Employment Issues: Economic Progress Essay

Despite the low unemployment rates and high wages, I do not think that today’s employees are better off compared to people who worked 30 years ago. First and foremost, I believe that inflation has to be taken into account when reviewing hourly wages. Although people today may earn more, the amount of goods they purchase is lesser. This is evident with the prices of homes and mortgages because modern-day prices for homes are unattainable or many. Moreover, the job market competition is intense, which forces individuals to gain degrees and subsequent college dept. Hence, many people have to pay off their student loans with their salaries. The report confirms this since it states that 40% of jobs pay poverty-level wages. Thus, contemporary employees have to work more than those who worked 30 years ago, and the former receive lesser compensation.