2 weeks Ago By William Kaufmann
It seems not too long ago, a family of four could balance their checkbook with one parent working and the other at home with two children. Not anymore. Three factors appear to negate that reality: The shifting workplace (new technology and major layoffs), the raise in family costs (housing, food, and basics), plus the move from a manufacturing economy to a service economy (larger incomes to smaller incomes).
What’s the current status and what can be done? According to the U.S. Bureau of Labor Statistics, about 9 million U.
S. workers have more than one job. Why? Because only one paycheck isn’t enough to sustain a family or a single parent with children.
In fact, the number of workers with two or more jobs has reached a peak not seen since 1994, according to the labor bureau. That’s equal to almost 5.5% of all employed workers.
The average worker with one job makes about $56,965. Those working two jobs make on average $57,865, with 35 hours worked in a primary job and 13.5 hours worked in a secondary job, according to the St.
Louis Federal Reserve. The St. Louis Fed also reports that: Since 1994, the number of college graduates have almost doubled In 1994, 31% of college graduates had a second job Currently, almost 50% of college graduates have a second job When and where are these second jobs? They are usually evenings, weekends or second-shift jobs such as driving an Uber, working at a fast-food restaurant or as a server, or working at other low-wage jobs with little or no experience.
Some are lucky and skilled enough to work remotely for telemarketing or collection agencies. Of course, all of this extra work has some downside: Time away from family, little downtime, extra stress, plus an enormous amount of physical and emotional endurance, which can be detrimental to your health over time. The toll also extends to the relationship with spouses, children and the extended family.
What’s the answer? I can only think of a few: The current administration is focused on four major policy changes: Reduce inflation (food, housing and gasoline) Reduce taxes (geared to the middle class, no tax on tips or Social Security) Increase higher paying jobs (bring companies, jobs and manufacturing back to the U.S.) Control our borders/immigration (productive people rather than a financial burden) Learn new technology skills to those able to apply them to their current or new jobs Ask your current employer for additional training or expanded responsibilities Seek another job with a gain in income equal to your second job My point? We as individuals and as a nation need to prioritize the issues and focus our resources on those items that are most important: Family, education, work, skills, technology, social and life balance.
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