Profits Up—Wages Down: Even though the economy added 2.2 million jobs in ‘04 and produced strong growth in corporate profits, wages for the average worker fell for the year, after adjusting for inflation—the first such drop in nearly a decade. The problem is not with the jobs themselves, but that the increasing exposure of the American economy to globalization, along with other forces—including soaring health insurance costs that leave less money for raises—putting pressure on wages that could leave millions of workers worse off. (NY Times 4/12/05)
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