Date: Nov 4, 2012 10:48 PM
Author: Paul A. Tanner III
Subject: Re: Speachless In New York (or, another OMG moment)
> The Census Bureau survey which shows that each of 101 million American households has an average salary of $37,000 proves that the US over-represents US GDP by more than four fold:
> $37,000 x 101 million = $3.7 trillion
> Official US GDP = $16.7 trillion
> Difference = $13 trillion
> Can you tell me, Paul, where this extra $13 trillion comes from? No.
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.
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
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.