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Maggie_May Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-03-07 03:08 PM
Original message
GDP growth not reaching paychecks
NEW YORK (CNNMoney.com) -- The economic expansion that began six years ago has failed to benefit most workers, according to a report from the nonpartisan Economic Policy Institute, released Monday.
The economic recovery that began in 2001 has lifted productivity growth and employment of late, but has had little impact on many workers' wages.

Productivity growth, although slower of late, has been strong since 2000. After a sluggish start in the period, employment has picked up, although at a slower pace than in past recoveries. Yet, that growth hasn't transferred to workers' paychecks, particularly for workers at the lower and middle end of the pay scale, the report found.


After rising quickly in the second half of the 1990s, most workers real wages have been stagnant in the 2000s, especially since 2003.

The average CEO of a large U.S. company made roughly $10.8 million last year, or 364 times that of U.S. full-time and part-time workers, who made an average of $29,544, according to a joint analysis released Wednesday by the liberal Institute for Policy Studies and United for a Fair Economy.
http://money.cnn.com/2007/09/03/news/economy/epi_report/index.htm?cnn=yes

I do believe there is two America's one for the rich and one for the poor.
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xxqqqzme Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-03-07 03:14 PM
Response to Original message
1. They needed a
report to tell them the obvious? How can it be an economic recovery if the middle class is shrinking? Who the hell do they think makes the economy run?
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-03-07 03:17 PM
Response to Reply #1
3. How can it be a recovery if retail sales figures
are continually being revised downward, except for the luxury market?

How can it be a recovery when more people are without basic health insurance?

How can it be a recovery when wages are declining in purchasing power?

Hell, they've got theirs, so everything must be OK.
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soothsayer Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-03-07 03:31 PM
Response to Reply #1
5. in our 'tapeworm' economy we are being sucked dry by the big corps
we stupidly support. (a tapeworm, when it lodges in your stomach, injects you with a chemical that makes you crave what's good for the tapeworm, which is NOT what is good for YOU. That's why it's such a fitting metaphor.)

coupla' good articles on it:

MONEYCHANGER What is the American Tapeworm" or the "negative return on investment economy"?

FITTS That's an economy with two classes of players, the insiders & the outsiders. The insiders are constantly subsidized at the expense of the outsiders, like a tapeworm, a parasite that eats through the body. The parasites engineer the economy to drain it for their benefit, consolidating wealth & economic power by liquidating wealth, people, environment, & economic productivity, all to fatten the Tapeworm.
http://www.karavans.com/tapeworm.html

and



One of the things that is most disturbing about the American tapeworm is that it has organized its leadership around private banks and defense contractors and its governance and intellectual air cover around think tanks and private universities and their tax-exempt endowments.

In so doing it has done a marvelous job of getting the intellectual resources of the nation disengaged from dealing with what is happening and engaged –if not financially dependent on--- producing chemicals for injection into the body politic through a highly centralized corporate media that will feed the tapeworm's desire.

The Harvard Watch reports description of Harvard academics creating the public policy justifications for Enron's frauds while the Harvard endowment fed at the trough illuminated a perfect example of how the tapeworm gets the host to act against its own self-interest.
http://www.solari.com/articles/the_american_tapeworm.html

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peacebird Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-03-07 03:15 PM
Response to Original message
2. thanks to bush we are getting into a second golden age for the Robber-Barons (CEOs)
and what amounts to fiscal slavery for the average person....
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BlueJazz Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-03-07 03:20 PM
Response to Original message
4. Oh Yes...the Rich elect the people who help the Rich who elect ....
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BlooInBloo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-03-07 03:33 PM
Response to Original message
6. Whaaa? Trickle-down has been proven false AGAIN????
:rofl: I would say fuck red state voters, but they're doing an excellent job of fucking themselves - at no cost to me.
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