Monthly Archives: May, 2015

If You Keep Doing the Same Thing Repeatedly while Expecting Different Results

ACADEME BLOG

This is what Oregon Senator Jeff Merkley said on the Senate floor on the proposed TransPacific Partnership:

“We are creating a structure of a group of seven very poor nations with very low wages, five affluent nations with higher wages, and think about the difference between running an operation in Malaysia or Mexico, with a minimum wage of less than $2 an hour, and in Vietnam with a minimum wage of 60 to 70 cents depending on what part of the country you’re in. Think about the difference between that and the minimum wage in the United States. It is a 10-to-1 differential. . . .

“In order to have something that was fundamentally different, we would have to have something like snap-back tariffs. A situation where a country deeply violated its promises on labor standards, deeply violated its promises on environmental standards, but there would be some sort of…

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Sometimes the Economic Equations Are Simple: Addendum 1: More Graphs on the Current vs. Historical Scale of Corporate Profits

A New Far-Right Theory: Liberal Immigration Policies Have Been the Primary Cause of Falling Incomes for Most Americans

ACADEME BLOG

This is an excerpt from an article distributed by the Far-Right news service Newsmax:

“Wages for the overwhelming majority of Americans have fallen below 1970s levels as the percentage of the population that is foreign-born has surged.

“A memo from the Congressional Research Service (CRS), released in response to a request for data from the Senate Judiciary Committee, shows on the other hand that in the decades prior to 1970, when the percentage of foreign-born Americans dropped, wages for most Americans rose.

“From 1945 to 1970, the foreign-born population in the United States decreased from 10.97 million to 9.74 million, a decline of 11.2 percent.

“During that 25-year period, the reported income of the bottom 90 percent of tax filers rose from an average of $18,418, in 2013 dollars, to $33,621 in 1970, an increase of 82.5 percent.

“The share of total income held by the bottom 90 percent…

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