Friday, June 04, 2004

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In five separate speeches at the end of last month, Vice President Cheney said, "Real incomes and wages are growing." While Cheney's wallet may be getting fatter from the Halliburton salary he still receives and the stock options he still holds, the numbers tell a far different story for average Americans. As the Economic Policy Institute reports, while corporate profits have risen 62.2 percent since the peak of the last recovery, private-sector wages have decreased by 0.6 percent - the worst record of any "recovery" since World War II, and well under the historical average of 7.2 percent. Nationwide, industries that are gaining jobs pay 21 percent less than industries that are slashing jobs. American Progress President John Podesta this weekend will be addressing these issues at a national conference on inequality sponsored by Demos, American Progress and other progressive organizations. Additionally, American Progress has published several papers and is holding a July 1 symposium on how economic gains are disproportionately boosting corporate profits rather than workers wages.