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Wages Haven’t Grown In 15 Years

The following article from the New York Times is actually pretty awful. However, the admission that wages have failed to grow in 15 years is important. Particularly in light of the fact that we are five years into the second so-called “recovery” since the turn of the century. These are recoveries that only Joseph Goebbels could love.

While the wage growth stagnation observation is helpful, what’s so sad about the article is that rather than dive into the underlying systemic issues driving this horrible statistic, the author spends most of the article explaining why we should be optimistic. It’s a nice try, but when systemic issues aren’t being addressed from a systemic standpoint, things don’t just magically get better.

Here are some excepts from the article as well as my commentary:…



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Looking At The Jobs Report

The Bureau of Labor Statistics headline this morning reads: “Payroll employment increases by 248,000 in September; unemployment rate declines to 5.9%.” How can this be? As I reported yesterday , US corporations are investing in buying back their own stocks, not in new business ventures that produce new jobs.  According to the Census Bureau’s Poverty Report , US real median family income has declined to the level of twenty years ago.  Consumer credit and real retail sales are not growing. Construction is limited to rental units. Construction shows 16,000 new jobs, half of which are “specialty trade contractors” or home remodelers.

The payroll jobs report lists 35,300 new jobs in retail trade. How is this possible when J.C. Penny’s, Macy’s, Sears, and the dollar store chains are in trouble and closing stores, and shopping centers are renting space by the day or hour?…