Inquiring minds want to know. The government and the MSM tell me month after month that we are adding jobs at a rate of about 140,000 per month. If this is so, how could wages have fallen by $22 billion in July, as reported by the BEA. Their fellow government drones at the BLS reported that 227,000 more Americans were employed in July than in June. How could companies employ that many more people and wages drop? Could it be Obamacare? Small businesses and large businesses wouldn’t be cutting hours to stay under the Obamacare thresholds, would they? If most of the jobs being created are part-time service jobs, I wonder how that affects wages?
Here is a link to the data:
Here are a few observations:
- Total wages are up 3.1% in the last year, with wages per person only up 2.4%. Anyone with an ounce of brains (excludes most liberals and all government drones) knows that real inflation is running north of 5%. Therefore, the average person continues to see their standard of living decline.
- If you are depressed and worried about your standard of living declining, just get a shyster lawyer and enroll in SSDI. The government is still pumping out the money at a rapid pace. Social Security payments are up 4.9% in the last year and Medicare payments are up 6.1%. This is considered personal income in Orwellian America. Once you get on the SSDI rolls, Medicare is just twelve months away.
- Government entitlement transfers are at an all-time record of $2.4 trillion and going higher.
- So even though your real income is declining, the government drones are sucking 12.3% more taxes from your dwindling paycheck than they did last year. That is doing wonders for consumer spending.
- The savings rate of 4.4% still hovers near record lows. With declining wages and no savings, how are the American people going to propel an economy whose GDP is 71% dependent upon consumer spending?
- Real disposable income per person in May 2008 was $37,584. Real disposable income per person in July 2013 is $36,626. The average person has seen a 2.5% decline in their disposable income in the last five years, even though we have supposedly been in an economic recovery for almost four years. And this is using the fake BLS inflation figures. It’s far worse using real inflation numbers.
Do you really think TARP, Stimulus, QE, and saving the Wall Street banks was to help you? You’ve been screwed over again. Your owners don’t give a fuck about you.