10 yr wage gains worse than depression's.

[ugonow]

That is a sobering thought----www.investors.com/NewsAndAnalysis/Article/573982/201106020800/10-Year-Real-Wage-Growth-Worse-Than-During-Depression.htm

[AgeOfEnlightenmentSCP]

Jun 3, 2011 8:04:14 GMT -5 ugonow said:

That is a sobering thought----www.investors.com/NewsAndAnalysis/Article/573982/201106020800/10-Year-Real-Wage-Growth-Worse-Than-During-Depression.htm

Only until you realize that it's completely false. Those that like to point to declining wages deliberately use the inaccurate measure of the household wage. Households have gotten smaller, and so yes, there's been a decline in household wages.

Those that like to promote the idea of declining wages also conveniently exclude benefits and matching contributions to retirement accounts.

However, the INDIVIDUAL wage has risen steadily.



mises.org/Community/forums/t/15824.aspx

Commies and other wacko leftists often like to claim that real wages are falling in the United States, and that this fall is due to "free markets." Theoretically, of course, this claim is bunk (if firms are profit-maximizing, then they will continually seek to expand production through greater investment, which will in turn increase real wages). Here is the empirical data to whack such pinko Marxist claims on the head with:



The above shows total real compensation per hour. In other words, it's compensation (wages + benefits) that workers receive per hour, not just wages.

Those that like to promote the myth of falling wages also completely exclude from the discussion productivity gains that have made the necessities of life far more affordable to the average person:

[ugonow]

Commies and other wacko leftists often like to claim that real wages are falling in the United States

This group,----The Institute's stated goal is to "undermine statism in all its forms". Its methodology is based on praxeology, a description of individual human action which seeks to avoid errors in scientific behavioral observation that could be induced by human self-consciousness and complexity. The Institute's economic theories depict any government intervention as destructive, whether through welfare, inflation, taxation, regulation, or war. The Institute disparages both communism and the American System school of economics (more broadly known as the American School).

The Institute is generally critical of statism and democracy, with the latter being described in Institute publications as "coercive",[15] "incompatible with wealth creation"[16] "replete with inner contradictions"[17] and a system " of legalized graft."[15]

thinks ultra right IBD is a commie wacko left wing paper?

[Savoir Faire-Demogague in NJ]

Well, notwithstanding PBP's post, the US workforce is perhaps the most uneducated and ill prepared for a 21st century work and business environment, then at any time in the country's history.

[billisonboard]

Jun 3, 2011 9:22:33 GMT -5 Savoir Faire-Demogague in NJ said:

Well, notwithstanding PBP's post, the US workforce is perhaps the most uneducated and ill prepared for a 21st century work and business environment, then at any time in the country's history.

Actually, the US workforce of 1799 was "the most uneducated and ill prepared for a 21st century work and business environment."

(you have to admit you set yourself up for that)

But seriously: I agree that the government has not done a good job of adequately training our work force to meet the needs of the corporations of this country.

[bubblyandblue]

"But seriously: I agree that the government has not done a good job of adequately training our work force to meet the needs of the corporations of this country."
So maybe the government should let the corporations of this country controll education. That would make for some real facism.

[EVT1]

Ha ha ha- Paul is calling IBD (right wing outlet) liars! Well- he is part right- they have been caught lying several times in the past during the health care debate. I don't think he read the article- no surprise there- he just saw the headline and geared up to challenge it because he didn't like the implications. Post what you want- real wages have been stagnant a long time and it isn't new news to people who work. Even at my last 'cushy' government job- they would give either a 2% cola, a bonus in lieu of cola, or many times nothing at all.

[AgeOfEnlightenmentSCP]

Jun 3, 2011 9:22:33 GMT -5 Savoir Faire-Demogague in NJ said:

Well, notwithstanding PBP's post, the US workforce is perhaps the most uneducated and ill prepared for a 21st century work and business environment, then at any time in the country's history.

The average education level of the generation that defeated the NAZIs and the Japanese was 8th grade. Maybe we spend too much time and treasure f***ing around with "education". It doesn't seem to be helping anyone get smarter, or better qualified.

[AgeOfEnlightenmentSCP]

Jun 3, 2011 13:12:11 GMT -5 EVT1 said:

Ha ha ha- Paul is calling IBD (right wing outlet) liars! Well- he is part right- they have been caught lying several times in the past during the health care debate. I don't think he read the article- no surprise there- he just saw the headline and geared up to challenge it because he didn't like the implications. Post what you want- real wages have been stagnant a long time and it isn't new news to people who work. Even at my last 'cushy' government job- they would give either a 2% cola, a bonus in lieu of cola, or many times nothing at all.

Some things, repeated often enough "become true" even though they are not. I did read the article, and since it didn't say which data it was looking at to draw the conclusions, I could only assume they fell for the Household Income trap set by the left. And then, as you can see-- I posted the individual wage gains as well as other relevant factors like purchasing power to point out that merely citing the alleged "wage stagnation" doesn't tell the whole story. I subscribe to IBD, but they are not infallible.