Bad Macroeconomic Policy Disproportionately Hit The Middle Class and Poor

The NYT notes that the new jobs being created in the upturn tend to be low-paying jobs. This is not surprising. The jobs that are created in large part reflects the state of the labor market. No one will work the midnight shift at the local 7-11 for the minimum wage if they have the opportunity to get relatively good paying jobs in manufacturing, construction, and health care.

High unemployment leads to lower wages for most workers both by lowering the wages in their jobs and leading to a mix...