Two week ago Janet Yellen, the current boss of the Federal Reserve, said the American worker would see an uptick in wages.
“Wage increases are still running at a low level, but there have been some tentative signs that wage growth is picking up,” Yellen said. “We’ve seen an increase in the growth rate of the Employment Cost Index and a mild uptick in the growth of average hourly earnings.”
Yellen’s prediction was trashed on Friday when the Labor Department released figures on wages and salaries in the second quarter. The numbers show a scant 0.2 percent increase in wages, the smallest since records began in 1982. The dismal number followed a 0.7 percent increase in the first quarter.
Zero Hedge says this should not be surprising considering the fact the United States was converted into part-time worker and minimum wage service sector society.
The globalists have worked long and hard to transfer decent, relatively high paying jobs to third world hellholes where people work 12 hours a day for a dollar an hour or less. This has resulted in a massive and unprecedented concentration of wealth by large transnational corporations and the destruction of a middle class in America.
The government has facilitated the gutting of the middle class by imposing a blizzard of rules and regulations on business which in turn encourages it to move operations overseas. Enabling by Congress is quite natural considering it is owned by Wall Street, corporations and large banks.
Globalist Imposed Serfdom
The Federal Reserve’s pollyannaish predictions are offset by stark economic facts largely ignored by the corporate media.
In addition to the fact the average American family is worth 36 percent less than it was a decade ago, nearly half are now experiencing financial stress. 76 percent of all Americans are living paycheck to paycheck and 36 percent do not have a single penny saved for retirement..
For more distressing statistics, see 30 Facts That Prove The American Middle-Class Is Being Destroyed.
According to David Boyle of the New Economics Foundation, this situation will result in a tiny monied elite lording over a sprawling class of serfs within 30 years.
“The place where this is heading is a strange society with a tiny elite and a long struggling, straggling line which is the rest of us, a new proletariat,” Boyle writes.
The Federal Reserve plays a key role in the plan to destroy the middle class and usher in a new serfdom.
As Ron Paul has noted, the privately held banker cartel masquerading as a federal agency “is very biased against the middle class.”
“It’s the policy of the fed, the destruction of money, the intervention. It’s a system that is very biased against the middle class. It’s been well known that if you destroy a currency, there is a natural transfer of wealth from the middle class to the very wealthy,” Paul said in 2012 when he ran for president.