EMPLOYMENT ABOUNDS & POVERTY GROWS UP?. What is going on?
EL EMPLEO ABUNDA Y LA POBREZA CRECE. Que pasa?
This morning the President inform to the Nation that
employment is growing up. He did not mention the fact of two partial jobs that
workers have to do daily to survive with minimum salaries around $8.50 p/hour. One
meal a day cost such amount of money. If he has family (3 average) and the wife
also working, they are definitely condemned to poverty and the kids to streets.
Hugh Smith explain this reality with the language of
macro-economics.
When I listen the
Presid message I wondered myself if he is participating in the Pinocquio
Marathon with Hillary (the competence for largest nose).
Who is winning? No one, this is a “postas race” to recycle the system with a Status quo in mind. Both Obama and Hillary are in the same line competing
against Trump in the other line. Trump
has paid & dismiss his team for incompetence and decided to race alone.
Between these competitors who is winning? I guess Trump. Why? Because Obama is
tired, his legs don’t work anymore, his job is a mess and he won't be able to transfer the post in good shape. The lady in his line suffer from a kind
of cancerogenous rheumatism called “cronyism”, so her legs are trembling, her
mind is messy (repeating the same lies again & again) and she feels very weak to continue the race. They are condemned to be the losers.
Getting serious , I have another
image of this event that I want to share it with you, before going to macro-econ explanation
of Hugh Smith.
Premises:
1-Anyone able to work .. does
it for a decent salary.. to escape from
poverty
2-Americans work hard, very hard ..
most of them have two partial jobs .. They are the most consumerist in the world .. Most of them work for the week .. some for the month and very few for the whole age of
work. .. If they get good money, they get new car, new house and travel the
world a lot .. They always search for a better paid job. If they lose the job .. they move to another one .. If there is
not job in the market .. they go to welfare .. if there is not welfare .. save
yourself from them .. get a gun & install cameras in the back &
front of your house. .. This is the current “American way of life” for the bottom
of the middle class, the most in the US.
HERE THE ARTICLE:
Posted on May 6, 2016 by Charles
Hugh Smith.
The majority of American households feel poorer because
they are poorer. Real (i.e. adjusted
for inflation) median household income has declined for decades, and income
gains are concentrated in the top 5%:
Even more devastating, wages’ share of GDP has been
declining (with brief interruptions during asset bubbles) for 46 years.
That means that as gross domestic product (GDP) has expanded, the gains have
flowed to corporate and owners’ profits and to the state, which is delighted to
collect higher taxes at every level of government, from property taxes to
income taxes.
Here’s a look at GDP per capita (per person) and median
household income.Typically, if GDP per capita is rising, some of that flows
to household incomes. In the 1990s boom, both GDP per capita and household
income rose together.
Since then, GDP per capita has marched higher while
household income has declined. Household income saw a slight rise in the
housing bubble, but has since collapsed in the “recovery” since 2009.
These are non-trivial trends. What these charts show
is the share of the GDP going to wages/salaries is in a long-term decline:
gains in GDP are flowing not to wage-earners but to shareholders and owners,
and through their higher taxes, to the government.
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