Comments on: Deflation Hits Wages http://firedoglake.com/2008/12/24/deflation-hits-wages/ Firedoglake weblog Sat, 20 Mar 2010 16:04:25 -0500 http://wordpress.org/?v=2.9.1 hourly 1 By: Rickbrew9x http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771772 Rickbrew9x Thu, 25 Dec 2008 05:02:47 +0000 http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771772 <blockquote><p>I also think the legislators wage increases should be tied to the minimum wage as well</p></blockquote> <p>Interesting. Currently the Senators and Representatives get an annual pay raise equal to percent change in the cost of living. If instead they got pay raises equal to the percent change in the minimum wage, and the minimum wage was indexed to the cost of living, then the congress-turkeys would only get pay raises when the minimum wage went up, and no more increase than the minimum wage was increased. </p> <p>Also limit Congressional pay to no more than, say, 20 times the median average pay, regardless of CPI. </p> <p>Oh, and keep track of executive pay in the rest of the industrial nations and have corporate financial statements report executive pay as related to executives in Japan, Germany and some other nations. Report that executive pay for all executives above a certain rank in the hierarchy and pay distributions for those lower in the organization. </p> <p>Right now with great effort you can find CEO pay, bonuses and stock payments effectively hidden in the SEC reports on the proxy statement. Make that another financial statement that is publicly reported and publicized.</p>

I also think the legislators wage increases should be tied to the minimum wage as well

Interesting. Currently the Senators and Representatives get an annual pay raise equal to percent change in the cost of living. If instead they got pay raises equal to the percent change in the minimum wage, and the minimum wage was indexed to the cost of living, then the congress-turkeys would only get pay raises when the minimum wage went up, and no more increase than the minimum wage was increased.

Also limit Congressional pay to no more than, say, 20 times the median average pay, regardless of CPI.

Oh, and keep track of executive pay in the rest of the industrial nations and have corporate financial statements report executive pay as related to executives in Japan, Germany and some other nations. Report that executive pay for all executives above a certain rank in the hierarchy and pay distributions for those lower in the organization.

Right now with great effort you can find CEO pay, bonuses and stock payments effectively hidden in the SEC reports on the proxy statement. Make that another financial statement that is publicly reported and publicized.

]]> By: Rickbrew9x http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771758 Rickbrew9x Thu, 25 Dec 2008 04:36:45 +0000 http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771758 <p>This looks to me like conservative phase II. They have spent three decades shipping real economy jobs to low wage locations overseas while building the American economy around Wall Street banks. This has been done behind two economic pieces of propaganda. The first is that somehow market fundamentalism will improve the economy and the second is the expansion of economic and financial globalism. </p> <p>Now that they have moved the destruction of the American economy into high gear, they can actively lower wages here until American labor gets paid little more than Chinese labor. </p> <p>This is accompanied by increasing income inequality. The Executives in big business and large banks get more and more income while everyone else gets lower income. </p> <p>In short, the goal is to shift America to the same income structure as that found in Latin America, and we all know how well Latin American economies work for most of their citizens.</p> This looks to me like conservative phase II. They have spent three decades shipping real economy jobs to low wage locations overseas while building the American economy around Wall Street banks. This has been done behind two economic pieces of propaganda. The first is that somehow market fundamentalism will improve the economy and the second is the expansion of economic and financial globalism.

Now that they have moved the destruction of the American economy into high gear, they can actively lower wages here until American labor gets paid little more than Chinese labor.

This is accompanied by increasing income inequality. The Executives in big business and large banks get more and more income while everyone else gets lower income.

In short, the goal is to shift America to the same income structure as that found in Latin America, and we all know how well Latin American economies work for most of their citizens.

]]> By: goldstandard http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771671 goldstandard Wed, 24 Dec 2008 21:52:29 +0000 http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771671 <p>Now the scum come out of the woodwork from the IMF to tell us just how serious things are? Where the hell were they a year ago in December 2007 when the recession actually started? Do we really require another stuffed suit telling us how bad things are or how much more worse they are going to get? Obama has already tipped his had, reading the tea leafs by proclaiming it’s going to get a lot worse before it gets better.<br /> But no matter how bad it gets, in order to lay claime that your a true blue American, you’ll have to pay a price for that previlage. The cost? Help those from Washington to Wall Street who bankrupted us by allowing them to enjoy the holidays and giving them their year end bonuses.<br /> The most glaring example is AIG. AIG pays out $400 million in bonuses with taxpayer money. The Company defends this as necessary to keep top talent? Top talent? What the hell are they talking about? This is the “top talent” that created the multi-hundred billion dollar catastrophe that Henry Paulson is using taxpayer money to monetize, fraudulently I would argue. And make no mistake about this, I have looked at the publicly available numbers for AIG and have concluded that AIG will require at least $1 trillion to keep it alive. Others are finally somewhat agreeing as I’ve seen recent media published estimates of $400-500 billion. Eventually they’ll come my way. AIG is being kept alive with taxpayer money in order to defend the massive counterparty deriviatives risk exposure of Goldman Sachs, JP Morgan and Morgan Stanley, among others. This is the ONLY reason and taxpayers are subsidizing the nice Christmas that will be had by AIG and Hank Paulson all the other Wall Street crooks who are looting our system. I ask again, where the hell is the outrage?<br /> Hope all enjoy the holidays as best they can. While the crowds from Wall Street to Washington dine on caviar and champaign compliments of the US tax payer and Congress, what’s left of the middle class gets to enjoy spam and Mountain Dew.</p> Now the scum come out of the woodwork from the IMF to tell us just how serious things are? Where the hell were they a year ago in December 2007 when the recession actually started? Do we really require another stuffed suit telling us how bad things are or how much more worse they are going to get? Obama has already tipped his had, reading the tea leafs by proclaiming it’s going to get a lot worse before it gets better.
But no matter how bad it gets, in order to lay claime that your a true blue American, you’ll have to pay a price for that previlage. The cost? Help those from Washington to Wall Street who bankrupted us by allowing them to enjoy the holidays and giving them their year end bonuses.
The most glaring example is AIG. AIG pays out $400 million in bonuses with taxpayer money. The Company defends this as necessary to keep top talent? Top talent? What the hell are they talking about? This is the “top talent” that created the multi-hundred billion dollar catastrophe that Henry Paulson is using taxpayer money to monetize, fraudulently I would argue. And make no mistake about this, I have looked at the publicly available numbers for AIG and have concluded that AIG will require at least $1 trillion to keep it alive. Others are finally somewhat agreeing as I’ve seen recent media published estimates of $400-500 billion. Eventually they’ll come my way. AIG is being kept alive with taxpayer money in order to defend the massive counterparty deriviatives risk exposure of Goldman Sachs, JP Morgan and Morgan Stanley, among others. This is the ONLY reason and taxpayers are subsidizing the nice Christmas that will be had by AIG and Hank Paulson all the other Wall Street crooks who are looting our system. I ask again, where the hell is the outrage?
Hope all enjoy the holidays as best they can. While the crowds from Wall Street to Washington dine on caviar and champaign compliments of the US tax payer and Congress, what’s left of the middle class gets to enjoy spam and Mountain Dew.

]]> By: northof55 http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771552 northof55 Wed, 24 Dec 2008 18:16:04 +0000 http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771552 <p>This was all predicted back when Al Gore and Bill Clinton was pushing GHWBs Nafta agreement and later GATT. This is the neo liberal consensus and I hate to say it, but Ross Perot and Ralph Nadar were absolutely right. GATT and Nafta wasn’t just about lowering trade barriers, it was about a system to “harmonize” laws, and especially wages. As many know the whole debt bubble was to stay consuming.</p> <p>This situation will only get worse if free trade as we are currently participating in it is not changed. Bubbles are popping all over the economy, gold is going to $300-$400, steel is falling, oil has dropped, natural gas is below $6 per MCF but there was no bubble in wages. This is a terrible time for downward wage pressure when lower commodities can help home balance sheets get healthy after the commodities bubbles have burst. But, the nobles see other prices falling so pushing down wages is a natural reaction.</p> This was all predicted back when Al Gore and Bill Clinton was pushing GHWBs Nafta agreement and later GATT. This is the neo liberal consensus and I hate to say it, but Ross Perot and Ralph Nadar were absolutely right. GATT and Nafta wasn’t just about lowering trade barriers, it was about a system to “harmonize” laws, and especially wages. As many know the whole debt bubble was to stay consuming.

This situation will only get worse if free trade as we are currently participating in it is not changed. Bubbles are popping all over the economy, gold is going to $300-$400, steel is falling, oil has dropped, natural gas is below $6 per MCF but there was no bubble in wages. This is a terrible time for downward wage pressure when lower commodities can help home balance sheets get healthy after the commodities bubbles have burst. But, the nobles see other prices falling so pushing down wages is a natural reaction.

]]> By: someofparts http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771529 someofparts Wed, 24 Dec 2008 17:54:52 +0000 http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771529 <p>So much for the propaganda about globalization providing better jobs to replace the good ones that get lost.</p> <p>Recall hearing somewhere that during the days of European feudalism, it was made a crime for a peasant to even touch a member of the “nobility”. I can see why. If the peasant understands what the “noble” is doing to them, who <em>wouldn’t</em> want to murder them if they were within reach.</p> So much for the propaganda about globalization providing better jobs to replace the good ones that get lost.

Recall hearing somewhere that during the days of European feudalism, it was made a crime for a peasant to even touch a member of the “nobility”. I can see why. If the peasant understands what the “noble” is doing to them, who wouldn’t want to murder them if they were within reach.

]]> By: LindaR http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771503 LindaR Wed, 24 Dec 2008 17:40:55 +0000 http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771503 <p>Long story short: Driving wages down — which started with Reagan — ruins an economy.</p> <p>Wages:economy = fuel:automobile</p> <p>The solution: Destroy southern values (slavery is good) and renew post WWII American values: we are all free human beings, and a thriving physical and social infrastructure is our American birthright.</p> Long story short: Driving wages down — which started with Reagan — ruins an economy.

Wages:economy = fuel:automobile

The solution: Destroy southern values (slavery is good) and renew post WWII American values: we are all free human beings, and a thriving physical and social infrastructure is our American birthright.

]]> By: PJEvans http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771457 PJEvans Wed, 24 Dec 2008 17:07:33 +0000 http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771457 <p>More evenly, only if management also gets their wages cut. Preferably in the same proportion as workers, if not larger.</p> More evenly, only if management also gets their wages cut. Preferably in the same proportion as workers, if not larger.

]]> By: californiarealitycheck http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771430 californiarealitycheck Wed, 24 Dec 2008 16:29:47 +0000 http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771430 <p>now there is the free enterprise system at work for ya.</p> now there is the free enterprise system at work for ya.

]]> By: foothillsmike http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771420 foothillsmike Wed, 24 Dec 2008 16:21:24 +0000 http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771420 <p>OT. Per MSRNC there has been a roof collapse at the Kohler plant in Kohler, WI</p> OT. Per MSRNC there has been a roof collapse at the Kohler plant in Kohler, WI

]]> By: foothillsmike http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771419 foothillsmike Wed, 24 Dec 2008 16:13:24 +0000 http://firedoglake.com/2008/12/24/deflation-hits-wages/#comment-1771419 <p>Maybe we could send them to China and they could outsource the jobs back here.</p> Maybe we could send them to China and they could outsource the jobs back here.

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