Seriously though, are there any numbers to back up your claims?
The fact that the GNP is growing and unemployment is at record lows is
generally pointed to as signs that the economy is growing. Check the "grumpy as hell" post for some great debate about what these numbers really mean.
From the US Bureau of Labor Employment Cost Index
Series Id: CIU1010000000000A (B,C)Not Seasonally Adjustedcompensation: Total compensationsector: All Civilianperiodicity: 12-month percent changeIndustryocc: All workers
Year Qtr1 Qtr2 Qtr3 Qtr4 Annual
2001 3.9 4.0 4.1 4.2
2002 3.8 3.7 3.5 3.3
2003 3.8 3.7 3.9 3.9
2004 3.7 3.8 3.8 3.7
2005 3.6 3.2 3.0 3.1
2006 2.8 3.0 3.3 3.3
2007 3.5
Average compensation has shown a 3.0 - 3.5 increase per year for the last six years.
So if we kept the same job we should expect a 3% raise every year.
In the last ten years I have been promoted twice, as has my wife, which has a positive impact on our standard of living.
United States Economy at a Glance
Nov Dec Jan Feb Mar Apr
2006 2006 2007 2007 2007 2007
Unemployment Rate (,1,) 4.5 4.5 4.6 4.5 4.4 4.5
Change in Payroll Employment (,2,) 196 226 162 90 177(,P,) 88(,P,)
Average Hourly Earnings (,3,) 16.99 17.07 17.10 17.16 17.21(,P,) 17.25(,P,)
Consumer Price Index (,4,) 0.0 0.4 0.2 0.4 0.6 0.4
Producer Price Index (,5,) 1.6 0.7 -0.6(,P,) 1.3(,P,) 1.0(,P,) 0.7(,P,)
U.S. Import Price Index (,6,) 0.4 1.1 -1.2 0.4 1.5 1.3
Employment Cost Index (,7,9,10,) 0.9 0.8
Productivity (,8,) 2.1 1.7
Footnotes:
(P) Preliminary
(1) In percent, seasonally adjusted. Annual averages are available for
Not Seasonally Adjusted data.
(2) Number of jobs, in thousands, seasonally adjusted
(3) For production and nonsupervisory workers on private nonfarm payrolls, seasonally adjusted
(4) All items, U.S. city average, all urban consumers, 1982-84=100, 1-month percent change, seasonally adjusted
(5) Finished goods, 1982=100, 1-month percent change, seasonally adjusted
(6) All imports, 1-month percent change, not seasonally adjusted
(7) Compensation, all civilian workers, quarterly data, 3-month percent change, seasonally adjusted
(8) Output per hour, nonfarm business, quarterly data, percent change from previous quarter at annual rate, seasonally adjusted
(9) Includes wages, salaries, and employer costs for employee benefits.
(10) See Footnote C on
www.bls.gov/ncs/ect/cimapnote.htmData extracted on: May 15, 2007
Source : U. S. Bureau of Labor
Unemployment is staying low, hourly wages are rising, and the COnsumer Price Index is relatively flat. I would say that this show a growing economy, but your comment about poorly-paid service jobs generating the growth is well taken. I haven't been able to find any job creation statistics. I can't wait to see how you respond, as always!