Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend  
Printer Friendly Page Save As Favorite Save As Favorite View Article Stats
1 comment

OpEdNews Op Eds

The Prenecroeconomiephiliation of a Once Great Nation

By (about the author)     Permalink       (Page 1 of 3 pages)
Related Topic(s): ; ; ; ; ; ; ; ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It

opednews.com

America is an impoverished nation. It is impoverished even without considering debt and unemployment. Most Americans have difficulty paying for basic needs; food, housing, healthcare, and transportation. Add to that, child care expenses for the two income family and they have less money for discretionary spending than did their one-earner parent families of a generation ago.

The Consumer Price Index (CPI) is understated. Gross Domestic Product (GDP) is overstated. There is no real growth. The Great Recession continues. Most Americans are unable to contribute to the increase in demand required to end it. They simply do not have the money to do so. To coin a phrase, America has undergone and continues to undergo a new-to-the-world economic system, one that melds the uberwealthy elite, corporate, and political interests, one that loves to screw the poor and middle class to death; prenecro-economiephilia. Soon, the prefix may not be required.

Since 1999, inflation as measured by the CPI has increased the cost of spending $100 to $128. Were the CPI calculated as it was in 1990, www.shadowstats.com data indicate inflation would be more than double that which is reported; tripled if calculated as it was in 1980. Understatement of the CPI means overstatement of GDP. Current GDP reports of modest growth are likely to be actual negative growth, a continuing recession, with a continuation of job losses. This would be consistent with the "real" unemployment of 22% calculated by ShadowStats using methodology prior to changes by the Government. Government reports of 9.6% consistently ring false.

It is advantageous to the Government to lie about the real rates of inflation, growth and unemployment. It is advantageous for the Government to retain a passive, albeit growing in apprehensiveness, public.

The Social Security Administration has just released net compensation wage data from employer W-2's for 2009. The earliest time for similar data is 1999.

Last year, despite increased annual costs, whether double or triple Government reports, the nation's poorest workers, on average, actually earned $3 less per month than they earned a decade earlier.

Middle income wages increased only if not adjusted for the understated inflation reported by the Government.

In contrast, those with annual wages in excess of $1 million, the uber-wealthy elites have increased their W-2 reported earnings by more than 15% per year.

There are three measurement of central tendency; mode, median, and mean. The mode is where the number of values occurs in the highest frequency. The median is the middle value separating the upper 50% from the lower 50%. The mean is the average value obtained by dividing the sum of the values by the number of values.

Below are comparative wage and salary values for the years 1999 and 2009.

.... 1999 145.1 million workers earned $4.2 trillion

.... 2009 150.9 million workers earned $5.9 trillion

The increase of 5.8 million workers is equivalent to 54 thousand jobs per month. About 3 times that increase in jobs is required to keep up with population growth; forget about new jobs for the unemployed.

.... mode income was $2,055 in 1999 - $2,016 in 2009 the average income for 27.6 million and 24.3 million wage earners respectively.

Part-time workers are the largest group of low wage earners. How many of these and other millions would prefer full-time employment is unknown but clearly such jobs are not available in America.

.... median income for 1999 was $18,396 when the Federal Poverty Level was $17,600 for a family of four; 72.5 million workers each earned more and less than the median income

Next Page  1  |  2  |  3

 

A retired MBA, I am a former corporate ideologue, former 3rd party advocate and current curmudgeon. While a continued supporter of a 3rd party, I have concluded their efficacy cannot be demonstrated until our form of Government is changed to (more...)
 
Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Follow the Yellow Brick Road - Who Rules America - Part 3

So you're proud to be an American, right? Part 2

Why Occupy? Here's why.

Follow the Yellow Brick Road - Who Rules America - Part 4

Follow the Yellow Brick Road - Who Rules America - Part 1

The Beginning of Financial Pornography: Earnings, from Insanity to Obscenity

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
1 people are discussing this page, with 1 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

Please tell me that I am wrong. Then tell me how t... by Harold Hellickson on Saturday, Nov 13, 2010 at 9:24:32 PM