So Much for That Theory

Monday, August 28, 2006

So Much for That Theory

"We've got the most productive workers in the world right here in America. And that's good for the long-term economic prospects. You see, higher levels of productivity means that we'll see better-paying jobs for the American worker."

President Bush, 9-4-2003 speech
Meanwhile, on Sunday the New York Times reported:
The median hourly wage for American workers has declined 2 percent since 2003, after factoring in inflation. The drop has been especially notable, economists say, because productivity — the amount that an average worker produces in an hour and the basic wellspring of a nation’s living standards — has risen steadily over the same period.

As a result, wages and salaries now make up the lowest share of the nation’s gross domestic product since the government began recording the data in 1947, while corporate profits have climbed to their highest share since the 1960’s.
But that's okay, Mr. President — it's the thought that counts.

0 comments in So Much for That Theory

Post a Comment

So Much for That Theory | Demagogue Copyright © 2010