What Fires You Up?

1/09/2004

 

Is this a "Joyless" or "Jobless Recovery"?
(I forget which it is...)

Last week the NY Times ran a feature story about the so-called good news about the US economy. I intended then to write a blog entry about this, but today received in email a great and timely update from the Daily Misleader. Here is the post today, in full, with a link for those interested to go to the site. It's been a good way to keep track of the multiplying and destructive efforts of the Bush administration in disrupting the real Americans' way of life.

=============================== THE DAILY MIS-LEAD < http://daily.misleader.org/ctt.asp?u=1265562&l=14088 > ===============================

ADMINISTRATION CLAIMS OF BETTER ECONOMY DON'T FOLLOW THE NUMBERS

While the Bush/Cheney re-election website promotes the idea that the economy is "stepping on the gas pedal," new figures released today by the Bureau of Labor Statistics showed hiring to be flat in December 2003 with a net gain of 1,000 jobs. A new report released today by the Economic Policy Institute finds that the Bush administration's assertion that the president's 2003 tax cut fell 1.615 million jobs short of its prediction for the year.

The president publicly unveiled his 2003 tax cut last year by tying it to job creation. In the State of the Union, Bush said, "When America works, America prospers, so my economic security plan can be summed up in one word: jobs." But the president's policies have failed to benefit American workers. A National Journal piece last week noted that "The economy is so far behind the administration's forecast that an average of 400,000 jobs would have to materialize every month until the end of 2004 to keep to the White House schedule. How hard is that? During the 1990s boom, such phenomenal job growth occurred in eight months out of 102."

The White House has thus far focused on putting a positive spin on the state of the economy. The president said in early December, "This administration has laid the foundation for greater prosperity and more jobs across America so every single citizen has a chance to realize the American dream." But so far, the widely reported increases in productivity and growth aren't translating into jobs or higher wages. New jobs being created are paying 13% less than those lost during the recession--$14.65/hour versus $16.92/hour. By contrast, new jobs created during the later years of the expansion, 1998 to 2000, paid 12% more.

While the rapid growth of the recovery has so far failed to benefit workers, corporate profits have increased at a rate far beyond those of previous recoveries. According to the EPI study, previous recoveries provided an average of 61% of total income growth - and never less than 55% -- to workers. In this recovery, however, only 29% of the total income growth has gone to workers' wages and benefits. Meanwhile, corporate profits have claimed an average share of 46% of total income growth in this recovery, compared to an historic average of 26%.

Read the Mis-Lead --> < http://daily.misleader.org/ctt.asp?u=1265562&l=14089 >
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BJ 1/09/2004 06:34:00 PM

1/08/2004

 

Modest Needs Organization A Winner!

For some Christmas spirit that lasts year 'round, stop by the website for Modest Needs, a non-profit organization that grants small amounts of money for unexpected and urgent expenses for - get this - the "working poor"!!!!!!

Interesting story and simple idea. Read the bulletin board, testimonials and FAQ's there. Meet Keith who is behind it all and pass it on.

BJ 1/08/2004 11:51:00 PM