Originating with (who else?) the Wall Street Journal
and relayed courtesy of (who else?) MSNBC
"Wages have dropped and won't catch up until 2021
How's this for the New Normal?
Our income has fallen since the new millennium began and it isn't expected to catch up until 2021, according to a Wall Street Journal survey of economists' forecasts.
And in bad news for students, not even a college degree is going to help much, some of the 50 economists surveyed believe. Only people with advanced degrees will see any meaningful increase in their standard of living.
The current generation of college graduates will only see a higher standard of living if "they get graduate degrees and are willing to give up a lot of free time," Diane Swonk of Mesirow Financial told the Wall Street Journal. . . "
Sure. They attempted to portray a 'brighter side' at the end, some drivel about the next generation being wealthier than their parents. But I was already bummed once I finished the first part. Who gives a FF about this survey of these economists. (and back to the media) Our dear WSJ and MSNBC friends have already planted the seed irrespective of the lack of weight this one survey and these few economists wield.
Then, fueled by our fascination with the wealthy, beautiful, shallow glitterati (which was born of and is suckled by (guess who!) the MEDIA. . .
Courtesy again of MSNBC (of what would I bitch if not for them?!)
". . . The highest paid “bankster” is Jamie Dimon of JPMorgan Chase, who comes in 12th at $42 million, while Larry Fink of BlackRock is 16th at $39.9 million. Goldman Sachs‘ Lloyd Blankfein is way down at $21.7 million.
Many other bank chiefs are also below the S&P 500 CEO average — which for 2010 was $12 million, down 20 percent from 2007 levels. Bank of America‘s Brian Moynihan and Citigroup‘s Vikram Pandit are barely worth agitating against at $2.3 million and $1.3 million, respectively.
ObamaCare could end up helping three of the top-10 improve their lot in years to come. The top spot goes to John Hammergren of McKesson, the largest distributor of both pharmaceuticals and health care I.T. systems. It’s thought to be in a good position to benefit from President Obama’s health care overhaul. With compensation of $131 million this year (most of it from exercising stock options), Hammergren won’t have to worry about waiting in line to see a doctor. Same goes for George Paz (fifth place at $51.5 million), who runs prescription drug distributor ExpressScripts as well as Stephen Hemsley (eighth place at $48.8) of UnitedHealth Group. . ."
I say, "Have at 'em, Occupy Wallstreeters!" Hopefully they (and we who care) will accomplish something. Just give me a call if I can help.
(Pardon me. I must be off to therapy now.)
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