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CambridgeEagle Sydenham 08 May 17 2.33pm | |
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Yes doesn't sound quite right given large recessions since 1780. I'd be interested in seeing the source for this claim. Average earnings certainly performing poorly and inequality an issue irrespective.
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hedgehog50 Croydon 08 May 17 2.48pm | |
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Originally posted by CambridgeEagle
Those figures are nominal (and hence misleading). Real figures tell a different story. Upwards trajectory until GFC then austerity, then slight improvement (low global inflation and increased consumer spending fuelled by consumer debt) then post EU ref fall away again. Lower today in real terms than pre-GFC by c.3% Similar story for disposable incomes. They are real figures. The idea that "average wages are plummeting at levels not seen since the 1780s" is absurd.
We have now sunk to a depth at which the restatement of the obvious is the first duty of intelligent men. [Orwell] |
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CambridgeEagle Sydenham 08 May 17 3.15pm | |
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Originally posted by hedgehog50
They are real figures. The idea that "average wages are plummeting at levels not seen since the 1780s" is absurd.
They are real in the same way that average wages in 1600 was 2 groats and now they are £509. But such a comparison tells you little In economic terms they are nominal as opposed to real. Or if you'd prefer current as opposed to constant. Either way you should not be using those figures to infer anything about standards of living. Really.
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hedgehog50 Croydon 08 May 17 3.28pm | |
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Originally posted by CambridgeEagle
They are real in the same way that average wages in 1600 was 2 groats and now they are £509. But such a comparison tells you little In economic terms they are nominal as opposed to real. Or if you'd prefer current as opposed to constant. Either way you should not be using those figures to infer anything about standards of living. Really. Do you believe that "average wages are plummeting at levels not seen since the 1780s"?
We have now sunk to a depth at which the restatement of the obvious is the first duty of intelligent men. [Orwell] |
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CambridgeEagle Sydenham 08 May 17 3.52pm | |
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Originally posted by hedgehog50
Do you believe that "average wages are plummeting at levels not seen since the 1780s"? No, I didn't say that though. I queried those figures. I don't believe that's the case in nominal or real terms. I was pointing out that your figures were nominal and not real wage figures and it's real figures which matter in this context. What is clear is that real wages have not recovered since the GFC for average workers and that this is a genuine problem. Austerity has exacerbated the impact of the GFC enormously. Inequality and low levels of productivity are the two biggest structural problems for our economy.
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hedgehog50 Croydon 08 May 17 4.27pm | |
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Originally posted by CambridgeEagle
No, I didn't say that though. I queried those figures. I don't believe that's the case in nominal or real terms. I was pointing out that your figures were nominal and not real wage figures and it's real figures which matter in this context. What is clear is that real wages have not recovered since the GFC for average workers and that this is a genuine problem. Austerity has exacerbated the impact of the GFC enormously. Inequality and low levels of productivity are the two biggest structural problems for our economy. My post was in answer to a post saying that "average wages are plummeting at levels not seen since the 1780s"? From what you say, it appear that you probably disagree with that post too?
We have now sunk to a depth at which the restatement of the obvious is the first duty of intelligent men. [Orwell] |
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CambridgeEagle Sydenham 08 May 17 4.56pm | |
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Originally posted by hedgehog50
My post was in answer to a post saying that "average wages are plummeting at levels not seen since the 1780s"? From what you say, it appear that you probably disagree with that post too?
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nickgusset Shizzlehurst 08 May 17 6.01pm | |
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In today's election news... White Van Woman says she will reduce immigration like what she didn't last time.
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hedgehog50 Croydon 08 May 17 6.12pm | |
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Originally posted by CambridgeEagle
Comparing a number in 2016 vs a number some years earlier is only relevant if you take inflation into account. Your numbers don't. Taking inflation into account gives real wage figures, which show average real wages have still not recovered since GFC, most of which time the Tories have been in government. i.e. you had more purchasing power then compared with now. You could turn your cash into more in the way of housing, food, clothing etc. Inflation 2000 to 2016 is around 56%. So £509 under the Tories in 2016 and £306 under Labour in 2000. £306 plus 56% is £477. So still £32 a week better off under the wicked Tories.
We have now sunk to a depth at which the restatement of the obvious is the first duty of intelligent men. [Orwell] |
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hedgehog50 Croydon 08 May 17 6.13pm | |
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Originally posted by nickgusset
In today's election news... White Van Woman says she will reduce immigration like what she didn't last time. While we are in the EU we can do very little about controlling immigration. Once we are out, we can do a great deal.
We have now sunk to a depth at which the restatement of the obvious is the first duty of intelligent men. [Orwell] |
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nickgusset Shizzlehurst 08 May 17 6.16pm | |
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Originally posted by hedgehog50
While we are in the EU we can do very little about controlling immigration. Once we are out, we can do a great deal. We shall see. But I think you'll be disappointed.
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elgrande bedford 08 May 17 6.27pm | |
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Originally posted by nickgusset
In today's election news... White Van Woman says she will reduce immigration like what she didn't last time. Also in today's election news,Corbyn says he will abolish hospital car park fees (good idea I might add.). But then adds he will tax people who have private health care insurance....what the people who help free up the NHS.
always a Norwood boy, where ever I live. |
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