If America Is Richer, Why Are Its Families So Much Less Secure?

[papau]

An excellent read - but 8000 words!

http://www.latimes.com/business/la-fi-riskshift10oct10.story

THE NEW DEAL
If America Is Richer, Why Are Its Families So Much Less Secure?
For 25 years, government and business have forced workers to take on mounting risk. A Times analysis shows ever-larger swings in household incomes.
By Peter G. Gosselin
Times Staff Writer

October 10, 2004



By most conventional measures, Paul Fredo is an American success story.

The son of a coal miner, he made almost $200,000 in the last year, enough to place him in the top 2% of wage earners. As a financial manager for the U.S. unit of Alstom, the French bullet-train maker, he has lived an expense-account life, spending most nights in hotels and jetting to meetings in Washington and Paris.

But look carefully at Fredo's circumstances and a less appealing picture begins to emerge — one in which, over the last 25 years, economic risk has been steadily shifted from the broad shoulders of business and government to the backs of working families like his.

By the time Fredo joined Alstom here last year, he had become an itinerant executive, a contract worker brought in for a particular purpose, then sent packing. "They tell me every Friday whether to come back," the 57-year-old explained.

Between his last regular job as the chief financial officer of another company and his hiring at Alstom, Fredo was unemployed for nearly two years and saw his income decline by two-thirds. He has long been without health benefits, holidays, paid vacation or job security.(read on about how he just lost Alstrom job!) <snip>


All amounts were adjusted for inflation, expressed in 2003 dollars.

For a more detailed description of The Times' analysis, visit www.latimes.com/newdeal.

[happyslug]

1. My favorite Paragraph from the Article:

"When it comes to job security, employers have largely broken the bond they had with workers. A late 1980s study by the Conference Board, a business research group, found that 56% of major corporations surveyed agreed that "employees who are loyal to the company and further its business goals deserve an assurance of continued employment." A decade later, that number dropped to just 6%."

[papau]

2. Meanwhile act professional as you're fired - working at 110% to last day

and God forbid that there be any Union talk!