Yes, John Edwards, there really are “Two Americas”: One America for those who work for the government and make almost $62,000 on average (wages and benefits), and another America for those saps who work in the private sector who earn $6,000 less on average ($55,470), see chart above (click to enlarge).
And Yes, Hillary Clinton, there really is a disturing pay gap that calls for legislation: Private sector employees earn only 90 cents on average (wages and benefits) for every one dollar that a public sector employee earns, and this pay gap has persisted for decades. And the pay gap between private sector employees and public school teachers is even greater (see graph).
See this press release from the Heartland Institute for more information, which uses data from this BEA website.
From the Hispanic Pundit, in response to this CD post “Our Poor Are the Envy of the World’s Poor:”
At the risk of over-generalizing, there are two views to poverty alleviation: there is the approach of the “left,” which tends to champion direct government involvement (welfare, etc.), and there is the approach of the “right,” which tends to champion economic growth.
The problem is, the two approaches tend to be mutually exclusive. To get more government involvement, you need higher taxes and an increase in the size of government….two things that greatly harm economic growth. So in effect you have a trade off and a disagreement over which poverty solution is better – direct immediate alleviation, though one that may dramatically change incentives and behavioral patterns along with decreased economic growth, or you have the long term solution that increases economic growth and significantly increases the standard of living over time.
Comparing the standard of living from an earlier era shows in stark contrast the very real gains that economic growth produces, and how overwhelmingly larger they are than any immediate government program can possibly achieve. The same is true when you compare the standard of living in the United States (arguably the most capitalist country in the world) with the standard of living of other less capitalist countries.
Comparisons that show the significant gains from economic growth explain why the left avoids making such comparisons.
The Department of Commerce reported today that disposable income, adjusted for inflation, grew by 3.9% in September compared to the same month a year ago (Table 10 in the report), which marks the 14th consecutive month that real disposable income has increased by 2.9% or higher (the approximate average growth rate since 1970, see horizontal line in graph above).
CD Exclusive: This record of consecutive monthly growth in real disposable income hasn’t been matched in the U.S. since July 1997 – April 1999, when real income grew at or above 2.9% for 22 months during the height of the last economic expansion (see shaded areas on the graph above, click to enlarge).
The Goldilocks economy keeps rockin‘.
Update: Real disposable income is one of the 4 key economic variables that the National Bureau of Economic Research watches to determine when the U.S. economy goes into recession, see my previous post. Given the 14-month record of above-average real personal income growth, it wouldn’t appear that a recession is imminent.
The Internet is a tightly controlled privilege in Cuba, reserved for the trusted elite. Private citizens are prohibited from buying computers or accessing the Internet without special authorization. Access in Cuba is limited to citizens who can prove they are engaged in research or connected to an accredited and approved institution.
Updated: According to UNESCO, there are only 6.71 phone subscribers per 100 residents in Cuba, 1 computer for every 42 persons, and only 1/10 of 1% of the population has direct access to the Internet (12,193 Internet subscribers out of a population of 11,313,000).
I guess they won’t be visiting Carpe Diem, or any other blog or website, any time soon (see the map above of visits to Carpe Diem, click to enlarge)!
Aprovecha el dia!
Although I can’t confirm this, I received an email from a loyal CD reader in Canada, who says that he has visited China twice in the last month for business, and CD is apparently banned in China, along with some other “unacceptable” blogs.
At this website (WHOIS Search database), you can look up the real name of the owner of any website on the Internet.
It was first reported in the Indian press that “A record-breaking performance by India’s stock markets has put the industrialist Mukesh Ambani at the top of a list of the world’s richest people.
Buoyed by unprecedented inflows from U.S. and European investors, the benchmark Mumbai Sensex stock index topped 20,000 for the first time yesterday – having almost doubled in value in the last two years.
One of the results of the surge in share prices has been a boost for Mr. Ambani’s Reliance Industries, a powerhouse of the country’s industrial strength and its most valuable firm. Its excellent performance, along with that of two other of the group’s companies, saw the net worth of its chairman and managing director rise to $63.2bn yesterday.”
Well, they made a small mistake, “The correct figure was more like $50 billion, Reliance said, because it had erroneously included the group’s petrol subsidiary in which Mr Ambani does not have a direct holding.”
What is not in dispute is that the Indian stock market has set 38 record closes this year, the BSE Index has surpassed 20,000 in recent trading, and is up by 62% YTD (in USD) and 44% YTD (in rupees). It is also true that Mr. Ambani’s personal wealth has increased from $20 billion in February of this year to $50 billion today. Not a bad year at all for Mukesh.