The State of Working America 2002/2003: A Review Commentary

Abstract

We are living through dangerous, uncertain times, even in the world of paid work. The current condition of the U.S. economy gives grounds for genuine concern about the future. There is a febrile quality about the stock market and doubts about the trend of investments. Popular confidence in business continues to look shallow, and the wonders of information technology have long lost their allure. Those employed appear to be working longer hours and more intently than ever. Real wages are stagnating. Inequality between the very wealthy and everyone else in America is widening at a rate not seen since the notorious Gilded Age. Rising prosperity for all, of even a modest variety, can no longer be taken for granted.Today’s economic troubles follow almost a decade of falling unemployment and rising living standards that accompanied income growth for even the poorest citizens. It is possible that the currently bleak picture of working America may yet prove to be ephemeral in turn. The U.S. “jobs machine” has astonished the world more than once in recent years with its resilience and formidable capacity to generate employment in services. Perhaps we ought to adopt a cautious attitude on what is likely to happen next.