and all my friends and collagues.
* Recently, a friend who'd been out of work for almost a year landed a new job. Good news, yes? Unfortunately for his situation (and his role in our consumer-based economy) he experienced a 40 thousand dollar backward movement from his previous salary. 'It beats zero' he says, putting things in perspective. Still, he fears that he's been smacked down into a niche from which he won't be able to escape. Others have experienced a similar tumble. I merely await my turn on the ride.
What does this mean?
It means that although on paper, when compared to the status of the very poor at home and abroad my personal economic status and those of my friends and colleagues appear quite marvellously bright, in reality the actual spending (and saving) leverage we enjoy shrinks with each passing year.
A labor glut and downward wage pressure from offshore outsourcing (quite real, I assure you doubting econs) are working as a tag-team to depress or stagnate wages while fixed expenses - even without luxury items - ascend the chart with speed and determination.
There are other factors I'm neglecting to mention I'm sure.
All of this adds up to that curious combination of (ever less) disposable income and status insecurity which characterizes middle class life in early century 21 America.
DRM