Several recent studies suggest that the new jobs pay less and offer fewer work hours than the ones they have replaced. Let's look at the numbers:
• Lower-wage industries -- things like retail and food preparation -- accounted for 23 percent of the jobs lost during the recession, but 49 percent of the jobs gained over the last year, a recent study by the National Employment Law Program found. Higher-wage industries, by contrast, accounted for 40 percent of the jobs lost, but just 14 percent of the jobs gained. In other words, low paying jobs are increasing as a percentage of total jobs, while high-paying jobs are on the decline.
High paying jobs on the decline? Who would have ever guessed? What a shocker!