Editorial: A Lot of Work to Do Before the "Carolina Comeback" is Real
On the heels of a new report by economist John Quinterno that highlights how NC workers still have a long way to go to recover from the recession, the Fayetteville Observer is out with an editorial slamming the false "Carolina Comeback" rhetoric used by Gov. McCrory.
While our unemployment rate is declining nicely, that's only one measure. Our underemployment rate - which includes people who are forced to work fewer hours than they want and those who have gotten discouraged and given up looking for work - remains 1.3 times greater than it was before the recession.
What's more, most of those new jobs aren't high-paying, but are more likely to be service-industry jobs that pay poorly. After adjusting for inflation, Quinterno says, the average hourly wage has fallen from pre-recession levels for every group except the top 10 percent. Also after adjusting for inflation, median household income in North Carolina has fallen by about $4,500 since 2007.
Quinterno's report goes on for pages, the theme unchanged: Like the rest of America, we are still seeking recovery from the recession's setbacks. No shame there - we're all in the same boat.
So how about avoiding the lies, damned lies and statistics, and talking frankly instead about how we find real recovery?