Wages drop despite economic boom

[left-of-center2012]

Source: The Hill

Wages in the U.S. fell over the past year despite an ongoing economic boom, according to data released by the Bureau of Labor Statistics on Friday.

In the last 12 months through July, real average hourly earnings dropped 0.4 percent. That figure takes into account seasonal differences, as well as the effects of rising prices.

An increase in the length of the average workweek was not enough to compensate for the fall, leaving average weekly earnings down 0.1 percent in the same period. Over the past month alone, real hourly wages were flat, while real weekly earnings dropped 0.2 percent.

The sluggish advance in wages comes amid an economy that, by other measures, is booming. The economy grew at an annualized rate of 4.2 percent in the second quarter, and unemployment dipped below 4 percent in July. The dynamic could prove troublesome for Republicans hoping that a thriving economy will boost them in November's midterm elections.

Read more: http://thehill.com/policy/finance/401341-wages-drop-despite-economic-boom

[elleng]

1. No surprise,

unregulated capitalism does that. Greed, ya know.

[magicarpet]

6. Give me, give me, give me, give me,.......... None for you !

[SharonAnn]

37. Higher Corp taxes can mean higher wages since they deduct them.

In an extreme version,
Taxes at 80% means they have to pay the 80% on profits OR they can give it to employees, deduct it off taxes, and the cost of increased wages, bonuses is then 20%
Taxes at 0% means that owners pay no taxes, keep all the profits, and don’t want to increase wages because they’d have to pay 100% of it out of their profits.

[democratisphere]

2. Stagnant or dropping wages are here to stay forever.

Greed by the wealthiest is on steroids.

[NRaleighLiberal]

3. Winning Bigly. Nuthin' but winning. Trumpers won enough yet?

[sandensea]

8. I love their reaction when you remind them that he inherited a good economy and the trend from Obama

"Obummer was lying."

"Oh? His numbers are the same ones Trump uses now."

"Trump's just being nice!"

It's hopeless with those people.

[NRaleighLiberal]

13. Yes - because those people are hopeless...deplorable, even!

[magicarpet]

4. The top 10% is doing very nicely,... Thank You Very Much.

The other 90% does not count. Be grateful you could have been born in Bangladesh, or some other shit hole country.

[Iliyah]

5. It's no economic boom if the working class is struggling huh.

Economic boom for whom ya'll say? The wealthy so far but it ain't gonna last.

So when I hear about the economy is doing so well and at 3.9 unemployment, I shake my head. Apparently these economic advisors/experts in fact work for the GOPs. And when they speak I just remember one thing "they speak with fork tongue".

I also remember that wonderful economy by the Bush Administration.

[Racerdog1]

7. Say it isn't so.

How can this be? The orange anus tweets everyday about how good things are. Unemployment rate is down due to everyone having to work 2-3 jobs because of the shit wages.

[not fooled]

9. Mission accomplished!

for the kook brothers and other execrable vermin whose money and evil nature has led them to take over our country.

[pecosbob]

12. Kochs are just the latest in a long line...

[not fooled]

15. You're right

actually for most of this country's history. We got a break with the New Deal, which I grew up under, so came to expect better. Now they are taking it all away. It's our job to stop them as much as possible (or leave the country, which I am pursuing).

[appalachiablue]

23. Yes, oppostion since 1910s and anti trust laws, then FDR, more.

[empedocles]

27. Amazing what FDR, and TR who helped set things up, were able to do

Revolutionary, actually.

[Midnight Writer]

21. "Mission Accomplished"? I wish. The Kochs are just getting started. Grease up, America.

[appalachiablue]

22. Brutal reality, folks study up fast on the 'Gop's Long Game'/Koch Agenda.

History professor and author Nancy MacLean on the Radical Right's Long Game in her new book 'Democracy in Chains' (2017).

https://www.democraticunderground.com/1017504712

https://www.npr.org/2017/06/18/531929217/democracy-in-chains-traces-the-rise-of-american-libertarianism

[Midnight Writer]

24. Am currently reading Jane Mayer's Dark Money. Billionaires plotting against working folk.

And sadly, pathetically, working folk buying in and supporting their own destruction.

[appalachiablue]

25. I'm working on Jane's terrific book too. All very serious and real..

And regular, struggling folks can't see the oligarchy deception, and don't know or follow good news sources.

During the 1930s, some of Britain's working class bought into Oswald Moseley's Fascism, and others in Italy, etc.

Mass propaganda then, like now was so influential. Sad, self deluding and what a cost.

[louis c]

10. Unions Anyone?

[pecosbob]

11. Wages for semi-skilled workers are the same as they were in 1980.

Forty years of anti-union and anti-worker policies come home to roost.

[NRaleighLiberal]

14. I worked in a grocery store when I was a teen - part time. Unionized.

I was making 5 dollars an hour back in the mid 1970s. I worked the deli - some lunch meat was 99 cents a pound.

It is now 5 to 10 times that - but people at grocery stores are not making 25-50 dollars an hour.

We are in such a deep mess.

[Uncle Joe]

16. Kicked and recommended.

Thanks for the thread left-of-center

[BigmanPigman]

17. Robert Reich's film Inequality For All is very good and

helps explain how this started in the 70s. Over time people have slowly been working more while earning less. First after the bad economy in the 70s both spouses HAD to work, then people borrowed and went into debt, finally people had to work two or three jobs and 50-60 hour weeks. There is nothing left that a person can do to even begin to dream of living like they had in the 50s and 60s. Globalization, extreme wealth in the top 10% and no unions has taken its toll on the rest of society and the GOP blames it on minorities and Dems (their favorite scape goats).

This is a brief intro.

[Kajun Gal]

18. Imagine that!

[PatrickforO]

19. This is what Republican policies do.

Starve us with lower wages, fewer benefits, and instead take our money the we have paid in to our treasury and give it to billionaires and corporations.

Then, as people lose their footing and fall, the Republicans blame them for not working hard enough.

[flibbitygiblets]

20. MASLA - Making Americans Slave Laborers Again

I guess those tax cuts for the rich will be trickling down any time now?

[Achilleaze]

26. On the bright side: republican fatcats are getting fatter

and laughing at Trump voter-suckers all the way to the bank.

[WePurrsevere]

28. With wages dropping & inflation increasing the economy that OBAMA rescued,

After Republican BS tanked it in 2008, will stop 'booming' and start bombing.

Trickle down has been repeatedly proven to be bull and yet gullible idiots keep buying that it's really really going to work this time. Yeah and Lucy has a football she's gonna let you kick (suckers).

[honest.abe]

29. This is a troubling trend.

Causing even bigger and bigger gap between the rich and regular people.

[Older Than I Look]

30. And that was the plan all along.

[FiveGoodMen]

33. Amen

People fall for this time after time.

[Yavin4]

31. This is why Republicans have to run against Nancy Pelosi instead of their tax cuts. n/t

[workinclasszero]

32. The 1% that own the GOP are doing just fine

Fuck everyone else. That is and always will be the GOP platform.

Did the idiots voting Trump really think he was going to do anything to help them out?

[DesertRat]

34. Real wages are in decline, while corporate profits soar #TrumpSlump

Link to tweet

[calimary]

35. Indeed. The question that Dems should ask repeatedly about this economic "boom":

Is that “booming economy” booming for YOU yet?

Or is it once again booming for the already wealthy, and you’re still waiting for the goodies to trickle down to you too?

And how long do you think you’ll have to wait before YOU see any of those goodies in YOUR pocket?

Do you REALLY believe that’s what’s coming?

[riversedge]

36. kick 🌊🌊🌊 #FlipItBlue #BlueWave2018 #VoteThemOUT

[oasis]

38. Address the wage drop Sarah Hucksterbee. I know, "fake news".

[TheFrenchRazor]

39. trickle-up economics have been going on for decades. nt