Eight years of the ‘Obama’ recovery sees more college graduates than ever working a minimum wage job

A new White Paper out from the Washington-based Georgetown University Center on Education and the Workforce shows that not only have wages been stagnant over the past two decades, but more college graduates are being stuck working in minimum wage jobs than ever in history.

Citing facts that show even salaries of higher skilled vocations have declined over the past eight years of the ‘Obama recovery’, the value of a college education is no longer worth the cost due to an average of $30,000+ in student loan debt, and the rising price inflation that has destroyed the American middle class.

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Wage stagnation, which has plagued the US economy for almost two decades, is particularly acute when it comes to recent college graduates, whose living standards happen to be the lowest of all the post-WWII generations of Americans.

While a record number of young professionals are working minimum wage jobs, the role of formal education as a means of social betterment is rapidly eroding as it also entails a massive accumulation of student debt, averaging at some $30,000 per student.

Since the Great Recession, worker compensation for recent graduates with four-year bachelor’s degrees has hardly increased, and, in some cases, has actually shrunk. While the past eight years were characterised by low inflation and near-zero interest rates, the recent acceleration in price growth and the Federal Reserve’s lifting of base borrowing costs are starting to bite. The heavily-indebted college grads are mired in economic despair, and there are no immediate solutions to the gaping abyss of highly-qualified poverty.

According to a white paper by researchers from the Washington-based Georgetown University Center on Education and the Workforce, young professionals are facing low wages combined with significant increases in rents and home prices, as well as other living costs, both essential and complimentary.

Based on US Census figures, the research shows that a biology major, for example, earned an average of $31,000 per year in 2015, some $4,000 less than five years prior. When adjusted for inflation, the loss in effective wages is even more spectacular. – Sputnik News

In 1960 the average (median) income of an American family was $5,600 per year.  In that same year the minimum wage was around $1.29, making the annual income of a minimum wage worker to be $2,683.  This meant that the difference between the incomes of a middle class family and that of an individual working minimum wage was roughly 45-50%.  Yet perhaps the most ironic thing is that if you took that $1.29 wage and extrapolated it into today’s dollars using real inflation, the value is only mildly different (8%) than the actual minimum wage in 2017.

Minimum wage in 1968 in 2016 dollars: $8.68.  Real minimum wage in 2016 was $7.25

No the real travesty is the rise in price inflation since the early 1970’s when the dollar was taken off the gold standard coupled with the nearly complete stagnation in real wages since the late 1970’s.  And as such, income has not kept up with the incredible loss of purchasing power of the dollar, making it a complete double whammy to the American lower and middle classes.

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That point of divergence?  1973 and the creation of the petrodollar system.

In the end a college education no longer matters since the value one used to gain before wage stagnation and the destruction of the currency makes it impossible for one’s Degree to make a difference over someone who never went to college.  And because of this there is a most interesting turning of the tables, as someone who never went to college, and in particular accumulated student loan debts in the process, has a much greater net worth than those with a four, six, or eight year Degree, and is also further ahead since they have had four years of work experience to climb the ladder, even if it is just in a lower skilled vocation.

Kenneth Schortgen Jr is a writer for The Daily Economist, Secretsofthefed.comRoguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.

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One Hundred and Fifty-Seven years ago the Democrats waged a war against the First Republican President Abraham Lincoln for giving Blacks their freedom. That war came at a high price, as many as 700,000 Americans died fighting for what they believe in. To put that in perspective, these casualties exceed the nation’s loss in all its other wars, from the Revolution through Vietnam. Today, Americans are still prepared to fight and die to protect their children’s God-given freedoms. Despite what you are reading and hearing in the mainstream media, they aren’t the leftwing-funded rioters, the pussy hat-wearing feminists, or the cuck bois that cant handle a micro aggression. No, the Americans that back Donald Trump are well armed. Donald Trump’s presidency will move forward politically lest the sixty million patriots who voted for him, that are comprised of the large majority of military voters, police, and NRA members, move it forward by force. 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And, now that they’ve been caught robbing the world’s largest bank – the U.S. treasury – they have chosen to go out in a blaze of glory rather than try to defend the indefensible at trial. Washington’s criminal elites have chosen to go to war to unseat our duly elected president. It’s time to make our voices heard before this turns very ugly. Buckle your chin strap, America is counting on you. EDITORS NOTE: THIS IS NOT A CALL TO ARMS BUT RATHER AN ANALYSIS OF WHAT WOULD HAPPEN IF THE DEEP STATES OVERTURNS A DUELY ELECTED PRESIDENT. HERE IS A LIST OF EVERY SINGLE TIME OBAMA COMMITTED AN IMPEACHABLE OFFENSE THAT DEMS & MEDIA COVERED UP “Impeach!” It’s been more than eight years since Democrats uttered that word – long enough for anyone to wonder if it was still in their vocabulary, considering the deafening silence through the dozens of serious scandals during President Obama’s administration – but now that President Trump is the man in the White House, it’s back with a vengeance. 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Wasting no time Wednesday, the mainstream media sprang into action, enthusiastically echoing the left’s impeachment calls. MSNBC launched a Watergate ad implying Trump is America’s new Richard Nixon. “Watergate. We know its name because there were reporters who never stopped asking questions,” says MSNBC host Chris Hayes, who hinted that Trump is next on the impeachment chopping block. “Now, who knows where the questions will take us. But I know this: I’m not going to stop asking them.” Meanwhile, some overzealous members of the left plastered fliers around Washington, D.C., demanding all White House staffers resign Wednesday. The posters read: “If you work for this White House you are complicit in hate-mongering, lies, corrupt taking of Americans’ tax money via self-dealing and emoluments, and quite possibly federal crimes and treason. Also, any wars will be on your soul. … Resign now.” But constitutional scholar Jonathan Turley, who voted for President Obama, warned “impeachment” enthusiasts not to get ahead of themselves with President Trump. Why? At this time, there’s no evidence Trump actually committed a crime. “The criminal code demands more than what Comey reportedly describes in his memo,” Turley wrote in a May 17 opinion piece posted at the Hill. Turley explained: For the first time, the Comey memo pushes the litany of controversies surrounding Trump into the scope of the United States criminal code. However, if this is food for obstruction of justice, it is still an awfully thin soup. Some commentators seem to be alleging criminal conduct in office or calling for impeachment before Trump completed the words of his inaugural oath of office. Not surprising, within minutes of the New York Times report, the response was a chorus of breathless “gotcha” announcements. 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