The Fruits of our Labor
Today is Labor Day, and I am happy to say that some world organization is reporting what we already know. American workers are the most productive in the world. We work more hours here than in any other country. For each hour worked, we produce $35.00 worth of goods. That is second only to Norway, which produces $37.00 worth of goods for each hour worked. Hoorah for us. Now I know why we are so tired.
By any standard, the American economy is humming along at a clip that my 1970’s economics teacher would have said was impossible. Our unemployment rate is 4.6%., both before and after the 9/11 recession, showing that this is the new norm. When I studied economics, I was told anything under 5% was considered full employment, and full employment was unachievable. So much for economic theory. To add to the mix, the rich may be getting richer, but so is everybody else.
It has been fun watching the media try to grapple with the economy. First they said the figures were wrong. Then they said the economy was phony. Then it was jobless. Then the jobs that it produced were bad jobs. Then the jobs may be better, but average wages were going down. And when that turned out to be false, they said there are still a lot of poor. Finally, knowing that there will always be poor, they have simply chosen to ignore it.
I am 57 years old, and my family did not have a television until 1955. We watched 2 stations that ran for 7 hours each day. Look at us now. I have televisions in every room, with 250 channels, high definition, DVD players, and flat screens on the wall. That doesn’t cover two home computers and one at the office, cell phones, Iphones, Ipods, digital camcorders and cameras, and God knows what other gadget and gizmo. I can get directions to wherever from wherever through OnStar in my car, or through a myriad of GPS systems. We demand 3 car garages, with the 4th car parked in the driveway of our mammoth houses with even more mammoth mortgages, the foreclosure of which the government is going to try to prevent. The foreclosures, by the way, are a result of interest rates moving from 1% to 5% and corresponding adjustments to adjustable rate mortgages. This is still below the historic norm for mortgage rates. Does anyone remember the Carter years when the interest rate for a home mortgage were at 12-14%?
Maybe the old union sponsored 5 week vacations are gone forever, but the American worker does well with weekend jaunts in SUV’s and RV’s, with their big boats and bigger dogs. Highways and airports are jam packed with people going hither and yon. People eat out….often and with their families. And in case you haven’t noticed, take a look around at the size of young families. People of my generation led the pack in reducing the size of families, coming out of the stagfalation years by having one child, two tops. At the local fair tonight, I noticed most young adults having 2 and 3 children trailing behind, with one on the way. Anecdotal evidence, yes, but I believe that studies will bear my observations out. There is no better witness to good economic times than bigger families.
So lets give ourselves a pat on the pack for the hard work that we do. As the song says, The Best of Times is Now. And oh yes, don’t forget that the current administration overseeing this unprecedented economic growth is Republican. Happy Labor Day.
By any standard, the American economy is humming along at a clip that my 1970’s economics teacher would have said was impossible. Our unemployment rate is 4.6%., both before and after the 9/11 recession, showing that this is the new norm. When I studied economics, I was told anything under 5% was considered full employment, and full employment was unachievable. So much for economic theory. To add to the mix, the rich may be getting richer, but so is everybody else.
It has been fun watching the media try to grapple with the economy. First they said the figures were wrong. Then they said the economy was phony. Then it was jobless. Then the jobs that it produced were bad jobs. Then the jobs may be better, but average wages were going down. And when that turned out to be false, they said there are still a lot of poor. Finally, knowing that there will always be poor, they have simply chosen to ignore it.
I am 57 years old, and my family did not have a television until 1955. We watched 2 stations that ran for 7 hours each day. Look at us now. I have televisions in every room, with 250 channels, high definition, DVD players, and flat screens on the wall. That doesn’t cover two home computers and one at the office, cell phones, Iphones, Ipods, digital camcorders and cameras, and God knows what other gadget and gizmo. I can get directions to wherever from wherever through OnStar in my car, or through a myriad of GPS systems. We demand 3 car garages, with the 4th car parked in the driveway of our mammoth houses with even more mammoth mortgages, the foreclosure of which the government is going to try to prevent. The foreclosures, by the way, are a result of interest rates moving from 1% to 5% and corresponding adjustments to adjustable rate mortgages. This is still below the historic norm for mortgage rates. Does anyone remember the Carter years when the interest rate for a home mortgage were at 12-14%?
Maybe the old union sponsored 5 week vacations are gone forever, but the American worker does well with weekend jaunts in SUV’s and RV’s, with their big boats and bigger dogs. Highways and airports are jam packed with people going hither and yon. People eat out….often and with their families. And in case you haven’t noticed, take a look around at the size of young families. People of my generation led the pack in reducing the size of families, coming out of the stagfalation years by having one child, two tops. At the local fair tonight, I noticed most young adults having 2 and 3 children trailing behind, with one on the way. Anecdotal evidence, yes, but I believe that studies will bear my observations out. There is no better witness to good economic times than bigger families.
So lets give ourselves a pat on the pack for the hard work that we do. As the song says, The Best of Times is Now. And oh yes, don’t forget that the current administration overseeing this unprecedented economic growth is Republican. Happy Labor Day.
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