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Showing posts with label job creation. Show all posts
Showing posts with label job creation. Show all posts

Friday, March 16, 2012

Sardonicky: The Other War Against Women

The war against women is nothing new, and it isn't limited to the GOP misogynists who don't want us to have access to birth control. The war against women is really an economic one, waged by the .01 percent against the rest of us. The real war is the class war being waged against the women, men and children of the 99%. The birth control battle, while odious, is just a part of the larger oppression of poor women, working women, and minority women. Wealthy white women get treated with dignity and respect, regardless of the medical circumstances. Paris Hilton will never be forced to undergo an ulstrasound if she doesn't want one. 

You don't get the big picture by reading or watching the mainstream media accounts. The debate that rages is whether it's false equivalence to compare Rush Limbough's vitriol with Bill Maher's potty mouth. Liberals are torn between championing the hate machine's right to free speech and calling for its silencing. Reactionary politicians are trying to out-do each other in creative medievalism, turning routine ob-gyn visits into torture. There is not a little pornography in the current political discourse. 

And meanwhile, American women are still only earning about 82 cents to the man's dollar -- an apparent increase from just a few years ago, when we got 75 cents to the dollar compared to men. However, that increase is mainly due to the fact that men lost more jobs during the meltdown; the hard truth is that everyone's wages have shrunk. Men's pay decreased by two percent, while women lost an average of .09 percent. Moreover, black women still earn only 70% of what white men get, and Latinas, just 60%. 

The Lilly Ledbetter Fair Pay Act, much vaunted by the Obama Administration as one of his signature legislative accomplishments, really has had nothing much to do with the very slight improvement in the pay scales of working women. 

 As a matter of fact, Lilly Ledbetter herself is having trouble making ends meet on her meager retirement benefits. In an interview with WNYC this week, she said her income has fallen by over 50% since her husband died in 2008. Despite her fame and her seat of honor at the State of the Union address, she is "just scraping by." You can listen to the interview here. Instead of contributing to politicians who are co-opting this brave woman for their own ends, you might want to purchase Mrs. Ledbetter's new book. It's called "Grace and Grit." As she says in the audio, income discrimination is not just a woman's problem -- it's a family problem. I highly recommend listening to the whole thing. It will open your eyes and make you mad as hell. You'll find out how she did all the work herself to get the law changed, and that she didn't earn a single extra penny as a result of her efforts. 

 Jenny Brown of Labor Notes writes that over her lifetime, the typical working woman loses $379,000 because of the continuing income gap. And as Lilly Ledbetter has experienced, this loss carries over into retirement. Social Security benefits are predicated on the amount of lifetime earnings. And then too, wage discrimination is usually built right into jobs that are traditionally held by women. 

 Hospitality and retail jobs are a big part in the "improving" employment statistics, because the increasing wealth of the one percent has given them scads more money to burn in hotels and restaurants and stores. So of course thousands more servants and lackeys are needed to meet the needs of the very rich. And service industries are dominated by low-paid female workers. The average wage for a restaurant server is only $2.13 an hour -- well below the legal minimum wage, but exempt from the law because tips theoretically compensate. Only they often don't, because employers don't make up the difference as they are required to do. Some bosses force the wait staff to pool their tips among the cleanup crews and even pocket their own cut. 

 Then there's the hotel business. The Hyatt Chain, owned by the wealthy Pritzker family, is notoriously anti-union and anti-woman. Management ordered heat lamps turned on striking workers outside the Chicago hotel during a heat wave last summer. At the Hyatt hotel in Santa Clara, California, bosses celebrated “housekeepers appreciation week” last September by grafting photographs of housekeepers’ faces onto bikini-clad bodies on surfboards. If Hyatt employees want health insurance, a $400 monthly premium is deducted from their checks. Yet Hyatt heiress, Forbes billionaire and Obama bundler Penny Pritzker has a seat of honor at the White House Council on Jobs and Competitiveness. That should immediately suggest that this hilariously named in-house lobby of CEOs and a few token, co-opted big labor leaders has absolutely nothing to do with jobs. 

When you hear the word "job creator" in Washington, it refers to an oligarch who not only wants to keep more of his/her hoarded wealth, but wants to make sure what little the rest of us have left is taken away through "shared sacrifice." President Obama was happy to pose with Lilly Ledbetter at a few photo-ops, and never hesitates to use her name as a campaign talking point. But he also never dreamed of appointing her to his phony jobs council. She might have spoken too many inconvenient truths. She might have made Penny Pritzker uncomfortable. The war on women is bipartisan. The Republicans just have an uglier and more vocal way of expressing it. 


 

 

Wednesday, September 14, 2011

How the Capital Gains Tax Helps the Wealthy and Hurts the Rest of Us


Why are "capital gains" taxes so much lower than taxes on other income?
 
 

 
 
TAKE ACTION

 
Why are "capital gains" taxes so much lower than taxes on other income? The reason capital gains taxes are lower is because most of the income of the rich is from capital gains. And the reason most of the income of the rich is from capital gains is because capital gains taxes are lower.
Our System

"Capital gains" are the gains, or profits, made from the investment of capital -- the big pools of money that a few of us have the great responsibility and burden of being stuck with. The theory is that the few among us who have bundles of money (capital) use that money to start businesses or buy stocks or property (or race horses) and thereby "create jobs." (For more on how businesses and the wealthy "create jobs," click here and then click here.)
If the value of the business or property (or race horses) goes up those wealthy few make even more money (gains). This ability to obtain these huge gains is a benefit offered to those who have lots of money in the first place. Thus the term "capital gains." These gains are differentiated from the gains the rest of us make from ...working ... because the rest of us do not have the intelligence and wisdom of having those huge pools of money to invest.
Incentives
In our system the income gained from these investments by these wealthy few is therefore taxed at a special very, very low rate, because they have the wisdom and intelligence to have large sums of money available to invest, and the rest of us do not. This low rate is considered an "incentive" to those who have these large accumulations of money, to try to persuade them to make these huge profits. They require these "incentives" to make huge profits, because otherwise they might not be interested in making the huge profits that can result from owning most of the property and stock and race horses (and yachts and private jets and multiple homes and million-dollar cars.) So that is why they must be given the incentive of these very special low tax rates - to persuade them to make investments that reap huge profits that they otherwise would not want to make.
Government Interference
Of course, the wealthy usually complain when government gets involved in creating "incentives" and "picking winners and losers" in ways that help We, the People, saying government interference distorts decision-making. But when the "incentive" is special low tax rates to persuade the wealthy to invest and make huge profits, that's different. Because it is, that's why. Shut up. Hey, look over there
Job Creation
This reaping of huge profits from "efficiencies" like downsizing, laying people off and making the remaining workers do 2 jobs each in the same amount of time, outsourcing, buying companies and firing everyone and then selling off the pieces, offshoring, force reductions, firing people and then bringing them back as "contractors" at half the pay, relocating factories out of the country where people don't have the protections of democracy, replacing workers with machines, etc. is called "creating jobs."
Effect Of Cutting Capital Gains Taxes
In 2001 these special low tax rates for the very rich "job creators" were made even lower. This was done in order to provide even more incentive for them to make even more profits from their large accumulations of property, houses, cars, yachts, private jets and race horses, so that these "producers" - the "job creators" - would produce even more and create even more jobs. (Click here for more on who and what really creates jobs.) The result of these 2001 tax cuts was spectacular: eight years of the lowest economic growth and lowest job-creation rate since WWII, followed by the collapse of the entire financial system and mass layoffs of millions of us.



Friday, July 29, 2011

F*&k Your "Job Creator" BS

My wife.
She lost her retail job when she was 6 months pregnant with our second son. Lost it in an economy that had shed jobs for nearly 8 years solid at that time. Lost it when there were HUNDREDS of people applying for whatever jobs existed. And she was the one with insurance. We had a crazy scramble to get insured and it still cost us nearly $10,000 to have that baby. A debt that nearly SANK us.
That woman. My wife. She's a scrappy one, she is. Iowa born. She's got that hardcore Iowa work ethic. Started retail at 14 and never stopped. High school valedictorian. College scholarship. Got her Masters degree, all while working part or full time. The whole time.
And when she lost her job...what did she do?
Oh man, she bootstrapped it like a crazy person. She knew there was no chance of FINDING a job. She had to start one. She called everybody she knew, she wrote up a 50 page business plan, she called the most loyal clients of the place that had closed down and told them she was going to start another store and if they invested now they'd get that money back as store credit and would have 20% off for the REST OF THEIR LIVES.
She got her thin start up money. By hook and by crook, she got it. It wasn't a lot. But it was enough to get her into a building. And we built that inside ourselves. Built the wall. Put in carpet. Strung up lights. Put in doors. Painted. All with a newborn in one arm and a 3 year old running around.
Tough. Tough a nails. That woman.
And she did custom work and fixed things the first year and brought in clients, and slowly, slowly brought in merchandise for the shelves and display cases as she had the money to do it.
Sixty, Seventy, Eighty hours a week. And for pay....what? Less than minimum wage the first year. And the second year, slightly above minimum wage. And the third year just slightly more. But now...NOW...today...she employe four people. FOUR PEOPLE.
From NOTHING. She created her own job. And she created jobs for three other people. Like creating work from thin air...
ALL DURING THE WORST RECESSION in SEVENTY YEARS!!!
And then our representatives slash tax credits for families with children. They slash home owner tax credits...the State of Michigan ELIMINATES the state earned income tax credit...all of which helped keep our family afloat during these hard years where it was either sink or swim.
And why?
WHY?
WHY have OUR taxes been increased? People who are just clinging to the edge?
Because Republican leaders want the burden to go to the lower income brackets so that they don't put undue burden on JOB CREATORS!!! "Job Creators" The new euphemism for Rich Guy.
You know what, Republicans?
FUCK YOU.
Do you have ANY IDEA how insulting your new catch phase you use to avoid the word "rich person" is?
Go fuck yourselves.
You wouldn't know bootstrapping if it shit in your eye socket. Half you assholes had your money shoveled over to you by your mommy and daddy, because somebody in your distant past had a CONCEPT of what it was like to try to get by, and they worked their butts off to make ends meet. Not just to be rich. But to SURVIVE. Like most of the people out here working their butts off.
But you have NO CONCEPT of that. No concept of starting from nothing. No concept of working just to get by.
Whenever I hear you say "job creator" in place of "rich person" I want to spit in your face.
Fuck off.


Saturday, June 25, 2011

Job Gains and Losses in the "Recovery" by Job Type; Mish Shedlock


Interactive Map: Job Gains and Losses in the "Recovery" by Job Type (Healthcare, Education, Mining, Construction, Finance, Real Estate, etc)


This is the second part of a two-part interactive map series on jobs. For part one, please see Interactive Map: Employment History Since 2001 by Job Type (Healthcare, Education, Mining, Construction, Finance, Real Estate, etc)

Part two has a focus on job creation and losses during the economic recovery. Please consider the following interactive map, using Tableau Software, with data courtesy of Economic Modeling Specialists.

This interactive map may take a bit to load. Please give it time on a slow connection.


Note on Economic Modeling Data
“Our data is used by many to research and understand regional employment trends and dynamics. It’s composed of comprehensive information on industries, occupations, demographics — as well as things like occupational skills, education, training, and even the names and size of companies in your region broken down by industry.

To do this we link nearly 90 data sources — from federal sources like the Bureau of Labor Statistics to state and private sources.

If you’ve ever worked with this sort of information, you know it can be hard to collect and present. It’s also often incomplete and outdated. So we organize the data, bring it up to date, and build software and reports around it so you can put it to use more quickly and effectively”

Jobs Gained or Lost Since Dec 31, 2007
Industry2008200920102011
Health Care461,860792,6791,023,9071,278,794
Finance & Insurance323,802629,082490,384444,530
Mining & Oil195,813345,116337,917422,752
Educational Services121,337195,899236,766295,498
Government358,591451,680398,85390,393
Arts & Entertainment92,418108,26377,18165,855
Management60,98525,37116,32326,615
Utilities13,01920,77313,77111,275
Professional203,493-107,607-164,853-39,124
Agriculture & Forestry-18,909-26,033-33,643-71,928
Other Services-30,456-221,109-246,875-82,177
Food & Lodging71,681-242,538-273,658-145,099
Information-30,863-203,185-299,866-331,269
Real Estate-76,068-232,452-335,391-359,874
Transportation-107,538-501,697-559,415-486,346
Admin & Support-389,951-1,226,173-1,097,484-774,404
Retail & Wholesale-428,934-1,759,253-1,977,146-1,854,109
Manufacturing-478,023-2,072,959-2,415,322-2,290,390
Construction-612,184-1,955,402-2,468,184-2,519,538
Totals-269,927-5,979,545-7,276,735-6,318,546


Jobs Gained or Lost vs. Year Ago
Industry2008200920102011
Totals-269,927-5,709,618-1,297,190958,189
Admin & Support-389,951-836,222128,689323,080
Health Care461,860330,819231,228254,887
Other Services-30,456-190,653-25,766164,698
Food & Lodging71,681-314,219-31,120128,559
Professional203,493-311,100-57,246125,729
Manufacturing-478,023-1,594,936-342,363124,932
Retail & Wholesale-428,934-1,330,319-217,893123,037
Mining & Oil195,813149,303-7,19984,835
Transportation-107,538-394,159-57,71873,069
Educational Services121,33774,56240,86758,732
Management60,985-35,614-9,04810,292
Utilities13,0197,754-7,002-2,496
Arts & Entertainment92,41815,845-31,082-11,326
Real Estate-76,068-156,384-102,939-24,483
Information-30,863-172,322-96,681-31,403
Agriculture & Forestry-18,909-7,124-7,610-38,285
Finance & Insurance323,802305,280-138,698-45,854
Construction-612,184-1,343,218-512,782-51,354
Government358,59193,089-52,827-308,460

Job Table Notes

  • Data is as of May 31, 2011
  • 2011 comparison is to December 31, 2010
  • Job gains in 2011 are higher than reported by the BLS. I see no reason to believe the BLS.
  • Since December 2007, the economy has lost 6,318,546 jobs
  • In 2011, the big job gainer is not healthcare but "administration"
  • Healthcare and Education are the two bright spots throughout the recession.

The 6.3 million jobs lost since the beginning of 2008 is deceptively low. The Economy should have been gaining 1.8 milling jobs a year, not losing jobs. In other words, the economy is down 10 to 12 million jobs from where it should be.

Thanks to Ross Perez at Tableau Software and also to Economic Modeling Specialists for this post.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com