Manufacturing job openings

[mostlylong]

@MarkR

You can’t repeal gravity, and you can’t repeal the laws of economics.

That sounds very theoretical.

How about the data?

Do you remember the below chart?

Which law(s) of economics explain this chart?

It tells a story about how economic benefits are distributed between labor and capital.

@mostlylong

@MarkR

Productivity is an unmitigated disaster right now. As a nation, we have an additional 2M+ people working in 2022, and they have contributed nothing at all to GDP. That is really very bad.

What do the data say?

Have a look below at the trends since 1965 (about the last 60 years) for labor productivity, real wages and corporate profits (as percent of gross domestic income or GDI).

• worker pay (real wages) is up, but productivity is up more as the lines have converged indicating workers are paid incrementally less to produce incrementally more