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Thread: US Median Income Lowest Since 1995

  1. #91
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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by Μολὼν λαβέ View Post
    Over 18% inflation and interest rates and a +7 misery index? I guess you enjoyed waiting in gas lines too.
    The highest annual inflation rate under Carter was 13.58% in 1980 in the midst of the oil crisis. The highest month at annual rates was 14.76% in March of that year.

    The federal funds rate was at 10% or below throughout the summer of 1980, but was ramped up to 20% in December of that year in keeping with the policies of the newly elected Reagan. It stayed there all but all through 1981, being relaxed too late to help ward off what was at the time the greatest economic disaster since the Great Depression.

    Aggravated by Nixon's wage-price controls, gas lines were indeed a pain during the 1973-74 oil crisis. Eventually, odd/even rationing helped bring things under control. Lines were not as widepsread or long-lasting in 1979-80 when the major problem was panicked buyers fearing a return to 1973-74 and trying to keep the tank full at all times. Unlike in the earlier version, there was actually plenty of gas to go around in 1979-80.

    Oh, and the so-called "misery index" is a complete joke number that has no actual meaning at all.

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by Muddy Creek View Post
    You mean the OPEC embargo when they raised their prices on us? Carter couldn't control that...
    The embargo was actually in 1973-74 and was placed against countries that had supported Israel during the 1973 Arab-Israeli war, which obviously included us. The 1979-80 crisis was initially the result of instability in Iran and Iraq being allowed to cut into production, but OPEC kind of took advantage of that situation to end up doubling the price of oil very quickly. Both of these events were what is called "exogenous shocks" -- shocks from outside the system. Neither Nixon nor Carter was responsible for them. Each had to deal with the consequences, however. Nixon and Ford couldn't avoid a rather long and deep recession. Carter was able to keep things to a brief and mild one.

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    Re: US Median Income Lowest Since 1995

    The unions are to blame for this.

    They got too greedy and demanded too much money. They forced us to send their jobs to China.

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by Cardinal Fang View Post
    The embargo was actually in 1973-74 and was placed against countries that had supported Israel during the 1973 Arab-Israeli war, which obviously included us. The 1979-80 crisis was initially the result of instability in Iran and Iraq being allowed to cut into production, but OPEC kind of took advantage of that situation to end up doubling the price of oil very quickly. Both of these events were what is called "exogenous shocks" -- shocks from outside the system. Neither Nixon nor Carter was responsible for them. Each had to deal with the consequences, however. Nixon and Ford couldn't avoid a rather long and deep recession. Carter was able to keep things to a brief and mild one.
    Thanks for the information.
    Alex Carey:

    ... the 20th century has been characterized by three developments of great political importance: The growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy.

    Australian social scientist, quoted by Noam Chomsky in World Orders Old and New

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by johnny_rebson View Post
    The unions are to blame for this.

    They got too greedy and demanded too much money. They forced us to send their jobs to China.


    Your proof?

    See, cuz the IMF and the NAFTA agreements Bush signed and Clinton put into law went to get jobs out of here. No company went bankrupt because of paying union wages nor health care.
    Alex Carey:

    ... the 20th century has been characterized by three developments of great political importance: The growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy.

    Australian social scientist, quoted by Noam Chomsky in World Orders Old and New

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by The Prof View Post
    US median income lowest since 1995 - FT.com

    mere confirmation of our own experience, what americans are living

    what can we expect when so many more of our neighbors, friends and family members are filing for disability and food stamps than are actually gaining employment

    what's new when four times as many of our associates and relations drop out of the work force than find a job

    when 58% of the frighteningly few of our friends who do hook up end up pulling down between $10 and $12 per hour

    CNN: Low-wage jobs explosion - Aug. 31, 2012

    when real middle class incomes are down TWICE as fast AFTER the recession officially ended than they declined DURING the deepest, darkest days of depression

    Household income fell 4.8% during economic recovery - latimes.com

    food stamps at a record hi, poverty at a record hi

    if the workforce were the same size today, even disallowing for natural population growth, as it was on jan 20, 2009, bls' unemployment # would be 11.2

    we can never hit bottom til housing, which brung us here, finds its basement

    Time: How ‘Shadow Inventory’ Is Killing the U.S. Housing Market

    3 to 10 million homes haunt the shadow inventory

    who's lying to you, time, cnn or ft?

    maybe it's sigtarp you shouldn't believe

    Bloomberg: Obama Loan-Modification Effort 'Failed Miserably'
    People get the government they deserve. They voted this moron into office so they live with the results!

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by Muddy Creek View Post
    Your proof? See, cuz the IMF and the NAFTA agreements Bush signed and Clinton put into law went to get jobs out of here. No company went bankrupt because of paying union wages nor health care.
    There's more to it than that. Globalization creates jobs here as well, as our export sector has expanded significantly. Technology plays a role as well. Manufacturing output here and around the world has soared over the past twenty years or so, but the number of manufacturing jobs has shrunk in every single one of the world's twelve largest manufacturing economies. China since 1995 has lost more manufacturing jobs than the US presently has. US job losses have been about average.

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by washunut View Post
    People get the government they deserve.
    How do you account for George W Bush? Nobody deserved that.

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    Re: US Median Income Lowest Since 1995

    I really do feel bad for progressives when the morning of Nov 7 is here and they wake up to find that their savior Obama is done.
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: US Median Income Lowest Since 1995

    Since records have been kept, the medium income of the TOP 400 richest in the USA has NEVER decreased.

    In fact the TOP 400 richest in the USA have seen their incomes increase post 2008 Global financial Crisis

    Shhhhhhh - keep this secret between the fascist elite - they dont want you to know

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