It's not just the lack of jobs that's hurting workers. Even those workers who have jobs are suffering from a historic lack of wage growth. Workers' wage growth over the last ten years has been lower than even the Great Depression. The American dream of "doing better than Dad did" is effectively over. For the … Continue reading The Depression in Wages: End of the American Dream
Month: June 2011
The Economy Is Stalling – Employment Report for May 2011
First the facts and then my comments. Calculated Risk Blog reports from the BLS: From the BLS: Nonfarm payroll employment changed little (+54,000) in May, and the unemployment rate was essentially unchanged at 9.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains continued in professional and business services, health care, and mining. Employment levels in … Continue reading The Economy Is Stalling – Employment Report for May 2011
What’s The Point?
How appropriate for the start of a new term:
Story of a Cheap Dress (and an Economy, too)
I just found a site that should prove of particular interest to students of American economic and business history: The Etsy Blog. They call themselves "anthropologists of commerce." The article I found tells of the century long evolution of a "cheap dress". Really it's the evolution of women's clothing from do-it-yourself to ready-to-wear knock-offs of … Continue reading Story of a Cheap Dress (and an Economy, too)
The Public Debt Is Rising Because Of Tax Cuts and Wars
In past posts, I've emphasized that tax cuts don't really generate greater revenues for the government except under the most unusual circumstances. Tax cuts do exactly that, they cut the taxes available to the government. And that is one of the three big reasons why the U.S. government is running large deficits today and has … Continue reading The Public Debt Is Rising Because Of Tax Cuts and Wars
Ruh-Roh Raggie, Trouble On Employment
Well while I've been away from posting the last few weeks, things are starting to not look good. Two months ago I was concerned that the "recovery" was going to proceed at a normal growth rate and effectively close out those already unemployed from employment. I even have a draft long post about it called … Continue reading Ruh-Roh Raggie, Trouble On Employment
Debt Ceiling: Kabuki Theater of the Absurd
Tuesday evening the House of Representatives voted on whether to raise the so-called "debt ceiling". It was pure charade. No, it's worse. It's kabuki theater of the absurd. First off, the House Republican leadership knows it's only for show. The reality is that Congress will vote to raise the limit later this summer. They have … Continue reading Debt Ceiling: Kabuki Theater of the Absurd
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