America’s working class has an unlikely advocate: Wall Street.
Long known for caring more about its own profits and bonuses than the minimum wage worker, even members of Wall Street are raising concerns about the snail’s pace at which wages are rising, according to The Wall Street Journal’s E.S. Browning.
"Without a real acceleration in wages it is hard to get a meaningful pickup in consumer spending," senior Bank of America Merrill Lynch U.S. economist Michelle Meyer told the Journal.
Despite a U.S. economy that created more than 200,000 jobs a month for four consecutive months — a first since the late 1990s — the number of jobs is not even close to squaring with population growth, according to Browning. Seven million additional jobs are needed to account for the rise in working-age people since 2008, according to the Journal.
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