http://edworkforce.house.gov/democrats/workreport.pdf(snip)
NEW JOBS PAY LESS THAN JOBS RECENTLY LOST
The new jobs being created are not as good as the jobs we are losing. According to EPI, in nearly every state, higher paying jobs have been replaced by jobs in lower paying industries since the recession officially ended in November 2001. On average, industries that are adding jobs pay 21 percent less per year then industries that are shedding jobs. In fact, in nearly every state that has shown job gains, those gains have been in industries that pay less then the jobs lost.
In addition, all across the country, job creation since the end of the recession has been in industries that are less likely to provide health care coverage for employees. Across the country, industries adding jobs since the recession provide coverage to only 55 percent of their workers, compared to industries that have shed jobs, which provide insurance to 68 percent of their workers.
Through the end of April 2004, 35 states still have fewer jobs then when the recession first began, and in 49 states, job creation simply has not kept pace with the increase in working age population. In 42 states, unemployment rates were higher at the end of April 2004 then they were before the recession began.
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Consumer debt is at an all-time high. According to the Federal Reserve, in 2003 U.S. consumer debt topped $2 trillion for the first time. At the same time, personal savings has dropped 40 percent over the last decade. Household bankruptcies set a record in 2003 at 1.6 million and experts believe the number will be even higher in 2004. In addition, an estimated 11 million families are carrying enough debt that they are at high risk of bankruptcy. Ninety percent of these families are in the middle class.
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