Short Essay 2

Short Essay 2 - Single parent homes tend to have lower...

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Cal Poly Pols 112: Evans May 7, 2008 Short Essay 2 Hennessy-Fiske describes that long term trends in standard of living and income for those with a bachelor’s degree and younger workers are stagnant. This argument is supported by the fact that although the economy is growing, such workers are exempt from benefits. Earnings for workers with four-year degrees fell 5.2% from 2000-2004 when adjusted for inflation. Trumbull notes that income fell 8% adjusted for inflation for workers aged under 35 and a staggering 9% for workers aged 35-44. Richard Freeman, a Harvard University economist, believes the downward trend in wages can be attributed to the globalization of the labor market. Another factor in the lower incomes for younger workers may be differences in household demographic.
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Unformatted text preview: Single parent homes tend to have lower incomes than married couple households. It is difficult to tell how individuals with a bachelor’s degree and younger workers will respond to these trends. As the bachelors degree today has become the high school diploma of the past, post secondary gradates may just find themselves having to go to graduate school to secure the wages they deserve. One of the big reasons for this is the increasing number of graduates and foreign competition. Economics dictates that the globalization of labor will drive wages down, and that’s exactly the trend we are seeing in the United States. To survive in the tertiary economy of the United States workers must offer exactly what the economy strives for, knowledge...
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