The Economy Is Strong

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.

Comments

Posted at DailyKos as well.

This needs to be the central argument this week. Katrina will dominate because these numbers were announced at the one-year anniversary. Coincidence?

linky

Jesus Swept ticked me off. Too short. I loved the characters and then POOF it was over.
-me

Couldn't have you saved this till a Friday?

I mean it is Monday after all. I didnt want to know I'm working for less and harder than before when I cant just enjoy a nice 3 day weekend afterwards. Thanks Rob..

Gosh! Good job though, I think this is a huge rallying cry for every working American. Regardless if you are a Democrat or Republican, this hits home hard.

Our children need to know that some people fought back, when others collaborated.

Our children need to know that some people fought back, when others collaborated.

It's the new Golden Age....

Perhaps we should call it the Platinum Age! Even more reason to vote these criminals out of office and put progressives in their places. America needs representation by legislators who think of America first, not party, not their own pocketbooks, not their corporate friend's pocketbooks, AMERICA!

I often hear regressives on radio or TV saying, "I don't know why American's are so upset with the Republicans, WE have made the economy better."

I say, come out of your gated communities and have a look at the real world! Might even help if you listen to your constituents every once in a while...have town meetings and invite them all, not the $1000.00 a plate dinners....I'm sure THEIR wages and economy is ROCKIN!

No matter that patriotism is too often the refuge of scoundrels. Dissent, rebellion, and all-around hell-raising remain the true duty of patriots.