hourly wage growth is stalled at a yearly rate of 2.5 percent. Now, inflation is running around 2 percent
.. Probably, worker bargaining power has just taken such a hit over the last few decades — trade deficits, deunionization, technology, austere (stingy) fiscal policy, and “secular stagnation” (persistently weak demand — that even at low unemployment, we’re not seeing the wage gains we should.
.. ’re going to need a lot more months of job gains like November to generate the high-pressure labor market that workers depend on if they are to claim anything like their fair share of the growth they’re helping to produce
Will a Corporate Tax Cut Lift Worker Pay? A Union Wants It in Writing
Speaker Paul D. Ryan, for example, said in a recent speech that “fixing the business side of our tax code is really all about helping families and workers,” adding that “cutting the corporate tax rate means more jobs here in the United States. It will foster increased competition, which will directly drive up wages for our workers.”
Yet few American companies have offered specific plans that support those promises. While many chief executives broadly praise Republicans’ efforts to cut taxes, few have detailed how they would deploy the savings from a corporate tax cut or put more money back in workers’ pockets.
The lack of pledges to create jobs has not been lost on President Trump’s top economic adviser, Gary D. Cohn, who seemed perplexed last week about the lack of corporate enthusiasm for a tax cut.
Mr. Cohn asked his audience of chief executives how many of them would invest more if the tax cut were passed. When only a few attendees raised their hands, Mr. Cohn asked: “Why aren’t the other hands up?”
.. Communications Workers of America asked several companies that employ its members to promise to give workers a pay increase if the cut in the corporate tax rate goes through.
No Bush, No Trump
Our previous Republican president fails to own up to his responsibility for our current one.
consider the many ways the Bush presidency has shaped and constrained all that’s come since
.. What I found extraordinary, however, was that in a speech littered with references to Russia and China and to the ongoing challenges facing European democracies, Bush never saw fit to utter the word Iraq.
.. if Iraq does indeed come apart, the chaos that would ensue would dwarf what we’ve seen over the course of the Syrian civil war. One would think Bush would have had a lot to say about the sorry state of Iraq and how his decisions might have contributed to it. Alas, he chose to elide such questions.
.. surely he can acknowledge that some of the backlash against the global engagement both he and I support stems from the fact that his war of choice in Iraq proved a discrediting disaster—so much so that when Trump falsely claimed to have opposed the invasion of Iraq from the start, it was enough to supercharge his bid for the GOP presidential nomination in 2016.
.. Lest we forget, most of Trump’s rivals were paralyzed by the sense that they had to defend the legacy of President Bush’s war.. Trump was under no such obligation. Indeed, he presented himself as a cold-eyed realist who’d only invade a country to plunder its resources, a bizarre homage to the old anti-war mantra that Bush’s invasion of Iraq was less a war for democracy than a war for oil... Bush and his allies insisted on creating a series of new guest-worker programs aimed at low-wage workers, who’d have limited rights and limited access to safety-net programs... some on the left, including several members of the Congressional Black Caucus, who feared Bush’s guest-worker program would create a class of laborers who’d be vulnerable to exploitation... surely he can appreciate that not everyone sees guest-worker programs in such romantic terms. To many Americans, it looks as though the dynamism that low-wage immigrant workers with scant labor protections bring to America chiefly benefits people like George W. Bush... the president ignores the possibility that his own decisions played a major role in souring voters on free trade... Brad Setser, a senior fellow at the Council of Foreign Relations and a former Obama administration official, has argued that had the Bush administration been willing to use the “special safeguards” provision that was part of China’s entry into the World Trade Organization, the U.S. manufacturing sector might have been in a much better position to adapt to Chinese import competition. Instead, the Bush White House stood by as the Chinese engaged in large-scale currency intervention, which in turn made the so-called China shock—the job losses that followed from Chinese import surges—far more severe than it would have been had the U.S. sent a clear signal that it would counter such manipulation... The former president had nothing to say about his role in the devastation of the Rust Belt. Instead, he treated the backlash against free trade as if it were some kind of mania, entirely disconnected from the fact that over the course of his presidency, the U.S. manufacturing sector hemorrhaged jobs, even as productivity outside of the computer and electronics industry was mostly stagnant... his refusal to face up to his own responsibility for the state we’re in is, to my mind, essential to understanding why so many Republican rank-and-file voters are at war with their party’s delusional elites.
Study: Blacks’ Median Wealth Will Be Zero in 2053
That racial stereotyping hides the real cause and scale of economic damage to blue-collar and white-collar Americans families amid the rising wealth of the technocratic globalized elite which dominates the Democratic Party and at least half of the GOP.
.. That government failure is exemplified by the housing bubble, which destroyed a huge percentage of wealth held by black Americans.
A 2011 report by the Pew Research Center showed that the median wealth of black American households dropped by 53 percent because of the property bubble. The mid-point median of black American wealth crashed from $12,124 in 2005 to just $5,677 in 2009, according to the Pew report.
.. White Americans suffered far less from the bubble because many had already paid off their mortgages, because their debts were a small percentage of their income, and because whites had more assets in the stock market and other sectors outside the housing market. Still, the median wealth of white households also dropped by a huge 16 percent, from $134,992 in 2005 to $113,149 in 2009.
.. Meanwhile, wages for all men have remained flat for the past 44 years since 1973, according to the Census Bureau.
.. when Obama settled into the White House during the housing implosion, his economic policies helped very clever people invest their way back up to more wealth. The New York Post described the process:
The years 2008 through 2015 should be known as the Great Fleecing.
During that time, the greatest transfer of wealth in the history of the world occurred. Some $4.5 trillion was given to Wall Street banks through its Quantitative Easing program, with the American people picking up the IOU … Who did this help? The 1%, and pretty much only the 1%.
.. The report does not discuss how technology is concentrating wealth among higher-skilled people, and it omits any talk of globalized outsourcing. It also avoids family stability and it ignores the topic of immigration, which has flooded the nation’s marketplace with cheap labor that effectively imposes a 5 percent tax on labor — and then transfers $500 billion a year to company owners and investors.
.. the report then lists a series of unrealistic demands, including a massive tax increase on the wealthy, a massive financial grant to children that could be spent when they become adults, more house-buying aid for poor people, a higher minimum wage, and “a federal jobs guarantee [that] would function similarly to the Works Progress Administration of the 1930s.”
.. But many people of all colors who cannot get through college are falling behind because technology, work, and business are becoming more complex. This increasing complexity ensures that an increasing share of income and wealth goes to people who are smart enough to arbitrage the increasing social and technological diversity, regardless of color.
.. the Democratic elite prefers to import foreign voters rather than accept the equal social status of all blue-collar Americans... four million Americans turn 18 each year and begin looking for good jobs. However, the government imports roughly 1 million legal immigrants to compete against Americans for jobs... That Washington-imposed policy of mass-immigration floods the market with foreign labor, spikes profits and Wall Street values by cutting salaries for manual and skilled labor offered by blue-collar and white-collar employees. It also drives up real estate prices, widens wealth-gaps, reduces high-tech investment, increases state and local tax burdens, hurts kids’ schools and college education, pushes Americans away from high-tech careers, and sidelines at least 5 million marginalized Americans and their families, including many who are now struggling with opioid addictions.