Workers’ share of national income plummets to record low

Discussion in 'Economy' started by Spoonman, Jun 14, 2011.

  1. Spoonman
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    Spoonman Gold Member

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    Over the last decade, the share of U.S. national income taken home by workers has plummeted to a record low.

    Check out the chart below, compiled by the Labor Department, and posted this week by conservative writer David Frum. It shows that the decline began with the brief recession that followed 9/11 in 2001. But it continued even as the economy picked up again, and got even worse once the Great Recession hit. In the weak recovery since then, workers' share of income just kept on falling.

    Workers’ share of national income plummets to record low - Yahoo! News


    Best line -

    Still, there's little sense that either Obama administration or Congress plan to do much about this growing inequality. Indeed, any serious action to boost the economy and cut unemployment now seems to be off the table.
     
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  2. expat_panama
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    expat_panama Silver Member

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    ok, we'll check it but it was compiled by the Fed, not the Labor Dept (that's Yahoo's first mistake). here it is:
    [​IMG]
    No, the index they've got plotted there (PRS85006173) is not Labor's share of income, that's labor's share of output. Here's that index plus total output plus workers compensation:
    [​IMG]
    --showing worker's pay is at an all time high along with productivity. So Yahoo really got it all wrong. That's not news.
     
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  3. Spoonman
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    Spoonman Gold Member

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    uhm, wouldn't the fed be trying to paint a rosier picture? I think you got it all wrong
     
  4. expat_panama
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    expat_panama Silver Member

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    If you have better worker income numbers please share them, or you don't then just agree the fed's graph of BLS numbers is the best we have. We'd been working on the facts concerning workers' incomes and productivity, and now the focus is going over to my having something wrong about the Fed's motivation on something for some reason. Now, I'm not all that good at head games with motivations and personalities so I'll pass on that and leave it to them that can, and I'll stick to income facts.
     
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  5. Old Rocks
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    Old Rocks Diamond Member

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    Hmmm...... apples and bananas. One graph was the workers share of the wealth generated by his labor. And his share is falling. The other was compensation, based on dollars per hour. Which is up, just the dollars don't buy very much.
     
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  6. asterism
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    asterism Congress != Progress

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    Based on inflation adjusted dollars per hour, which shows a clear trend up. That means an hour's labor buys much more now than they did in 2005 (and every year since 1950).
     
  7. uscitizen
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    uscitizen Senior Member

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    Overall labors share is dropping while the dollars per hour goes up.
    Hmm. Think about it a while folks. The few are are in the upper 1% is going up and the rest is going down.
    It does not take but a few Wall Street bonuses and such to skew a lot of data.
     
  8. Spoonman
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    Spoonman Gold Member

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    which is exactly why the worker is in worse shape.
     
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  9. whitehall
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    whitehall Gold Member

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    Do the neo-socialists think there is a figure that denotes "the workers share" in the US economy? What is "the worker's share"? Anyone with half a brain would understand that Obama's "green economy" doesn't exist. Corporations are paralized by Obama's anti-capitalist policies and his crazy paranoia about the US Chamber of Commerce being a sinsiter tool of the republican party. The private sector doesn't trust Obama or the current flock of democrat fools. When unemployment is "officially" just under 10% you can count on it being closer to 20%. When (as Obama admitted) "we underestimated the shovel ready jobs" it leaves service and retail jobs to pick up the slack. What happens when the economy relies on that kind of job pool? Do you expect store clerks and floor polishers to make $200,000 per year because it is "their share"? Corporations ain't expanding so they ain't hiring high salary workers. Use your heads lefties. It ain't a conspiracy. The difference in "the worker's share" is a result of the neo-socialist shift against capitalism.
     
  10. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    Since the 1980s the Right has been doing their damnest to remove worker rights with things like "Right to work" states, smashing unions, changing overtime rules, cutting regulations, financing risk with tax payer dollars, privatizing profit, underfunding regulators, rewarding near and off shoring with tax breaks, removing collective bargaining, giving tax cuts to the rich and gutting campaign finance laws.

    So this is a surprise to who, really?

    The right is well on their way to turning the US into a third world country with big guns.

    Bravo, fuckers. Bravo.:clap2:
     

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