Thursday, July 3, 2014

Anti Corporation Day

The economy added 288,000 jobs in June according to reports from employers. The numbers for April and May were revised upward by 29,000 total, this indicates the five month positive trend is continuing to strengthen. The household survey conducted by the Census Bureau for the Department of labor showed a two tenths drop in the unemployment rate to 6.1%.

Over at Fox News they took this jobs report so hard that you would have thought Reagan's head had fallen from Mount Rushmore. Shhh... they think he's really up there with the Presidents that actually did something. Their business expert Charles Payne went on about how this would be really bad for the stock market, and he's also the same one that says things like, 'It Gets A Little Comfortable To Be In Poverty'. It seems his only qualification to be a business commentator is that he hates all things democratic, any sort of safety net for workers, and he firmly believes in the 'free market' fairy to solve all problems. 

The average hourly wage was up another six cents in June to $24.42, this is an increase of 2% over this time last year and staying ahead of core inflation. But, when you consider that the minimum wage should really about $22/hour you get to the real reason the American Dream is dead, it's because the average wage is only ten percent above what the floor should be.  For many people there isn't enough to live on, and the majority have little or no disposable income. 

Plus we have the people at the very bottom getting subsidized with government money. Each Walmart store sucks up between one and two million dollars in benefits to its employees because they are simply paid too little to live on. The total workers receive is actually equal to Walmart's annual profits. Walmart is not an incredibly efficient competitor in the retail market as it portrays itself, it's simply powerful and ruthless. 

Since it's the eve of July 4th, let's remember that the Revolutionary War was fought simply to break the monopoly of the British East India Company. It wasn't about the Colonists being mad because they had to pay taxes, they weren't tea baggers. It was because British East India Company had recently been exempted from any taxes & had all the taxes it had ever paid refunded. Talk about your Corporate Welfare. 

The Colonists were also fearful of the increasing harsh treatment that the Walmart of the day was encouraging the British government to engage in, all in the name of corporate profits of course. American ships were labeled as smugglers and the manufacture of goods that the Corporation choose to trade in was prohibited in the colonies. And since most of Parliament and the King were shareholders, they had no interest in hearing the grievances of middle class Americans. Sound familiar? They were all Conservatives after all.

Twitter @BruceEnberg - Happy Anti-Corporation Day!  


Ed said...

Something interesting about paid pumper Charles Payne, Fox has rules against compensation for stock promotion schemes.

Google search: Fox Gives Show To SEC-Fined Analyst Who Was Paid To Push Now Worthless Stocks

Dave said...

The average wage is over 24 dollars an hour? Wow!!! I'm not sure I know any working folks who are getting paid that much.

That's still not that much money for a family to live on. Complicating matters further is that 12 dollars and hour could be considered a good wage when your floor is under eight dollars an hour.

The way we're going those wages will go away as the people who buy those goods or services can't afford them anymore. That scenario is how economies crash.

I suspect the oligarchs will come out just fine though. There will be enough goods and services for them and everyone else can go to hell.

Are we going to keep doing this?

Anonymous said...

I truck freight all through the upper middle of the country. I'm based in Wisconsin or as we call it now "Walkerstan". All the states around us are adding shifts at factories, expanding facilities and doing a great deal of road and bridge upgrades. We in "Walkerstan" are doing nothing compared to these other states. The difference is striking. Companies here are laying off and some still closing facilities. Little to no statewide road and bridge work going on.