To: ETERNAL WARMING
According to the IRS and my lying eyes, American wages are DOWN 10%!
According to the IRS data, total INCOME (not the same thing as "wages") is down 5.1% from 2000 to 2002. But look at the numbers for those with income levels below $200,000. For the lowest earning group (<25K) number of returns in this group decreased 2.6% and total income for this group decreased 1.4%, while the average change in income per taxpayer in this group was an increase of 1.3%.
It looks like maybe those with the highest incomes had the biggest decline in income resulting from the clinton recession of 2000.
5 posted on
08/02/2004 3:13:43 PM PDT by
VRWCmember
(This tagline not to be removed under penalty of law except by consumer.)
To: VRWCmember
Fox News quoted different data...that according to the IRS, the top American salaries were up 10-22%. There were several articles using those figures last week. If I can find the story I'll post it.
To: VRWCmember
From Art Pine, Bloomberg News
snip
A 2.2 percent rise in wages in the 12 months through May has been more than offset by a 3.1 percent gain in consumer prices. (That figure is distorted because the high gains of the upper elites is factored in. Average Americans have lost, not gained.)
snip
After accounting for inflation, wages and salaries have been growing less than a third as fast as they did after previous recessions, Stephen Roach, chief economist for Morgan Stanley & Co. in New York, said in a note to clients this week. The rise in pay this time is "far short of the nearly 10 percent gains that occurred in the first 29 months of the preceding six cyclical recoveries," Roach wrote. "This translates into a shortfall of $280 billion in 'missing' real personal income."
I'll keep looking. I still can't find the article I'm looking for.
To: VRWCmember
Here is another excellent article on the subject from propect.org on high wage America...still not the article from last week. ARGH Does anyone know where it was or who
published it?
snip
The Economic Policy Institute recently reported that in the past eight recoveries, the labor share of total income growth never fell below 55 percent of total income. In this recovery, labor's share is just 29 percent. The gap between executive compensation and worker compensation has never been wider, either. These are the results of an altered social compact and shifts in political power that have both domestic and global dynamics.
To: VRWCmember
One word: "Capital Gains".
20 posted on
08/02/2004 3:44:36 PM PDT by
snopercod
(What we have lost will not be returned to us.)
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