The latest government figures show that wages have fallen by 2% so far this year. This is the result of "revisions" that the Bureau of Labor Statistics put out yesterday. First the BLS revised the wages in the first quarter of the year from growing at a rate of 4.2% to shrinking at a rate of 0.4%. Then the BLS added in the wage figure for the second quarter of 1.4%. That makes a wage decline of 2% in just six months, something quite different from what the Obama administration and Hillary Clinton have been saying.
Let's look at these figures for wages in context. For the last three quarters, the economy has been growing at an annual rate of less than 1%. That is a terrible performance. Job creation has continued, but the new jobs clearly are lower paying ones since the decline in wages is so substantial. The labor participation rate has also fallen during that nine month period; in other words, more people have just stopped looking for work.
With numbers like these, is it any wonder that so many Americans think things are on the wrong track? Something has to be done to get the economy growing again. Something has to be done to produce conditions that will allow the average American to get HIGHER wages rather than LOWER wages. Too many people are struggling just to make ends meet.
With data like this, Donald Trump ought to be way ahead in the race for the White House. After all, Hillary Clinton has no plan for the economy other than to continue the failed Obama policies. If Obama's efforts worked (as Hillary claims), why are wages going down? Why are we edging into a recession?
Hopefully, the American people will be able to put aside the nonsense that the media is peddling about the election. The choice of the president has to be based on who can bring the economy back to life and not on which candidate said something nasty at a rally. There's too much at stake to waste time on nonsense.
Let's look at these figures for wages in context. For the last three quarters, the economy has been growing at an annual rate of less than 1%. That is a terrible performance. Job creation has continued, but the new jobs clearly are lower paying ones since the decline in wages is so substantial. The labor participation rate has also fallen during that nine month period; in other words, more people have just stopped looking for work.
With numbers like these, is it any wonder that so many Americans think things are on the wrong track? Something has to be done to get the economy growing again. Something has to be done to produce conditions that will allow the average American to get HIGHER wages rather than LOWER wages. Too many people are struggling just to make ends meet.
With data like this, Donald Trump ought to be way ahead in the race for the White House. After all, Hillary Clinton has no plan for the economy other than to continue the failed Obama policies. If Obama's efforts worked (as Hillary claims), why are wages going down? Why are we edging into a recession?
Hopefully, the American people will be able to put aside the nonsense that the media is peddling about the election. The choice of the president has to be based on who can bring the economy back to life and not on which candidate said something nasty at a rally. There's too much at stake to waste time on nonsense.
No comments:
Post a Comment