Showing posts with label sheldon adelson. Show all posts
Showing posts with label sheldon adelson. Show all posts

Thursday, December 13, 2012

The outlook is bleak

Some 26 of 30 countries covered by the Organization for Economic Cooperation and Development have shown a falling labor share of national income since 1990. International Labor Organization (ILO) data show the gap between the top 10% of earners and bottom 10% increased in 23 of 31 nations since 1995. Between 1999 and 2011, average labor productivity in developed economies worldwide increased more than twice as much as average wages. Real average monthly wage growth worldwide, excluding China, fell to 0.2% last year from 2.3% in 2007. Unemployment might have been higher than it might had it not been for reduction in working hours, shorter working weeks, cuts in overtime and even job sharing in exchange for keeping jobs.

The United Nations bodY focuses on how the shrinking share of the pie going to workers was one cause behind the credit bubble. The falling share of national output going to workers in the decade before the crisis ended up boosting household debt as workers tried to maintain consumption via ever-easier credit. Had falling labor shares of the bottom 99% in the United States not been compensated for by debt-led consumption, it is likely that world economic growth would have slowed or halted much earlier," the report said. The same phenomenon was seen in Britain, Australia,Ireland, Greece, Portugal and Spain. The pressure to rebuild national balance sheets or sustain corporate [profit] margins with further pressure on wages is all too clear.

 Sheldon Adelson, the billionaire who owns the Las Vegas Sands Corporation. Adelson invested more than $100 million in the election, mostly on Republicans who lost -- including $20 million that went to Romney's super PAC "Restore Our Future," $15 million to another super PAC that almost single-handedly kept Newt Gingrich's Republican primary campaign going and about $50 million to nonprofit Republican fronts such as Karl Rove's Crossroads.
Adelson tells the Wall Street Journal he's ready to double his 2012 investment next time around. "I happen to be in a unique business where winning and losing is the basis of the entire business," he says, "so I don't cry when I lose. There's always a new hand coming up." He isn't looking back at his losses.
 Adelson says he has many friends in Washington, "but the reasons aren't my good looks and charm. It's my pocket personality," referring to his political investments. Adelson recently met with three Republican governors said to be eying the 2016 presidential race. This week he met separately with Republicans, House Speaker John Boehner and Majority Leader Eric Cantor. 

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