Below is a kernel of truth within an empire of lies.
Hourly pay for American workers rose 2.6% in the fourth quarter, but adjusted for inflation, earnings only increased 0.4%. What’s worse, inflation-adjusted hourly wages fell 0.6% for the full year, following a revised 0.6% decline in 2011. Only the three-year period of 1993-1995 was worse for American workers. – Marketwatch -3-7-13
It’s information like this that goes over the heads of the math challenged American public. Ben Bernanke, the bankers that run this country, and the puppet politicians count on the fact that our horrible government run public education system will successfully dumb down the masses to such an extent that they will never figure out how inflation has ruined their lives and their country. The disconnect between the ruling class and the serfs has never been more evident than now. The stock market is hitting new highs every day while we’re in the midst of a recession. The MSM and the Wall Street shills are ecstatic and pronouncing this Federal Reserve induced enrichment of the 1% as proof that the economy has fully recovered from the Wall Street created collapse.
The truth can be found on the BLS website if you look hard enough. The continued downward spiral of the working class caused by the Federal Reserve created inflation and the criminal Wall Street banks pillaging of the dwindling national wealth is clearly revealed in the chart below:
| Table 1. Median usual weekly earnings of full-time wage and salary workers by sex, quarterly averages, seasonally adjusted | ||||||||||
|
Year and quarter |
Number of workers |
Median weekly earnings |
||||||||
|
Total |
Men |
Women |
In current dollars |
In constant (1982-84) dollars |
||||||
|
Total |
Men |
Women |
Total |
Men |
Women |
|||||
| 2003 | ||||||||||
| 4th Quarter |
100,628 |
56,607 |
44,021 |
623 |
702 |
560 |
337 |
379 |
302 |
|
| 2004 | ||||||||||
| 1st Quarter |
100,905 |
56,848 |
44,057 |
629 |
705 |
562 |
337 |
378 |
301 |
|
| 2nd Quarter |
101,135 |
56,914 |
44,221 |
642 |
715 |
576 |
341 |
380 |
306 |
|
| 3rd Quarter |
101,148 |
56,931 |
44,217 |
635 |
712 |
574 |
335 |
376 |
303 |
|
| 4th Quarter |
101,658 |
57,289 |
44,369 |
646 |
720 |
577 |
337 |
376 |
302 |
|
| 2005 | ||||||||||
| 1st Quarter |
102,091 |
57,710 |
44,381 |
647 |
723 |
580 |
336 |
376 |
302 |
|
| 2nd Quarter |
103,201 |
58,099 |
45,101 |
647 |
714 |
584 |
334 |
369 |
301 |
|
| 3rd Quarter |
104,310 |
58,843 |
45,467 |
651 |
723 |
588 |
331 |
368 |
299 |
|
| 4th Quarter |
104,605 |
58,967 |
45,638 |
658 |
730 |
588 |
332 |
368 |
296 |
|
| 2006 | ||||||||||
| 1st Quarter |
104,708 |
58,960 |
45,748 |
662 |
737 |
594 |
332 |
370 |
298 |
|
| 2nd Quarter |
105,798 |
59,831 |
45,966 |
663 |
732 |
597 |
329 |
364 |
296 |
|
| 3rd Quarter |
107,041 |
60,060 |
46,981 |
678 |
755 |
603 |
334 |
372 |
297 |
|
| 4th Quarter |
106,847 |
60,140 |
46,707 |
681 |
748 |
607 |
337 |
370 |
300 |
|
| 2007 | ||||||||||
| 1st Quarter |
107,176 |
60,105 |
47,070 |
687 |
752 |
610 |
336 |
368 |
298 |
|
| 2nd Quarter |
106,827 |
60,351 |
46,476 |
693 |
765 |
610 |
335 |
370 |
295 |
|
| 3rd Quarter |
107,156 |
60,216 |
46,940 |
698 |
774 |
621 |
336 |
372 |
298 |
|
| 4th Quarter |
108,178 |
60,508 |
47,670 |
700 |
774 |
615 |
332 |
368 |
292 |
|
| 2008 | ||||||||||
| 1st Quarter |
107,786 |
60,378 |
47,408 |
713 |
783 |
633 |
335 |
368 |
298 |
|
| 2nd Quarter |
107,046 |
59,586 |
47,460 |
722 |
802 |
636 |
335 |
372 |
295 |
|
| 3rd Quarter |
106,136 |
59,273 |
46,863 |
724 |
802 |
637 |
331 |
366 |
291 |
|
| 4th Quarter |
105,617 |
58,511 |
47,106 |
727 |
806 |
647 |
340 |
377 |
302 |
|
| 2009 | ||||||||||
| 1st Quarter |
101,680 |
56,299 |
45,381 |
732 |
815 |
645 |
344 |
384 |
304 |
|
| 2nd Quarter |
99,990 |
55,233 |
44,757 |
736 |
818 |
652 |
345 |
383 |
306 |
|
| 3rd Quarter |
99,049 |
54,481 |
44,567 |
742 |
820 |
664 |
345 |
381 |
308 |
|
| 4th Quarter |
98,569 |
54,412 |
44,156 |
747 |
823 |
666 |
344 |
379 |
307 |
|
| 2010 | ||||||||||
| 1st Quarter |
98,149 |
54,102 |
44,048 |
748 |
836 |
662 |
344 |
385 |
304 |
|
| 2nd Quarter |
99,598 |
55,038 |
44,559 |
742 |
813 |
671 |
342 |
374 |
309 |
|
| 3rd Quarter |
100,410 |
55,618 |
44,792 |
746 |
822 |
670 |
342 |
377 |
307 |
|
| 4th Quarter |
99,960 |
55,469 |
44,491 |
750 |
826 |
676 |
342 |
376 |
308 |
|
| 2011 | ||||||||||
| 1st Quarter |
99,690 |
55,338 |
44,353 |
750 |
821 |
679 |
338 |
370 |
306 |
|
| 2nd Quarter |
100,343 |
55,848 |
44,495 |
754 |
828 |
688 |
336 |
369 |
307 |
|
| 3rd Quarter |
100,487 |
56,053 |
44,434 |
759 |
837 |
681 |
335 |
370 |
301 |
|
| 4th Quarter |
101,316 |
56,643 |
44,674 |
761 |
838 |
686 |
335 |
369 |
302 |
|
| 2012 | ||||||||||
| 1st Quarter |
102,194 |
57,113 |
45,081 |
764 |
842 |
693 |
335 |
369 |
303 |
|
| 2nd Quarter |
102,491 |
57,102 |
45,389 |
772 |
867 |
688 |
337 |
379 |
301 |
|
| 3rd Quarter |
102,637 |
57,236 |
45,401 |
765 |
838 |
693 |
332 |
364 |
301 |
|
| 4th Quarter |
103,681 |
57,701 |
45,980 |
772 |
868 |
690 |
334 |
376 |
298 |
|
| NOTE: Updated population controls are introduced annually with the release of January data. | ||||||||||
http://www.bls.gov/news.release/wkyeng.t01.htm
This chart captures all of the full time workers in the country. The data is from 2003 through 2012. It’s a fascinating look at a country in decline, as the financial class pillages the countryside and burns the villages. The MSM and lying class would sell the storyline of progress as median weekly earnings have risen from $623 in 2003 to an all-time high of $772 in 2012. Of course, a 24% increase over nine years is pitiful on its face. But when these wages are adjusted for even the ridiculously under-reported CPI, it tells a story of woe. Real median weekly earnings were $337 in 2003 and they were $334 in 2012. Wages are lower than they were 9 years ago. Real wages are 3% lower than they were in 2009 when the stock market was 100% lower.
In addition to the decline in wages, the number of full-time workers is disgraceful. There were 221 million working age Americans in 2003 and 101 million of them were employed full-time. That was 46% of the working age population. Today there are 245 million working age Americans and 104 million full-time workers. That is 42% of the working age population. We’ve added 24 million people to the potential workforce and only 3 million more full-time jobs in nine years. The country has 4.5 million less full-time jobs than it did in 2007. So you have less people working at lower wages and a stock market at all-time highs. No disconnect there.
This tragedy extends farther back than 2003 and is much worse than reported by the government propaganda agencies. Shadowstats provides a true picture of the destruction of the working class. Using the BLS inflation, real average weekly earnings are 3% lower than they were in 1964. Using the true rate of inflation, real average weekly earnings are 40% lower than they were in 1964. Has the Federal Reserve accomplished their mandate of stable prices?
How can an economic system be sustained when the wages of the workers decline steadily for decades and continue to decline? It can’t. The parasitic ruling class have absconded with the wealth of the working middle class through inflation, peddling of debt, and convincing the masses that maximizing corporate profits and pumping up the stock market was good for the country. As the 1% joyously celebrate their stock riches, the working class fall further into poverty and grow restless. They know they have been screwed, but haven’t figured out the true culprits – Yet.
When the next leg down strikes, the peasants will seek their revenge.
Administrator says:
In February Multiple Jobholders Rose By A Record, As Full-Timers Dropped, Part-Timers Increased
Submitted by Tyler Durden on 03/08/2013 09:11 -0500
When it comes to government data, every silver lining has a cloud. Sure enough even today’s NFP number, which on the surface was quite acceptable, had its share of thorny issues.
Those who track the quality composition of the jobs, as opposed to just the quantity, will know that the part and full-time jobs breakdown has long been a major issue. And not unexpectedly, in February according to the Household Survey, the number of full-time jobs declined by 77K from 115,918 to 115,841. The offset: a jump in part-time workers which rose from 27,467 to 27,569, or 102K. Part-time jobs, for those who are unaware, are “jobs” only in the broadest of definitions.
But the most surprising development in February from a quality standpoint was that the number of multiple job-holders rose by a massive 340K, which just happens to be a record. One wonders: how many actual people got new jobs, as opposed to how many qualified single individuals ended up getting more than one job in February in order to boost that much needed weekly income to sustainable levels.
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8th March 2013 at 9:30 am
Administrator says:
Commentary on The Capital Markets Posted 2013-03-08 08:18
by Karl Denninger
Why We Are Utterly DONE As A Nation
It’s much worse than I thought folks.
Remember that $850 billion number for FY 2011 on medical care that I’ve been tossing around?
I was sent a link to the actual FY 2012 “as spent” figures.
The numbers are worse than they appear. Materially worse.
Here’s the reality: Medicare and Medicaid services, including the “slide it to the states” for Medicaid, spent $1.053 trillion in FY2012.
We took in just $201 billion in Medicare taxes.
That is, the government is spending five times what it is taking in on health care.
Where is the discrepancy? In the Medicaid department; the “as spent” figures, unless you look real closely, hide the giveaway to the states. But that of course is BS as there is no magical money fairy.
For Social Security (including disability) the government took in $572 billion in FY2012. But the government spent $773 billion on both retirement and disability, or 35% more than it taxed.
That’s not the only shocker. We gave $77 billion to people in the form of Earned Income and Child credits in excess of tax liability — that’s the amount that we literally handed out in welfare for simply being alive.
And we did not spend $180 billion on interest either — we spent $359 billion.
We can survive the Social Security problem.
We cannot possibly survive spending five times what we take in via Medicare taxes and lying about interest cost will blow up in our face as well.
This must stop now.
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8th March 2013 at 10:16 am
bluestem says:
“Kernal of truth within an empire of lies.” I like that Admin, I really do. John
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8th March 2013 at 11:00 am
Stucky says:
“Dark matter” is a type of matter believed to account for a large part of the total mass in the universe.
However — and this is very very important …. DARK MATTER CANNOT BE SEEN.
Jim, I bring dark matter into the light for your consideration because the BLS operates in the same way. You are operating with incomplete data. The BLS has Dark Numbers …. numbers you, as a mere mortal, do not have access to for they are invisible. (You need special Decoder Glasses available only to BLS employees.)
I think my hypothesis explains it all.
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8th March 2013 at 12:08 pm
fool on the hill says:
Then there is the d___ matter in the WHITE House.
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8th March 2013 at 12:41 pm
Happy Camper says:
“When the next leg down strikes, the peasants will seek their revenge.”
2 billion hollow point bullets
2400 armored vehicles
bulletproof armored guardshack checkpoints
thousands of Personal Defense Weapons for them
gun bans for you
internment camps
Seek revenge and ye shall find the “Homeland” ready and prepared.
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8th March 2013 at 4:40 pm
Llpoh says:
Those median folks are in trouble.
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8th March 2013 at 1:19 am