What’s your real wage?
By Daniel at 3 April, 2009, 8:51 am
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No matter where you look, be it the ‘net,
the talking heads or Washington, there is
one thing you NEVER hear mentioned: real wages.
Wages have been stagnant in this country
(and around the world) for some time and
the current economic crisis is making
things worse.
But prices haven’t been as tame.
The only thing that saved the
US working class is the so-called ‘energy
tax cut’ but as we can see, gasoline prices
are beginning to edge northwards again and
that accident of economics will soon be
reversing itself - especially as the summer
driving and reformulation season begins.
Add to that all the mammoth city, state
and federal tax increases that are on the way
and the consumer will be crushed further.
(and I haven’t even mentioned all the FED-created
inflation that’s on the way)
All these geniuses on Wall Street, CNBC,
and Washington DC are focused on is making
debt easier to get (I never use the word ‘credit’).
When they realize that people are in no mood to
dig themselves in deeper, maybe, just maybe
people will begin to focus their attention on wages.
I don’t give a squirt about the casino’s
‘rally’: until real wages of the middle class
begin a meaningful rally of their own,
this economy will be stuck in neutral at
best… People can’t buy if they don’t have
the cash (or a job).
The ‘casino’ players have not even remotely
considered this truth.
They will.
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