Discussion in 'Politics' started by Ricter, Jul 7, 2011.
Do take some consolation in the fact that Chinese wages are rising.
They may be rising but we have such a big difference until it is balanced that it is not even worth talking about.
An unskilled labourer in China makes 2 dollars a day, an unskilled labourer in the U.S. makes 8 dollars an hour. (64$ per day)How much damage is there in between to cover that spread?
If we were to meet halfway thast would mean the petty labourers here would need to make 4$ per hour. (32$ per day.)
32$ per day is hardly even enough money to cover the gas in a persons car....
Stop making sense. Their heads are spinning.
Apart from what he reads in the MSM, Ricter understands very little of the actual economy. This has been established ad nauseum on this forum.
Yep he's a nice enough guy and I think he does mean well, but he's utterly clueless.
The first ridiculous posts cut and pasted in this thread aside, the job number report that just came out was abysmal.
Stunner: NFP Up Just 18K, Unemployment Rate 9.2%, Household Survey Down 445,000, Birth Death +131,000
Complete disaster. Total jobs per the establishment survey: +18K on expectations of 105K, Private Jobs + 57K on expectations of 132K. Last month total was revised from 54K to 25K. Combined April and May revision down 44K. The household survey was down by 445K from 139,779 to 139,334. Birth death adjustment + 131K. Complete disaster for Wall Street's economists the lowest prediction of whom cwas at 60K from Bob Brusca. From the NFP: "Nonfarm payroll employment was essentially unchanged in June (+18,000), and the unemployment rate was little changed at 9.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment in most major private-sector industries changed little over the month. Government employment continued to trend down." It is time for Joe LaVorgna to retire, with his 175K forecast, or off by a factor of 972%.
Without the fictitious "Birth Death" adjustment made up number by the BLS, the number would have printed a loss of 113,000 jobs.
I am sure, however, given the free money and rigged markets, we'll close green today in the markets, while the poor go without. Change we can believe in.
Labor Force Participation Rate Drops To Fresh 25 Year Low: 64.1%
This chart needs no commentary. At 64.1%, the Labor Force Paritipcation rate just dropped to a fresh 25 year low: the civilian labor force declined by 272K from 153,693 to 153,421. And tangentially, the employment to population ratio also slumped to a multi decade low of 58.2%. For all those continuing to blame Bush, please take a note as to where on the chart the torch was passed.
Ricter is good shit.... His only fault is that hes an optimist....as opposed to all of us pessimistic pricks.... There is no place for optimism when the sky is falling.......
Mornin' all, thanks for the insults and the defense.
Still, there is good news in today's employment report. Government is continuing to shrink, and some people who had given up looking for work have rejoined the search.
I guess my optimism is indeed based on my position. I am fully benefiting from capital's freedom to cross borders at will and find its best return, and at the same time any local labor I need is abundant, cheap, and cowed by its recent setbacks. It's ironic, me, a commie, in this position, and many of you, pro-capitalists, countering my optimism with dismal news re labor.
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