In the State of the Union speech on Tuesday at 9:10 p.m., President Obama told the American people that "Tonight, we turn the page" economically.
And you may have thought all is well on the corner of Middle Class and Main Street.
But by 4:10 p.m. Wednesday, both American Express and eBay announced thousands of additional job cuts to come in 2015.
One of the biggest misconceptions in this economy is that all jobs are created equal. Sorry, Washington, they are not — wake up and smell the coffee.
When the president said Tuesday night that the US created 3 million jobs in 2014, he did not say full-time jobs with benefits.
Most of the jobs being lost today and over the past five years are not being replaced by equal-paying jobs, let alone by better-paying ones.
Many people, if they are lucky enough to find full-time work, don't receive anywhere near the same level of compensation or benefits that they once had, due to the non-prosperous economic bounce.
The first paragraph of the latest Bureau of Labor press release states that the unemployment rate is 5.6 percent.
In paragraph 18 of that release — which most people don't get to — it mentions that hourly wages fell for the month of December by 0.2 percent. This is the largest drop since 2006.
Also below the "good news" of the jobless rate, the release gets around to mentioning that the labor force participation rate "edged down" by 0.2 percent, to 62.7 percent, a 36-year low. And again toward the bottom of the release was the paragraph saying the U6 rate — the broadest measure of joblessness — remained at 11.2 percent.
So things are not exactly "unambiguously good" on Main Street.
In fact, so far for 2015, the total number of announced job cuts tops 30,000, and we have yet to see the fallout from the oil and shale industry.
No matter how you slice it, when someone goes from making $80K to making $60K — cuts in pay upon new hires are not captured by the DOL statistics — it's very hard on a family.
While it may have made a good sound bite for the President to use the metaphor of "turn the page," most Americans would like to go back to the page where their compensation and job security were higher .
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