United States debt & economic realities

[AtLast]

Although it is very difficult for me to deal with, I do think that changes to MediCare is needed along with tax reform in order for the US to find economic stability. Now, I also think that legislation dealing with our safety-net programs ought to have sunset clauses in them- meaning that any changes are for a specific period of time and up for renegotiation. Our economy is and always will be fluid and I have no problem with some cuts here as long as there is a mechanism for reinstatement with economic changes for the better.

I think the US can and should take some big steps to stabilize the economy, but I also think that this can be done without changing the basis of our social democratic philosophies that call on us all to be responsible to all of our people. I had no problems with contributing to generations older than myself for their retirement. I also expect to have this same support now that I am in my 60's, yet, I know that I will have some decreases in benefits when I reach 65. Of course I don't like this, but, I also believe that our commitments to education are extremely important and the fact is that our younger people starting out are doing so in a very poor climate.

This isn't easy as I have been smacked around pretty hard with this recession at a time in my life in which disability health isssues have been difficult. Industries affecting what I put away for retirement outside of SS that contribute to my income are not going to come back any time soon- some not at all. There are many people that invested in retirement lans outside of what their work offered that will never see the kinds of earnings they thought they would. Many public retirement plans are in decline for hundreds of thousands of public retirees at this very moment- and these folks will not be able to return to work to make up for this.

If it were not for physical issues, I would not have retired as early. But I do think that younger people are not going to have the level of upward social mobility that my generation did. I hope I am wrong, but the really wealthy are the ones that keep rising in economic strength and the middle and working class continues to decline.

Also, we here in the US really need to look at world economies and understand that they indeed impact our economic health- or decline. We are so arrogant when it comes to this.

I honestly think that we haven't seen the worst yet- that middle-class populations that are retired are going to see returns decline over the next few years as we double-dip and unemployment soars. Many public retirement plan administrators invested things like teacher funds in segments that will be falling soon that they thought were safe.

I would be very happy to be very wrong about this.

[Sachita]

Originally Posted by AtLastHome

I honestly think that we haven't seen the worst yet- that middle-class populations that are retired are going to see returns decline over the next few years as we double-dip and unemployment soars. Many public retirement plan administrators invested things like teacher funds in segments that will be falling soon that they thought were safe.

I would be very happy to be very wrong about this.

I think so too. Its disturbing although not surprising. I think more now then ever people have to become self sustaining and as independent as possible from government programs and assistance.

what really blows my mind are the grant programs and government agencies with huge salaries designed to stimulate agricultural. It really is such a fucking racket because they barely do their jobs. Meanwhile our tax dollars just funneling away.

the cost of living and things we've grown to depend on like fuel will become so expensive people can't afford them. Not to mention the shambles they made of our food systems.

[Apocalipstic]

Originally Posted by tapu

Yeah, we're fucked.

Indeed.

I can't help but think that if we stopped the wars we are in, raised taxes on everyone but the poor and added to who pays taxes like...document undocumented workers, make corporations pay their fair share if they do business in the US, make churches who have a political agenda pay etc...and fixed infrastructure a la FDR, things would be wayy better.

[*Anya*]

15.4 million are living in the suburbs.

44.2 million using food stamps

Unemployment above 9 million

And the Band Played On...

Senate and Congress still can't get their shit together.

Numbers from CNN this AM, Monday 9/26/11

[SoNotHer]

I'm glad to see this thread and the thoughts here. As an avocation, I study soil and soil systems as well as natural systems. America has always been rich in these, but we have to come to realize and cherish that. I was just reading about China's ecosystem health. A price has been paid for that country's rapid economic growth.

Does anyone else believe that a country's economic health is only as good as the ideas the country pursues and that any economic system is a child of the parental system of planetary health?

[Glenn]

China, India, and the other third world countries where good folks are exploited for cheap slave labor have already begun experiencing their own industrial revolution just like our American workers did, and will enjoy a higher standard of living in the future imo. For example now, many of China's companies have no reporting standards. Imo it was the corporate elite who exploited workers and created this mess. This problem could lead to universal positive reforms in the form of global legislation that will prohibit these CEO's from amassing obscene amounts of wealth. I'm thinking an international debit card, IMU, will need to be used as an international monery unit instead of paper currency? As for natural environmental resources, i agree So Not Her, no other place on Earth is as diverse as America.

[*Anya*]

Study: America Hasn’t Had a Pay Raise in 35 Years
By Bob Sullivan

Feb 27, 2015 10:45

There’s been a lot of talk about raising the minimum wage lately, and it is good that workers at Wal-Mart, T.J. Maxx and Marshalls will soon have a little more money in their paychecks. Now, what about the rest of the country? Stagnant wages are a chief component of The Restless Project.

Another comprehensive report issued by the Economic Policy Institute revealed recently that Americans’ wages are stuck in neutral — have been since the recession began — and if you look at the long haul, American workers really haven’t gotten a raise since 1979.

That’s depressing enough, but what’s really disturbing about this latest report is that the wage stagnation applies across all demographics and education levels. Critically, even college graduates have seen their wages drop slightly since 2007, which suggests something that’s hard for many economists to get their heads around: We aren’t going to educate our way out of wage stagnation.

“I n fact, among all education categories, the greatest real wage losses between 2013 and 2014 were among those with a college or advanced degree,” the report says. “Workers with a four-year college degree saw their hourly wages fall 1.3 percent from 2013 to 2014, while those with an advanced degree saw an hourly wage decline of 2.2 percent.”

While the headline unemployment rate has continued to improve, leading to a lot of backslapping in Washington, D.C., and elsewhere, the real story of the economy remains much more muddy.

More highlights from the ECI report

From 2013 to 2014, real hourly wages fell at all wage levels, except for a miniscule 3-cent increase at the 40th percentile and a more significant increase at the 10th percentile.

Wages grew at the 10th percentile because of minimum-wage increases in 2014 in states where 47.2 percent of U.S. workers reside. This illustrates that public policies can be an important tool for raising wages.

Only those at the top of the wage distribution have real wages higher today than before the recession began.

Across the distribution, men’s wages remain higher than women’s, but women have seen a slightly bigger increase than men since 2007.

Workers of color continue to have hourly wages far below those of their white counterparts. In 2014, the median black and median Hispanic wages were only about 75 percent and 70 percent, respectively, of the median white wage. All three groups have median wages in 2014 lower than in 2007.

Looking at wages by educational attainment, the greatest real wage losses between 2013 and 2014 were among those with a college or advanced degree. This demonstrates that poor wage performance cannot be blamed on workers lacking adequate education or skills.

Those with the least education actually saw a reversal in trend, likely related to the state-level minimum-wage increases.

Despite wage declines in both 2013 and 2014, those with an advanced degree are the only ones who have returned to 2007 real wage levels.

Nominal wage growth, by any measure, is far below wage growth consistent with the Federal Reserve Board’s 2 percent inflation target.

There is no evidence of upward pressure on wages — let alone acceleration of wages — that would signal that the Federal Reserve Board should worry about incipient inflation and raise interest rates in an effort to slow the economy.

This article was originally published on MoneyTalksNews.com as 'Study: America Hasn’t Had a Pay Raise in 35 Years'.


http://finance.yahoo.com/news/study-...VU9xMAf0PQtDMD


http://www.epi.org/publication/stagnant-wages-in-2014/