An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
The Euro Currency reminds of a game called urinal biscuit, biscuit is placed in the urinal, and the first one to stop weeing(run out of spending) has to eat the biscuit(suffer everyone elses crap).
I find some striking similarities. At-least with urinal biscuit the physical suffering is only temporary.
However the euro-zone are much more hard-core, the winners keep playing until they establish the 'Biscuit King'.
One argument is the public employees get better benefits and can retire earlier with a bigger pension. That seems to be the case in Massachusetts. That's the perception anyway. Most local governments are struggling with their budgets. Payroll happens to be the biggest budget item, so the debate always starts there.
Chewitup, that's only true in cases where the private sector has cut benefits or never offered them in the first place.
A living wage included being able to cover the necessities and save for retirement if no retirement benefits are provided.
What we are seeing is that a larger and larger portion of US workers are no longer being paid a living wage, and now the push is on to reduce the number of government workers and to cram down the remaining ones.
We need to revisit the MMT concept of the JG. It should be a living wage including benefits.
Tom, the propaganda machine has done a brilliant job of fostering resentment of those who are making it by those who are hanging on by a thread. It's not uncommon here in NH to have the local papers print public sector compensation figures, which, of course, are always inflated to include benefits.
The same thing was done to the UAW during the bankruptcy bailouts, inflating those average wages by including the cost of retirement packages into the total cost of current employees.
Manipulating public opinion is relentless. On my bad days, which seem to outnumber the good ones, I don't see how we can effectively fight back.
Manipulating public opinion is relentless. On my bad days, which seem to outnumber the good ones, I don't see how we can effectively fight back.
I hear you Joe. It is okay though. Earth is a vacation spot (don't ask we were all drunk and now our flight's been delayed!! LOL). No but seriously, I'd encourage you to read the Lord of the Rings or watch the movies....they really drive the point home about hopelessness and despair against great odds and how to (perhaps) "properly" approach that issue. To bottom-line it...you just give it your all anyway regardless. All the other details (however huge they may be) will be handled by "the eagles in the sky." I hope that helps. Cheers!
remember: if it's True it's going to sustain itself and if it's not True then it can't be sustained. It's just the way it works. We sometimes lose sight of that "higher time frame" (to speak like a trader) at times.
It's difficult to compare public and private sector compensation without parsing for many reasons. For example, public sector employment doesn't include the range of the private sector, from CEO's to minium wage. Most government employment involves white collar professional services. One has to compare apple with apples. Most generalizations are apples and oranges.
Federal Employees salaries frozen for two years. This tells me that the FEDs recognize a disparity. Too bad State and local govts don't get it. http://voices.washingtonpost.com/federal-eye/2010/11/obama_announces_pay_freeze_for.html
wait a minute...you mean teachers aren't getting paid $200,000 a year?!??!?!?! Nonsense...Bill on Fox told me so!!!
ReplyDeleteThe Euro Currency reminds of a game called urinal biscuit, biscuit is placed in the urinal, and the first one to stop weeing(run out of spending) has to eat the biscuit(suffer everyone elses crap).
ReplyDeleteI find some striking similarities. At-least with urinal biscuit the physical suffering is only temporary.
However the euro-zone are much more hard-core, the winners keep playing until they establish the 'Biscuit King'.
Nice Game....
oh man I seriously laughed out loud on that one. woo that was funny man.
ReplyDeleteOne argument is the public employees get better benefits and can retire earlier with a bigger pension. That seems to be the case in Massachusetts. That's the perception anyway.
ReplyDeleteMost local governments are struggling with their budgets. Payroll happens to be the biggest budget item, so the debate always starts there.
You know what sihts me?
ReplyDeleteAll this hype in the media that the people of Greece have been basically 'lazy' and they 'deserve' their current situation.
If they are so lazy why are they out in the streets, despite tear-gas, riot police and threats of having social welfare cut back??
Retards
Chewitup, that's only true in cases where the private sector has cut benefits or never offered them in the first place.
ReplyDeleteA living wage included being able to cover the necessities and save for retirement if no retirement benefits are provided.
What we are seeing is that a larger and larger portion of US workers are no longer being paid a living wage, and now the push is on to reduce the number of government workers and to cram down the remaining ones.
We need to revisit the MMT concept of the JG. It should be a living wage including benefits.
Tom, the propaganda machine has done a brilliant job of fostering resentment of those who are making it by those who are hanging on by a thread. It's not uncommon here in NH to have the local papers print public sector compensation figures, which, of course, are always inflated to include benefits.
ReplyDeleteThe same thing was done to the UAW during the bankruptcy bailouts, inflating those average wages by including the cost of retirement packages into the total cost of current employees.
Manipulating public opinion is relentless. On my bad days, which seem to outnumber the good ones, I don't see how we can effectively fight back.
Manipulating public opinion is relentless. On my bad days, which seem to outnumber the good ones, I don't see how we can effectively fight back.
ReplyDeleteI hear you Joe. It is okay though. Earth is a vacation spot (don't ask we were all drunk and now our flight's been delayed!! LOL). No but seriously, I'd encourage you to read the Lord of the Rings or watch the movies....they really drive the point home about hopelessness and despair against great odds and how to (perhaps) "properly" approach that issue. To bottom-line it...you just give it your all anyway regardless. All the other details (however huge they may be) will be handled by "the eagles in the sky." I hope that helps. Cheers!
remember: if it's True it's going to sustain itself and if it's not True then it can't be sustained. It's just the way it works. We sometimes lose sight of that "higher time frame" (to speak like a trader) at times.
clampreIncome disparity:
ReplyDeletehttp://www.cbpp.org/files/10-21-10inc.pdf
http://traderscrucible.com/2011/09/06/2354/
http://www.ritholtz.com/blog/2011/09/great-prosperity-1947-1977-vs-great-regression-1981-present/
http://forum2009.itcilo.org/en/thematical-papers/executive-compensation-and-the-economic-crisis
Public/Private Sector wages:
ReplyDeletehttp://www.intellectualtakeout.org/library/chart-graph/historical-comparison-public-and-private-sector-compensation-levels
It's difficult to compare public and private sector compensation without parsing for many reasons. For example, public sector employment doesn't include the range of the private sector, from CEO's to minium wage. Most government employment involves white collar professional services. One has to compare apple with apples. Most generalizations are apples and oranges.
ReplyDeleteFederal Employees salaries frozen for two years. This tells me that the FEDs recognize a disparity. Too bad State and local govts don't get it.
ReplyDeletehttp://voices.washingtonpost.com/federal-eye/2010/11/obama_announces_pay_freeze_for.html
From a well respected columnist:
ReplyDeletehttp://www.ritholtz.com/blog/2011/11/meritocracy-vs-plutocracy/