Here's Why Bush Isn't Getting

[Cancel7]

"Credit for the good economy", which I have heard a lot of Republican types whining about.

Because there is a real world out there guys! Sorry.

Of course, it cannot be argued that the last sentence in this piece is correct. However, as always, the bushies have take something bad, and made it much worse, and have then used the time-honored personal responsibility excuse of "he did it too!"

Anyway, don't count on any votes for the "great economy" in November out there in the real world.

Real Wages Fail to Match a Rise in Productivity
By STEVEN GREENHOUSE and DAVID LEONHARDT

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.

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 has risen steadily over the same period.

http://www.nytimes.com/2006/08/28/business/28wages.html?_r=1&th&emc=th&oref=slogin

 

[Cancel7]

Oh sorry Damo, I think you had said to link to copyrighted material, or just post a little of it?

I forgot about that. opps.

 

[Cancel7]

Oh sorry Damo, I think you had said to link to copyrighted material, or just post a little of it?

I forgot about that. opps.

I fixed it!

 

[klaatu]

Actually .. this is a good point. The thing that has bothered me about this sustained growth.. its those at the top failing to share the windfalls with those below them. Also ... Inflation ... Im afraid we have been dealing with some cooked up numbers .. With interests rates much higher, energy prices through the roof... which translates to higher prices for durables ..., insrance rates rising rapidly, why hasnt the numbers for inflation been rising as fast?

One thing though ... overall the economy is doing pretty good .. just not as rosey as the Pubs would lead us to believe. I wouldnt want the Dems to run a misleading campaign by signaling the coming of a Depression ... they wouldnt be doing anyone any favors with that kind of bs rhetoric.
Just lay down the facts ... talk about an out of control energy crisis ..and the working class of the country are stuck in a log jam and we need to get flowing again.
I think the Working class are stuck in an economic situation much like it was when Clinton took over.. it wouldnt take much to get the ball rolling again.

 

[Cancel7]

Actually .. this is a good point. The thing that has bothered me about this sustained growth.. its those at the top failing to share the windfalls with those below them. Also ... Inflation ... Im afraid we have been dealing with some cooked up numbers .. With interests rates much higher, energy prices through the roof... which translates to higher prices for durables ..., insrance rates rising rapidly, why hasnt the numbers for inflation been rising as fast?

One thing though ... overall the economy is doing pretty good .. just not as rosey as the Pubs would lead us to believe. I wouldnt want the Dems to run a misleading campaign by signaling the coming of a Depression ... they wouldnt be doing anyone any favors with that kind of bs rhetoric.
Just lay down the facts ... talk about an out of control energy crisis ..and the working class of the country are stuck in a log jam and we need to get flowing again.
I think the Working class are stuck in an economic situation much like it was when Clinton took over.. it wouldnt take much to get the ball rolling again.

See the thing is, I don't think it matters what the dems run on, or what the repubs do for that matter.

The average guy knows his real income has gone down, and he knows he's struggling to stay where he was a few years ago. He also knows that everything around him has gone up, especially health care costs, and he's petrified of losing whatever insurance he has.

I think the people know.

 

[krisy]

See the thing is, I don't think it matters what the dems run on, or what the repubs do for that matter.

The average guy knows his real income has gone down, and he knows he's struggling to stay where he was a few years ago. He also knows that everything around him has gone up, especially health care costs, and he's petrified of losing whatever insurance he has.

I think the people know.

I agree with this for the most part. Paychecks aren't keeping up with inflation. For years,I spent X dollars at the grocery. Within the last year to year and a half,that has damn near doubled. Gas...forget about it. Health care is just insane(of course the smokers are blamed for that one ).

For me tho,I do not give sole credit of a good or bad economy to the President. I think a lot of what's driving everything right now is gas prices. It affects things we don't even think about. Groceries,garbage pick up,construction,and on and on. Why it is so high,I still don't understand,but I have accepted that I better get used to it. Oh and with hurricane season upon us,we better prepare,because the one that looks like it might hit the Gulf will be yet another reason to raise gas prices.

 

[Care4all]

Report: Most not seeing real wage gains
Expansion could be first since WWII when wages don't outpace prices for most workers.
August 28 2006: 8:12 AM EDT
NEW YORK (CNNMoney.com) -- Most workers have not seen wage gains keep pace with inflation during the current economic expansion, the first time that has happened since World War II, according to a published report.

The New York Times reports that the median hourly wage for American workers has declined 2 percent since 2003, after factoring in inflation. Median wages are the point at which equal numbers of workers earn more and less.

The paper reports that while average family income, adjusted for inflation, has continued to advance at a good clip, that has been helped by gains by the top wage earners.

The paper says that about nine out of 10 workers have seen inflation that has outpaced their pay increases over the last three years, according to the Labor Department. That includes workers earning up to $80,000 a year, a level that puts them in the 90th percentile of wage earners.

The paper reports that with employment gains softening in recent months, inflationary pressures stay high due to factors such as high energy prices, so the gap between wages and prices could increase for many workers.

The paper reports that the gap between the top wage earners and other workers is growing. It cites research from economists Emmanuel Saez and Thomas Piketty that showed that in 2004, the top 1 percent of earners --a group that includes many chief executives --received 11.2 percent of all wage income, up from 8.7 percent a decade earlier and less than 6 percent three decades ago.

In addition, corporate profits are growing more quickly than wages and salaries. Employee pay now makes up the lowest share of the nation's gross domestic product since the government began recording the data in 1947, according to the paper, while corporate profits have climbed to their highest share since the 1960s.

-------------------------------------------------------------

This clearly shows who is getting the raises and the money that has been made off of the WORKER's increase in productivity.... Basically the average worker, is working much harder and producing much more in the same hours of working....but this increase in productivity benefits by the WORKER is being passed on to the CEO's salary/income and not on to the workers that actually achieved a higher productivity.

 

[uscitizen]

Oh and with hurricane season upon us,we better prepare,because the one that looks like it might hit the Gulf will be yet another reason to raise gas prices.
//

Yeah hurricane Ernie seems to have dissapointed the oil speculators though as I read online this morning where the price of oil dropped as soon as Ernie was downgraded.... I wonder why the anti gouging laws does not apply to the speculators ?

 

[evince]

I seem to recall alot of doom and gloom about what Clinton was doing.

I would love to have that economy back and the deficit of those days back

 

[Cypress]

"In addition, corporate profits are growing more quickly than wages and salaries. Employee pay now makes up the lowest share of the nation's gross domestic product since the government began recording the data in 1947, according to the paper, while corporate profits have climbed to their highest share since the 1960s"


Gosh, who could have possible predicted this would be the inevitiable outcome of the phony so-called "free" trade NAFTA/CAFTA scam, the downfall of unions, and the destruction of our manufacturing base?

Oh, that's right: Ralph Nader, Paul Wellstone, and Pat Buchannon predicted it.

 

[uscitizen]

"In addition, corporate profits are growing more quickly than wages and salaries. Employee pay now makes up the lowest share of the nation's gross domestic product since the government began recording the data in 1947, according to the paper, while corporate profits have climbed to their highest share since the 1960s"


Gosh, who could have possible predicted this would be the inevitiable outcome of the phony so-called "free" trade NAFTA/CAFTA scam, the downfall of unions, and the destruction of our manufacturing base?

Oh, that's right: Ralph Nader, Paul Wellstone, and Pat Buchannon predicted it.

Hmm also consider that our economy is 2/3 dependendent on what consumers spend and their salary has been decreasing. Where does this indicate the economy has to go ?

 

[Care4all]

“If I had to sum it up,” said Jared Bernstein, a senior economist at the institute, “it comes down to bargaining power and the lack of ability of many in the work force to claim their fair share of growth.”

 

[klaatu]

See the thing is, I don't think it matters what the dems run on, or what the repubs do for that matter.

The average guy knows his real income has gone down, and he knows he's struggling to stay where he was a few years ago. He also knows that everything around him has gone up, especially health care costs, and he's petrified of losing whatever insurance he has.

I think the people know.

Man.. you just cant get off of Health Care.. you seem to think a Universal Health Plan is going to be the saving grace of this Country ...
Sorry to say..that will be the achillis heal. You've got tunnel vision my Dear.

Its energy prices which in turn translate into higher priced consumable goods ..amidst higher insurance rates, Home, Auto and Health ... add in higher Housing and interests rates with stagnent incomes.. and you've got the ingrediants that are choking the working class....

 

[Dixie - In Memoriam]

Its energy prices which in turn translate into higher priced consumable goods ..amidst higher insurance rates, Home, Auto and Health ... add in higher Housing and interests rates with stagnent incomes.. and you've got the ingrediants that are choking the working class....

The biggest single thing, is gas prices. It's murdering the lower-middle class right now, and seriously cramping the style of the upper-middle class.