Are you better off than you were 8 years ago?

Have you been working harder and harder, becoming more productive all the time, only to see your wages, fail to keep up with that ever increasing cost of living?

It's not your imagination ...

It's just the way our Economic System tilts ...

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For example, check out these disturbing trends:

Real Median Household Income [Notice the Flat-line trend over the last 8 years.]

http://www.census.gov/hhes/www/income/medhhinc.html
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Hourly Wage Trends by Percentile

http://www.demos.org/inequality/numbers.cfm
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CPI Consumer Price Index

http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?request_action=wh&graph_name=CU_cpibrief
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Personal Savings Rates

http://www.demos.org/inequality/numbers.cfm



Talk about -- taking 2 steps forward, and 3 steps back!


Reviving full employment policy
Challenging the Wall Street paradigm
by Thomas Palley - June 22, 2007 - EPI Briefing Paper #191

The Erosion of Shared Prosperity

Over the last 30 years the U.S. economy has experienced a sea change in performance defined by the emergence of a disconnection between wages and productivity growth.
...

The flipside of the wage/productivity-growth disconnection is increasing income inequality.
...

Since 1973, however, this situation has been transformed: instead of growing together, the nation has grown apart, with the productivity growth dividend accumulating almost entirely to those in the top 20%—and especially the top one percent—of the family income distribution.

http://www.sharedprosperity.org/bp191.html

The faster I go, the further behind I get!

Who is reaping the rewards for all that hard work, and increases in worker productivity, of the last 8 years?


Corporate Profits by Industry - Table 6.16D
Bureau of Economic Analysis - National Economic Accounts

http://www.bea.gov/national/nipaweb/TableView.asp?SelectedTable=228&ViewSeries=NO&Java=no&Request3Place=N&3Place=N&FromView=YES&Freq=Year&FirstYear=2001&LastYear=2008&3Place=N&Update=Update&JavaBox=no#Mid
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Change in Real Family Income by Quintiles

http://www.demos.org/inequality/numbers.cfm
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So much for that Trickle-down Theory hokum -- real workers need real help.

Like yesterday!

As our Free Market deregulated Economic System keeps tilting in favor of the well-off -- guess what ends up rolling downhill to us workers, just trying to make ends meet?

Well, it's not usually the financial security, and growth opportunities:


Unemployment Rate Trends

http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?request_action=wh&graph_name=LN_cpsbref3
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Number in Poverty and Poverty Rate, 2007
Source: U.S. Census Bureau, Housing and Household Economic Statistics Division

http://www.census.gov/hhes/www/poverty/povertyrate.html
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All the while the Top 10% of continues to gather up the lion's share of the Nation's wealth:

Distribution of US Wealth, 2004

http://www.demos.org/inequality/numbers.cfm
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Distribution of US Stock Ownership, 2004

http://www.demos.org/inequality/numbers.cfm
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The benefits of power and influence have continued to float to the top, over the last 8 years, all the while, the pain and the grief continues to roll down to the bottom 90% of the rest of us.


Sometimes that grief is overwhelming, for regular folks



All the while those upper crust Wall Street fat cats, and those titan Corporate juggernauts, will just keep taking whatever Welfare, Congress "hands out" their way!




Socialism seems to be alive in America, it's just that the average person hasn't seen any of it, in their day-to-day lives!


Are you better off?

For the majority of us, the last 8 years, has been an exercise in futility, and the grinding struggle to just tread water ...

No, It's not your imagination ...

It's just the way our Economic System tilts ...




[--- Those with the Gold, make the rules ---]


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Comments

When the economy gets bad this stuff is brought up but when the economy was "GOOD" no one complained about consumers being stupid with their money.

Our brilliant educators didn't say all kids should know accounting. Is there a book about accounting for households? All of the accounting books I see are for businesses.

I haven't heard capitalists, communists or socialists promote such an idea. Why be willing to use nukes to blow up the planet to defend worker's paradise if all of the workers shouldn't be accounting literate? They are supposed to be computer literate. But doing accounting on computers must be unethical.
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Do economists have to know accounting?
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Kill an economist for Karl

Kill an economist for Karl

We had a class on household accounting and simple budget making. You'll probably laugh...but it was based on calculating the impact of inflation every month.

Unfortunately, I don't remember any of it.

I remember when I was only 8 years old my math teacher usually ask me if someday I would like to become a mere employee or a business tycoon. I just smile and said; "Maybe Ma'am I just want to be successful career woman!” Then she'll just stares at me and didn't answer me back. Now I know why she give me that action because being a successful is not just a matter of saying it. But through constant hard work and determination I know in near future I can attain my goal. But in the world of economic recession it is really hard to be successful one since it is the time to tighten your belts in sense of spending and lifestyle in order to survive. But did you hear the story of Ken Karpman? Well, up until recently, there would be no reason to hear of Ken Karpman.  He is now a living example of rags to riches and back to rags. The former corporate trader has been hit hard by the economic recession and has taken to delivering pizzas.  He left his position, and ability to get quick payday loans, in order to start a hedge fund of his own, but when the bottom fell out, he got left high and dry.  He now makes less than $8 an hour plus tips delivering pizza in Florida.  You have to admit that Ken Karpman at least deserves credit for the effort. Gee, I just wonder if he still has the will to gain back his success.