NY Times: Skills Don’t Pay the Bills.
“At GenMet, the starting pay is $10 an hour. Those with an associate degree can make $15, which can rise to $18 an hour after several years of good performance. From what I understand, a new shift manager at a nearby McDonald’s can earn around $14 an hour.” The skills gap isn’t about skills. It’s about wages. They’re a joke.
Comments:
It’s one of my biggest beefs with corporations. Gone are the days when sustainable single-digit growth was considered ‘good.’ Thank you, Bonzo Reagan.
Posted by Garret P Vreeland on 11/24/12 at 01:19 AM
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I think it was Naked Capitalism that posted some lovely charts of inflation adjusted wages since 1950 or so.
Skilled blue collar quit climbing in 1960 and began declining, white collar peaked about 1970 and went flat.
My former high tech employer went before Congress year after year asking for H1B visas and bemoaning the lack of skilled employees, while getting publicly exposed for colluding to drive the Phoenix labor market price for white collar temporary workers down.
Unfortunately a lot of this drives back to the giant institutional investors unwilling to settle for returns that ‘beat the market’ instead insisting that companies ‘properly managed’ can always return double-digit year over year increases.