Wednesday, August 29, 2007

Who was it that said globalism wouldn't cause wage depression?

Because every last economist who did is full of you-know-what.

Making less than dad did
Report reveals that American men in their 30s earn less than their fathers did, as family income growth decelerates.
By David Ellis, staff writer May 25 2007: 6:52 PM EDT

Relying on Census Bureau figures, the study's authors found that after adjusting for inflation, men in their 30s in 2004 had a median income of about $35,000 per year, for a 12 percent drop compared with $40,000 per year for men in the same age group in 1974. That stood in stark contrast to men in their 30s in 1994, who earned 5 percent more than their fathers did...

And that lovely Peak Oil problem that "free-market" economists have been ignoring is not helping matters any:

May 23, 2007 Yet More Fun With Numbers: $7/Gallon Gasoline

The bottom line is that, while $3.50/gallon gasoline was a cakewalk $7/gallon gasoline will be nightmarish. Not because we can't afford to pay $140 to fill our gas tank, but because we can't afford to pay twice as much for the oil that drives the rest of economy.

Want to see the graphics?

Isn't that nice, class? Aren't you sorry now that you didn't vote for Ross Perot?

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