Tyler Durden points us to a
USA Today study of federal wages and benefits. Yes, we knew these people were completely out of control. But we didn't have a good picture of just
how out of control they were and are -- until today (emphases mine).
For all those wondering how to cut down on government expenditures, here's a thought: cut the skyrocketing salaries! A study by USA Today, using US Office of Personnel Management data, confirms what has been widely known: that the biggest beneficiaries of government largesse over the past 5 years as a worker cohort, are none other than Federal workers themselves...
...The numbers are stunning: those earning over $150,000 in the past five years have grown from 7,420 to 82,034, a 1,006% increase. More shockingly, those earning over $180,000 has surged from just 805 in 2005, to 16,912 in 2010: a 2,001% increase... And it is on the background of this that Congress is planning on giving 2.1 million federal workers another 1.4% across the board pay raise!
...Additionally, it appears that the bulk of the gains have taken place since Obama took office.
...The biggest pay hikes have gone to employees who have been with the government for 15 to 24 years. Since 2005, average salaries for this group climbed 25% compared with a 9% inflation rate... And just to make sure you get really angry, here is how one Federal Union views the fact that government workers as a whole are now the second best paid group after Wall Street:
National Treasury Employees Union President Colleen Kelley counters that the proposed raise "is a modest amount and should be implemented" to help make salaries more comparable with those in the private sector.
Once again, we get confirmation that Americans always get nothing more or less than the thieves in control they deserve, and elect.
President Obama keeps talking about "paying for" the expiration of the Bush tax cuts. By that, he means keeping the same amount of
your money flowing to the bloated federal bureaucracy to pay for these outrageous salary increases.
I've got an alternative: let's return the entire federal government discretionary -- non-defense -- spending back to 1999 levels. You know, when Clinton ran that budget surplus Democrats like to crow about (yes, I know, it was really the GOP House -- led by now Ohio Governor John Kasich -- who balanced the budget, but
***shhh*** humor them).
And let's outlaw public sector unions while we're at it. They are the enemy of a Democratic society -- one need only look at the riots in the streets of Europe for a preview of our future if these anti-taxpayers continue to feast at the public trough.
Next time you hear an economist or denizen of Wall Street talk about how the "American economy" is doing these days, watch your wallet.
There are two American economies. One is on the mend. The other is still coming apart.
The one that's mending is America's Big Money economy. It's comprised of Wall Street traders, big investors, and top professionals and corporate executives.
The Big Money economy is doing well these days. That's partly thanks to Ben Bernanke, whose Fed is keeping interest rates near zero by printing money as fast as it dare. It's essentially free money to America's Big Money economy.
Free money can almost always be put to uses that create more of it. Big corporations are buying back their shares of stock, thereby boosting corporate earnings. They're merging and acquiring other companies.
And they're going abroad in search of customers.
Thanks to fast-growing China, India, and Brazil, giant American corporations are racking up sales. They're selling Asian and Latin American consumers everything from cars and cell phones to fancy Internet software and iPads. Forty percent of the S&P 500 biggest corporations are now doing more than 60 percent of their business abroad. And America's biggest investors are also going abroad to get a nice return on their money.
So don't worry about America's Big Money economy. According to a Wall Street Journal survey released Thursday, overall compensation in financial services will rise 5 percent this year, and employees in some businesses like asset management will get increases of 15 percent.
The Dow Jones Industrial Average is back to where it was before the Lehman bankruptcy filing triggered the financial collapse. And profits at America's largest corporations are heading upward.
But there's another American economy, and it's not on the mend. Call it the Average Worker economy.
Last Friday's jobs report showed 159,000 new private-sector jobs in October. That's better than previous months. But 125,000 net new jobs are needed just to keep up with the growth of the American labor force. So another way of expressing what happened to jobs in October is to say 24,000 were added over what we need just to stay even.
Yet the American economy has lost 15 million jobs since the start of the Great Recession. And if you add in the growth of the labor force -- including everyone too discouraged to look for a job -- we're down about 22 million.
Or to put it another way, we're still getting nowhere on jobs.
One out of eight breadwinners is still out of work. Most families in the Average Worker economy rely on two breadwinners. So if one out of eight isn't working, chances are high that family incomes are down compared to what they were three years ago.
And that means the bills aren't getting paid.
According to a recent Washington Post poll, more than half of all Americans -- 53 percent -- are worried about making their mortgage payments. This is many more than were worried two years ago, when the Great Recession hit bottom. Then, 37 percent expressed worry.
Delinquency rates on home loans are rising. Distressed sales are up as a percent of total sales.
Most people in the Average Worker economy own few shares of stock, if any. Their equity is in their homes. But with all the delinquencies and distressed sales, the housing market has a glut of homes for sale. As a result, home prices are still dropping. So the net worth of most Americans is still dropping.
And even though interest rates are falling, most people in the Average Worker economy can't refinance their homes. They can't get home equity loans. Banks don't want to lend to the Average Worker economy because people in it are considered bad credit risks. They still owe lots of money, their family incomes are down, and their net worth has fallen.
And according to the Reuters/University of Michigan survey of American consumers, expectations about personal finances are at an all time low.
Inhabitants of the Big Money economy are celebrating Republican wins last week. They figure financial regulations will be rolled back, environmental regulations will be canned, the Bush tax cut will be extended to the top 1 percent, and it will be harder for workers to form unions.
Inhabitants of the Average Worker economy aren't so sure. The economy has been so bad they're angry at politicians. They showed their anger at the ballot box. They took it out on incumbents.
But if nothing changes in the Average Worker economy, there will be hell to pay.
Robert Reich is the author of Aftershock: The Next Economy and America's Future, now in bookstores. This post originally appeared at RobertReich.org.
bench craft companyDoesn't Rockefeller have a ton of money with which to develop his own network news operation if he wishes? Why doesn't he deploy his own capital and take the risk associated with free enterprise activities if he believes it is warranted ...
Phil Wilson Tweets some ominous news on the injury front for the Colts.
During a longer video with Fox News (video) The Donald goes into more detail about how the world has lost respect for America under the Obama administration, as well as the need for his type of “finesse” to be a truly effective ...
bench craft company Tyler Durden points us to a
USA Today study of federal wages and benefits. Yes, we knew these people were completely out of control. But we didn't have a good picture of just
how out of control they were and are -- until today (emphases mine).
For all those wondering how to cut down on government expenditures, here's a thought: cut the skyrocketing salaries! A study by USA Today, using US Office of Personnel Management data, confirms what has been widely known: that the biggest beneficiaries of government largesse over the past 5 years as a worker cohort, are none other than Federal workers themselves...
...The numbers are stunning: those earning over $150,000 in the past five years have grown from 7,420 to 82,034, a 1,006% increase. More shockingly, those earning over $180,000 has surged from just 805 in 2005, to 16,912 in 2010: a 2,001% increase... And it is on the background of this that Congress is planning on giving 2.1 million federal workers another 1.4% across the board pay raise!
...Additionally, it appears that the bulk of the gains have taken place since Obama took office.
...The biggest pay hikes have gone to employees who have been with the government for 15 to 24 years. Since 2005, average salaries for this group climbed 25% compared with a 9% inflation rate... And just to make sure you get really angry, here is how one Federal Union views the fact that government workers as a whole are now the second best paid group after Wall Street:
National Treasury Employees Union President Colleen Kelley counters that the proposed raise "is a modest amount and should be implemented" to help make salaries more comparable with those in the private sector.
Once again, we get confirmation that Americans always get nothing more or less than the thieves in control they deserve, and elect.
President Obama keeps talking about "paying for" the expiration of the Bush tax cuts. By that, he means keeping the same amount of
your money flowing to the bloated federal bureaucracy to pay for these outrageous salary increases.
I've got an alternative: let's return the entire federal government discretionary -- non-defense -- spending back to 1999 levels. You know, when Clinton ran that budget surplus Democrats like to crow about (yes, I know, it was really the GOP House -- led by now Ohio Governor John Kasich -- who balanced the budget, but
***shhh*** humor them).
And let's outlaw public sector unions while we're at it. They are the enemy of a Democratic society -- one need only look at the riots in the streets of Europe for a preview of our future if these anti-taxpayers continue to feast at the public trough.
Next time you hear an economist or denizen of Wall Street talk about how the "American economy" is doing these days, watch your wallet.
There are two American economies. One is on the mend. The other is still coming apart.
The one that's mending is America's Big Money economy. It's comprised of Wall Street traders, big investors, and top professionals and corporate executives.
The Big Money economy is doing well these days. That's partly thanks to Ben Bernanke, whose Fed is keeping interest rates near zero by printing money as fast as it dare. It's essentially free money to America's Big Money economy.
Free money can almost always be put to uses that create more of it. Big corporations are buying back their shares of stock, thereby boosting corporate earnings. They're merging and acquiring other companies.
And they're going abroad in search of customers.
Thanks to fast-growing China, India, and Brazil, giant American corporations are racking up sales. They're selling Asian and Latin American consumers everything from cars and cell phones to fancy Internet software and iPads. Forty percent of the S&P 500 biggest corporations are now doing more than 60 percent of their business abroad. And America's biggest investors are also going abroad to get a nice return on their money.
So don't worry about America's Big Money economy. According to a Wall Street Journal survey released Thursday, overall compensation in financial services will rise 5 percent this year, and employees in some businesses like asset management will get increases of 15 percent.
The Dow Jones Industrial Average is back to where it was before the Lehman bankruptcy filing triggered the financial collapse. And profits at America's largest corporations are heading upward.
But there's another American economy, and it's not on the mend. Call it the Average Worker economy.
Last Friday's jobs report showed 159,000 new private-sector jobs in October. That's better than previous months. But 125,000 net new jobs are needed just to keep up with the growth of the American labor force. So another way of expressing what happened to jobs in October is to say 24,000 were added over what we need just to stay even.
Yet the American economy has lost 15 million jobs since the start of the Great Recession. And if you add in the growth of the labor force -- including everyone too discouraged to look for a job -- we're down about 22 million.
Or to put it another way, we're still getting nowhere on jobs.
One out of eight breadwinners is still out of work. Most families in the Average Worker economy rely on two breadwinners. So if one out of eight isn't working, chances are high that family incomes are down compared to what they were three years ago.
And that means the bills aren't getting paid.
According to a recent Washington Post poll, more than half of all Americans -- 53 percent -- are worried about making their mortgage payments. This is many more than were worried two years ago, when the Great Recession hit bottom. Then, 37 percent expressed worry.
Delinquency rates on home loans are rising. Distressed sales are up as a percent of total sales.
Most people in the Average Worker economy own few shares of stock, if any. Their equity is in their homes. But with all the delinquencies and distressed sales, the housing market has a glut of homes for sale. As a result, home prices are still dropping. So the net worth of most Americans is still dropping.
And even though interest rates are falling, most people in the Average Worker economy can't refinance their homes. They can't get home equity loans. Banks don't want to lend to the Average Worker economy because people in it are considered bad credit risks. They still owe lots of money, their family incomes are down, and their net worth has fallen.
And according to the Reuters/University of Michigan survey of American consumers, expectations about personal finances are at an all time low.
Inhabitants of the Big Money economy are celebrating Republican wins last week. They figure financial regulations will be rolled back, environmental regulations will be canned, the Bush tax cut will be extended to the top 1 percent, and it will be harder for workers to form unions.
Inhabitants of the Average Worker economy aren't so sure. The economy has been so bad they're angry at politicians. They showed their anger at the ballot box. They took it out on incumbents.
But if nothing changes in the Average Worker economy, there will be hell to pay.
Robert Reich is the author of Aftershock: The Next Economy and America's Future, now in bookstores. This post originally appeared at RobertReich.org.
bench craft company>
Doesn't Rockefeller have a ton of money with which to develop his own network news operation if he wishes? Why doesn't he deploy his own capital and take the risk associated with free enterprise activities if he believes it is warranted ...
Phil Wilson Tweets some ominous news on the injury front for the Colts.
During a longer video with Fox News (video) The Donald goes into more detail about how the world has lost respect for America under the Obama administration, as well as the need for his type of “finesse” to be a truly effective ...
bench craft companybench craft company
bench craft companyDoesn't Rockefeller have a ton of money with which to develop his own network news operation if he wishes? Why doesn't he deploy his own capital and take the risk associated with free enterprise activities if he believes it is warranted ...
Phil Wilson Tweets some ominous news on the injury front for the Colts.
During a longer video with Fox News (video) The Donald goes into more detail about how the world has lost respect for America under the Obama administration, as well as the need for his type of “finesse” to be a truly effective ...
bench craft companyTyler Durden points us to a
USA Today study of federal wages and benefits. Yes, we knew these people were completely out of control. But we didn't have a good picture of just
how out of control they were and are -- until today (emphases mine).
For all those wondering how to cut down on government expenditures, here's a thought: cut the skyrocketing salaries! A study by USA Today, using US Office of Personnel Management data, confirms what has been widely known: that the biggest beneficiaries of government largesse over the past 5 years as a worker cohort, are none other than Federal workers themselves...
...The numbers are stunning: those earning over $150,000 in the past five years have grown from 7,420 to 82,034, a 1,006% increase. More shockingly, those earning over $180,000 has surged from just 805 in 2005, to 16,912 in 2010: a 2,001% increase... And it is on the background of this that Congress is planning on giving 2.1 million federal workers another 1.4% across the board pay raise!
...Additionally, it appears that the bulk of the gains have taken place since Obama took office.
...The biggest pay hikes have gone to employees who have been with the government for 15 to 24 years. Since 2005, average salaries for this group climbed 25% compared with a 9% inflation rate... And just to make sure you get really angry, here is how one Federal Union views the fact that government workers as a whole are now the second best paid group after Wall Street:
National Treasury Employees Union President Colleen Kelley counters that the proposed raise "is a modest amount and should be implemented" to help make salaries more comparable with those in the private sector.
Once again, we get confirmation that Americans always get nothing more or less than the thieves in control they deserve, and elect.
President Obama keeps talking about "paying for" the expiration of the Bush tax cuts. By that, he means keeping the same amount of
your money flowing to the bloated federal bureaucracy to pay for these outrageous salary increases.
I've got an alternative: let's return the entire federal government discretionary -- non-defense -- spending back to 1999 levels. You know, when Clinton ran that budget surplus Democrats like to crow about (yes, I know, it was really the GOP House -- led by now Ohio Governor John Kasich -- who balanced the budget, but
***shhh*** humor them).
And let's outlaw public sector unions while we're at it. They are the enemy of a Democratic society -- one need only look at the riots in the streets of Europe for a preview of our future if these anti-taxpayers continue to feast at the public trough.
Next time you hear an economist or denizen of Wall Street talk about how the "American economy" is doing these days, watch your wallet.
There are two American economies. One is on the mend. The other is still coming apart.
The one that's mending is America's Big Money economy. It's comprised of Wall Street traders, big investors, and top professionals and corporate executives.
The Big Money economy is doing well these days. That's partly thanks to Ben Bernanke, whose Fed is keeping interest rates near zero by printing money as fast as it dare. It's essentially free money to America's Big Money economy.
Free money can almost always be put to uses that create more of it. Big corporations are buying back their shares of stock, thereby boosting corporate earnings. They're merging and acquiring other companies.
And they're going abroad in search of customers.
Thanks to fast-growing China, India, and Brazil, giant American corporations are racking up sales. They're selling Asian and Latin American consumers everything from cars and cell phones to fancy Internet software and iPads. Forty percent of the S&P 500 biggest corporations are now doing more than 60 percent of their business abroad. And America's biggest investors are also going abroad to get a nice return on their money.
So don't worry about America's Big Money economy. According to a Wall Street Journal survey released Thursday, overall compensation in financial services will rise 5 percent this year, and employees in some businesses like asset management will get increases of 15 percent.
The Dow Jones Industrial Average is back to where it was before the Lehman bankruptcy filing triggered the financial collapse. And profits at America's largest corporations are heading upward.
But there's another American economy, and it's not on the mend. Call it the Average Worker economy.
Last Friday's jobs report showed 159,000 new private-sector jobs in October. That's better than previous months. But 125,000 net new jobs are needed just to keep up with the growth of the American labor force. So another way of expressing what happened to jobs in October is to say 24,000 were added over what we need just to stay even.
Yet the American economy has lost 15 million jobs since the start of the Great Recession. And if you add in the growth of the labor force -- including everyone too discouraged to look for a job -- we're down about 22 million.
Or to put it another way, we're still getting nowhere on jobs.
One out of eight breadwinners is still out of work. Most families in the Average Worker economy rely on two breadwinners. So if one out of eight isn't working, chances are high that family incomes are down compared to what they were three years ago.
And that means the bills aren't getting paid.
According to a recent Washington Post poll, more than half of all Americans -- 53 percent -- are worried about making their mortgage payments. This is many more than were worried two years ago, when the Great Recession hit bottom. Then, 37 percent expressed worry.
Delinquency rates on home loans are rising. Distressed sales are up as a percent of total sales.
Most people in the Average Worker economy own few shares of stock, if any. Their equity is in their homes. But with all the delinquencies and distressed sales, the housing market has a glut of homes for sale. As a result, home prices are still dropping. So the net worth of most Americans is still dropping.
And even though interest rates are falling, most people in the Average Worker economy can't refinance their homes. They can't get home equity loans. Banks don't want to lend to the Average Worker economy because people in it are considered bad credit risks. They still owe lots of money, their family incomes are down, and their net worth has fallen.
And according to the Reuters/University of Michigan survey of American consumers, expectations about personal finances are at an all time low.
Inhabitants of the Big Money economy are celebrating Republican wins last week. They figure financial regulations will be rolled back, environmental regulations will be canned, the Bush tax cut will be extended to the top 1 percent, and it will be harder for workers to form unions.
Inhabitants of the Average Worker economy aren't so sure. The economy has been so bad they're angry at politicians. They showed their anger at the ballot box. They took it out on incumbents.
But if nothing changes in the Average Worker economy, there will be hell to pay.
Robert Reich is the author of Aftershock: The Next Economy and America's Future, now in bookstores. This post originally appeared at RobertReich.org.
bench craft company
bench craft companyDoesn't Rockefeller have a ton of money with which to develop his own network news operation if he wishes? Why doesn't he deploy his own capital and take the risk associated with free enterprise activities if he believes it is warranted ...
Phil Wilson Tweets some ominous news on the injury front for the Colts.
During a longer video with Fox News (video) The Donald goes into more detail about how the world has lost respect for America under the Obama administration, as well as the need for his type of “finesse” to be a truly effective ...
bench craft company
bench craft companyDoesn't Rockefeller have a ton of money with which to develop his own network news operation if he wishes? Why doesn't he deploy his own capital and take the risk associated with free enterprise activities if he believes it is warranted ...
Phil Wilson Tweets some ominous news on the injury front for the Colts.
During a longer video with Fox News (video) The Donald goes into more detail about how the world has lost respect for America under the Obama administration, as well as the need for his type of “finesse” to be a truly effective ...
bench craft companyDoesn't Rockefeller have a ton of money with which to develop his own network news operation if he wishes? Why doesn't he deploy his own capital and take the risk associated with free enterprise activities if he believes it is warranted ...
Phil Wilson Tweets some ominous news on the injury front for the Colts.
During a longer video with Fox News (video) The Donald goes into more detail about how the world has lost respect for America under the Obama administration, as well as the need for his type of “finesse” to be a truly effective ...
bench craft companyDoesn't Rockefeller have a ton of money with which to develop his own network news operation if he wishes? Why doesn't he deploy his own capital and take the risk associated with free enterprise activities if he believes it is warranted ...
Phil Wilson Tweets some ominous news on the injury front for the Colts.
During a longer video with Fox News (video) The Donald goes into more detail about how the world has lost respect for America under the Obama administration, as well as the need for his type of “finesse” to be a truly effective ...
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bench craft company bench craft companyDoesn't Rockefeller have a ton of money with which to develop his own network news operation if he wishes? Why doesn't he deploy his own capital and take the risk associated with free enterprise activities if he believes it is warranted ...
Phil Wilson Tweets some ominous news on the injury front for the Colts.
During a longer video with Fox News (video) The Donald goes into more detail about how the world has lost respect for America under the Obama administration, as well as the need for his type of “finesse” to be a truly effective ...
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