“One-third of all workers earn less than $12 an hour and 42% earn less than $15. That’s $24,960 and $31,200 a year. Imagine raising a family on such incomes, figuring in the cost of food, rent, childcare, car payments (since a car is often a necessity simply to get to a job in a country with inadequate public transportation), and medical costs.”
About 12% of Americans (43 million) are considered poor, and yet they are employed. They earn an individual income below $12,140 per year. If you add housing and medical expenses to the calculation, it raises the percentage of Americans living in poverty to 14%: 45 million people.
Remember car accidents and cancer patients are good for the GDP. This metric of productivity is almost meaningless. How’s wage growth doing?
The U.S. economy grew at the strongest pace in nearly four years during the second quarter, powered by a rebound in consumer spending, exports and firm business investment.
Damn Skippy, the economy is rigged.
Ocasio-Cortez understands a key feature of the economy in a way most politicians miss — and it could be a huge asset for Democrats
“There has almost never been a period of substantial economic growth in the United States without significant investment,” she said. “And no investment pays off within the same cycle. No investment pays off within the same year – especially a governmental investment. Even businesses don’t work that way.”
OPINION: Alexandria Ocasio-Cortez favors a government jobs guarantee and says Americans should not underestimate the power of policymakers to channel deficit spending toward social goals like healthcare and education.
In other words – you are being RIPPED OFF!
“De Loecker and Eeckhout analyzed the balance sheets of listed companies from 1950 to 2014. (In 2014, these firms accounted for around 40% of all sales.) They found that average markups, defined as the amount above cost at which a product is sold, have shot up since 1980. The average markup was 18% in 1980, but by 2014 it was nearly 70%.”
New research suggests that the US is not nearly as competitive as it used to be.