still-on-the-job-but-making-only-half-as-much: Personal Finance News from Yahoo! Finance
Still on the Job, but Making Only Half as MuchWednesday, October 14, 2009
The dark blue captain's hat, with its golden oak-leaf clusters, sits atop a bookcase in Bryan Lawlor's home, out of reach of the children. The uniform their father wears still displays the four stripes of a commercial airline captain, but the hat stays home. The rules forbid that extra display of authority, now that Mr. Lawlor has been downgraded to first officer.
He is now in the co-pilot's seat in the 50-seat commuter jets he flies, not for any failure in skill. He wears his captain's stripes, he explains, to make that point. But with air travel down, his employer cut costs by downgrading 130 captains, those with the lowest seniority, to first officers, automatically cutting the wage of each by roughly 50 percent -- to $34,000 in Mr. Lawlor's case.
"I don't want to be a 50-year-old pilot earning $40,000 a year," he said, adding that his wife does not want to be married to a pilot with so little earning power.
---- Not till death do us part, but rather till earning power do us part----
I think what we are starting to see is a slow whittling away at wages to get in line with countries that are beating us in the market because our wages simply can not not compete. We've waged and benefited ourselves out of competition.
Are we going to see income disparity reach an all time high in the next decade too?