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Most record profit earning companies are not doing what you claim. Some have done that to be sure but their days of doing that wont last long. As the economy recovers these companies will have to pay competitive wages to keep their good employees. Unfortunately, for a while now the labor market has been soft. That's just a reality. Just like it was a reality when the tables were turned and the unions forced the companies to meet unreasonable demands.
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Latest blog entry: Some of the old engine collection
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It seems the economy has recovered nicely for the top tier. Meanwhile for some reason the labor market still remains soft and has not shared in the recovery. In 2010, 93 percent of the income that was added to our economy accrued to the top 1 percent of families. Is this the new norm? |
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The labor market is soft. How can workers expect to be paid like that isnt the case? Too many people are out of work for those that are not to get too demanding. there are plenty that would be happy to have their job at their current rate of pay. Inflation is also adding to the record profits. They may be earning more dollars but those dollars are worth less. It's like ve been saying, a recovery is happening. It's just happening slowly. Thats good. A fast recovery would be a fragile one.
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Latest blog entry: Some of the old engine collection
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When a product is in overabundance, its cost decreases. |
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When production is low then less workers are needed. If production was up and they needed those workers they would have to pay them better or risk losing them to another company that was willing to do so. That is the labor market in a nutshell. Now, if companies are making record profits during a low production cycle that's pretty telling. It means when things were humming along at full tilt efficiencies were less than they are now. Thats a result of the work done at these companies to find a way to survive in a down economy. Apparently, they have done quite well. That's great. They can ale these lessons into the economic upswing and do even better. They will then be in a position to pay their workers well when they once again become a precious commodity. Until that time, we're just going to have to weather the storm. I know, you think corporations should out of the kindness of their hearts just pay their employees above market wages but how often do you overpay at the store out of the kindness of your heart?
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Look at the chart below...see how alike all recessions prior to the '90 recession appear to be ?...ever since the '80s (voodoo economics) it has become harder and harder to get out of a recession. |
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If what you say above is what corporates actually do, then wages in manufacturing should be soaring...are they ? |
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Given the current state of jobs, I would not expect there to be a workforce lacking in the skills required for unfilled positions; or for there to be unfilled positions. |
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Here's an excerpt.... "Cook dodged Williams' question as to how much an iPhone would cost if it were manufactured in the US rather than in Foxconn factories in China, where the workforce is paid significantly below US wages. "It's not as much about price," he said, "it's about the skills, etcetera. Over time there are skills that are associated with manufacturing that have left the US." Corporations have adapted well to the economic downturn and have become meaner and leaner. They must be happy with the status quo. It's probably in their best interest to do what they can to keep the labor force weak, and prevent a full economic recovery. |
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