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Thu Jun 14, 2018, 10:19 AM

Fed Chief 'Puzzled' That Despite Good Economy, Few Workers Getting Raises

Source: Talking Points Memo/AP



By Josh Boak | June 14, 2018 6:33 am

WASHINGTON (AP) — Halfway through a news conference Wednesday, the head of the world’s most powerful central bank was asked a question weighing on the minds — and the checking accounts — of Americans everywhere: When will people finally start getting meaningful pay raises?

Jerome Powell, the chairman of the Federal Reserve, had no satisfactory answer.

He called it a “puzzle.” And then, as if measuring his words, he said he wasn’t prepared to call it a “mystery.”

Puzzle or mystery, the source of the consternation is this: The U.S. unemployment rate has dropped to a multi-decade low of 3.8 percent. A shortage of qualified people to hire has frustrated many employers who have complained that they can’t fill job openings.

Read more: https://talkingpointsmemo.com/news/fed-chief-puzzled-that-good-economy-few-workers-raises

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Reply Fed Chief 'Puzzled' That Despite Good Economy, Few Workers Getting Raises (Original post)
DonViejo Jun 14 OP
mikeysnot Jun 14 #1
KPN Jun 14 #15
mikeysnot Jun 14 #18
Igel Jun 14 #22
Bengus81 Jun 14 #2
maxrandb Jun 14 #3
Turbineguy Jun 14 #4
KPN Jun 14 #16
Phoenix61 Jun 14 #5
Javaman Jun 14 #6
KY_EnviroGuy Jun 14 #7
Hayduke Bomgarte Jun 14 #8
louis-t Jun 14 #9
muntrv Jun 14 #10
Mc Mike Jun 14 #11
Orsino Jun 14 #12
47of74 Jun 14 #13
WhiteTara Jun 14 #14
Initech Jun 14 #17
uppityperson Jun 14 #19
Sherman A1 Jun 14 #20
TomCADem Jun 14 #21

Response to DonViejo (Original post)

Thu Jun 14, 2018, 10:21 AM

1. syphon up economics.

.01% gets all the goods and we get the bill.

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Response to mikeysnot (Reply #1)

Thu Jun 14, 2018, 11:22 AM

15. I really like that. We need to rebrand trickle-down

to something that more accurately reflects its outcome. "Siphon up economics" is a good start.

Say it again: Syphon up economics. Rinse and repeat: Syphon Up Economics. Etc, etc., etc.

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Response to KPN (Reply #15)

Thu Jun 14, 2018, 11:35 AM

18. I coined that back in 2001

when the last time we had a guy with a famous last name that lost the popular vote but "won" the electoral vote was pResident...

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Response to mikeysnot (Reply #1)

Thu Jun 14, 2018, 05:32 PM

22. Stepan Mikhailovich Bagrov

was old school. He didn't exile his serfs, because they'd cause him to suffer an economic loss. He didn't strike his serfs, because to strike them would injure them and make them upset, and they'd work less. He didn't separate workers from their families, because it would reduce his income. He didn't have them arrested when they committed a crime, because it would be utterly humiliating to them and crush them. They learned that guilt passed with rage, in other words, if you stay out of the master's way in the time period just after you've done something wrong then when his rage passed there'd be no consequence. In the end, they suffered less from his hand, so they had less to complain or act out over. In the end, they had much less to complain about or act out over, so his periods of rage decreased. In the end both benefited.

Union membership in, say, teachers unions is typically low except for things like legal representation. It's near the same percentage that aren't shown in studies to value being valued, treated well, and having one's opinion taken into account by one's manager. In other words, it's the percentage for whom being valued in $ is more important than being valued in terms of interpersonal, human, relations.

Aksakov's "Family Chronicle" and workplace research from the mid 2010s get us to the same place.

However, I suspect there's something else going on. Part is uncertainty, because the marketplace is volatile. Part is belief in one's righeousness, because many of the most prosperous employers are also the most self-righteous. Part is that the economy isn't equally healthy in all sectors, and some sectors' profits aren't all that large--or they feel the need to reduce their indebtedness to make themselves economically more viable in the case of the downturn that we're probably past due for (except that financial panics like that of 2008 don't have normal recovery curves, so "probably past due for" is a bit of a guess). But part is certainly that while people definitely believe they have a right to more, most people aren't treated badly at work and most people don't see those higher up in the economic ladder in ways that provoke jealousy. Most of the people I see are in my situation; those my peers and I see are better off, and there's some economic resentment at that, but as much of a contributing factor to that is a perceived lack of respect and support. People never look down the economic ladder to say, "We're so much better off than they are"--except that people always tend to assume that those above them in the economic ladder do precisely that on an on-going basis.

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 10:28 AM

2. Who needs a raise,workers are BANKING money like crazy from the Trump tax cuts........

Tell that idiot Fed Chief to go ask the top asshats at Corporations big and SMALL and that's the answer you'll get--and of course it's BS. Now the Fed is going to JACK the interest rates again. That isn't just for someone looking to take out a loan,all the CC Companies will also RAISE your cards interest.

Add to that rising fuel prices.............

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 10:32 AM

3. Yeah! It's real fucking "puzzling"

you fucking "moran"

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 10:36 AM

4. Workers are used to

CEO's getting pay packages beyond the dreams of avarice.

We earn it, they get it.

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Response to Turbineguy (Reply #4)

Thu Jun 14, 2018, 11:31 AM

16. Another good message: We earn it, They get it!

This needs to be repeated often and everywhere.

I also like Syphon Up Economics as a rebrand of trickle down. We need straightforward, graphic, blunt language ... not the same old erudite and nuanced fluff we Ds are prone to use if we want to strike the masses chords.

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 10:44 AM

5. And amazingly he was able to get himself

dressed this morning. I'd ask how stupid does he think we are but the answer is obvious; dumb as a box of rocks.

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 10:46 AM

6. hence the need to raise the minimum wage to a living wage you fucking halfwit. nt

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 10:49 AM

7. And, the cost of everything in tRump's America will go up..

food, energy, education, healthcare, construction materials, and eventually taxes.

But, the cost of Repug hubris, lies, deception and hypocrisy is still FREE!......

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 10:49 AM

8. "Fed Chief 'Puzzled'

One word... Greed.

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 10:52 AM

9. Repugs believing their own bullshit theories.

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 10:52 AM

10. Hey Jerome! Ask the CEOs!

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 10:59 AM

11. Quelle surprise. Who da thunkit?

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 11:01 AM

12. Because it's not that good an economy. n/t

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 11:11 AM

13. Get out of your fucking ivory tower Jerome

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 11:22 AM

14. So, no rate increase?

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 11:35 AM

17. Raises are bad for profits and CEO salaries.

And it doesn't take the Fed chair to figure that one out! The only people getting raises right now are CEOs who already make obscene 7, 8 and 9 figure salaries. We get peanuts, they get the whole peanut farm and the one next to it, and the one across the street from it.

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 12:35 PM

19. K&R for no, it's not puzzling to most of us

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 01:16 PM

20. Pardon me for a moment



This is the Chairman of the Federal Reserve?

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Response to DonViejo (Original post)

Thu Jun 14, 2018, 01:21 PM

21. Because Trump's Unemployment Numbers Are As Fictional...

...as crowd size, millions of illegal voters, and the low number of Puerto Rico hurricane deaths.

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