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Article: U.S. workers take financial hit as pay stalls while costs rise.
- Article from:
- Detroit Free Press (Detroit, MI)
- Article date:
- September 6, 2004
CopyrightCOPYRIGHT 2004 Detroit Free Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jeffrey McCracken
Sep. 6--Frank Gloster's pay hasn't gone up in three years. The 60-year-old grandfather of two, a grinder for a Westland gear and machine parts maker, is frustrated, feeling he was better off years ago, if not decades ago.
"It's an awful feeling. I looked into a 401(k) and realized I didn't have the money for it," Gloster said, leaning into his workbench. "I had more spare money when I made $7 an hour back in the 1970s."
Numerous studies by the government and business bear out that sinking feeling: Wages have indeed been falling or stagnating across America during the last three years. The Labor Department, IRS and the ...