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.
And most corporations like those that produce paper products are shrinking the sizes of their products, so now you can pay for a package of 4 toilet paper rolls that actually only contains 3 rolls of the previous size, or pay more for 28 oz. of Gatoraid that used to be a 32 oz bottle!
The new less-for-more extends even to trades people. My contractor used to provide full service and appreciate the chance to work. Now he's raised his rates by 50% and insists I do the design, drafting, and materials ordering, and pay for all materials myself. He more than saves in time the few % he received from lumber yards, gets much higher rates, and does less work, like that package of cereal now only 3/4 full. And contractors have a 1-2 year waiting list for their 3/4 services, making it hard to maintain a house, which can decrease value and cost more over the long term. That's part of why I've decided to give up and sell (now that the market is dropping.) So in the new corporate economy, for first-time home buyers, affording a house is only the first part of the challenge. Older folks enjoying forced retirement are being left by the wayside when experts propose higher wages and student loan repayment. No one's proposing commensurately higher social security, restored tuition payments, and replacement of stolen pensions. We are heading toward a senior population unable to afford even life in cardboard boxes, but as our union official said, "You don't matter; you'll be dead soon." What does matter is the overall social concept of it being fine to treat people like garbage as long as they're not you. Because, even if ethics are pointless, surprise when you wake up and find that, today, it is you.
Thx for the info. He"s not in CA. And the way things are, I'm liking his approach better. I got 3 estimates. The other two were much higher (one, 2x) because the contractors say they have to price in uncertainty about materials cost. If there's no increase, they don't lower the price. I'm a designer, I can draft the project in Autocad, and I have accounts with some suppliers, so for me, this way will probably end up much cheaper. Ideally, manufacturers would share some of the increases rather than creating such volatility by raising prices 20% every time their costs increase by 10%, but...shareholders and executive pay. I'm concerned now about getting the material at all. I heard rumors of allocations and allotments. I was going to build a garage but not the way things are. If enough people feel like that, the market may slow back to normal price gouging.
A bit off of the original topic but I would recommend metal studs if your contractor's employees are experienced working with them. Supply chain issues shouldn't be a factor and they should be available.
I was a contractor before I retired and I had to do all my own design work because Architects and other designers were useless primadonna's. This is the way it once was and really should be again. Architects and designers should never have offloaded those responsibilities on contractors. It's time architects and designers started pulling their weight again. Contractors work in the field and managing labor and logistics is a big job. Designers work at a desk. Duh, who is better equipped to handle estimating, ordering and scheduling than the one with his butt firmly planted in a comfy chair?
Since you say designers are "useless prima donnas", why would you want us having responsibility for ordering your materials? Surely, you'd end up wasting your precious time when we useless folks ordered the wrong items.
Not ridiculous to the owners and stockholders. Good reason to invest in the "must have" products and companies. Once read of a woman who survived the last Great Depression in good shape, thanks to her holdings, which included a big soft drinks maker. People often need fluids when away from home--and buy them often. Sweet makes products all the more desirable.
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
Ruth Sheets ; The wealthy do not want workers and Democrats talking about the truth behind 'inflation'. So there are distractions. Like CRT, and the Big Lie along with abortion. The fact that they are talking about something that has not been done before; ending a Constitutional right, just because they can!
Another distraction is support for policies that allowed the stacking of the Supreme Court with anti choice judges. Talk about distracting the majority! The ultimate hot button issue!
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?
Yeah... but it hasn't been "good" for a while now... The Senate in particular, but there are plenty of rats scurrying about below deck in the House as well.
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.
Putin's friend wins the prize in spreading miss-information. Simply put, Putin's friend is the leader of the liars. We are now living in a period of time that those who want the truth must be pro-active in seeking it. The problem is that we have too many people that have relied to lone on others to spoon feed them the truth that they have no idea how to seek it. On top of that they would not know the truth if it bit them in the nose. Let's be honest no political party has a monopoly on lying.
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.
MissEarthly ; I think they call the workforce ' human resouces'. Pretty much says it all, doesn't it? Now they want more control over the sourcing of these 'resources'.
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.
We cannot take him for granted. Musk is an enemy of free speech! If it is a trend (and it seems to be), the obscenely wealthy could stifle truth itself by blocking it.
"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.
And most corporations like those that produce paper products are shrinking the sizes of their products, so now you can pay for a package of 4 toilet paper rolls that actually only contains 3 rolls of the previous size, or pay more for 28 oz. of Gatoraid that used to be a 32 oz bottle!
The new less-for-more extends even to trades people. My contractor used to provide full service and appreciate the chance to work. Now he's raised his rates by 50% and insists I do the design, drafting, and materials ordering, and pay for all materials myself. He more than saves in time the few % he received from lumber yards, gets much higher rates, and does less work, like that package of cereal now only 3/4 full. And contractors have a 1-2 year waiting list for their 3/4 services, making it hard to maintain a house, which can decrease value and cost more over the long term. That's part of why I've decided to give up and sell (now that the market is dropping.) So in the new corporate economy, for first-time home buyers, affording a house is only the first part of the challenge. Older folks enjoying forced retirement are being left by the wayside when experts propose higher wages and student loan repayment. No one's proposing commensurately higher social security, restored tuition payments, and replacement of stolen pensions. We are heading toward a senior population unable to afford even life in cardboard boxes, but as our union official said, "You don't matter; you'll be dead soon." What does matter is the overall social concept of it being fine to treat people like garbage as long as they're not you. Because, even if ethics are pointless, surprise when you wake up and find that, today, it is you.
If he's in California he's breaking the law. You can report him to the CSLB if he requires you to order and pay for materials.
Thx for the info. He"s not in CA. And the way things are, I'm liking his approach better. I got 3 estimates. The other two were much higher (one, 2x) because the contractors say they have to price in uncertainty about materials cost. If there's no increase, they don't lower the price. I'm a designer, I can draft the project in Autocad, and I have accounts with some suppliers, so for me, this way will probably end up much cheaper. Ideally, manufacturers would share some of the increases rather than creating such volatility by raising prices 20% every time their costs increase by 10%, but...shareholders and executive pay. I'm concerned now about getting the material at all. I heard rumors of allocations and allotments. I was going to build a garage but not the way things are. If enough people feel like that, the market may slow back to normal price gouging.
A bit off of the original topic but I would recommend metal studs if your contractor's employees are experienced working with them. Supply chain issues shouldn't be a factor and they should be available.
I was a contractor before I retired and I had to do all my own design work because Architects and other designers were useless primadonna's. This is the way it once was and really should be again. Architects and designers should never have offloaded those responsibilities on contractors. It's time architects and designers started pulling their weight again. Contractors work in the field and managing labor and logistics is a big job. Designers work at a desk. Duh, who is better equipped to handle estimating, ordering and scheduling than the one with his butt firmly planted in a comfy chair?
Since you say designers are "useless prima donnas", why would you want us having responsibility for ordering your materials? Surely, you'd end up wasting your precious time when we useless folks ordered the wrong items.
👏👏👏
You're absolutely right Dee, I've seen it happening on many store products. It's simply ridiculous.
Not ridiculous to the owners and stockholders. Good reason to invest in the "must have" products and companies. Once read of a woman who survived the last Great Depression in good shape, thanks to her holdings, which included a big soft drinks maker. People often need fluids when away from home--and buy them often. Sweet makes products all the more desirable.
I'm thinking that winning the next election won't be enough. The consequences won't shake any more cash out of the system to help "the least of" ours.
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
Ruth Sheets ; The wealthy do not want workers and Democrats talking about the truth behind 'inflation'. So there are distractions. Like CRT, and the Big Lie along with abortion. The fact that they are talking about something that has not been done before; ending a Constitutional right, just because they can!
Another distraction is support for policies that allowed the stacking of the Supreme Court with anti choice judges. Talk about distracting the majority! The ultimate hot button issue!
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.
Thank the Rethuglicans.
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.
And https://www.businessinsider.com/corporations-using-inflation-as-excuse-to-reap-fatter-profits-reich-2021-11
It doesn't. It only makes it worse.
"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?
Too many Rethuglicans on board the good ship Congress.
Yeah... but it hasn't been "good" for a while now... The Senate in particular, but there are plenty of rats scurrying about below deck in the House as well.
More like a doomed ship, nowadays. But I agree.
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.
YEAH! We're getting the same gaslighting out of this administration/fed/plutocratic media megaphone that our political system now heaps on us.
Putin's friend wins the prize in spreading miss-information. Simply put, Putin's friend is the leader of the liars. We are now living in a period of time that those who want the truth must be pro-active in seeking it. The problem is that we have too many people that have relied to lone on others to spoon feed them the truth that they have no idea how to seek it. On top of that they would not know the truth if it bit them in the nose. Let's be honest no political party has a monopoly on lying.
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 ! !
Yikes..
Yo yo yo , what Yikes ! ?
If not Bernie, one he has mentored, or one who understands what is needed with no indebtedness to corporate or obscene wealth.
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.
The word gives weight to our disgust! Well said Robert Reich!
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.
MissEarthly ; I think they call the workforce ' human resouces'. Pretty much says it all, doesn't it? Now they want more control over the sourcing of these 'resources'.
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.
Bill Miller ; Very good points all! Especially regarding the DCCC!
Thanks you Laurie! I hate to be "mean" but sometimes one has to call it as it is.
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.
With the Cogress we have? Less than zero chance.
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.
Ahem! ; What about our host ; Doctor Robert Reich?
He's a given.
We cannot take him for granted. Musk is an enemy of free speech! If it is a trend (and it seems to be), the obscenely wealthy could stifle truth itself by blocking it.
right on as usual