j g - <<sort of OT>> The tone of the "forthcoming" report you site makes it sound highly suspicious and food for a political machine. It's written in the style of advocacy journalism, wherein statistics are manipulated and presented as key "facts" to flavor the subject.
For example: "Workers employed at "long-term jobs," those lasting 10 years or more, decreased from 41 percent in 1979 to 35.4 percent in 1996, the greatest portion of the decline since the late 1980s." That statement is written to imply there is a decline in steady long term jobs - when, in fact, the numbers are heavily driven by the dynamics of the high-technology sector and the shift from a manufacturing economy to a more service-based system.
"In 1997 the inflation-adjusted earnings of the median US worker
were 3.1 percent below the 1989 level." More very suspicious statistical manipulation in play here; what was their "adjustment" factor for inflation and in what years was it applied? Why no mention of the major increase in the gross number of entry-level jobs in the equation which was more likely the cause of the drop?
"The typical middle-income family had 3 percent less wealth in 1997
than in 1989." That statement is full of holes and is indicative of the advocacy bent. No definition of "typical middle-income family;" no definition of "wealth;" no comparison to empirical data about spending, savings, taxes, etc. on which to judge the merit of the claim about "wealth."
"The benefits of the stock market rise have gone almost
exclusively to the upper 10 percent, who have enjoyed 85.8 percent
of the increase." The statement is not only specious, but patently designed to instill envy and vilify success. It neglects to address the risk/reward equation and ignores the capital liquidity brought about by stock market investments that create jobs.
Again, I'm suspicious. Economics is bastardized statistics, and statistics are bastardized mathematics.
After Reagan's setting the stage by simply spending the Soviet Union to death in the 80's and after the stumbling off the path by Bush, wresting of control of congress from the Democrats and far-left in 1992 has provided a remarkably steady, stable growth period marked by minimal inflation.
Mr. K. |
