tag:blogger.com,1999:blog-7895164153505105997.post9108346568143444983..comments2024-01-17T00:45:37.075-08:00Comments on Bud Meyers: Rising Wages Predicted (In an Imaginary World)Bud Meyershttp://www.blogger.com/profile/02065020063363023395noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-7895164153505105997.post-90382453292478772432015-01-17T08:37:20.544-08:002015-01-17T08:37:20.544-08:00Trying to Solve the Great Wage Slowdown (At the Ne...Trying to Solve the Great Wage Slowdown (At the New York Times by David Leonhardt)<br />http://www.nytimes.com/2015/01/15/upshot/trying-to-solve-the-great-wage-slowdown.html<br /><br />"While wages and incomes have stagnated in the United States, they have not done so everywhere. In Canada, a broad measure of incomes has risen about 10 percent since 2000, even as it’s fallen here. In Australia, it’s up 30 percent."<br /><br />Leonhardt cites a report that says: “Today, the ability of free-market democracies to deliver widely shared increases in prosperity is in question as never before. This is an economic problem that threatens to become a problem for the political systems of these nations — and for the idea of democracy itself.”<br /><br />Then David Leonhardt writes: "Yes, some unstoppable economic forces, namely technological change and globalization, have played a role in the [wage] slowdown. But those forces have also brought great benefits to billions of people" [in countries like China and India, where U.S. jobs were offshored].<br /><br />Then Leonhardt latter goes on to say, "Beyond education, these other countries [Canada and Australia] do more to intervene in the free market on behalf of the middle class and the poor ... Their tax policies demand relatively more of the affluent. Canada, in particular, appears to have stronger financial regulation ... The countries where the middle class has fared better are countries where workers have more power. The share in labor unions is higher, much as unionized workers in this country make more than otherwise similar workers."<br /><br />Leonhardt says the report "also proposes a middle-class tax cut and fewer tax breaks for executive compensation."<br /><br />Then he reminds us: "The defining features of national success were broadly shared prosperity and political participation. When countries are organized to deliver good, improving lives to the masses, they succeed. When they don’t, they decline."<br />Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-73731560042785280502015-01-17T08:36:30.437-08:002015-01-17T08:36:30.437-08:00The New York Times claims that wages in the U.S. w...The New York Times claims that wages in the U.S. will rise because: "The most interesting piece of evidence for rising wage pressure was in an announcement by Aetna, the giant health insurer. The company said it would set a minimum hourly pay for its workers at $16 an hour starting in April."<br /><br />http://www.nytimes.com/2015/01/14/upshot/three-signs-that-point-to-bigger-raises-in-2015.html<br /><br />But according to Glassdoor, those Aetna workers are already earning an average of $15.52 an hour. (And how does this translate to wage hikes for everybody in the U.S.?)<br /><br />http://www.glassdoor.com/Salary/Aetna-Salaries-E16.htm<br /><br />Another New York Times article (Re: The Fed’s Beige Book Survey) says that: "Reports of rising wage pressures were less prevalent in the latest survey than in its previous report, although there was continued upward pressure for high-skilled labor in such areas as high-tech."<br /><br />http://www.nytimes.com/2015/01/15/business/economy/feds-beige-book-survey-finds-modest-economic-growth.html<br /><br />That same article also says,"Many private economists believe the big drop in oil prices will provide a boost to the overall economy by giving consumers more money to spend on other products." But a different New York Times article says: "Americans Pocketing What They Save on Gas, Retail Data Suggests"<br /><br />http://www.nytimes.com/2015/01/15/business/retail-sales-dropped-more-than-expected-in-december.html<br />Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-59277423407558148052015-01-14T18:20:36.317-08:002015-01-14T18:20:36.317-08:00Gad Levanon is full of sh!t. Really, there are so...Gad Levanon is full of sh!t. Really, there are so many people that aren't being counted in the "official" U-3 number the statistic itself is just absurd.<br /><br />"free trade" killed the middle class. NAFTA and the MFN status given to China. The politicians and business leaders sold out the middle class 20+ years ago to fatten their own bottom lines period. I'm an engineer and have seen the factories that existed in some cases for over 100 years shut down and sent to China.<br /><br />It's not rocket science but for people approaching 50 years of age and older, if you are lucky enough to have a job. This will be your last middle class job.<br /><br />thanks for all you do Bud.allenhttps://www.blogger.com/profile/06840237717017411534noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-62861167809003105862015-01-14T12:53:59.334-08:002015-01-14T12:53:59.334-08:00UPDATE:
Still No Sign of a Skills Mismatch — Une...UPDATE: <br /><br />Still No Sign of a Skills Mismatch — Unemployment is Elevated Across the Board -- "One of the recurring myths following the Great Recession has been that recovery in the labor market has lagged because workers don’t have the right skills ... There are more unemployed workers than jobs openings across the board .. . The main problem in the labor market is a broad-based lack of demand for workers — not available workers lacking the skills needed for the sectors with job openings."<br /><br />http://www.epi.org/blog/still-no-sign-of-a-skills-mismatch-unemployment-is-elevated-across-the-board/<br /><br />Little Change in Hires, Quits, or Layoffs -- "Businesses are no longer shedding workers at an elevated rate ... However, not only do layoffs need to come down before we see a full recovery in the labor market, but hiring needs to pick up. While the hires rate has been generally improving, it’s still below its prerecession level."<br /><br />http://www.epi.org/blog/little-change-in-hires-quits-or-layoffs-in-november-2014/Bud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.comtag:blogger.com,1999:blog-7895164153505105997.post-85463077897843238662015-01-14T07:51:48.720-08:002015-01-14T07:51:48.720-08:00STUDY: Higher Wages for Low-Income Workers Lead to...STUDY: Higher Wages for Low-Income Workers Lead to Higher Productivity<br /><br />http://blogs.piie.com/realtime/?p=4700<br /><br />Stephanie Hoopes Halpin, research professor, Rutgers University: "We’re finding a growing problem with people who earned college degrees and graduate degrees falling into poverty because they cannot get work."<br /><br />http://america.aljazeera.com/opinions/2015/1/child-poverty-aliceunitedway.html<br /><br />According to scientific research, humans tend to turn down a sure reward if this derives from an unfair distribution of resources, whether the individuals themselves or others are the target of the unfairness.<br /><br />http://www.eurekalert.org/pub_releases/2015-01/isoa-ngi011315.phpBud Meyershttps://www.blogger.com/profile/02065020063363023395noreply@blogger.com