The April jobs report, just issued by the Bureau of Labor Statistics, showed another solid month of job growth in April, with employers adding 428,000 jobs and the U.S. economy regaining nearly 95 percent of the 22 million jobs lost at the height of COVID-related lockdowns in the spring of 2020. The April survey also showed average hourly earnings 5.5 percent higher than a year earlier, although those gains have been offset by an increase in prices.
"Bullshit" indeed! Corporations are raking in record profits yet continue to raise prices on their goods and services. Wage increases have been pitiful compared to the cost of housing, food and fuel. Minimum wage still sits at $7.25 an hour. While dining this week at a local restaurant I mentioned to the waitress that I thought I saw her working at another one a week ago. She confirmed and told me she has three jobs to meet her expenses. If employers want workers, pay them a livable wage and stop crying that no one wants to work for you. I absolutely agree with the three steps that must be taken and know that the only way they will happen is if Democrats take a big majority in congress come November. Let's make sure it does.
I always find it interesting how quickly conservatives jump in to blame workers for whatever happens in the economy. The workers don't get credit for increasing production significantly over the years while being paid no more, but a small raise means the economy is being destroyed and has to be rescued by Powell and his fellow conspiracy theorists. I am disappointed that President Biden chose to keep Powell on but he was trying to do some kind of bipartisan thing. This was a bad decision and it seems whatever Powell wants Powell gets even if it is based on BS that is being fed to him by his conservative cronies. Too many people in power are too scared to put responsibility where it belongs, on out of control corporations that have been permitted to grow too large with too much power. They grab what they can with one hand while they distract with their whining that the pandemic has made everything so hard for them. R.Sheets
I think these are all over due to be addressed, price control, windfall profit during crisis and maybe most importantly, the major lack of antitrust enforcement. We are burying ourselves by not addressing these things.
I'm sure you saw the recent column in the New York Times that supports your contention that large corporations are taking advantage of inflation to enhance their profits: https://www.nytimes.com/2022/05/05/opinion/us-companies-inflation.html? The column is headlined, "I Listened In on Big Business. It’s Profiting From Inflation, and You’re Paying for It." I don't see how the Fed's raising interest rates addresses this problem.
"unsustainably hot" labor market? labor shortage? oh, puhleez. there's a shortage of respectable jobs that pay a living wage so people can afford housing, schooling, medical and dental coverage and other essential insurance, transportation, food, clothing and other needed items.
As our POTUS would say: "Malarkey!" One of the first facts I learned in my Econ 101 class was "We do not have wage-push inflation." If higher wages caused inflation, then it would have been flat for the last few DECADES. Instead, executive pay packages have gone through several roofs, along with the prices of everything from cars to food to housing to medicine that the rest of us rely on to live. Bringing this under control requires a hard look at our tax system and how the "trickle down" concept has utterly and completely FAILED to bring economic prosperity to anyone but the privileged few.
When will we figure out a better way to sustain a fair and sustainable economy for all? This ping pong game of recession, depression, growth, inflation, tightening, recession, etc., etc., etc., ad nauseum, hurts ordinary people. The tools the government uses to address the ups and downs of the economy are intended to help the rich, not the working people. Why else would the Fed's only answer to inflation be to raise interest rates, when business just push down the cost of these rates to consumers in the form of higher mortgage rates and fewer jobs?
bullshit indeed. the economy is getting smaller, fewer people are working, and the Fed is raising interest rates. raising interest rates will raise the cost of housing.
Aye right Robert ! ! Without my usual babble, can you please light the flame under Senator Sander's derrierre to make a run once again ? Your last paragraph says it all in NO uncertain terms ! ! UNFETTERED CAPITALISM DOES NOT WORK ! ! The systemic dumbing down, complacency, naievety, and pliability of the American voters weighs on us all ! !
We NEED a consorted and viable return to
the anti-trust, anti-monpoly laws of lore. These reigning in the blatant, overt and obvious greed of corporate america which weighs on our nation's neck as an anchor !
WAKE UP AMERICA ! ! They are raping you, your family, friends, communities and nation ! EI YEI YEI ! !
Jerome Powell should have his salary clawed back. What we're experiencing here is an indemnification of profits for the rich.
The Fed has rammed almost free money down the corporate throat since 2008. This caused inflation in the stock market. Now that the cat realizes the tail in it's mouth is it's own, let the majority of the county, you know, the little people, who had no access to the almost free money or benefits thereof, clean out the cage.
I think most people know this but the trauma of recognition keeps it from voicing itself.
The numbers of workers quitting is a sign of existential exhaustion. Better to have some semblance of enjoyment, if only for a short time, than to work a decade and end up worse than broke.
Thanks for writing the word "Bullshit". It's really a bit worse than that but decorum and manners still count for something. I think.
Agreed, we have no gainful employment until we are able to save at least 25% of our salary. Otherwise, is just enslavement to the employers nationwide. We are enslaved and forced to choose from a meaningless wage to medical insurance. It’s time to make employers recognize that the work force is composed of humans not dumb robots.
I know Biden/Dems are probably doing more than they’re getting credit for (Democrats are so bad at messaging) — but I’m getting tired of waiting for the bold, aggressive action that is so desperately needed right now — rebalancing a Supreme Court that has been destroyed by the GOP, stopping the literal extortion of student borrowers by at least returning bankruptcy protections, prosecuting colluding congress members, and for god sakes, a windfall tax on egregious corporate profiteering.
If Democrats can’t deliver on these basic necessities, it will be clear that the establishment Dems cannot protect average citizens from corporate pillage and plunder. I’ll continue to support individual progressive candidates, but out-of-touch organizations like the DCCC can go hang.
I've been arguing that we need a windfall profits tax since 1973 when we were hosed by oil companies during the Saudi oil embargo. I'd say it is LONG overdue.
"Bullshit" indeed! Corporations are raking in record profits yet continue to raise prices on their goods and services. Wage increases have been pitiful compared to the cost of housing, food and fuel. Minimum wage still sits at $7.25 an hour. While dining this week at a local restaurant I mentioned to the waitress that I thought I saw her working at another one a week ago. She confirmed and told me she has three jobs to meet her expenses. If employers want workers, pay them a livable wage and stop crying that no one wants to work for you. I absolutely agree with the three steps that must be taken and know that the only way they will happen is if Democrats take a big majority in congress come November. Let's make sure it does.
I always find it interesting how quickly conservatives jump in to blame workers for whatever happens in the economy. The workers don't get credit for increasing production significantly over the years while being paid no more, but a small raise means the economy is being destroyed and has to be rescued by Powell and his fellow conspiracy theorists. I am disappointed that President Biden chose to keep Powell on but he was trying to do some kind of bipartisan thing. This was a bad decision and it seems whatever Powell wants Powell gets even if it is based on BS that is being fed to him by his conservative cronies. Too many people in power are too scared to put responsibility where it belongs, on out of control corporations that have been permitted to grow too large with too much power. They grab what they can with one hand while they distract with their whining that the pandemic has made everything so hard for them. R.Sheets
I think these are all over due to be addressed, price control, windfall profit during crisis and maybe most importantly, the major lack of antitrust enforcement. We are burying ourselves by not addressing these things.
I'm sure you saw the recent column in the New York Times that supports your contention that large corporations are taking advantage of inflation to enhance their profits: https://www.nytimes.com/2022/05/05/opinion/us-companies-inflation.html? The column is headlined, "I Listened In on Big Business. It’s Profiting From Inflation, and You’re Paying for It." I don't see how the Fed's raising interest rates addresses this problem.
"unsustainably hot" labor market? labor shortage? oh, puhleez. there's a shortage of respectable jobs that pay a living wage so people can afford housing, schooling, medical and dental coverage and other essential insurance, transportation, food, clothing and other needed items.
As our POTUS would say: "Malarkey!" One of the first facts I learned in my Econ 101 class was "We do not have wage-push inflation." If higher wages caused inflation, then it would have been flat for the last few DECADES. Instead, executive pay packages have gone through several roofs, along with the prices of everything from cars to food to housing to medicine that the rest of us rely on to live. Bringing this under control requires a hard look at our tax system and how the "trickle down" concept has utterly and completely FAILED to bring economic prosperity to anyone but the privileged few.
When will we figure out a better way to sustain a fair and sustainable economy for all? This ping pong game of recession, depression, growth, inflation, tightening, recession, etc., etc., etc., ad nauseum, hurts ordinary people. The tools the government uses to address the ups and downs of the economy are intended to help the rich, not the working people. Why else would the Fed's only answer to inflation be to raise interest rates, when business just push down the cost of these rates to consumers in the form of higher mortgage rates and fewer jobs?
bullshit indeed. the economy is getting smaller, fewer people are working, and the Fed is raising interest rates. raising interest rates will raise the cost of housing.
Aye right Robert ! ! Without my usual babble, can you please light the flame under Senator Sander's derrierre to make a run once again ? Your last paragraph says it all in NO uncertain terms ! ! UNFETTERED CAPITALISM DOES NOT WORK ! ! The systemic dumbing down, complacency, naievety, and pliability of the American voters weighs on us all ! !
We NEED a consorted and viable return to
the anti-trust, anti-monpoly laws of lore. These reigning in the blatant, overt and obvious greed of corporate america which weighs on our nation's neck as an anchor !
WAKE UP AMERICA ! ! They are raping you, your family, friends, communities and nation ! EI YEI YEI ! !
Jerome Powell should have his salary clawed back. What we're experiencing here is an indemnification of profits for the rich.
The Fed has rammed almost free money down the corporate throat since 2008. This caused inflation in the stock market. Now that the cat realizes the tail in it's mouth is it's own, let the majority of the county, you know, the little people, who had no access to the almost free money or benefits thereof, clean out the cage.
I think most people know this but the trauma of recognition keeps it from voicing itself.
The numbers of workers quitting is a sign of existential exhaustion. Better to have some semblance of enjoyment, if only for a short time, than to work a decade and end up worse than broke.
Thanks for writing the word "Bullshit". It's really a bit worse than that but decorum and manners still count for something. I think.
Agreed, we have no gainful employment until we are able to save at least 25% of our salary. Otherwise, is just enslavement to the employers nationwide. We are enslaved and forced to choose from a meaningless wage to medical insurance. It’s time to make employers recognize that the work force is composed of humans not dumb robots.
I know Biden/Dems are probably doing more than they’re getting credit for (Democrats are so bad at messaging) — but I’m getting tired of waiting for the bold, aggressive action that is so desperately needed right now — rebalancing a Supreme Court that has been destroyed by the GOP, stopping the literal extortion of student borrowers by at least returning bankruptcy protections, prosecuting colluding congress members, and for god sakes, a windfall tax on egregious corporate profiteering.
If Democrats can’t deliver on these basic necessities, it will be clear that the establishment Dems cannot protect average citizens from corporate pillage and plunder. I’ll continue to support individual progressive candidates, but out-of-touch organizations like the DCCC can go hang.
I've been arguing that we need a windfall profits tax since 1973 when we were hosed by oil companies during the Saudi oil embargo. I'd say it is LONG overdue.
Thanks Robert for being truthful.
You are right but there is almost no conversation about it. Outside of AOC and Warren, no one is talking about it.
right on as usual