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Moral Outrage Over Low Wages: Canada Joins Trump With Threats of Walking Out on NAFTA
Moral Outrage Over Low Wages: Canada Joins Trump With Threats of Walking Out on NAFTA The threat of total abandonment of NAFTA took on a second front today as Canada’s biggest private-sector union said NAFTA should be scrapped if Mexico cannot agree to better labor standards. Please consider Sharp Differences Over Labor Surface at NAFTA Talks in Mexico. […]
Why We’re Doomed: Stagnant Wages
Why We’re Doomed: Stagnant Wages The point is the present system cannot endure. Despite all the happy talk about “recovery” and higher growth, wages have gone nowhere since 2000–and for the bottom 20% of workers, they’ve gone nowhere since the 1970s. Gross domestic product (GDP) has risen smartly since 2000, but the share of GDP […]
Why Wages Have Lost Ground in the 21st Century
Why Wages Have Lost Ground in the 21st Century The problem with stagnant wages is our socio-economic system requires ever-higher incomes to function. One of the enduring mysteries for conventional economists is why wages aren’t rising for the bottom 95% even as unemployment is low and hiring remains robust. According to classical economics, the limited supply […]
Oops! The economy is like a self-driving car
Oops! The economy is like a self-driving car Back in 1776, Adam Smith talked about the “invisible hand” of the economy. Investopediaexplains how the invisible hand works as, “In a free market economy, self-interested individuals operate through a system of mutual interdependence to promote the general benefit of society at large.” We talk and act today as […]
$50 Oil Doesn’t Work
$50 Oil Doesn’t Work $50 per barrel oil is clearly less impossible to live with than $30 per barrel oil, because most businesses cannot make a profit with $30 per barrel oil. But is $50 per barrel oil helpful? I would argue that it really is not. When oil was over $100 per barrel, human beings […]
No Wonder We’re Poorer: Wages’ Share of GDP Has Fallen for 46 Years
No Wonder We’re Poorer: Wages’ Share of GDP Has Fallen for 46 Years The problem is that limiting financialization will implode the system. The majority of American households feel poorer because they are poorer. Real (i.e. adjusted for inflation) median household income has declined for decades, and income gains are concentrated in the top 5%: Even […]
China “Could Push Whole World into Fresh Economic Crisis”
China “Could Push Whole World into Fresh Economic Crisis” “The End of the Chinese Miracle” After years of big wage increases in China, the supply of cheap labor is coming to an end. The migration of rural populations to cities, which in practically no time created over 250 cities with over 2 million inhabitants, is […]
Why we have a wage inequality problem
Why we have a wage inequality problem Wage inequality is a topic in elections around the world. What can be done to provide more income for those without jobs, and those with low wages? Wage inequality is really a sign of a deeper problem; basically it reflects an economic system that is not growing rapidly enough […]
What Killed the Middle Class?
What Killed the Middle Class? If the four structural trends highlighted below don’t reverse, the middle class is heading for extinction. Everyone knows the middle class is fading fast. I’ve covered this issue in depth for years, for example: Honey, I Shrunk the Middle Class: Perhaps 1/3 of Households Qualify (December 28, 2015) and What Does It Take To […]
Alberta Freezes Government Salaries As Canada’s Oil Patch Enters Second Year Of Recession
Alberta Freezes Government Salaries As Canada’s Oil Patch Enters Second Year Of Recession On Wednesday, we documented the astonishing prices beleaguered Canadians are now forced to pay for groceries thanks to the plunging loonie. Oil’s inexorable decline has the Canadian dollar in a veritable tailspin and because Canada imports the vast majority of its fresh food, prices […]
2016: Oil Limits and the End of the Debt Supercycle
2016: Oil Limits and the End of the Debt Supercycle What is ahead for 2016? Most people don’t realize how tightly the following are linked: Growth in debt Growth in the economy Growth in cheap-to-extract energy supplies Inflation in the cost of producing commodities Growth in asset prices, such as the price of shares of stock […]
If We Don’t Change the Way Money Is Created and Distributed, We Change Nothing
If We Don’t Change the Way Money Is Created and Distributed, We Change Nothing The only real solution in my view is to create and distribute money at the base of the pyramid rather than to those in the top of the pyramid. Many well-intended people want to reform the status quo for all sorts […]
Lost in Extrapolation
Lost in Extrapolation Phillips Curve Fail In the late 1970s the impossible happened. Inflation and unemployment simultaneously went vertical. The leading economists of the day were flummoxed. Larry Summers favors us with his “eternal stagnation” shrug. The man is a sheer inexhaustible fount of truly atrocious ideas. As we have previously pointed out, when he’s […]
Here Comes the Next Global Recession
Here Comes the Next Global Recession It might seem peculiar to some people to talk about the ‘next’ global recession, given that it doesn’t feel like we ever really got out of the last one. Eight years on from the global financial crash we find that the global economy is still drowning in debt, and […]
If You Want To Know The Truth About The Unemployment Rate Read This Article
If You Want To Know The Truth About The Unemployment Rate Read This Article The Obama administration is telling us that the unemployment rate in the United States has fallen to 5.1 percent, but does that number actually bear any resemblance to reality? On Friday, news outlets all over America celebrated the fact that the […]
