Rich Mazur
27 Aug 2018 #811
Yes, he drove the Dow Jones up and the corporations report record profits, but at what cost?
It's not often that we agree but I do this time. Stock market and wages are two and the opposite things. When a company fires people and moves to Mexico, the stock goes up. Good for the stockholders, bad for the employees.
Unemployment figures are fake or at least meaningless. When a guy, with a stay-at-home wife and two college kids, making 100 gees gets dumped and gets a job as a greeter at Walmart, the unemployment needle does not move one bit while the family is going through hell. To keep the roof, the kids drop out and, along with mom, go to work at Home Depot, if they are lucky. Now, the unemployment needle is very happy.
Bottom line: what counts in the economy are two things: how many full time jobs with benefits are there that pay enough to support a suburban family of 4, plus a dog. I will settle for Peoria, Illinois. All the rest is pure bulls***. Stock market included since your typical stock portfolio matters only when you are on your death bed or when you want to feel good looking at the monthly statement.
The second thing is what the Labor Department calls: inflation adjusted, non-farm payroll hourly wage. This one is good because it ignores the bs the wh****s in the DC like so much - the "family income".