Echoing what other economists, including his predecessors and colleagues at the Fed, have suggested, Powell offered up one likely factor: the economy’s relatively low productivity growth. Put simply, American workers aren’t generating enough additional value for each hour on the job.
Of course! It’s all our fault! Blame the victim! It’s the Republican way!
It’s a mysterious puzzlement.
The metaphor could have been worse. The dogs could have been rolling in a skunk carcass. 
Irony: those dudes in the Bronze Age would’ve been perfectly capable plumbers, carpenters, masons, etc…
To us on the left, the reasons given in this article for why worker’s pay isn’t rising are not surprising in the least.
Why? Because all of the tax incentives out there are geared towards improving productivity at the expense of employment. Why invest in workers when there are big tax breaks for investing in automation. When there are no customers because no one makes enough money, then maybe there will be change.
How many rooms do you think the cave this guy’s been living in has?
You know, that article reads like the author is trying very hard to find flaws in Graeber’s arguments… because he fears his job, too, might be bullshit.
Having had a dog do exactly what your metaphor describes, the disgusting result is spot on. Three washes and rinses to get the rancid fat out. Oy!
Me too. It’s so gross and they love it so much.
It’s not that difficult to understand, really.
What the economy has is a HUGE amount of RESERVE CAPACITY. Whenever the economy gets near “full employment”, one or another of these “reserve capacity” sources brings in more workers. Thus, the economy functions to bring in more workers, not to raise wages for current workers.
Kind of proves the “invisible hand” is bunk doesn’t it? Maybe these economic “experts” need to stop pretending capitalism is based on free market theories and admit it is based on greed of the rich.
He’s puzzled? He’s what…in his mid-60’s and has lived in this country the entire time while tax cuts repeatedly were enacted and went up but never came down? Is he a fucking retard?
#NEWSFLASH: WHEN YOU GIVE HANDOUTS TO THE WEALTHY, THEY FUCKING KEEP THEM AND CALL IT “PROFIT,” THEN CONTINUE TO HORDE EVERYTHING THEY CAN. THIS IS A LITTLE SOMETHING CALLED “HUMAN NATURE,” YOU FUCKING IMBECILES. THERE IS NO SUCH THING AS ECONOMIC GRAVITY. WHAT GOES UP DOES NOT COME DOWN.
And, in this situation, perhaps more tot he point: Businesses are free to keep the spoils of gov’t handouts.
He’s not retarded. He is simply a loyal member of his social class who is never going to jeopardize his standing with any truth-seeking or truth-telling. Wouldn’t want to upset the Masters.
**Conundrum—**Increasing salary/bonuses to CEOs is a sign of a healthy economy, logical market forces, cause and effect taking hold, etc. Wage increases for the plebes is a dangerous inflationary pressure that could wreck everything and destroy the nation as we know it. Must stop that.
Yes, through a tax code that they wrote to benefit themselves.
The Fed chairman stressed that he still thought a strong job market would propel faster pay growth in time.
Despite incredibly persistent evidence to the contrary.
It’s grow the company or take profit. Companies used to choose growth.
I’m trying to remember from my college econ classes which of these illustrious models analyzes pure unadulterated executive greed? It is a social science after all.
Boy, it sure is a good thing the same people who told us all about trickle-down economics are the same ones who told us all about the evils and dangers of inflation. I’m glad they cleared that up for us.