Stat of the Day
“Today the United States economy is producing even more goods and services than it did when the recession officially began in December 2007, but with about five million fewer workers.”
--from “U.S. Added Only 115,000 Jobs in April; Rate Is 8.1%” by Catherine Rampell in The New York Times. Reheadlined “Why You May Be Exhausted” on Andrew Sullivan's site.
Compare to an interview I did two years ago with labor lawyer Thomas Geohegan. Quote:
It defies the laws of economic gravity. Under everything you understand about labor economics—if you take Economics 10 or Labor Economics 101—productivity goes up, wages go up. That’s the gold standard. That’s what raises the standard of living. Hasn’t happened here. Productivity has shot up a lot; the real median hourly wage has gone down.
So we're working more, producing more, getting less.
Comment posted on Sun. May 06, 2012 at 09:38 PM
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