Friday, April 21, 2006
70% 72% Of Us Aren't "Booming"
Bonddad uses recent polling figures and economic data to show that most Americans know that what's trickling down on them from above sure as hell isn't rain. UPDATE: I corrected the number cited in my header, and also decided to provide a few out-takes from Bonddad's post:
Jobs Bush's record of establishment job growth is the worst of the last 40 years by far. The compound annual growth rate of establishment jobs in this recovery is .6%. The next worst performance occurred under Clinton at 2% CAGR. In other words, barring an economic miracle, Bush has no chance of creating enough jobs to move up to second worst record of establishment job creation of the last 40 years. Those are the facts from the Bureau of Labor Statistics. Also - remember how "the availability of good jobs" was a really important factor for people? Well - let's not forget this report from Global Insight prepared for the National Conference of Mayors that found the top 10 areas of job creation from 2003-2005 paid $9000 less than the top ten areas of job loss in 2001-2003. Funny - I don't remember if Fox news reported on this or not.... Income How happy would you feel if you hadn't had a raise in 5 years? That's the situation for most Americans during this recovery. In January 2001, non-supervisory wages - which represent the wages of 80% of the workforce - were $14.28. These wages were $16.49 in March 2006 for an increase of 15.47%. Over the same time, the nation's inflation index increased from 175.1 to 199.8, for an increase of 14.10%. That means the average person has seen their pay increase 1.37% in 5 years or a compound annual growth rate of .26%. I don't know about you - but that would thrill me to no end. Expect to hear about the increase in "disposable income" - FOX News started quoting this figure in their pole (their pole was borderline push-polling). What FOX News fails to realize (or realizes and doesn't care about) is this is a macro-statistic that includes all income levels. As the FDIC recently noted in its analysis of the US savings crisis, US macro statistics are heavily skewed by upper-income taxpayers who are doing just fine under Bush's policies. Their prosperity is skewing macro-statistics higher. This is why using the non-supervisory wage figure is very important - it represents what most people are experiencing. So, I ask the question again - how happy would you be if you had no pay raise in 5 years?And I'll chime in, too: How happy would YOU be if you hadn't had a pay raise in five years? Hello? Anyone? Bueller?
Comments:
<< Home
so what. when does anybody ever think they have enough? i'm not convinced that people are educated well enough to know how good they've got it. or how bad. how is it that right now 30% of americans think the economy is in a recession (it's not, btw). And 65% rate their financial situation as good or excellent, yet the poll you offer suggests something quite contrary. and if you want a clinton era example... in april 1996, only 32% said the us economy was growing, when in fact, during that quarter it had grown at its strongest rate in a decade. mysteriously, about as many folks said the economy was shrinking. given the public's lack of education in economics, opinion polls like this aren't at all useful outside tight circles of rhetoric (no offense). public ignorance is no excuse for a posting. try again.
# posted by 
: 4/21/2006 08:51:00 AM
: 4/21/2006 08:51:00 AM
Did you actually click on the link, Mike? I think not. (Did you realize that you were dissing a FOX News poll, for starters? Given that cons like you worship Rupert Murdoch and all that.)
For those people who want to see what Mike is so desperately hoping you don't see, a few out-takes therefrom:
--------
Jobs
Bush's record of establishment job growth is the worst of the last 40 years by far. The compound annual growth rate of establishment jobs in this recovery is .6%. The next worst performance occurred under Clinton at 2% CAGR. In other words, barring an economic miracle, Bush has no chance of creating enough jobs to move up to second worst record of establishment job creation of the last 40 years. Those are the facts from the Bureau of Labor Statistics.
Also - remember how "the availability of good jobs" was a really important factor for people? Well - let's not forget this report from Global Insight prepared for the National Conference of Mayors that found the top 10 areas of job creation from 2003-2005 paid $9000 less than the top ten areas of job loss in 2001-2003. Funny - I don't remember if Fox news reported on this or not....
Income
How happy would you feel if you hadn't had a raise in 5 years? That's the situation for most Americans during this recovery.
In January 2001, non-supervisory wages - which represent the wages of 80% of the workforce - were $14.28. These wages were $16.49 in March 2006 for an increase of 15.47%. Over the same time, the nation's inflation index increased from 175.1 to 199.8, for an increase of 14.10%. That means the average person has seen their pay increase 1.37% in 5 years or a compound annual growth rate of .26%. I don't know about you - but that would thrill me to no end.
Expect to hear about the increase in "disposable income" - FOX News started quoting this figure in their pole (their pole was borderline push-polling). What FOX News fails to realize (or realizes and doesn't care about) is this is a macro-statistic that includes all income levels. As the FDIC recently noted in its analysis of the US savings crisis, US macro statistics are heavily skewed by upper-income taxpayers who are doing just fine under Bush's policies. Their prosperity is skewing macro-statistics higher. This is why using the non-supervisory wage figure is very important - it represents what most people are experiencing.
So, I ask the question again - how happy would you be if you had no pay raise in 5 years?
For those people who want to see what Mike is so desperately hoping you don't see, a few out-takes therefrom:
--------
Jobs
Bush's record of establishment job growth is the worst of the last 40 years by far. The compound annual growth rate of establishment jobs in this recovery is .6%. The next worst performance occurred under Clinton at 2% CAGR. In other words, barring an economic miracle, Bush has no chance of creating enough jobs to move up to second worst record of establishment job creation of the last 40 years. Those are the facts from the Bureau of Labor Statistics.
Also - remember how "the availability of good jobs" was a really important factor for people? Well - let's not forget this report from Global Insight prepared for the National Conference of Mayors that found the top 10 areas of job creation from 2003-2005 paid $9000 less than the top ten areas of job loss in 2001-2003. Funny - I don't remember if Fox news reported on this or not....
Income
How happy would you feel if you hadn't had a raise in 5 years? That's the situation for most Americans during this recovery.
In January 2001, non-supervisory wages - which represent the wages of 80% of the workforce - were $14.28. These wages were $16.49 in March 2006 for an increase of 15.47%. Over the same time, the nation's inflation index increased from 175.1 to 199.8, for an increase of 14.10%. That means the average person has seen their pay increase 1.37% in 5 years or a compound annual growth rate of .26%. I don't know about you - but that would thrill me to no end.
Expect to hear about the increase in "disposable income" - FOX News started quoting this figure in their pole (their pole was borderline push-polling). What FOX News fails to realize (or realizes and doesn't care about) is this is a macro-statistic that includes all income levels. As the FDIC recently noted in its analysis of the US savings crisis, US macro statistics are heavily skewed by upper-income taxpayers who are doing just fine under Bush's policies. Their prosperity is skewing macro-statistics higher. This is why using the non-supervisory wage figure is very important - it represents what most people are experiencing.
So, I ask the question again - how happy would you be if you had no pay raise in 5 years?
yes, i clicked the link. i am not dissing the poll, nor the other polls i cited. had you bothered to read what i wrote, even with your capacity, you would have understood my point.
in other news, i'm not sure understand, so, we're supposed to automatically get pay raises because another year's gone by? i am trying honestly to see your side of these things, but all i see is an envious, self-righteous demagogue.
in other news, i'm not sure understand, so, we're supposed to automatically get pay raises because another year's gone by? i am trying honestly to see your side of these things, but all i see is an envious, self-righteous demagogue.
# posted by : 4/21/2006 09:37:00 AM
: 4/21/2006 09:37:00 AM
Mike, suppose the inflation rate is 3%.
Then, the $1 you earn today is worth 0.97 next year.
If you don't get a raise, you are taking a pay cut.
Let's take another example. Suppose that, even counting for inflation, your wage stays constant, while all of your neighbors goes up 1% a year. They are able to steadily improve their houses, while you can only maintain it in the same condition. Valuations rise, including the valuation on your house-- even though it's the exact same house. So, taxes rise. Pretty soon you can't afford to live in your home.
This isn't just fantasy. There are plenty of very real places where this has happened.
It is not mindless greed to want to avoid having less and less as a result of not getting a fair share.
Now, there's no perfect way to measure purchasing power. But what has happened over the last quarter century is that family income has stayed constant because individuals have worked more hours and wives have entered the work force. The hourly wage has been falling. The minumum wage has fallen steadily since ca. 1975 and is now at about the level it was in the 1950s. Logically enough, savings rates have been falling. Soon, most Americans will be in debt slavery.
The Road To Serfdom has been paved and equipped with a toll booth by the Republican Party.
Post a Comment
Then, the $1 you earn today is worth 0.97 next year.
If you don't get a raise, you are taking a pay cut.
Let's take another example. Suppose that, even counting for inflation, your wage stays constant, while all of your neighbors goes up 1% a year. They are able to steadily improve their houses, while you can only maintain it in the same condition. Valuations rise, including the valuation on your house-- even though it's the exact same house. So, taxes rise. Pretty soon you can't afford to live in your home.
This isn't just fantasy. There are plenty of very real places where this has happened.
It is not mindless greed to want to avoid having less and less as a result of not getting a fair share.
Now, there's no perfect way to measure purchasing power. But what has happened over the last quarter century is that family income has stayed constant because individuals have worked more hours and wives have entered the work force. The hourly wage has been falling. The minumum wage has fallen steadily since ca. 1975 and is now at about the level it was in the 1950s. Logically enough, savings rates have been falling. Soon, most Americans will be in debt slavery.
The Road To Serfdom has been paved and equipped with a toll booth by the Republican Party.
<< Home
More blogs about politics.
