Listen to my recent radio interview discussion on the oft-reported 3.1% wage growth for US workers by the mainstream media. How Bankrate, Gallup, EPI, and other surveys contradict the official media mantra about how well US workers are doing.
TO LISTEN GO TO: http://television.data99.com.ar/video/paDBXVlP_X0
Professor Rasmus, are you for or against the concept of ‘minimum wage’?
Thank you.
Absolutely for minimum wage legislation, of course. Without minimum wages, poverty levels would explode in the US by tens of millions more; homelessness would accelerate; federal spending on safety net would have to rise sharply and in turn US deficits and debt; and US household consumption would fall to levels probably throwing US economy into chronic recession. And that’s just a short list.
Important information. Two comments, first, in one of Dr. Rasmus’s many books he quoted an economist I believe from India who said that all governmental news concerning the economy should be discounted by 50%. In other words, if there is good news you should discount it by half and if there is bad news you should double the bad news. And the people who really run the show understand this and do not rely upon governmental information to make decisions about investments. This is demonstrated by what is known as the yield curve. The yield curve in turn is driven by the 200,000 or so of truly wealthy individuals who run the global economy. When they start to get scared, the yield curve converges for short term and long term US governmental debt which apparently is what is happening right now. Once that yield curve converges, time and time again there is a serious downturn in the US and global economy which is a demonstration as to how little sophisticated investors trust government information.
Prof. Rasmus, rather than deleting my post, you could have responded thereto.
Thank you,
michael zitterman
REPOSTING (Dec. 28 @ 01:26AM):
michaelzpw
Thank you for your response.
Thus, you are, effectively, racist.
The U.S.A. is, effectively, racist by design, i.e., Congress has created “institutionalized racism” with Senator Sanders being the current leading proponent of this “institutionalized racism”.
The particular legislation which is directly responsible for “institutionalized racism” is the concept of ‘minimum wage’.
The concept of minimum wage appears to be altruistic to the unaided observers, i.e., the voters, but it is outrageously insidious and politicians use it as a political wedge issue, subliminally, intimating that they are the ‘good’ guys.
As an economist, you should know better.
Thank you,
michael zitterman
mikiesmoky@aol.com