Posted on 03/03/2011 1:50:22 PM PST by SeekAndFind
I am simply talking about the GRAPH presented by Uncle Miltie. That graph stopped 4 years ago. How has median income been since then? I said nothing about cause and effect.
OMG!
2010 was 29% lower than 2008.
29% lower than 2007.
34% lower than 2006.
30% lower than in 2005.
Do you remember when the United States was the dominant manufacturer of automobiles and trucks on the globe?
Was it after every other manufacturer of automobiles and trucks had their factories destroyed in WWII?
Those that promote "free trade" can never explain how the U.S. middle class is going to continue to have plenty of jobs in the new global economy.
I can explain how. Cut corporate and capital gains taxes in half. Cut regulations by two thirds. Build a wall and deport 10 or 12 million illegals. Cut government spending by one third, to start.
“Depends if one believes the government statistics on inflation used to calculate real income.
I do not.”
Nor do I or many others they changed how it is calculated for one thing and do not take food and energy into account any longer.
How Inflation Could Be 66% Higher Than the Fed Reports
See full article from DailyFinance: http://srph.it/hVHkw8
LOL!
Stop it, you're killing me!
In addition to the All Items CPI, BLS publishes thousands of other consumer price indexes. One such index is called "All items less food and energy". Some users of CPI data use this index because food and energy prices are relatively volatile, and these users want to focus on what they perceive to be the "core" or "underlying" rate of inflation.
Again, while we publish many indexes, our broadest measure of inflation includes all items consumers purchase, including food and energy. In addition, when CPI data are reported, these data can be reported on a not seasonally adjusted basis as well as a seasonally adjusted basis.
And, of course, the Feds have also played games with the unemployment computations, and who knows what else. When they eliminate food and fuel costs from their “core inflation” it’s an almost meaningless statistic for lower income earners for whom food and fuel are two of the biggest and most volatile living expenses.
But without good, high paying jobs the U.S. middle class cannot continue to be the U.S middle class...
Well, sir, I hate to point out that the middle class is, well... in the middle. There is always something in the middle. A middle exists --- even in a donut, although you can't eat it.
He has to do a better job in explaining why middle class may disappear. But he is not trying to do that: it's more important to tear at your heart, scare and inflame.
...The only thing that the vast majority of Americans have to offer in the economic marketplace is their labor...
That's patently untrue. Collectively, middle class owns a great deal of real estate. Who does the author think owns those homes --- Goldman Sacks, the Fed and the rich CEOs?
In addition, hundreds of millions of Americans own large American and foreign companies: AIG, JP Morgan, Citi, BP, ExxonMobil, etc. Each of these companies is owned by tens of millions of people --- it's only commie propaganda wants you to believe that they are owned by a small number of "rich people."
So the author's statement is patently false. He first decided on the conclusions he wanted to reach and now shamelessly manipulates the facts.
Sadly, that labor has now been dramatically devalued.
What is the evidence of that devaluation? Any numbers, any measures he used to reach this inflammatory conclusion?
Of course not.
the American workers now must directly compete for jobs with millions upon millions of workers on the other side of the world
Nonsense. American workers have always competed with workers around the globe. The difference is that they used to win hands down, but now the victory is harder. But there is nothing new here.
...that toil away for 15 hours a day at slave labor wages.
That is anti-capitalist nonsense that they do not tire to repeat. People he is talking about do not consider their wages to be slave wages. All those engineers in Russia who were paid $50 per month after the fall of Communism enjoyed those wages as a considerable improvement.
What he is trying to sell here is the usual falsehood: we cannot compete with them unless we agree to Chines wages and 15-hour days --- total falsehood.
From here he wants to reach the only conclusion: since we cannot compete on OUR, "civilized" workplace standards, we must shut them off --- down with free trade. None of this makes sense. But, as I said earlier, he is shamelessly selling propaganda.
This is causing jobs to leave the United States at an almost unbelievable rate, and it is putting tremendous downward pressure on the wages of millions of jobs that are still in the United States.
Competition always puts pressure on prices, and we always had competition. He has to explain to us what's new but he does not even try to do so.
And this is just one paragraph. Nice, really nice article.
“And, of course, the Feds have also played games with the unemployment computations, and who knows what else. When they eliminate food and fuel costs from their “core inflation” it’s an almost meaningless statistic for lower income earners for whom food and fuel are two of the biggest and most volatile living expenses.”
Yes those unemployment numbers are a joke they changed the way they report those as well. The real rate would be closer to 22% if it was correctly reported. You could say the Fed. lit the fuse that started the Middle East on Fire in fact many people are talking about that. Some call it Bennocide.
Kooks like this one would have lamented the loss of good-paying "agricultural jobs" for "manufacturing jobs" in the nineteenth century too.
Ping
I will respond later, but suffice it to say at the moment, that the data behind quite a few of the “facts” listed do not support the authors interpretation of what the data means, in terms of our economy. or the economies of other countries. More, later.
Hyperbole is useful to make a point, but no, the US is not even close to a 3rd world country.
Our poor are fatter, warmer, better entertained, better traveled, and far more prosperous than 80-90% of the middle class on earth.
You’ll know it when the USA approaches 3rd world status. But it probably is coming. The New World Order can prosper from the labor of the world now. They don’t need to skim the cream off only the American economy, so they are doing everything they can to destroy the American economy and drain our influence on the world stage. They know we pose too great a risk because we are too free. The current model they like is China. Grease a few palms among the elites and let them make you rich off the sweat of their slave class.
***Global Economy? 23 Facts Which Prove That Globalism Is Pushing The Standard Of Living Of The Middle Class Down To Third World Levels***
Sorry. I have been to several countries in the 3rd world, as well as the 2.5 world. As much as things suck, we have it better.
***Global Economy? 23 Facts Which Prove That Globalism Is Pushing The Standard Of Living Of The Middle Class Down To Third World Levels***
Sorry. I have been to several countries in the 3rd world, as well as the 2.5 world. As much as things suck, we have it better.
bttt
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