Column: Announcements of new jobs still don’t tell whole financial story

When you come down to it, having a job isn’t enough to make it in modern America. With a low-paying job, you are likely to be on food stamps, your kids in the federal school lunch program and your parents on Medicaid.

While it is wonderful for governors and mayors to announce new jobs, the level and growth in the average compensation of those jobs is of equal importance as the jobs themselves.

First, three explanations: In the following paragraphs, jobs refer to both full-time and part-time jobs. Metropolitan statistical areas (MSAs) cross state lines; the Chicago MSA includes northwest Indiana; Louisville and Cincinnati MSAs both extend into parts of southeastern Indiana. Compensation includes wages, salaries, bonuses, as well as company-paid benefits such as health insurance.

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