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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: axial who wrote (108052)2/9/2010 3:32:41 PM
From: axial4 Recommendations  Read Replies (1) of 116555
 
Re:[D] Government and administration are inefficient almost everywhere; costs are excessive; compensation and perks for legislators, managers and staff needs realignment. The same applies to private industry, but that's not relevant to debt reduction.

Gary Shilling: Higher Government Pay Will "Likely Lead to a Tax Revolt"

According to a December report from the BLS, state and local government employers spent an average of $39.83 per hour worked ($26.24 for wages and $13.60 for benefits) for total employee compensation in September 2009. Total employer compensation costs for private industry workers averaged $27.49 per hour ($19.45 for wages and $8.05 for benefits). In other words, government employees make 45% more on average than private sector employees.

According to another BLS report, compensation for private industry workers has increased by 6.9% between December 2006 and December 2009, compared to a 9.8% increase for government workers (state and local) over the same period.

If that's not enough, the trend will lead to a lowering of our standard of living, even for the highest paid workers on Wall Street, Shilling tells Henry in the accompanying clip. If reforms like the Volcker Rule take hold, Shilling's "not sure Wall Street (will be) permanently bidding up the prices of Manhattan real estate and vacation homes in the Hamptons."

finance.yahoo.com

Jim
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