EVERY ONCE IN A WHILE, YOU MIGHT COME ACROSS AHEAD LINE THAT
THE STOCK MARKET WAS UP.
NOT RECENTLY BECAUSE OF THE TRADE WAR STUFF BUT RECENTLY IT
WAS OR YOU MIGHT SEE THAT A COMPANY IS GIVING SOMETHING LIKE
A $1000 ONE-TIME BONUS AND IF YOU ARE NOT BEING ASSISTED THE
ECONOMY YOU MIGHT THINK THINGS MUST BE DOING PRETTY WELL
BUT NOT NECESSARILY.
CERTAINLY NOT FOR THE AVERAGE AMERICAN WORKER.
I WANT TO TALK ABOUT WAGE GROWTH, THE ACTUAL WAY THAT THE
ECONOMY CAN BENEFIT YOU ASSUMING THAT YOU HAVE A JOB WHICH
YOU NEED AS WAGES AND YOU WOULD LIKE THEM TO GO
UP IDEALLY.
IN REAL TERMS, YOU ACTUALLY LOST A SMALL PORTION OF YOUR WAGES
AND OF COURSE IT IS WORTH AND THAT BECAUSE IF THE AVERAGE IS
2.8%, YOU CAN ONLY GO DOWN SO FAR TO GET TO ZERO BUT YOU CAN
GO UP QUITE A BAYONET MEANS A NUMBER IS BEING BROUGHT UP BY
PEOPLE WHO ARE MAKING FAR MORE.
FOR REGULAR WORKING CLASS AMERICANS, I REALLY DOUBT
IF YOU WERE PAYING ATTENTION TO FOXBUSINESS THAT IS THE
MESSAGE YOU ARE GETTING FROM THEM.
YOU TALKED ABOUT THE HEAD OF THE FED
WHO WAS SO CONFUSED ABOUT THIS BUT ECONOMISTS ARE ALSO TRYING
TO FIGURE IT OUT.
STEVEN KYLE SAID:
THE
DIRECTOR OF THE KNOWLEDGE POLICY HEIDI SHIERHOLZ SAID:
THAT'S EXACTLY RIGHT I WANT TO EXPAND UPON THAT.
JOHN REFERENCE WHAT I WAS THING ABOUT THE FED.
WE TALKED ABOUT ON OLD-SCHOOL LAST NIGHT, THAT IS ONE OF
THE TYT SHOWS THAT MEMBERS GET, TYTNETWORK.COM/JOIN TO
BECOME A MEMBER AND GET THAT.
IT WAS ME, JOHN, AND ANA.
WE WERE MOSTLY HAVING FUN BUT WE ALSO TALKED ABOUT SERIOUS
ISSUES.
IN THEIR THE FEDERAL RESERVE HAD WAS LIKE, I DON'T GET IT, I
THOUGHT WITH THE TAX CUTS THAT CORPORATIONS WOULD THEN
GIVE THE MONEY TO THEIR WORKERS.
TO BE FAIR TO THE HEAD OF THE FEDERAL RESERVE, THAT WAS PART
OF WHAT HE SAID, IT WAS NOT ALL OF WHAT HE SAID BECAUSE HE IS
NOT THAT STUPID.
ONLY A LITTLE BIT STUPID ON PURPOSE.
PART OF THE ECONOMIC MODELS IS IF YOU HAVE LOW UNEMPLOYMENT
THAT MEANS THAT AT SOME POINT COMPANIES ARE GOING TO START TO
COMPETE FOR WORKERS AND PAY THEM HIGHER AND HIGHER WAGES BUT THAT
DOES NOT HAPPEN BECAUSE AS WE TALKED ABOUT ON OLD-SCHOOL LAST
NIGHT, CORPORATIONS ARE SQUEEZING ALL OF US AND FOR GOOD
REASON BECAUSE WE RODE IT INTO THEIR CODE TO MAXIMIZE PROFIT SO
THEY MUST PAY THEIR WORKERS AS LITTLE AS THEY POSSIBLY CAN
SO THAT THEY MAXIMIZE PROFIT.
THAT IS WHAT THEY ARE DOING SO WHEN THEY GOT THE GIANT TAX
CUTS, THEY GAVE IT TO THEMSELVES.
THEY DID STOCK BUYBACKS AND INCREASED EXECUTIVE PAPER
FOR THEIR WORKERS, THEY GOT SQUEEZED AND SQUEEZED SO
RIGHT NOW YOU ARE ACTUALLY LOSING MONEY.
IN MAY 2016, WORKERS IN PRODUCTION AND
NONSUPERVISORY POSITIONS, WHICH IS 80% OF THE WORKFORCE,
WERE BEING PAID $22.62 ON AVERAGE FOR ALL OF THEM.
FOR ALL OF AMERICA, THAT IS IN MY OPINION A TERRIBLE WAGE.
WE'RE NOT TALKING ABOUT MINIMUM WAGE, WE ARE TALKING ABOUT
YOU TAKING INTO ACCOUNT 80% OF ALL WORKERS.
NOW IT HAS DROPPED IN MAY OF THIS YEAR TO $22.59 SO IN
ESSENCE WE LOST THREE SENSE OF BUYING POWER IN WAGES, ETC.
TO THE POINT ABOUT, IT IS GOING SOMEWHERE BECAUSE THE
ECONOMY IS DOING WELL, ACTUALLY THE ECONOMY DID GO 2%
LAST YEAR BUT SINCE YOU DIDN'T GET IN WAGES THAT MEANS
THAT ALMOST ALL OF THAT 2% WENT TO THE VERY, VERY TOP.
WE CAN ACTUALLY DEMONSTRATED.
LET'S RING OF THE START AND YOU ARE GOING TO SEE OF ALL OF
THAT MONEY THAT IS GOING INTO THE CORPORATIONS AND WE
KNOW IT IS A LOT IS GOING TO BE A FAR MORE THANKS TO THE
$1.8 TRILLION THAT REPUBLICANS JUST GAVE TO CORPORATIONS,
WHAT SHARE OF THAT IS THE WORKERS SHARE OF ALL THE
CORPORATE INCOME AND YOU CAN SEE THAT IT HAS BEEN HIGHER
HISTORICALLY AND IT IS TRENDING DOWN AND DOWN AND DOWN.
THERE IS NO SIGN THAT IT IS GOING TO CHANGE ANYTIME
SOON AND ALSO, I WANTED TO LOOK A LITTLE MORE, WE GOT A
COMPARISON OF THE LAST COUPLE OF YEARS OF WAGE GROWTH.
I WANTED TO SEE WHAT IT LOOKS LIKE OVERTIME.
I TRACKED THIS DOWN.
BRING IT UP, THIS GOES ALL THE WAY BACK TO 1984.
YOU CAN SEE THERE THAT IT HAS HAD PERIODS OF GOING UP AND
PERIODS OF GOING DOWN.
IF YOU WANT TO PAUSE THIS OR SCREENSHOT IT AT SOME
POINT, LOOK BACK AND THINK ABOUT WHO WAS PRESIDENT DURING
THESE DIFFERENT PERIODS.
IT IS A VERY INTERESTING EXERCISE TO ENGAGE IN.
IT IS ALMOST EXACTLY AT THE END OF REPUBLICAN PRESIDENCIES
IT SHOOTS DOWN.
NOT NECESSARILY ALWAYS BUT IT DOES.
OF COURSE YOU HAVE TO FACTOR IN INFLATION OVER THIS TIME BECAUSE
THAT IS THE PERCENT WAGE INCREASE BUT IF INFLATION IS
GOING UP YOU ARE NOT ACTUALLY GOING TO GET MUCH FROM THERE AND
OVER THAT PERIOD, IT MODULATES BUT IT IS A COUPLE OF PERCENTAGE
POINTS WHICH MEANS IN MANY OF THESE YEARS YOU ARE MAKING
NOTHING EXTRA AND THAT IS NOT AN ACCIDENT.
THAT IS NOT WELL, IT JUST HAPPENED THAT OVER DECADES
WAGE GROWTH CONTINUES TO TREND DOWN.
IMAGINE IN FIVE YEARS IF WE BRING THIS GRAPH BACK THE
NEXT TIME IT FALLS OFF THE CLIFF, WHAT IS IT GOING TO
LOOK LIKE THEN?
CAN YOU GO INTO NEGATIVES?
WE WILL SEE, AS A COUNTRY PERHAPS WE WILL SEE.
FINALLY, MY FAVORITE GRAPH AND I SAY FAVORITE ONLY BECAUSE
OF HOW ILLUSTRATIVE IT IS, NOT BECAUSE IT IS GOOD NEWS
DIET IS TERRIBLE NEWS.
THIS IS A GRAPH OF WHAT IS HAPPENED SINCE 1948.
FROM 1942,
THEY PUT THE LINE THERE 73 BUT I THINK IT REALLY BEGINS TO DIVERT
MORE SIGNIFICANTLY IN 1978 AND YOU CAN SEE FOR YOURSELF THERE.
FOR 4878 WE HAVE 40
YEARS OF ACCIDENT PRODUCTIVITY LEADING TO EXCELLENT WAGES.
THAT IS THE GOLDEN YEARS OF AMERICA AND FROM 1978
ON, EXCELLENT PRODUCTIVITY CONTINUES BUT WAGES FLATLINED.
THEY STAGNATE, ALMOST NO GROWTH AT ALL FOR THE
LAST 78 TO 2018, SO 30 YEARS.
40 YEARS.
30 YEARS OF GREAT WAGES,
40 YEARS OF TERRIBLE WAGES AND SO THERE IS A REASON FOR THAT.
CORPORATIONS SEIZED THE GOVERNMENT AND THEY MADE
SURE THAT MINIMUM WAGE DID NOT GO UP.
THEY MADE SURE THAT THEY GOT THE BENEFITS OF DEREGULATION,
CORPORATIONS, CORPORATE TAX CUTS AND THE LIST GOES ON AND ON.
SO THE DIFFERENCE BETWEEN THOSE TWO LINES IS ABOUT $12 TRILLION
SO THEY TOOK $12
TRILLION OF YOUR PRODUCTIVITY AND PUT IN THEIR POCKET.
ON AVERAGE, IF OUR WAGES HAD KEPT UP WITH PRODUCTIVITY,
EACH AMERICAN WOULD BE MAKING $17,000 MORE PER YEAR.
THAT IS STUNNING AND IN THE MIDST OF PEOPLE ON
TELEVISION HIGH-FIVING BECAUSE THEY ALL HAVE A LOT OF
MONEY IN THE STOCK MARKET, STOCK MARKET IS DOING GREAT,
UNEMPLOYMENT IS DOWN, THE ECONOMY IS FANTASTIC.
YOU KNOW IN YOUR REAL LIFE AND THE NUMBERS BEAR IT OUT.
IT IS NOT FANTASTIC FOR THE REST OF US.
WAGES ARE STILL FLATLINING AND GOING DOWN WHEN YOU TAKE
INFLATION INTO ACCOUNT SO THEY ARE NOT LOOKING OUT FOR US,
THEY ARE LOOKING OUT FOR THEIR DONORS AS USUAL.
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