BY RUSSELL TURNER
TIME TO READ THE FINE PRINT
Anyone who has ever purchased some real estate or an automobile knows the importance of taking an objective look at any contract before you put your autograph on the bottom line. Those of us who have lived in the real world know that there is a never-ending supply of individuals that have no moral objection to misleading someone as long as they are benefited. Sadly that trait has infected many people working in our government. While some of the reports coming out may not be outright lies, many times we are not told the whole story.
We are told that jobs are up and unemployment is coming down, we are told that people will have more money and the overall economy is on the mend. Before we start popping the cork on the champagne we need to look at all of the data and not just the part that is being spoon fed to the American public. Today's numbers showed that jobless claims declined 14,000 to 289,000 in the week ended August 2nd. The monthly data, published last week, showed that 209,000 jobs were created in July, which marked the sixth-consecutive increase of 200,000 or more. The numbers are encouraging, but the figures buried within the July monthly report tell a different story, clearly indicating that many of the new jobs are of the lower-paid variety instead of the high-quality, high-paid positions needed to kick-start the economy and get people to buy clothes, cars, TVs, appliances and other consumer goods. And even those working with decent jobs are having trouble getting ahead of the economy, with real wages not really keeping up with (officially understated) inflation. Over the past few years the government has stopped factoring in the cost of necessities such as fuel and food; I guess inflation is not a problem if you don’t drive anywhere and don’t eat. In today’s world the average worker is working harder and getting no additional money. According to the July data from the Bureau of Labor Statistics the average hourly earnings did increase 2 percent over the past year — but inflation also increased 2 percent over the same time period, basically nullifying any real wage increases.
I am in the small business sector and am in contact with many other small business owners. A high percentage of those people are basically holding things together hoping for a better day. Most of them are working longer hours just to maintain their standard of living; the longer this goes on the less discretionary money people have to purchase luxury items. I realize that most politicians make a habit of telling his or her constituents what they want to hear, but like going to your family doctor you need to have all of the facts to properly treat a disease. It is time to give it to us straight, we can take it.
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