tag:blogger.com,1999:blog-7895164153505105997.post6042708108829544049..comments2024-01-17T00:45:37.075-08:00Comments on Bud Meyers: Growth — What is good for? Absolutely Nothin'Bud Meyershttp://www.blogger.com/profile/02065020063363023395noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-7895164153505105997.post-5737314060068054462015-09-13T13:37:44.678-07:002015-09-13T13:37:44.678-07:00Economic Policy Institute (September 10, 2015) &qu...Economic Policy Institute (September 10, 2015) "Since 2000, the share of income generated by corporations going to workers’ wages declined ... Had the share remained the same over this time, labor compensation today would be high enough to give each U.S. worker a $3,770 raise."<br /><br />http://www.epi.org/publication/the-decline-in-labors-share-of-corporate-income-since-2000-means-535-billion-less-for-workers/<br /><br />RELATED POSTS:<br /><br />Wages decline, productivity soars<br /><br />http://www.marketplace.org/topics/wealth-poverty/wages-decline-productivity-soars<br /><br />Making sense of good job growth and stagnant wages<br /><br />http://www.marketplace.org/topics/economy/making-sense-good-job-growth-and-stagnant-wages<br /><br />The New York Times’ editorial board cited EPI research on how CEOs now make 300 times more than typical workers. <br /><br />http://www.nytimes.com/2015/09/07/opinion/you-deserve-a-raise-today-interest-rates-dont.html<br /><br />Paul Krugman of the New York Times also cited data from EPI’s report on the productivity–pay gap:<br /><br />http://krugman.blogs.nytimes.com/2015/09/06/productivity-and-pay/<br />Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-62120568648793965452015-09-09T21:37:23.039-07:002015-09-09T21:37:23.039-07:00New York Times EDITORIAL BOARD (September 7, 2015)...New York Times EDITORIAL BOARD (September 7, 2015)<br /><br />"Flat or falling pay is self-reinforcing because it dampens demand and, by extension, economic growth. In the current recovery, median wages have fallen by 3 percent, after adjusting for inflation, while annual economic growth has peaked at around 2.5 percent ... Why has worker pay withered? The answer, in large part, is that rising productivity has increasingly boosted corporate profits, executive compensation and shareholder returns rather than worker pay. Chief executives, for example, now make about 300 times more than typical workers, compared with 30 times more in 1980 ... In the past year, low-wage workers have successfully fought for minimum wage increases in states and cities. Congressional Democrats have championed legislation to raise the federal minimum wage and to fight wage theft and abusive worker scheduling. The Labor Department is moving ahead with a much needed new rule to update the nation’s overtime-pay laws."<br /><br />http://www.nytimes.com/2015/09/07/opinion/you-deserve-a-raise-today-interest-rates-dont.html<br /><br />Economic Policy Institute: The Agenda to Raise America’s Pay (Which Senator Bernie Sanders has been campaigning for.)<br /><br />http://www.epi.org/pay-agenda/<br />Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-14571037292482301122015-09-03T01:47:20.967-07:002015-09-03T01:47:20.967-07:00UPDATE: Wage Declines Since the Great Recession
N...UPDATE: Wage Declines Since the Great Recession<br /><br />National Employment Law Project (NELP: Sept. 2, 2015)<br /><br />Occupational Wage Declines Since the Great Recession: Low-Wage Occupations See Largest Real Wage Declines<br /><br />"Most workers have failed to see improvements in their paychecks. In fact, taking into account cost-of-living increases since the recession officially ended in 2009, wages have actually declined for most U.S. workers. Inflation-adjusted or “real” wages reflect workers’ true purchasing power; as real wages decline, so too does the amount of goods and services workers can buy with those wages. The failure of wages to merely keep pace with the cost of living is not a recent phenomenon. The declines in real wages since the Great Recession continue a decades-long trend of wage stagnation for workers in the United States.<br /><br />http://www.nelp.org/publication/occupational-wage-declines-since-the-great-recession/<br /><br />11-page paper:<br /><br />http://www.nelp.org/content/uploads/Occupational-Wage-Declines-Since-the-Great-Recession.pdf<br /><br />Economic Populist: Fed Up with Stagnant Wages and Corrupt Politicians<br /><br />http://www.economicpopulist.org/content/fed-stagnant-wages-and-corrupt-politicians-5799<br />Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-56443959231921701862015-09-03T00:42:15.430-07:002015-09-03T00:42:15.430-07:00UPDATE:
The Divergence Between Productivity and P...UPDATE:<br /><br />The Divergence Between Productivity and Pay<br /><br />EPI BRIEFING PAPER (Sept. 2, 2015)<br /><br />Since the 1970s, wages did not stagnate for the vast majority because growth in productivity, income and wealth creation collapsed.<br /><br />Productivity still managed to rise substantially in recent decades, but essentially none of this productivity growth flowed into the paychecks of typical American workers. <br /><br />Pay failed to track productivity primarily due to more wage and salary income accumulating at the very top of the pay scale and the shift in the share of overall national income went to owners of capital and away from the pay of employees. <br /><br />Income generated in an average hour of work in the U.S. economy has not trickled down to raise hourly pay for typical workers. <br /><br />Since 1973, hourly compensation of the vast majority of American workers has not risen in line with economy-wide productivity. In fact, hourly compensation has almost stopped rising at all.<br /><br />If the hourly pay of typical American workers had kept pace with productivity growth since the 1970s, then there would have been no rise in income inequality during that period.<br /><br />The economic evidence indicates that the rising gap between productivity and pay for the vast majority likely has nothing to do with any stagnation in the typical worker’s individual productivity.<br /><br />http://s1.epi.org/files/2015/understanding-productivity-pay-divergence-final.pdf<br /><br />* A former member of the Fed was on Fox News the other day and had said "increased productivity" and "tax cuts" were very important for "growth" — and that more growth would best resolve the matter of "wealth redistribution" and "income inequality". <br /><br />But isn't that called "trickle-down economics" — when a rising tide is supposed to lift all boats? And isn't that what we've had for the past 35 years — all while wages have remained stagnant? <br /><br />And didn't we have any "growth" during that time when the DOW went from 950 in Sept. 1980 to over 16,000 in Sept. 2015?<br />Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.com