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Wages Around The World
Although many economists—including at least some sitting central bankers—believe that nominal wage growth provides little forward-looking information about broader inflationary trends, policymakers have generally found wage growth useful in helping to assess the amount of slack in the labor market—a key consideration in monetary policy decisions, particularly at a time like today when labor market measures are sending differing messages about the degree of slack. Indeed, Fed Chair Janet Yellen has listed wage growth as one of a handful of measures she is closely watching as the Fed stands poised to embark on its first rate-hiking cycle in ten years.
The US is not the only country facing low wage growth and the Fed is not the only central bank focused on it.
But minimum wages around the world vary dramatically...
As total compensation is made up of ever increasing amounts of government transfers...
MIT professor Erik Brynjolfsson, author of Race Against the Machines and The Second Machine Age, argues that technology is fundamentally changing labor markets and increasingly displacing higher-skill, higher-wage workers. He is hopeful, however, that a new approach to education as well as entrepreneurship can result in new industries that “not only create value for consumers, but also leverage a lot of people and put them to work in new ways.”
"Median incomes are stagnating and have even fallen since the 1990s. And there is no doubt in my mind that technology is a big part of that." - Erik Brynolfson
Of course, for much of Europe, none of that matters as the worker is much more protcted than the average American...
Source: Goldman Sachs
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Serfs like green, right?
(And you need to be flexible if you're going to grab your ankles.)
The Elites are winning the war against the wage slaves.
Job security baby
Disintermediation.
So the USA comes out pretty well on a global comparison.
USA is archaic but most Amricans don't know it because few ever travel .
So far, yes, but come the time when the wage slaves are no longer, all working self-employed, then times will move on fast. This is why the Gmnt want to eliminate cash because at least 25% of any economy is pure cash and barter transaction which can't be traced. And then, if they succeed, it's back to barter and a local currency will arise in every town. The bastards haven't won yet by any means!
I wonder how 'those not in the labour force' are making a living? Just saying.
People still work for minimum wage? Why?
https://www.youtube.com/watch?v=qBCUCJNWimo
I dont know, probably so they can eat? What kind of dumbass comment is that?
You missed the point. Welfare pays more than minimum wage and you can moonlight too.
You can still be on welfare working minimum wage
You'd have to be nuts to get off of welfare.
Good one.
Wait til you are working for the NEW min wage..after the 'great equalization' (yes..i coined that..in 84, when i saw the minivan taking the place of the station wagon. )
It just cant be only me that saw tbis coming with free trade and 'globalization'..fuckin cant be.
I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.jobs-review.com
If you want to be rich, grow weed!
If you wanna not give a fucking fuck...
SMOKE WEED...
"If you wanna be rich... You got to be a BITCH..."
~ (Laid Back ~ 1983)
https://www.youtube.com/watch?v=1a9tzTlwyKk
Ride the white pony.
Dopers are the living dead. Given up, while alive
@thirst
Wow a blast from the past. Well done.
I fucking ROCKED that 12" at the Whiskey a Go-Go back when I DJed in the 80's...
ALWAYS a floor packer!!!
I've been around peeps...
For me it was the Plush Horse in Huntsville, Alabama. They would play that song a least once every night. Memories, man. Thanks.
@mvs... Rock on my friend... The WHISKEY was a tough nut to crack back in that moment in time... It had no identity... It revolved [nightly] between myself & a pair of other DJ's... & UNKNOWN rock bands at the time named 'Motley Crue', 'Guns & Roses', & 'Poison'...
I worked for a jew promoter who was a totally cool dude, but he let the COKE get to him too much... A few years later I passed him by on Melrose Ave. selling stuff on an abandoned street corner...
The Whiskey itself was always what one might imagine it to be in the 1980's...
GIRLS GIRLS GIRLS...
https://www.youtube.com/watch?v=d2XdmyBtCRQ
Actually ~ It's kind of a trip... At the same time I was TRAINING Heather Locklear... & golfing with Tommie Lee at Wood Ranch in Simi Valley, CA...
Life is weird! ~ Fucking JOE ISUZU & Steve "The Volcano" Pate played in our foursome sometimes... Oh yeah wait... & some Los Angeles Dodger hack pitcher... Niedenfeurer, or something... We kept trying to get Gretzky to come up & play with us, but he was a Sherwood snob [which Tommie Lee was too], but at least when he came up to play with us he could cut it loose, I think he drove a cart into one of the lakes on the 11th hole once...
Exactly! Or one of any number of prosperous black (free) market alternatives.
If you earn a "wage" working for someone elese you've gotten what you deserve. Learn to get out there and make your own money independantly of the system, it's not that hard.
Unfortunately the Premise is false - the FED can't do anything about Wage Growth nor about Illegal Immigration or Use of Skilled Labor on VISA nor about Out Sourcing Overseas/Off Shoring Production nor... about Free "Slave" Trade Treaties.
- "The US is not the only country facing low wage growth and the Fed is not the only central bank focused on it."
Underwhelming Wage Growth, Statistic and Damn Statistics. If you pull up Housing Purchases it is worthless without looking at many specific situations, Regions, Price Ranges, Number of Sales compared to prior periods like 1999 or 2002 or 2008.
Is there something to be said for Global Wages? I don't even know how to put it into context. There is no Context. We can compare it to Riots for Food over a long period of 20 years. We can compare it to Deaths due to hunger. Maybe someone out there can separate the foreign wages, the big corporations which have advantages in the Domestic Economies... I assume the last 20 year period raised wages for the poor about $200 dollars for some people to $600 Dollars or $800 Dollars a month.
Does someone here have that Data in US Dollars for Poor People... compare to last 20 years and expect to see $400 dollars or so as the starting point.
- European Countries can only protect workers for 12-24 months as far as I know... and I don't know much
- Sure Technology has always displaces workers, safe bet there, and big surprise we have to think different about banking, work, public social payments, living wages, debt based money, high interest rates, Engineering Derivatives, QE, ZIRP, Bailouts, Buying toxic assets from corporations, money in politics, gift giving in politics, and contributions of money gifts at universities, doctors, to training justices, to drug testing, to FDA,...
I would assume it would be pretty simply to compile wage cost statistics but I'm not sure what that tells us. Minimum wages and relative "income" are completely distorted by government intervention. Minimum wages...real minimum wages are not just the amount legally defined by government, but also all of the additional, as well as replacement, monies offered. It is provable by simply looking at the job openings available at lower wages and then look to see how many are not working. There is only one way a person cannot work and survive...they receive benefits from government or other benevolence, or from savings. we have millions "not participating" in the job market and these people are still eating, mostly from government. So what IS our minimum wage? and what is the average income of lower and middle income people when these government transfers are deducted, not just our payroll deductions but the real liability created from this compounding debt spending?
It is confused even more to my thinking by welfare transfer payments being qualified by having children and being poor and increased by the number of children you have.
Minimum Wage + Social Payment (S + (X*N))
And in the US we even send social payments, Transfers, to Foreign Countries.
In other words we are in the midst of another revolution comparable in size to that of the last great industrial revolution. If we follow a similar path we will see new employment opportunities arise in new technological industries just as factories arose in the last one. But instead of centralising cottage industry we may find that work & production begins in new cottage industry once again. Full circle development is the norm in these complex adaptive systems. Something always jumps up to start a new cycle.
The banksters may be dreaming of a centralised, global economy but I think this will not happen - in fact we will see a further erosion of bankster power and local finance will be offerred to local enterprise (crowd sourcing is growing fast). I Hope this is not too optimistic for you - for sure we will go through some challenging times in the meantime because the banksters will not give up easily, in fact they won't stop at war either - soooo we must all resist their calls to arms and I am sure the millenials will certinly not be drawn into another global conflict.
I see a number of problems
- 5 Big Ones
- War seems to appear with Financial Crisis
- Domestic Investment is low in Recessions & Depressions
- We have Foreign Investment at a higher level than Domestic as happens in other countries, but not clear that these investments produce Jobs in the most efficient manner and Job Creation is not really their goal, Investment is done for Maximum Profit at lowest Rick, Lowest Risk Investment maybe a Paper investment or Overseas Labor
- Free Trade seems to be unauditable and to be Slave Labor since there are few worker rights, lower wage levels, and much poverty
- Robots, Automation, and Computers displace US Labor even though they represent Capital Facilities/Equipment Investment
There will not be a movement away from NAFTA, CAFTA-DR, or Free Trade.
Federal Investment could be a bright spot in our future if they invest in Infrastructure for the USA. Normally I have some ideas of Projects for Waste management, Recycling, Hydroponic Agricutlure, Aquaculture, new materials that will make things last longer, nanotechnology, but seems like TPTB just want war in the Middle East and focus on Foreign Policy developed 50 years ago.
Local, State, and Regional Finance could displace more of Wall Street if we all wanted it to. I think that would help bring power back to local people. Maybe Public Banking Could Help. Changing Foreign Policy would help.
Auditing more Banking, Corporate Actions, FED, and Federal Government would help too. Accounting Rules need to be tightened up along with Wall Street Finance.
Moral of the story; it really sucks to be a debt serf.....
... debt slave.
Serfs had real rights and time limited obligations in relation to the landlord.
and the west europeans get cheap or free medical care and college education. Plus males can actually get welfare there....only a brainwashed idiot think americans have it better than west europeans
Utopia is where we receive all goodness from the hands of our government masters.
I fit was only sustainable.
Have you looked at Europe lately?
Have you looked at the US lately?
Yeah, it looks like Europe now.
Coming from Northern Europe back to the USA is like leaving the Jetsons and returning to the Flintstones. -- NYT reporter in 2011.
Considering that there has been no revolt in the heavily-armed population of the U.S.S.A., expect to see a whittling away of these things in Europe in the near future. The bankers realized that Americans are just a bunch of obese pushovers, so I'm sure they will test the Europeans' mettle over the next few years.
American Exceptionalism.
Russia goalie hit by flare, match ended, but Ukraine media focuses on Novorossiya flags in crowd
I think I like you.
War is a growth business my friends, if you want more than minimum wage and a desk job try war. I got payed for 23 years by Uncle Sugar to blow up things and kill people. Now I do it in the private sector I'm my own boss, as well as the boss of 26 fine men. So far no matter how bad the economy gets I make good money....hell the worse it gets the more I make.
You can't even spell paid correctly and basically have been sucking off the teat of the USA govt all your life. Nothing more than a lowlife cocksucker.
Meaningless statistics. Wages are what the lower classes earn, but don't count stock options, bonuses. Add non-wage income to your graphs, and then we'll talk.
For the vast majority in the uk outside the southeast, the minimum wage is actually the only wage available.
The whole idea of inflation is that wage growth lags behind it. They'll pay some lip service to it, but in the end if wages showed real growth it would be on the front page as a sign of inflation for real. Gment numbers to numb the dumb.
Welfare / benefits - Useless article TBH because China is not listed and that is the only real comparison to be made.
The differrence between the cost in China and the West is where the central banker generated inflation rate made working in the west so much more expensive than the west over decades.
The service sector is not locked into this if the fiat money creates it and why most of the service sector jobs are minimum wage. The more skilled manufacturing work is feeling the pressure from the cost in China and in fact China is becoming relatively expensive to some other eastern economies.
WELFARE / BENENFITS - The I cannot afford benefit that covers food, housing, energy and even breeding like cattle just got to keep the system consuming (excludes all single males) so lay down open your legs and think of how your country needs you from the cradle to the grave.
Coming from Northern Europe back to the USA is like leaving the Jetsons and returning to the Flintstones. -- NYT reporter in 2011.