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133 million have lost even more than $10000 a year per worker, 133 million of the 162 million labor force, 40-50 million workers are not full time, a year of declining living standards, Dr. Jack Rasmus, media ‘spin’, Nominal wage gains for 133 million are no more than 1.5%, real wages have not been stagnating but have continued to decline, rising debt for retirees, the lost per year per worker likely exceeds $10000, US government agencies’ ‘statistical legerdemain’, Wages: The Real Numbers
This Labor Day 2018 marks yet another year of declining living standards for American workers. If one were to believe the media and press, rising wages belie that statement. The Wall St. Journal, August 1, 2018 trumpeted ‘US Workers Get Biggest Pay Raise in Nearly Ten Years’.
But here’s why that media spin is a misrepresentation of reality.
Labor’s Falling Income Share
If wages were rising, why is it that labor’s share of total national income has continued to fall for nearly 20 years, including this past year? At about 64% of total national income in 2000, it has steadily plummeted to around 56% of today’s roughly $16 trillion national income. That decline has not just been a result of the 2008-09 great recession; half of it occurred between 2000 and 2008. So it is a long term secular trend, rooted in today’s 21st century US capitalist system and not…
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