Department of Bullshit
Dec. 10th, 2006 02:10 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
forsyth(As an aside, the whole login thing for news sites is also total bullshit. Thank goodness for http://www.bugmenot.com/)
From the New York Times,
"With energy prices now sharply lower than a few months ago and the improving job market forcing employers to offer higher raises, the buying power of American workers is now rising at the fastest rate since the economic boom of the late 1990s.
The average hourly wage for workers below management level — everyone from school bus drivers to stockbrokers — rose 2.8 percent from October 2005 to October of this year, after being adjusted for inflation, according to the Bureau of Labor Statistics. Only a year ago, it was falling by 1.5 percent"
So, what's the fed's reaction to this news? Let's see!
"Wages have risen so swiftly that some economists worry that they could push inflation up on their own, by forcing companies to raise prices. Last week, the Federal Reserve chairman, Ben S. Bernanke, warned that the central bank might have to raise interest rates again. “One factor that we are watching carefully is labor costs,” he said."
Ah. "Labor costs". Can't have THOSE going up, now CAN we? That might mean the companies could only give 10 cents a share in dividends to stockholders, rather than 20. And THAT, we all know, would be a disaster. Especially after YEARS of real declines in most people's wages.
Fuckers.
From the New York Times,
"With energy prices now sharply lower than a few months ago and the improving job market forcing employers to offer higher raises, the buying power of American workers is now rising at the fastest rate since the economic boom of the late 1990s.
The average hourly wage for workers below management level — everyone from school bus drivers to stockbrokers — rose 2.8 percent from October 2005 to October of this year, after being adjusted for inflation, according to the Bureau of Labor Statistics. Only a year ago, it was falling by 1.5 percent"
So, what's the fed's reaction to this news? Let's see!
"Wages have risen so swiftly that some economists worry that they could push inflation up on their own, by forcing companies to raise prices. Last week, the Federal Reserve chairman, Ben S. Bernanke, warned that the central bank might have to raise interest rates again. “One factor that we are watching carefully is labor costs,” he said."
Ah. "Labor costs". Can't have THOSE going up, now CAN we? That might mean the companies could only give 10 cents a share in dividends to stockholders, rather than 20. And THAT, we all know, would be a disaster. Especially after YEARS of real declines in most people's wages.
Fuckers.
no subject
Date: 2006-12-10 07:40 pm (UTC)Paying workers what they're worth is totally against the core concept of capitalism.