Almost 80% of US workers live from paycheck to paycheck. Here’s why

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America doesn’t have a jobs crisis. It has a ‘good jobs’ crisis – where too much employment is insecure, and poorly paid.

The official rate of unemployment in America has plunged to a remarkably low 3.8%. The Federal Reserve forecasts that the unemployment rate will reach 3.5% by the end of the year.

But the official rate hides more troubling realities: legions of college grads overqualified for their jobs, a growing number of contract workers with no job security, and an army of part-time workers desperate for full-time jobs. Almost 80% of Americans say they live from paycheck to paycheck, many not knowing how big their next one will be.

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U.S. cities with the biggest (and smallest) paychecks

Number 1 on the list – San Jose-Sunnyvale-Santa Clara, CA.

Do you want to make more money? It’s easy, just move to San Jose, Houston, or Washington D.C. Well, maybe it’s not really so easy. Of course there’s no guarantee that you’ll earn a bigger paycheck in these cities—but it is more likely, as they’re among the highest-paying metro areas in the country.

 

 

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‘Superstar programmers’ can get paid as much as a pro athlete

Paying superstar programmers tens of millions of dollars is called the “Kobe Bryant effect.”

Venture capitalist Marc Andreessen says that engineers are being paid their “true value” in the technology industry, where some engineers are drawing multi-million dollar paychecks.

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Private Wages Shrink to Historic Low as Income From Government Benefits Rises

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Private pay shrinks to a historic low.

Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year, a USA Today analysis of government data finds. At the same time, government-provided benefits — from Social Security, unemployment insurance, food stamps and other programs — rose to a record high during the first three months of 2010.

 

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