Maybe people aren't returning to work because real wages have declined in Biden's presidency

m.knox

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Aug 20, 2003
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Biden sucks...... Everything he touches turns to shit. My guess is that he was so unhinged from Trump's success, that he wants to overturn it.

https://thehill.com/opinion/finance...o-work-because-real-wages-have-declined-every

The most worrying statistic in the latest monthly employment report is that the U.S. labor force declined during the month of May. On net, 53,000 Americans dropped out of the labor force, and the participation rate ticked down, from 61.7 percent to 61.6 percent, despite widespread vaccination and 48 of 50 states reopening or having completely reopened. Job gains of 559,000 were 116,000 jobs short of market expectations, the second month in a row of six-digit misses.

Numerous explanations have been offered for why jobs growth has massively disappointed expectations in recent months, including continued school closures, early retirements, pandemic fears and increased unemployment insurance benefits deterring the return to work.

But there is another, even simpler reason. Since President Biden took office, real wages — by my calculation — have declined every month of his presidency, eroded by large month-over-month increases in overall consumer prices.
 
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rumble_lion

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Aug 7, 2011
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Biden sucks...... Everything he touches turns to shit. My guess is that he was so unhinged from Trump's success, that he wants to overturn it.

https://thehill.com/opinion/finance...o-work-because-real-wages-have-declined-every

The most worrying statistic in the latest monthly employment report is that the U.S. labor force declined during the month of May. On net, 53,000 Americans dropped out of the labor force, and the participation rate ticked down, from 61.7 percent to 61.6 percent, despite widespread vaccination and 48 of 50 states reopening or having completely reopened. Job gains of 559,000 were 116,000 jobs short of market expectations, the second month in a row of six-digit misses.

Numerous explanations have been offered for why jobs growth has massively disappointed expectations in recent months, including continued school closures, early retirements, pandemic fears and increased unemployment insurance benefits deterring the return to work.

But there is another, even simpler reason. Since President Biden took office, real wages — by my calculation — have declined every month of his presidency, eroded by large month-over-month increases in overall consumer prices.

Hmmm, I don't think we are seeing hyperinflation if wages are going down.
 

m.knox

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Aug 20, 2003
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Hmmm, I don't think we are seeing hyperinflation if wages are going down

No, just regular old inflation creating poverty. Remember what Keynes said.

Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security but [also] at confidence in the equity of the existing distribution of wealth.
Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become "profiteers," who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose. [1]
 

m.knox

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Aug 20, 2003
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So business owners are charging higher prices for the goods and services they are selling but not increasing their workers pay? Sweet!

LOL.... Whole Foods has been offering the Holy Grail of $15 an hour for years now. And they still can't individuals to stock the damn shelves.
 

SLUPSU

Well-Known Member
Aug 5, 2018
4,434
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Biden sucks...... Everything he touches turns to shit. My guess is that he was so unhinged from Trump's success, that he wants to overturn it.

https://thehill.com/opinion/finance...o-work-because-real-wages-have-declined-every

The most worrying statistic in the latest monthly employment report is that the U.S. labor force declined during the month of May. On net, 53,000 Americans dropped out of the labor force, and the participation rate ticked down, from 61.7 percent to 61.6 percent, despite widespread vaccination and 48 of 50 states reopening or having completely reopened. Job gains of 559,000 were 116,000 jobs short of market expectations, the second month in a row of six-digit misses.

Numerous explanations have been offered for why jobs growth has massively disappointed expectations in recent months, including continued school closures, early retirements, pandemic fears and increased unemployment insurance benefits deterring the return to work.

But there is another, even simpler reason. Since President Biden took office, real wages — by my calculation — have declined every month of his presidency, eroded by large month-over-month increases in overall consumer prices.

Stupid post, stupid article.... any comparison to a year ago is a stupid and diversionary waste of time. One year ago average wages shot up when millions of low-wage workers lost their job and spiked wage average upward while inflation was artificially low due to the pandemic.
 

m.knox

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Aug 20, 2003
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Stupid post, stupid article.... any comparison to a year ago is a stupid and diversionary waste of time. One year ago average wages shot up when millions of low-wage workers lost their job and spiked wage average upward while inflation was artificially low due to the pandemic.

LOL... Hilarious that you are unhinged and are pretended that real wages aren't decreasing, and inflation is nothing.

You voted for the racist idiot. You really ought to come to grips with it.
 

SLUPSU

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Aug 5, 2018
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LOL... Hilarious that you are unhinged and are pretended that real wages aren't decreasing, and inflation is nothing.

You voted for the racist idiot. You really ought to come to grips with it.

LOL... Hilarious that you are unhinged and respond with those lies.
 

Ski

Well-Known Member
May 29, 2001
9,402
11,024
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What Is Stagflation?​

Stagflation is characterized by slow economic growth and relatively high unemployment—or economic stagnation—which is at the same time accompanied by rising prices (i.e. inflation). Stagflation can also be alternatively defined as a period of inflation combined with a decline in gross domestic product (GDP).

KEY TAKEAWAYS​

  • Stagflation refers to an economy that is experiencing a simultaneous increase in inflation and stagnation of economic output.
  • Stagflation was first recognized during the 1970's, where many developed economies experienced rapid inflation and high unemployment as a result of an oil shock.
  • Prevailing economic theory at the time could not easily explain how stagflation could occur.
  • Since the 1970's, rising price levels during periods of slow or negative economic growth have become somewhat of the norm rather than an exceptional situation.
 

m.knox

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Aug 20, 2003
104,700
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Nice try, Herr McFluffins. "Wages are going down, but it's hyperinflation, I tells ya!"

There is a reason you didn't appreciate Trump lifting people out of poverty. Why do you hate the poor and minorities?

Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security but [also] at confidence in the equity of the existing distribution of wealth.

Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become "profiteers," who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.

Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.
 

Ski

Well-Known Member
May 29, 2001
9,402
11,024
1
There is a reason you didn't appreciate Trump lifting people out of poverty. Why do you hate the poor and minorities?

Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security but [also] at confidence in the equity of the existing distribution of wealth.

Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become "profiteers," who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.

Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.

I'd just ignore him. The only thing he is worse at than being an economist is being a lawyer. The term Stagflation has been around since 1965, but he has never heard of it.
 

m.knox

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Aug 20, 2003
104,700
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I'd just ignore him. The only thing he is worse at than being an economist is being a lawyer.

I actually like LB. We got along at first and then Trump won.... Poor bastard still hasn't recovered. Funny as shit. Especially in light of Trump's results. The clown did more for the poor and marginalized than any lefty ever did.
 

ao5884

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Oct 1, 2019
7,145
6,918
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They aren't returning because they can sit at home and get paid...remove the free ride and see how fast they go back
 

CDW3333

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Mar 10, 2010
13,178
3,533
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Biden sucks...... Everything he touches turns to shit. My guess is that he was so unhinged from Trump's success, that he wants to overturn it.

https://thehill.com/opinion/finance...o-work-because-real-wages-have-declined-every

The most worrying statistic in the latest monthly employment report is that the U.S. labor force declined during the month of May. On net, 53,000 Americans dropped out of the labor force, and the participation rate ticked down, from 61.7 percent to 61.6 percent, despite widespread vaccination and 48 of 50 states reopening or having completely reopened. Job gains of 559,000 were 116,000 jobs short of market expectations, the second month in a row of six-digit misses.

Numerous explanations have been offered for why jobs growth has massively disappointed expectations in recent months, including continued school closures, early retirements, pandemic fears and increased unemployment insurance benefits deterring the return to work.

But there is another, even simpler reason. Since President Biden took office, real wages — by my calculation — have declined every month of his presidency, eroded by large month-over-month increases in overall consumer prices.
I'll let President Biden speak for himself:

"THE PRESIDENT: Hello, folks. Good morning. Today, we received great news for our economy and our recovery and for the American people.

This morning, we learned that, in May, our economy created 559,000 new jobs, unemployment rate fell to 5.8 percent, and wages went up for American workers. That means we have now created over 2 million jobs in total since I took office — more jobs than have ever been created in the first four months of any presidency in modern history, triple the rate of my predecessor, eight times the rate of President Reagan.

The unemployment rate is now below 6 percent for the first time since the pandemic hit. The first 14 months — first time — first time in 14 months, we saw the largest decline in the number of long-term unemployed, more — in more than an entire decade, in the last 10 years.

Long-term unemployment dropped by the second largest amount ever recorded. Not only that, but the signs of further progress are already here. "

Over two million jobs in four months.

That compares to Bush I, Bush II, and Trump, who managed to create zero net private sector jobs in sixteen years.
 

m.knox

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Aug 20, 2003
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I'll let President Biden speak for himself:

"THE PRESIDENT: Hello, folks. Good morning. Today, we received great news for our economy and our recovery and for the American people.

This morning, we learned that, in May, our economy created 559,000 new jobs, unemployment rate fell to 5.8 percent, and wages went up for American workers. That means we have now created over 2 million jobs in total since I took office — more jobs than have ever been created in the first four months of any presidency in modern history, triple the rate of my predecessor, eight times the rate of President Reagan.

The unemployment rate is now below 6 percent for the first time since the pandemic hit. The first 14 months — first time — first time in 14 months, we saw the largest decline in the number of long-term unemployed, more — in more than an entire decade, in the last 10 years.

Long-term unemployment dropped by the second largest amount ever recorded. Not only that, but the signs of further progress are already here. "

Over two million jobs in four months.

That compares to Bush I, Bush II, and Trump, who managed to create zero net private sector jobs in sixteen years.

LOL... this is about as genuine as those who claim jobs increased under Obama from the low of the democratic housing bubble.....

And, you really ought to thank President Trump for building such a robust base. You've seen the data. Deal with it.