All errors should be reported to DonSurber@gmail.com

Friday, September 18, 2020

Wages stagnated for 45 years, then Trump came along



G. William Domhoff, a Distinguished Professor Emeritus at the University of California, Santa Cruz, wrote, "Fat Cats & Democrats: The Role of the Big Rich in the Party of the Common Man."

In 1972.

Nearly a half-century later, nothing has changed.

The richest men in the world -- Bezos, Gates, Buffett, and Bloomberg to name a few -- all support Biden and his Made in Red China policies.

Democrat environmental and labor laws, and trade treaties shipped millions of U.S. jobs overseas. Pittsburgh was once the center of America's steel. Now Red China is. And Red China has taken over industry after industry. The covid 19 crisis showed Americans that we rely too much on a communist country for medical supplies and drugs. This is unsustainable and unacceptable.

But the price of those Red Chinese goods is the loss of factory jobs, which has gutted the economy.

Americans see the damage that shedding 7.5 million factory jobs have done in the past 40 years.

In August 2018, the Bureau of Labor Statistics published, "The fall of employment in the manufacturing sector" by Richard Hernandez.

He wrote, "Before examining the factors that have led to job losses, the authors discuss two periods that saw manufacturing employment fall sharply — 1980 to 2000 and 2000 to 2017. 

"2 million jobs were lost between 1980 and 2000 and 5.5 million jobs were lost between 2000 and 2017. The authors note that these losses have affected the employment rates of prime age workers, finding that a 10 percentage point decline in the local manufacturing share reduced local employment rates by 3.7 percentage points for prime age men and 2.7 percentage points for prime age women."

Wages have stagnated and household incomes have not grown to keep pace with inflation.


RAND corporation did a study on household taxable incomes from 1975 to 2018. Overall, the average household taxable income grew from $46,000 in 1975 to just $65,000 in 2018. RAND calculated that growth was 39% below our GDP growth.

In other words, as the economy grew, middle class taxable income did not.

Had we kept pace, the household taxable incomes would have averaged $100,000.

Worst hit were black women, whose taxable incomes averaged $50,000 in 2018 -- or half where it would be if GDP growth were evenly distributed.

Cutting 7.5 million factory jobs and importing 11 million illegal aliens (as well as having 45 million legal aliens) lowered wages by reducing the number of jobs while expanding the pool of job seekers.

40 years later, Democrats now are all up in arms over this.
Their protests are phony baloney, but the points they make are valid.

Now then, incomes rose remarkably in President Donald John Trump's first three years.

The Philadelphia Inquirer reported, "The 2019 U.S. median household income had reached $68,700, an increase of 6.8% from the 2018 level of $64,324, the Census Bureau reported in its Current Population Survey."

That easily outpaced the 2.9% growth in the GDP.

The newspaper said, "At the same time, the number of people living in poverty in the nation fell from about 38 million to 34 million, the overall rate decreasing 1.3 percentage points from 11.8% to 10.5% — the lowest figure since records started being kept in 1959, the report showed. Low unemployment amid a powerful job market was a key, economists say."

And of course the fat cats benefited too, as the stock market soared. The S&P 500 is up 60% since we elected Donald Trump president.

So everyone benefited from Trump's embrace of capitalism.

But the men at the top don't like that. They do not want to go back to a 1950s America with its large and growing middle class. A self-reliant people cannot be ruled as easily as people who live on food stamps and EITC checks.

And so these little emperors -- these Maoist billionaires -- have struck back.

The choice on November 3rd is capitalism or communism. The fat cats side with the latter.

8 comments:

  1. Right on, right on, right on. God help us if we idolize men! And no, I do not idolize President Trump. I prefer conservatism because it does not try to rewrite the laws of biology, physics, and human nature. I prefer the Declaration of Independence, not government dependence. I prefer the rule of laws and not men. I prefer God-given rights to government-defined rights. I prefer the true America where all people have just as much chance of success as anyone else in the country. I prefer staying out of foreign entanglements unless they are to America's advantage (ref. George Washington.) I prefer legal standards as codified in the Constitution, not as rewritten by various and ridiculous judges and prosecutors. I prefer not having to have an armory in my own house for protection. I prefer God's plan, not the plans of sinful human beings like me!

    ReplyDelete
    Replies
    1. I prefer to have an armory in my house to protect all your other preferences!

      Delete
  2. Communists all need just a little more power to help the poor. Just a little more, that's all it takes.

    ReplyDelete
    Replies
    1. Well if it's just a little more that they need, then let's give it to them. Their intentions must be good. And they'll finally get it right this time

      Delete
    2. And this time, we will implement it correctly, damn it.

      Delete
  3. One of the major reasons for the financial crisis of 2008 was the stagnation of income at a time it was felt necessary to acquire the latest gadgets. The cost of living rose faster than incomes, so people charged their purchases on credit cards until the cards were maxed out at exorbitant interest rates. to relieve themselves of this burden, they mortgaged their houses at a lower rate. When the monthly payments became too much to afford, the defaults began.

    ReplyDelete
  4. So now the Michigan and Pennsylvania can publish ballots for Biden after election day now what?

    ReplyDelete
  5. I have made 96,760 Buck just last month by working online from my home. I am a full time college student and just doing this in my free time for few hours per week by using my laptop.Everyone can check this out and start making cash online in a very easy way by just following instructions……. 
    HERE══════►►►  xurl.es/richfly2 

    ReplyDelete