White House: Higher wages needed to make up for stagnation
Source: AP-Excite
By JIM KUHNHENN
WASHINGTON (AP) — President Barack Obama's top economists say that even as the U.S. has managed to kick start a lasting and growing recovery, modest wage gains are far from making up for decades of paycheck stagnation for middle-class workers.
The White House, in its annual report to Congress, also warns that despite the U.S. relative economic strength, slowdowns abroad still pose dangers at home.
The 400-page "Economic Report of the President" is a largely bullish portrayal of the economy replete with appendices, charts and statistical tables designed to support Obama's policy initiatives.
As a political document, the report is likely to find little favor in the Republican-controlled Congress. But as an assessment of the state of the economy, it broadly tracks with Republicans who say lack of significant wage growth is a critical flaw of the current recovery.
FULL story at link.
FILE - In this Jan. 20, 2015, file photo, Doug Bullock, an Albany County legislator, speaks during the People's State of the State outside the state Capitol in Albany, N.Y. President Barack Obama{2019}s top economists say that even as the U.S. has managed to kick-start a lasting and growing recovery, modest wage gains are far from making up for decades of paycheck stagnation for middle-class workers. (AP Photo/Mike Groll, File)
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