Un-American Recovery

washingtonpost.com ^ | Dec. 24, 2002 | Harold Meyerson

[carlo3b]

Un-American Recovery

By Harold Meyerson
Wednesday, December 24, 2003; Page A15

Why is the Bush recovery different from all other recoveries? A slump is a slump is a slump, but it's during recoveries that the distinctive features of a changing economy become apparent. And our current recovery differs so radically from every other bounce-back since World War II that you have to wonder whether we're really talking about the same country.

After inching along imperceptibly for quarter after quarter, the economy is, by some measures, roaring back. The annual growth rate last quarter topped 8 percent, while productivity increased by more than 9 percent. To be sure, employment is still down by 2.4 million jobs since Bush took office, but it's finally begun to rise a bit.

Continued ...

[carlo3b]

Harold, Harold, Harold, take a breath, "our" president is successful, I'm sorry.
Geeeeze, they just don't get it.. pity this could a Merry Christmas if you just admit that we are doing OK.

[A Citizen Reporter]

I won't go to the WP website. Did he also pile on the economy with the new MAD COW DISEASE SCARE?

[carlo3b]

Did he also pile on the economy with the new MAD COW DISEASE SCARE?

No, he wrote this before the story broke, but trust me, he is just sick about not getting that BS mixed in with this BS, after all, it's all BS anyway... LOL.. :)

[gipper81]

It is all about WAGE RATE GROWTH for these socialist Keynesians.

As if the president could just spread some economic pixie dust and the deflationary wage rate pressures from India and China would vanish to Economic Neverland.

Unfortunately, these guys have an economic cure in mind that they sometimes allude to. Trade barriers, a new industrial policy and currency management.

All of these cures have never worked. It's a new economic world and it is leaving economic writers from the washingtonpost.com well behind the curve.

[Stupendous_man]

"the average hourly wage increase for the 85 million Americans who work in non-supervisory jobs in"

Oh gosh, this is a widely debunked tactic by the left.

The above statistic is basically a survey of people who work for hourly wages, including part time jobs. The authors state directly that you can't use it as a yardstick to measure annual earnings, or to compare the the two.

For example, if a computer analyst making $50K per year decides to work a Christmas sales job for $6 per hour, the $6 per hour wages are counted in the survey (hourly, non-supervisory) but the $50k per year is not!

In addition, the "average" wage doesn't tell us anything about the individual workers. It is possible that everyone is making more money per hour, but a large influx of new, lowly paid workers is driving the "average" wage down.

It's pure crap, and anyone who uses it as a picture of the overall job/earnings market does it to deceive.

Brett
http://www.presidentreagan.info/discussion/

[carlo3b]

It's pure crap, and anyone who uses it as a picture of the overall job/earnings market does it to deceive.

That is precisely correct, and the authors know it, so they highlight the accurate, but very misleading numbers so as to make their point..which is always to rundown our President and the current administration.

[Fledermaus]

It's beyond that. It's a thought process that is actually dismissive of countries becoming more free and democratic.

One this happens, their economy works to compete using the skills they have to offer. If this means they work for less, but gain more for them, compared to an American worker, then so be it.

Exactly how are these manufacturer purists going to compete to make $30 VCR's when their unionized employees make almost that much an hour after wages and benefits?

Their solution is trade protection to force the price of said VCR back up to $100-150. And then, of course, for their unionized morons to afford that price, they'll strike for more wage increases.

At this rate, I'm surprised the idiots on the left and right that whine about "jobs" just don't create a party and support bombing the crap out of those emerging democracies.

The true reason they hate toppling Saddam isn't their lies about pre-emption, WMD's, imperalism, etc. It's just that they are chicken-sh*t morons that can't stand that a free Iraq might have 22 million more people willing to make things and offer services to the world and undercut their franchises.

Oh, poor them. Capitalism hurts. Adapt or die you anti-trade, protectionist scum.

[ATOMIC_PUNK]

Why is the Bush recovery different from all other recoveries?

President Bush may have had a hand in the recovery but it wouldn't have happened in the first place if

• We the American people sat and cried like the democrats instead of getting off our butts and making it happen.
• If the previous Administration hadn't tried to create an economy out of lies and paper shuffling and actually done something to ensure economic growth we never would have had a slump to begin with.
• 911 wouldn't have had such an economic impact on our nation if it would have been made stronger by X42's Amin either

  while productivity increased by more than 9 percent.

  Once again primarily because of Americans and the American dedication to our country and to turning it back into a great nation not all moves by this Administration are agreed to by all people [different strokes] But this country is the best there is and as long as that American Spirit is there no terrorist or burp in our economy is gonna bring it down !

  the starting annual salary for top electrical engineering graduates, says Business Week, is $10,000 -- compared with $80,000 here in the States. Tell that to a software writer in Palo Alto and she's not likely to hit up her boss for a raise.

  That tells us that Americans are getting overcompensated for a flooded market where the heck do you think all the dotcommers went ? McDonald's ? Burger King ? Sorry time to find another trade or build your own empire didn't Microsoft start in someones garage ?

  the fostering of vibrant unions, the legislation of minimum wages and such, in a conscious effort to spread prosperity and boost consumption -- has come undone. (The federal minimum wage has not been raised since 1997.) And the problem with pre-new deal recoveries is that they never created lasting prosperity.

  Its come undone because unions are constantly going in the wrong direction as for the federal minimum wage who the heck works for minimum wage anymore even fast food chains pay 2 to 3 dollars more than the minimum wage so i guess that leaves illegals ?

  lasting prosperity has always been there we just have to many people native and undocumented as well sucking off the system without ever paying into it ! if you want prosperity work for it like everyone else who prospers does.

  no Democrat can assert quite so confidently the line that Bill Clinton used so often: What you earn is a result of what you learn. This year's crop of presidential candidates is taking more seriously the importance of labor standards in trade accords, and the right of workers to organize.

  You Actually mean the right of workers to pay their employers to work or unionize this years crop of candidates are shrill even the meekest of the bunch [Lieberman] who couldn't prove he would make a mediocre vice president can hold a candle to the inteligence of this Administration !

  He is right about 1 thing Clinton was and still is UN-American !!

Yep clinton taught them how to cheat, lie, steal and most probably any other assorted contortion that his and there twisted mind can muster !

Just my opinion

[gipper81]

You know how to apply your economics well.

Sounds like you know a little Joseph Schumpeter & "Creative Destruction" as well.

[ETERNAL WARMING]

As if the president could just spread some economic pixie dust and the deflationary wage rate pressures from India and China would vanish to Economic Neverland.

There really is an economic pixie dust...it's called TARIFFS! And that's why I'll even consider voting for Nader. He's hip to the problems confronting the ever growing unemployed American worker.

[gipper81]

Depression alert! Depression alert!

Tariffs > ala Smoot-Hawley (1930) = economic depression

Don't pin this economic insanity on me and my family, bub.

Go to your local community college and take a course in macroeconomics.

ETERNAL WARMING = economic ice age FREEZE

[Fledermaus]

Definately. His stuff is just as good today. He was writing during the explosion of industrialization which makes his material even more valid.

Almost prophetic.

[RWR8189]

Wages are up just 2.1 percent since November 2002 -- the slowest wage growth we've experienced in 40 years.

Coincidentally, inflation is at its lowest rate in about that time frame as well. Go figure.

[VRWC_minion]

Add to your calculations that new hiring will ordinarily be for lower paid jobs. Therefore, as the economy heats up and employers hire more entry level folks the added jobs at lower pay will reduce the avergae.

For example, a company that has two employee/producers each earning 1,000 per week yields an average salary of 1,000. They start getting busy and find that it would be helpful to hire a secretary to handle the office. Her pay is 500 per week. The average pay has reduced to 833 even though they have increased employment and total salaries.