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Corporate Profits Just Hit An All-Time High, Wages Just Hit An All Time Low
Posted: Jun 22, 2012
Good ol' United Corporations of America!!
;
Perhaps, with a few moments thought, you can detect the - skewed conclusion this author invites you to make.
[ In Reply To ..]I love it when authors use statistical charts to shove their agendas down our throats, probably because I have training in the field of statistics and probability.
Articles like this always make me wish that these - or, at least statistics - were mandatory subjects, even in high school. If so, maybe the public couldn't be so easily fooled.
Looking just at the "wages" chart, the first thing you notice is that "wages as a percentage of GDP" is a very odd metric. Consider, first, that wages could actually RISE in absolute terms, and if GDP rose by more than wages, on this chart it would seem as if wages had FALLEN.
Second, the changing relationship might reflect improvement in productivity rather than any negative shift in wages.
Now, ask yourself why the author chose to use "profit as a percentage of sales" in the other chart when he could have easily used the same metric that he used for wages - profits as a percentage of GDP. There's a reason he didn't do this, but this is as far as I'm going to help you with your homework.
This article is junk.
So is the decimation of the MT wages also - due to improvement in productivity?
[ In Reply To ..]Oh please there has been nothing but a steady shift of the countries wealth upward to the top 10%. They have tons of money they are hoarding amongst the few of them. The rest of us are scraping and struggling to get by. You must be one of them to keep making excuses or you are just satisfied to bury your hand in the sand.
Hey maybe you will be happy when we get the jobs back because the corps have finally beaten the rest of us down to where we will work for $2 a day like the third world countries. Maybe the rich will let you clean their toilets and shine their shoes.
nope... its EMR... and its getting worse. - nm
[ In Reply To ..]nm
Offshoring came before EMR. - nm
[ In Reply To ..]
Ummm, the author did use - profits as a percentage of GDP
[ In Reply To ..]after making a lead statement about profits per dollar. Isn't that what the CP/GDP displayed in the top blue margin of the graph indicates? Why do you suppose you chose to overlook that? Perhaps it was your haste to discredit the article. Doesn't that make your argument a tad flawed at the very least, or is this your own embedded example of what skewed looks like?
Logic 101 tells us you cannot build a viable case on a false premise. Your conclusion is junk. Back to the drawing board. Thanks, but no thanks. We won't be needing your further assistance with our homework after all.
Appears to have been edited. I kept a printed copy. - If I can get permission, will scan and post.
[ In Reply To ..]...and then you can apologize.
No it wasnt. The graph is embedded in dozens - of recent economic analyses
[ In Reply To ..]I've seen where the appropriate title has been prominently displayed. Also, the CP/GDP banner was on the Business Insider site last night when I read it the first time but was too tired to reply. Don't remember the exact time, but I'm pretty sure your post was not there yet.
I'd provide the links to the dozens of articles but, taking a page from your book, this is "as far as I'm going to help you with your homework." I'd suggest you Google "historical wages as a percentage of GDP" and start sifting through the 16,000,000 hits.
The preponderance of the exact same data, displaced on the exact same grids, with the exact same title would tend to discredit this comical face-saving edit claim, dontcha think? Nice try but, as Reverend Al would say, we gotcha.
Almost forgot. - sm
[ In Reply To ..]There's a reason government agencies do not accept anything but original documents when establishing ID, residence, income and the like. Printed copies and scanned materials are about as reliable as photoshopped pictures. BTW, why would you go to the trouble to copy a graph you claim represents skewed junk data? What possible use could you have for it? Just curious.
You're not grokking me. Let's drop it. - cwf
[ In Reply To ..]x
Here is what Forbes had to say about Blodget - see article
[ In Reply To ..]http://www.forbes.com/sites/timworstall/2012/06/23/the-henry-blodget-edition-of-lies-damned-lies-and-statistics/
Rightwing blogger attacks liberal economist. - Shocking.
[ In Reply To ..]Tell ya what. Next time I have to buy groceries, send the mortgage check and car payment, pay the utility bills, gas the car, buy shoes for the grandkids or help my son pay college tuition, I'll just whip out my healthcare card, life insurance policy and employer's matching pension funds statement and expect them to accept proof of my "compensation" since my pay has literally been cut in half over the past ten years. Do you think they will accept those documents if the expiration dates are from 2009? I'll just tell them that's the last time I could afford to work as an MT because my former career's payscale is now based on India's economy, a condition in MY economy the blogger neglected to mention.
The fact that many of us are no longer "compensated" with benefits seems to be off Mr. Worst(of)all's radar screen entirely. I do realize the monetary value of those benefits I used to have but now have lost. I also remember how that portion of "compensation" I no longer receive never made it to the bank, but instead went straight into the accounts of the insurance corps. Whether the value of those premimum payments was measured before or after it's been adjusted for inflation is of no issue to me. While adjusting corporate profits for inflation to tranform nominal profits into real profits, the author probably should have adjusted wages....errr, excuse me, "compensation" against how fast that cost of living index is going through the roof so we all could try to be on the same page.
When I go into the voting booth in November, Blodget vs Worst(of)all will be long forgotten. It will be MY reality I will be thinking about when I cast my vote. I will be thinking about the SCSEP program I signed up for that helps unemployed and displaced workers ages 55+ transition back into the workforce after exhausting unemployment benefits and/or whose prospects for employment are poor. That often happens to older workers who have spent almost 40 years in the same profession, who find themselves competing in today's job market.
I'll recall how that program helped me with a battery of occupational assessment tests, personal counseling, formulating an individualized employment plan once skills strengths and weakness had been identified, provided access to workshops and classes addressing all sorts of employment barriers, and found a job that offered paid on-the-job training, that eventually restored self sufficiency, financial independence and a decent pay. I will also be acutely aware of which party intends to eliminate that program and which one is trying to preserve it after its funding was slashed in half last year.
I will be remembering how the market crash blew up my retirement account when I was already in my late 50s, thinking about signing up for Medicare in a few years and how I will be delaying my retirement until age 70 or beyond. I will be hopeful those things will survive the next administration without being defunded into oblivion or privatized. I will not forget which party wants to make Bush tax cuts permanent and how they intend to bankroll that.
I look forward to election day. I'll be carpooling with others who I met through SCSEP. I'm pretty sure they will be of a similar mindset that day.
Very few liberals have a mindset to EVER be - good economists...and so, we drown in debt !! nm
[ In Reply To ..]nm
...and the debt has nothing to do with having - a couple of wars on credit
[ In Reply To ..]the economic meltdown and stock market free fall of 2008, the extraordinary fixes it required, or the $2 trillion Bush tax cuts added to it, huh?
Leftwinger posters attack conservative talk show host - shocking
[ In Reply To ..]Everything you mentioned happened to me under democrats.
When I vote this November I surely won't forget how they are destroying the economy. I'll remember how they taxed me so I, I couldn't even afford a retirement account. I'll remember how they are making the uber rich even more rich, not holding the uber rich to the same tax standards as me. How bankers, CEOs, and congress are all getting rick off of us. I'll remember that the last time republicans were in control my taxes went down, and people were getting assistance to create jobs. I'll remember how jobs are being shipped overseas under democrat.
I too look forward to election day. It will be interesting to see who they picked to be our leader.
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