Discussion in 'Economy' started by Toro, Nov 24, 2007.
This is the part of econ I do understand. I keep seeing folks arguing about 'outsourcing' throwing around 'decline in "real wages", just not supportable to anyone that bothers to look.
There is nothing wrong with 'trade' so long as it is fair. Notice though the figure for manufacturing and you see the impact of outsourcing. Read carefully the figure on median wages could mean anything give the qualifications noted.
"There is no historical evidence that tax cuts spur economic growth. The highest period of growth in U.S. history (1933-1973) also saw its highest tax rates on the rich: 70 to 91 percent. During this period, the general tax rate climbed as well, but it reached a plateau in 1969, and growth slowed down five years later. Almost all rich nations have higher general taxes than the U.S., and they are growing faster as well."
Free trade is fair trade.
Free trade is a myth as most slogans are.
"Fair trade" is the siren call of protectionists.
Yep, along with 'close our borders' as opposed to defend or protect our borders. The far right and the very far left are trying to get the US to be isolationist.
I'm not so sure. Are the numbers in that table inflation adjusted? Comparative annual stats on "median income" are not particularly meaningful. The only numbers that mean anything in real life are indexed and report comparative "purchasing power," such as the numbers I used to debate the Aussie socialists last night in a different thread. If the above numbers are not adjusted for inflation, say 2 percent per year, then the growth in household worth reported above is not impressive, amounting to less than $1000 per year. Further, the above numbers do not take into account employee benefits such as health plans, which have historically been much higher in the manufacturing sector and virtually non-existant in some of the job categories above that show the greatest growth. Finally, in the table above it is easy to note that there has been zero new job formation in the three highest income categories and lots of growth in the middle and bottom. Considering the fact that we have added about 4 trillion in public debt during the above period, I am unimpressed with the results.
"Real" means inflation-adjusted.
OK. but those mfg numbers are very hard to believe in that they contain health and disability benefits (much less life insurance and matching 401ks?). That would mean that the aver mfg job pays, what? $13/hr? What kind of mfg job is that? Meaning, furthermore, that there are millions of mfg jobs that pay less than $10/hr? What the hell kind of mfg job pays less than $10/hr? That's not even a living wage. There is something wrong with those numbers in that they claim to inclide benefits, unless there are no real benefits.
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