Monday, May 25, 2009

Real wage losses coming to fruition

From Bloomberg News:

The biggest Wall Street crisis since the Great Depression isn’t just a setback for New York or bankers. The finance industry’s contraction may wipe out $185 billion in wages and profits, or $600 for every man, woman and child in the U.S., according to Thomas Philippon, a finance professor at New York University’s Stern School of Business. The trail of reduced income affects car mechanics, waiters, sports teams, hair stylists, jewelers, housecleaners and watch repair shops.

Sorry about the lack of a link... seems to be broken at the moment.

Regardless, this is a significant part of why I voted against the 4.4% x 3 yr teachers' union contract last November.

Tim White


Anonymous said...

Save that clip.
That should be all you need to show the voters of this town that you truly care and have a good incite on what is going on, not only in this town but in the U.S.
I only wish the others had the foresight that you had.
Thanks Tim

Anonymous said...

Get used to reduced income. Tim, ask the TM to report how much peroperty tax revenue on cars/boats declined from 2008.

I stopped by the Casino Mon night & it was dead--MJordan's steakhouse had (15) people eating one at the bar--bartender said 3 years ago there would be a (2) hour wait--said the casino is dead during the week (right or wrong, casino #'s are a great indication as to how the economy is tracking). Florio & the TM may actually have to MANAGE for a change...

Anonymous said...

There is trickle-down economics
There is trickle-up economics

But in Cheshire, the Free Spending Five believe in "Leake-y" economics--give the key to the treasury to the teacher's union