A new analysis of state wages shows that the gulf between Oregon's wealthy and everyone else continues to widen. Oregon's wealthiest are not only earning more, but the rate at which their incomes are growing far outstrips the middle class and the poor. Meanwhile, the middle class continued to encounter stagnant wages this past decade -- even during the vaunted economic boom that preceded the bust -- and saw its compensation fall back to 2001 levels in the recession-racked year of 2008, according to a draft analysis of wage trends by the Oregon Employment Department. Inflation-adjusted annual wages for Oregon's top 2 percent of earners hit $153,480 on average in 2008, a 29.5 percent increase from 1990. Workers at the 50 percentile, meanwhile, earned $32,659 in 2008, an increase of just 2.4 percent over 1990 after adjusting for inflation.
Oregon's no different than the rest of the country when it comes to feeling the effects of the recession. In terms of mere numbers, in fact, things are worse here than in most other states, but it's really just a matter of degree. Whether unemployment is hovering around 12% (as it is here in Oregon) or at a slightly lower level, the pain is a matter of degree and perception. It's just that the disparities between the haves and have-nots are a bit more stark here. Such a beautiful place. Such a crappy economy....
Of course, if you were fortunate enough to have been born with a sliver foot in your mouth, or even if you managed to accumulate a sizable nest egg, life is probably looking pretty good. In Oregon, those who have are continuing to accumulate wealth at a rate that far outstrips those one the lower end of the economic food chain. Wealth begets wealth, no? The question, of course, is how to create opportunities for those who want to and are willing to do the heavy lifting to improve their situation. In this economy, opportunities are fewer and harder to come by. As more people lose their jobs, fewer opportunities exist to go around. Americans are willing to work. Americans want to work. Unfortunately, it seems as if those fortunate enough to have are worried about protecting their own wealth at the expense of those who don't have but would like to
I can remember listening to my grandparents telling stories of their experiences during the Great Depression, and I find myself wondering what stories my generation will be telling to our grandchildren. And we had such high hopes....
