T Nation

Bush and the Wage Crisis

Bush Ignores Wage Crisis Hitting Middle Class

Over the last month, the Bush administration has cited recent jobs numbers to claim that average workers’ paychecks are increasing. Vice President Cheney said, “real incomes and wages are growing.” But as new studies show, wages have actually decreased for the average worker, even as corporate profits and CEO pay have exploded.

According to the Economic Policy Institute, while corporate profits have risen by more than 62%, workers’ take home pay has dropped by .6%. This follows an earlier report which shows that industries currently adding jobs pay 21% less than industries that are slashing jobs. Despite this wage crisis, President Bush is pushing to cut off an estimated 8 million workers from overtime pay protections, and supports efforts to outsource even more well-paid American jobs. Meanwhile, he refuses to raise the minimum wage, despite new research showing a minimum wage hike would not adversely affect businesses or consumers.

The story, of course, is different for the president’s wealthy campaign donors. A recent study shows CEO pay exploded by 27% in just one year, all while the President lavished more than $1 trillion in new tax breaks on the richest 1% of the population. To put the contrast into dollars, the average worker takes home $517 a week and will receive about $400 in tax breaks from President Bush. At the same time, the average CEO takes home $155,769 a week and this year alone received well over $50,000 in new tax breaks from Bush.

http://www.misleader.org/daily_mislead/Read.asp?fn=df06042004.html

By my math, that means that the “average worker” is receiving a refund that is 1.38% of his pay, whereas the CEO is receiving a refund of only .57%.

Lumpy - It’s the trilateral comission just trying to keep all the peasants under their heel.

No, like most things, liberals see tax-reductions as only usable for wealth redistribution. Wealth redistribution doesn’t work. If you put more into the system, you should get more back out when the tax refunds come out.

You obviously read with very little critical analysis of what is being written lumpy. It is NOT enough to take everything that comes from any organization with a political axe to grind at face value, regardless of your political leanings. You still have to be able think for yourself.