It’s political season, of course. However, we often don’t hear a lot about wage growth from politicians. This week, USA Today reported that the United States is behind other developed countries in regard to wage growth. That same article points out that salaries in the U.S. have fallen 3.1 percent since the Lehman Brothers bankruptcy.
While wage growth in the U.S. declines, something must be in the water in Buffalo, New York. According to Buffalo Business First, Erie County has increased its wages by 0.9 percent since this time last year, while the average American worker has seen his or hers decline by 0.5 percent. Most politicians should start looking into what is going on in Buffalo as soon as possible.
The plunder of wage growth is tricky in regard to how well the economy is doing. CNBC found that job openings are available, but it is just a matter of finding where they are. That being said, the job market is obviously diverse in varying local economies.
“Boston contacts reported an ‘unusually high’ number of job openings whereas the Philadelphia Fed saw an increase in part-time employees and longer work weeks along with a reduction in full-time hires, the Fed said,” according to the CNBC article.
So how does the rest of the country catch up to Buffalo? Well, politicians need to open their ears, and employers need to open their wallets.
In Ohio, we have a bridge that needs to be repaired on Interstate 75 and 71, between Cincinnati and Northern Kentucky. I personally do not want to drive over a bridge that is in need of repair.
We need to pressure politicians to improve our infrastructure. If we as a country invest in repairs and projects to build better bridges, highways and nationally-owned property, we will allow for more economic growth concerning job and wage growth. We would help so many industries just by investing in infrastructure. This sounds costly, but if the repairs are necessary in the first place, we are killing two birds with one stone.
Our economy is improving, but people are not being rewarded. The dollar is worth less today compared with years past, and more and more people are working multiple jobs just to make the equivalent of one job’s wages.
Additionally, our politicians need to invest in new technology and ways to create more jobs. It is never a bad thing to have more jobs than people. However, it will never be a reality without exploring new opportunities such as infrastructure.
Skilled and career jobs are among those with stagnant wages, according to the CNBC report. The same report states construction work as a career that is in drastic need of additional technology specialists and engineers. If only we could fix some bridges and roads…
We need to keep investing in technology and our infrastructure to create more jobs to stimulate the economy. When companies start hiring people, more people will hopefully get raises. Companies that are trying to expand typically are booming and can afford to give raises.
Some individuals are working multiple jobs at the same company with wages that are not reflective of their efforts. Our politicians need to invest in future technologies while aiming to secure our safety and economy.