The Economy Remains Strong, And The Outlook Is Favorable
That is the heading on the Whitehouse Jobs and Economic Growth page. Here is the headline from today's New York Times.
Real Wages Fail to Match a Rise in Productivity
By STEVEN GREENHOUSE and DAVID LEONHARDT
Wages and salaries now make up the lowest share of the nation’s economy since the U.S. began recording the data in 1947.
Who's telling the truth?
Who are we going to confront with the truth today?
If we had a real progressive machine this is all you would hear about all week, that wages are at their lowest since World War II. That working people have it harder than they have since the Great Depression. More from the story after the break.
With the economy beginning to slow, the current expansion has a chance to become the first sustained period of economic growth since World War II that fails to offer a prolonged increase in real wages for most workers.
That needs to be our talking point, there is no economic growth for working people for the first time since the Great Depression. The Republicans were not incompetent, their plan did exactly what they wanted, it created wealth for the wealthy and created a poor working class.
Welcome to aristocracy.
The median hourly wage for American workers has declined 2 percent since 2003, after factoring in inflation. The drop has been especially notable, economists say, because productivity — the amount that an average worker produces in an hour and the basic wellspring of a nation’s living standards — has risen steadily over the same period.
As a result, wages and salaries now make up the lowest share of the nation’s gross domestic product since the government began recording the data in 1947, while corporate profits have climbed to their highest share since the 1960’s. UBS, the investment bank, recently described the current period as “the golden era of profitability.”
Until the last year, stagnating wages were somewhat offset by the rising value of benefits, especially health insurance, which caused overall compensation for most Americans to continue increasing. Since last summer, however, the value of workers’ benefits has also failed to keep pace with inflation, according to government data.
Benefits, especially health insurance has failed to keep pace with inflation. Has there ever been a better time to fight for Healthcare For All! I think not.