Not surprisingly, about half of the jobs are in above-average paying sectors. About half are in below-average paying sectors. Of course this tells you nothing of what has happened to the actual average. Some sectors with below average pay have created jobs that pay above the average and some high-wage sectors have created jobs with below average pay. But the point is that a growing economy creates all kinds of jobs. In truth, the wages attached to those jobs depend on our skills and the market for those skills. Those wages are enhanced by trade and by most of the things the doom and gloomers complain about.
Tuesday, July 12, 2005