ChileG
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Reminiscent of, “we will have fewer cases if we stop testing.”
Economic News
- Thread starter nycfan
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superrific
Master of the ZZLverse
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Powell should announce that he's not going to cut interest rates until he sees actual negative job numbers and their fucking minds will explode.
And also that he will raise them until he has confidence in the economic data, just to be sure.
And also that he will raise them until he has confidence in the economic data, just to be sure.
CeruleanBlueHeel
Well-Known Member
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Powell and Biden had this economy under control. We were due for rate cuts and got a couple.
Then Trump, Navarro-inspired tariffs, wild-ass numbers pulled out of his ass every time he opens month, on/off, on/off, on/off, markets shorted, markets gained, business uncertainty, large business layoffs, small business folding, universal tariffs, BLS attacked, inflation numbers attacked, Powell attacked. Yet somehow, this is all Powell's doing? Are0 you buying all this MAGA, including the child sex trafficking, or you just gonna continue blaming everyone but Trump and yourselves for putting him here?
Then Trump, Navarro-inspired tariffs, wild-ass numbers pulled out of his ass every time he opens month, on/off, on/off, on/off, markets shorted, markets gained, business uncertainty, large business layoffs, small business folding, universal tariffs, BLS attacked, inflation numbers attacked, Powell attacked. Yet somehow, this is all Powell's doing? Are0 you buying all this MAGA, including the child sex trafficking, or you just gonna continue blaming everyone but Trump and yourselves for putting him here?
ChapelHillSooner
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Not to sound like a dick but that is a good thing to me. The era of fast food restaurants begging people to work for $16+ per hour and $12 meals needs to end. We may not go back to pre-pandemic but we can’t handle the low income price increases.
—> https://www.wsj.com/economy/jobs/lo...6?st=RjdmQo&reflink=desktopwebshare_permalink
“Something remarkable happened in the years immediately preceding and, especially, following the pandemic: Wages for poor workers began rising much faster than they did for the rich.
That era may have now come to at least a temporary halt. And with worries about the health of the job market heightened following the disappointing July jobs report, it may have ended altogether.
Wage growth for low-income workers looks to have significantly deteriorated in recent months, while wage growth for their higher-income counterparts has held up much better. It is a shift that could matter not just for low-paid workers, but the overall economy.
The jobs report released at the start of this month was revealing. It showed that average earnings for leisure and hospitality workers, at $22.83 an hour, were up 3.5% from a year earlier. Meanwhile, average hourly earnings for workers in the information sector were up 5.4%, to $52.61.
It is a far cry from, for example, December 2021. Back then, earnings for workers in leisure and hospitality—the lowest paying of the broad sectors tracked by the Labor Department—were up 14%. Earnings in the high-paying information sector were up less than 2%.…”
I was paying maybe $12 an hour for sitting for my son a decade ago. Now it is $20. And as a UNC employee my salary is not keeping up.
These lowest end jobs are for kids. I worked plenty of jobs for minimum wage ($3.50-$4.25) back in the day. I was living at home and had almost $0 expenses. It was great. Those are what those jobs are for. Of course minimum wage and these lower level wages in general should keep up with inflation but it has become ridiculous and is squeezing out the middle class.
The minimum wage in 1970 ( $1.60/hr.) would be the equivalent to $13.00/hr. now. Two people making minimum wage could have with a little scrimping afforded a modest house at the time. Average price was $20.000. You could get an old mill house in Carrboro for $12,000. Don't look at the little bit of history you vaguely noticed and make those sorts of privileged assumptions. It was meant to be something people could live on. Back in my day, there were plenty of young couples who got married at 16 or 17 and was starting their lives with one or two minimum wage jobs.
Yeah, you sounded like a dick.
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Too much disruption on white collar and manufacturing jobs for these low level jobs to be just for kids. AI and automation is making it a lot worse. CEOs would prefer to hire 900 robot workers and one guy to sweep the floor of his office and call it a day rather than maintaining any salary costs in the corporation. It's going to get a lot worse. Hell the low level jobs are being automated with fast food order kiosks, self checkout, and burger flipping robots.
Walmart can hire only so many greeters, and honestly that will likely be replaced by Wally the Robot or something soon.
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Super, I realize that thanks to our politicized SCOTUS. Trump is allowed to do anything he wants as Prez.
But under normal circumstances, wouldn't the post by Trump to the public be obvious blackmail? Of course this type of thing goes on all the time in politics behind closed doors. It even happens within parties during negotiations.
I'm just curious if in a pre-Trump, pre-wacko world, if this obvious blackmail would have been illegal?
gtyellowjacket
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I think this is a bit of a mischaracterization. The new commissioner wants to stop publishing monthly job reports because he thinks they are inaccurate and not valuable. He is objectively correct that the reports are inaccurate while not valuable is a harder case to make. Plenty of people rely on the data and understand that there's an inaccuracy.
He wants to improve the accuracy rate and then start publishing again. I think that's a reasonable plan but maybe not the best one.
He does want to keep publishing the more accurate quarterly jobs report.
The White House was asked and they said that the intention was to keep publishing the monthly job reports.
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www.washingtonpost.com
1moretimeagain
Inconceivable Member
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Other than the Chick-fil-a drive through line, do you see a lot of teens working at fast food restaurants?
Also, when fast food hiked wages it wasn’t a moment of kindness, it was because they couldn’t staff the restaurant. Think for a moment about the amount of money you’d require to work at your local Wendy’s for a month.
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Suddenly the ADP jobs report just became a heck of lot more important.
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superrific
Master of the ZZLverse
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Why do you believe anything these people say? He doesn't want to stop publishing monthly job reports because he thinks they are inaccurate. It's because he was hired specifically for the purpose of doing whatever Trump wants, and what Trump wants at this moment in time is to suspend jobs reports. Again, not because he thinks they are inaccurate, but because he thinks they are unflattering.
The reason I think that this guy was hired to be a yes man is that there is no other rational explanation for making a guy with that resume the head of the BLS. Basically, they couldn't get anyone good who will debase themselves by saying whatever Trump wants, so they went with someone terrible.
superrific
Master of the ZZLverse
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Which post? The one where he is threatening Powell with a lawsuit? Technically that wouldn't be blackmail in any political environment. But if we step away from that specific word, I'm still not sure it would have ever been illegal, for a number of reasons -- including the fact that it's an obviously bogus and meritless threat.
It would, however, have been a massive scandal even ten years ago.
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He doesn't have to be a yes man or change one bit. He has been writing complete bunk and economic spin for the Heritage Foundation. He was also involved in Project 2025. So it is already his schtick to present the most favorable interpretations for Trump as possible in the best case scenarios. And he flat out lies and makes up his own numbers, or focuses on irrelevant ones, in the worst cases.
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Very, very curious choice of art that Trump's new BLS nominee has on his office wall. Yes, that is the battleship Bismarck. Yes, the battleship Bismarck was the flagship of Nazu Germany's Kriegsmarine during World War II before it was sunk. Yes, the Bismarck was Adolf Hitler's favorite warship in the fleet.
Here is the link to purchase (12 sold in the last 24 hours, apparently!): German Battleship Bismarck Wall Art Canvas Printing Decor
Real-life picture of the Bismarck. Note the rounded primary gun turrets that were trademarks of the Bismarck and her sister ship, the Tirpitz (I'm a World War II naval history nerd):
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