The Shrinking of America
More bad news on the labor front. Bureau of Labor Statistics has released revised wage statistics for the first quarter of 2016 and they are bad, bad, bad (see below). What's the cure according to President Obama and his cadre of globalist elites? Why, more trade agreements that outsource American jobs and shrink American wages and lives.
President Obama: The TPP would let America, not China, lead the way on global trade
Over the past six years, America’s businesses have created more than 14 million new jobs. To keep this progress going, we need to pursue every avenue of economic growth. Today, some of our greatest economic opportunities abroad are in the Asia-Pacific region [snip] Increasing trade in this area of the world would be a boon to American businesses and American workers -- Washington Post
But what's the reality on the ground? America is shrinking, and the working class is once again getting the short end of the stick.
Nonfarm Business Sector
Due to a 4.7-percentage point downward revision to first-quarter hourly compensation, unit labor costs decreased 0.2 percent in the first quarter of 2016, rather than increasing 4.5 percent as reported June 7. Real hourly compensation decreased 0.4 percent after revision, rather than the previously-published increase of 4.2 percent.
Manufacturing Sector
Unit labor costs decreased 5.9 percent in the manufacturing sector rather than increasing 1.1 percent as reported June 7, due to both the upward revision to productivity and a 7.1-percentage point downward revision to hourly compensation. Real hourly compensation decreased 4.3 percent, as revised.
Comments
Months later, down-revisions
How is the economy running? Into the weeds.
Hey! my dear friends or soon-to-be's, JtC could use the donations to keep this site functioning for those of us who can still see the life preserver or flotsam in the water.
Most Labor Dept stats are made up of the establishment
survey and the household survey. It takes longer for the Census Bureau to take and collate the household survey and then the Labor Dept has to reconcile the two figures and apply a seasonal adjustment. That is the official explanation for revisions.
"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"
People are hurting and also realizing diminishing prospects
for themselves and their children and grandchildren. I think this explains why so many people are drawn to Trump who has repeatedly said he would not make "stupid" trade deals. Clinton has reversed her support of TPP but few believe her on this, or much else. (Maybe she's been assured it would be passed in the upcoming lame duck session.)
Obama got a lot of wage earner support by declaring he'd renegotiate NAFTA. Instead he's come up with TPP which is worse.
One in three adults has outstanding debt that has been referred to a bill collection company. This is not progress; this is not a good way to live.
I would hope the Green Party would recognize this state of affairs and make it a centerpiece of their campaign.
"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"
One-two-three of Jill's Power to the People Plan:
Green New Deal.
Jobs as a right.
End poverty.
Please check out Pet Vet Help, consider joining us to help pets, and follow me @ElenaCarlena on Twitter! Thank you.
Sounds good to me - thanks
"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"
Democrats have proven time and time again...
They're perfectly willing to kowtow to anybody who forks over large lump sums.
Even goddamn Bernie. Still haven't seen a decent excuse for that half million vacation home.
I do not pretend I know what I do not know.
I don't think there will ever be a decent excuse for the
half-mil "getaway" cottage. If the purchase of this house and grounds doesn't tell Sanders' diehard supporters it's over, nothing will.
The struggle lives on.
Bernie Who?
"The justness of individual land right is not justifiable to those to whom the land by right of first claim collectively belonged"
sold one,bought one
“My family had a lake home in Maine since 1900, but we hadn’t had the time to go there in recent years — especially since my parents passed away,” she said.
“We finally let go of it and that enabled us to buy a place in the islands — something I’ve always hoped for. ”
Solidarity
Thanks for the background
Bernie and Jane are married professionals who are working well past the usual retirement age in industries (government, higher ed) that have not yet been gutted of benefits like so many former middle class professions. It would be surprising to me if they didn't have one or two assets like this.
Remember, Bernie had the almost the lowest net worth among all the candidates. Plus, the ones we ended up with are #1 and #4.
It is very easy to shout "hypocrite" at people who are trying to change the world, but all you accomplish is hamstringing them to no good purpose. Should Bernie have continued to fly coach after he became a major contender instead of using a chartered plane? It would have reduced his carbon footprint and made him more like everyone else, but the problem is he is fighting people who are not so constrained.
We can’t save the world by playing by the rules, because the rules have to be changed.
- Greta Thunberg
You're welcome. n/t
Solidarity
also a book deal
Financial details were not disclosed. Books on presidential campaigns are an established publishing genre, but it's unusual for a candidate to reach a deal so soon after the race and to have the book come out soon after the election. In a statement to the AP, Thomas Dunne said a Sanders book was first suggested to him earlier
this year by the Washington-based agent Ronald Goldfarb, with whom the senator has mutual friends. Sanders was initially too busy to consider the project, but decided "a book about his philosophy and ideas coming out after the election was a good idea."
Solidarity