ACRIP
Life in the Real Economy
Article

Life in the Real Economy

Harold Meyerson
The Prospect, 2022
Read the article

Read or listen offline

Amazon Kindle
  • 0.5×
  • 0.75×
  • 1×
  • 1.25×
  • 1.5×
  • 1.75×
1×

Editorial Rating

8

Qualities

  • Eye Opening
  • Concrete Examples
  • Hot Topic

Recommendation

Behind the banner news of a robust American labor market lies a “real economy” in which big firms pay their workers a pittance and their shareholders a bounty, writes journalist Harold Meyerson in this eye-opening essay. He notes that American workers seem to be reaping the benefits of higher wages and an excess of job openings. But this reality doesn’t hide the fact that some major US corporations pay barely living wages to their employees. Meyerson takes readers behind the headlines for a sobering look at the US employment landscape.

Summary

Times appear good for the American worker.

Workers in the United States are doing well by most accounts. Unemployment is almost as low as it was after World War II. The number of job postings far exceeds that of job seekers. Pay is increasing, and job hopping is at a record high.

But the ostensible good news on the state of America’s labor market hides an uncomfortable truth. Millions of wage earners continue to toil at subsistence-level wages. Almost three-quarters of the employees at Ace Hardware earn less than $15 per hour. At McDonald’s, Dollar General, Subway and Wyndham Hotels, more than 20% of workers earn less than $10 per hour.

Millions of...

About the Author

Harold Meyerson is editor at large of The American Prospect.

Comment on this summary