U.S. Wages Down 23% Since 2008

U.S. Wages Down 23% Since 2008

U.S. jobs pay an average 23% less today than they did before the 2008 recession, according to a new report released on Monday by the United States Conference of Mayors.

In total, the report found $93 billion in lost wages. 

Jobs lost during the recession paid an average $61,637. As of 2014, jobs in the same sectors paid an average of $47,171 annually. 

“Under a similar analysis conducted by the Conference of Mayors during the 2001-2002 recession, the wage gap was only 12% compared to the current 23%–meaning the wage gap has nearly doubled from one recession to the next,” stated the Conference of Mayors in a statement.  

The report also found that 73% of metro area households earn salaries of less than $35,000 a year. 

President Barack Obama, who is on a two-week vacation at Martha’s Vineyard, has yet to comment on the dour economic findings.

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