Quote:
Originally Posted by Three Wolves In Snow
I knew it!
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The CPS data for today shows 274,000 jobs for March. I'm not sure how they'll spin that.
The CES data shows 629,000 jobs for March.
The difference between the CPS and CES, is the CPS is the Current Population Survey, and that's a telephone survey normally conducted mid-month. That survey is subject to fluctuations, because it's suppose to survey 60,000 respondents, but past Presidents, notably Clinton, ordered only 40,000 respondents be surveyed.
The CES is the Current Employment Survey, and that's based on payroll data, which is more accurate.
As a default, you can always look at Social Security payroll data.
So, we have:
$80,889,354,191.42
$73,369,000,000.00
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$7,520,354,191.42 in FICA taxes collected in February.
Since the FICA tax is 12.4% for employer and employee, that is wages of $60,648,017,672.74.
So, what, we are to believe that 20,000 employees generated $7,520,354,191.42 in FICA on wages of $60,648,017,672.74.
Really?
Let's see $60,648,017,672.74 / 20,000 = $3,032,400.88 per worker.
That would be wages of $18,952.50/hour.
And here I thought wages were, um, you know, "stagnant."
The reason you generated $7,520,354,191.42 in FICA taxes is because you had a helluva lot more than 20,000 new workers.
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