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Only 520,000 of a 200+ million work force gets paid the minimum wage. -LightinDarkness
1.7 million workers with wages at or below the minimum
The CPI food market index shows no unusual long term upward momentum in food prices - seems to be quite steady, with a recent spike. But a recent spike is not indicative of a trend.
...who get paid almost nothing per and make way above the minimum per hour in tips.
By the way, if the government is simply lying on all their economic indicators it would be the end of America's social institutions as you know if it were ever to be exposed. Trust - a key component of a healthy business economy - would be shattered. It would take tens to hundreds of years to recover. Which is why I doubt the government would ever do this - after all, destroying your economy with false information when your found out only impacts the governments tax revenues in a negative way.
Since the population impacted by this is also on food stamps and other government subsidies, this really isn't true at all.
Originally posted by RuneSpider
Speaking for somebody in the metal fabrication part of business, work for us is down, has been getting slower and slower over the past few years. I work on screw machines, lately the work for those has been so slow, you can't sell the things anymore, warehouses are full. Most of our steel contracts are gone, we make by on aluminum. Most of the folks not in my job area may not feel it, white collars fair better.
I would find it very unlikely that the government can "fake" numbers with that many people and that many levels of government involved. Finally, if government was faking numbers, why would they show any negative numbers at all - ever - why not just spoof the entire economy?
There is inherent in this assumption some sort of connection between minimum wage and economic prosperity. Only 520,000 of a 200+ million work force gets paid the minimum wage. How is it that raising it is going to create any real impact on the economy?
Actually, inflation adjusted prices for oil are steady.
China has only threatened to reduce their holdings of US debt. It was merely a political thread in an attempt to gain some political capital - which failed. China has yet to reduce its holdings of US debt.
Housing prices have soared, and are now falling. Consumers were in a state of irrational buying and the house market gravy train is now ending.
Outsourcing has been going on en masse since the early 1990's. Is there any evidence to show that this somehow creates a huge impact on the economy now? I do not find any evidence for that.
I have no doubt that a subprime credit crunch is real. But this does not indicate any sort of recession.
the practice of American corporations offshoring their production for US consumers. When US corporations move to foreign countries their production of goods and services for American consumers, they convert US Gross Domestic Product (GDP) into imports. US production declines, US jobs and skill pools are destroyed, and the trade deficit increases. Foreign GDP, employment, and exports rise. article
US corporations that offshore their production for US markets, account for a larger share of the US trade deficit, than does the OPEC energy deficit.
Half or more of the US trade deficit with China consists of the offshored production of US firms. In 2006, the US trade deficit with China was $233 billion, half of which is $116.5 billion or $10 billion more than the US deficit with OPEC. article
When the US firm brings its offshored goods and services to the US to be marketed, those goods and services count as imports. article