Tuesday, January 31, 2006

65% Worker Dissatisfaction With Jobs And Investors Fearful of Future


By Elaine Meinel Supkis

The media trumpets the notion that the economy is doing great but according to Marketwatch, readers fear total catastrophe this year. This contridiction is easily traced. For we have been in debt so long and so deeply, we think it will be the eternal status quo. This is why Congress and the Feds are sleeping at the wheel as we drive off the economic cliff.

From Marketwatch:
Recently we asked readers about 20 possible triggers that could cause "Meltdown '06." We hit a nerve, got 445 responses, read all of them and tallied the scores. Only 2% of you are optimists. The others used colorful terms to describe the network of triggers that makes up our unpredictable economy and markets: Perfect storm, tsunami, avalanche, dominoes, house-of-cards.
Time for me to put together all my economic cartoons illustrating what is really happening, isn't it? Why was Mr. Farrell of Marketwatch surprised to get so many negative responses, indeed, freaked out responses? It isn't due to just my blog.

Rational thinkers know some simple facts. "That which goes up must come down", "The higher they rise, the harder they fall," "Brilliant sunsets are followed by big blows," "Easy come, easy go," "A fool and his money are soon parted," and a host of other chestnuts that never lose their relevance. Going back to before the Roman Empire, there have been plenty of stories told about these same things. Jesus, in the Bible, talked all the time about interest rates, the rich, debts and stewardship. Obviously, 2,000 years ago, people figured out these simple fiscal concepts to the degree that popular preachers could talk about them and be understood.

So why the sudden stupidity here in America? At the top levels?

From the Washington Post:
However, as Sept. 11 illustrated, Greenspan's legacies include a Fed full of battle-tested veterans who helped him calm the markets and steer the U.S. economy through the 1987 stock market crash, the international currency crises of the 1990s and two recessions, according to analysts and other observers.
Greenspan and his band of robbers didn't guide us through anything. 1987, we capitulated to the Japanese and launched the deadly "Japan soaks up excess debts, stabilizes the dollar by removing inflationary dollars from world markets and we will surrender in the trade wars and let Japan have one-way trade with us." What a fricking victory that was.

The currency collapses in the '90s was all Rueben's hard work with Clinton and the Democrats. The Republicans wanted currency collapse!

Ruebens isn't only gone, he is one of the top voices in the wilderness, bewildered by the developing mess.

The Mad Hatter continues his Mad Tea Party. From AP:
President Bush will renew his call for personal accounts within Social Security and ask Congress to renew tax cuts and curb the growth in benefit programs like Medicare and Medicaid in his 2007 budget request next week, according to administration officials.
Democrats will fight for more spending and the compromise will be, everyone will spend on everything yet again. This has been the compromise for the last five years. To prevent any pain no matter how slight, everyone has agreed to simply charge more and more debt.

Greenspan's great trick has been a one trick pony: go to China and Japan, hat in hand. Our entire government does this to such a degree, we have ceased to have any Asian policy at all. It is all written in script we can't read.

The working class is getting antsy. Reuters:
Economic growth coupled with increasing employment options have led 65 percent of U.S. workers recently to consider launching some sort of job search, according to a survey released on Monday by salary consulting firm Salary.com.

The survey of 14,000 workers and almost 400 human resources managers also revealed that bosses haven't caught up with the changing mind-set of employees who are enjoying more options.

"The economy getting better has opened a door of opportunity to consideration," Bill Coleman, Salary.com's vice president for compensation, told Reuters.
Isn't this article insane? As always, the media has to prop up things no matter how they teeter on the edge of the cliff. In normal times, people don't look for a different job, they demand pay raises for the jobs they have.

Only they can't! Why? Well, no one is offering higher compensation otherwise why would 80% of America's workers be lagging simple inflation? In good times, wages can drive inflation, workers demand more but because more money is in the system and being spent, sellers can charge more and get it.

This isn't happening at all.

Wages are dropping behind inflation. People are going steeply into debt to make up the difference. Sellers are desperate, cutting prices, cutting labor, cutting corners in a race against time. I don't see people getting better jobs, and the fact that a whopping 65% of workers in this survey are very unhappy and dream of a better paying job is scary. Where are the jobs? If 65% of the jobs are awful enough for workers to want to leave them, are they all going into the 35% good jobs? I doubt that.

Congress is in session. The rush to eat the last dishes of the Great American Post WWII Feast will feature us scrambling over each other to ram more food into our mouths, slithering across the fine china, dispensing with using forks and knives, we cram it all in, fat bulging, and then the table will collapse under our weight.
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