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'Labor Force Participation Rate’ (LFPR), about 8% of the 165 million are unemployed, buybacks and dividend payouts, emerging markets’ currency collapse, Jack Rasmus, reduced US budget revenues, trade wars, Trump, Trump’s ‘Stock Markets are at Record Highs’ Claim, Trump’s ‘Unemployment is at an Historic Low 3.9%’ Claim, Trump’s ‘US GDP Is Growing at Record Rate’ Claim, Trump’s ‘Wages Are Rising Fast’ Claim, Trump’s lying
This past week Donald Trump appeared before the United Nations Assembly in New York. In typical Trump style, he immediately launched into bragging about his accomplishments. Like most of his recent public appearances, it was a campaign speech directed to his political base. He proclaimed to the Assembly he had achieved more in his first two years than had any other president in a like period. The claim elicited laughs from the audience, which Trump would brush off later in a press conference saying ‘We were laughing together, they weren’t laughing at me”. Sure, Donald. That’s what happened!
In the course of his over-the-top, self-congratulatory announcement he said the US economy had grown faster in his first two years at the presidential helm than in any administration before during a like period, he had reduced unemployment to the lowest rate ever in the US, and his policies have produced record…
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And contrast that to Lavrov´s speech at the UN: http://www.informationclearinghouse.info/50338.htm
Regards
Good article – extremely informative. Was Ben 18 right(I have no reason to doubt him)
benl8:-
“I looked at the BLS data, “average weekly earnings of production and nonsupervisory workers”, it shows that 80% of workers (the employees) were earning more in 1964 than today. — https://data.bls.gov/pdq/SurveyOutputServlet —- The Census has a historical table for all workers, and it shows than in 1975 all, not the 80%, were earning more. Rasmus called this a “pay freeze” in one of his earlier books. That’s a 54 year, and a 43 year — pay freeze. The BEA.gov shows that real, inflation adjusted, “disposable” (after federal taxes) personal income per capita increased by 3 times since 1964, from $14,000 to over $41,000 I think (see Table 2.1). The extra money went to the top. Also Ralph Nader reported the CEO pay increased by 17% this past year. In the past year wages for the 80% increased by 0.5%. Since 1993 wages for the 80% have risen by 17%, after falling from from a 1973 high, that is still about 10% higher than today’s average for the 80%. Some great economy! The National Jobs for All Coalition prints a monthly employment report that resembles the Rasmus analysis. He sees unemployment higher than that group. But it is a good report, backed with BLS data. My favorite stat is from the Social Security Administration report on wages, it shows that the lower half of earners, below $30,533 per year (the median for all 163 million) — their collective income is just above $1 trillion, which is about 7% of the national income. Maybe my favorite stat is that the average wealth per adult is $400,000, but some 40% of adults can’t pay an emergency expense of $400 in a 30 day period without borrowing or selling some thing. They have no cash savings. So the Rasmus report is demanding reading, and I could understand just parts of it, but I’m afraid it’s mostly right-on.”