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Re: Speachless In New York (or, another OMG moment)
Posted:
Nov 7, 2012 4:07 PM
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>> http://www.bls.gov/news.release/history/wkyeng_07202000.txt
>
> " Median weekly earnings of the nation's 100.2 million full-time wage
> and salary workers were $566 in the second quarter of 2000, the Bureau of
> Labor Statistics of the U.S. Department of Labor reported today. This was
> 4.2 percent higher than a year earlier, compared with a gain of 3.3 percent
> in the Consumer Price Index for All Urban Consumers (CPI-U) over the same
> period."
>
> 100.2 million x $566 per week x 52 weeks = $2,949 Billion
>
> Where the Obama White House web site claims that we have a $16 trillion economy, our very own Census Bureau SURVEY, an extensive and exhaustive study of REAL household incomes, is off by MORE THAN FIVE FOLD!! Which is correct?
>
> Why would that question be censored on a so-called math forum?
>
The general question was not censored. And I answered it:
In my message in this thread
http://mathforum.org/kb/message.jspa?messageID=7917883
I wrote the following:
Full Quote:
"In your continuing quest to try to prove the white supremacy to which
you hold, you continue to make massive mistakes based on complete
ignorance or complete fact denial or both.
Facts:
There are roughly 115 million households in the US and the median
income is a little under $50,000. (The average wage for each full-time
worker is, yes, close to $37,000, but the average household has about
2 wage earners, one full-time and one part-time.)
But this slightly under $50,000 is median income - the mean household
income is larger, since there are many very rich households, many of
them fantastically rich. (More than 90% of all new income and wealth
is now going to just the top 1%.)"
How much larger? Enough to reach about 44% of our roughly 15 trillion
dollar GDP in 2010, according to the green line in the chart in the
next link.
The chart in
http://www.minyanville.com/business-news/editors-pick/articles/wages-salaries-profits-gdp-labor-labor/7/9/2012/id/42242
shows via the green line that wages and salaries as a percentage of
GDP have declined since 1970 from almost 54% of GDP to down around 44%
of GDP.
This decline over 40 years reflects the fact that good paying union
jobs in the US have declined by about 2/3 from roughly 30% of all jobs
to only roughly 10% of all jobs, all thanks to conservatives obtaining
more and more power over those years and using that power to kill
these good paying union jobs through anti-union laws making it easier
to bust unions and making it harder to form unions.
You can deny the facts of how GDP is calculated all you want.
Professional economists all over the world have been calculating GDP
as they have for a century. Income going to people is only part of the
whole GDP. Much of it - now more than half - circulates as business to
business, business to government, and government to business
transactions without ever seeing the light of day as a human being's
personal income.
You utterly deny what every professional economist on the planet has
said and done on this for the past century. That says it all."
That is, you continue to refuse to see that GDP is not just the sum
total of what each working human being earns. GDP includes much more
than that.
To the reader that is interested in learning, here is one of many
introductions to how GDP is calculated:
http://en.wikipedia.org/wiki/Gross_domestic_product
Partial Quote:
"Gross domestic product (GDP) is the market value of all officially
recognized final goods and services produced within a country in a
given period of time. GDP per capita is often considered an indicator
of a country's standard of living;[2][3] GDP per capita is not a
measure of personal income (See Standard of living and GDP). Under
economic theory, GDP per capita exactly equals the gross domestic
income (GDI) per capita (See Gross domestic income).
GDP is related to national accounts, a subject in macroeconomics. GDP
is not to be confused with Gross National Product (GNP) which
allocates production based on ownership."
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