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Economic Defense

Amir Goren

The labor share of income, read monthly: margin sustainability, equity duration, the AI capex cycle. Dated, thresholded, with a track record. From the Economic Defense Fund.

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Substack
PricingFreemiumPublishesWeekly
Issues60Founded5 years agoLast Issue5 days ago
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Latest Issues

Note #1 is out, and the paid tier opens today

Note #1 of The Labor Share Letter went out this morning, free in full to everyone on this list. It is the sample: labor share, margins, Main Street, the regime call, and next month's thresholds, in six to eight pages.

From the October issu...

5 days ago

The Labor Share Letter opens today

For months this newsletter has argued one thing from several directions: the labor share of income is the variable that decides whether record profit margins last, how long equity cash flows really are, and whether the AI capital spending c...

5 days ago

The Labor Share Letter, Note #1: The Fed Raised Rates and Said Nothing About Pay

The month in one paragraph

Of every dollar American companies produced in the second quarter, 54.7 cents went to workers as pay, the lowest on record. Profits took 19.6 cents, the highest since at least 1970. And on September 16 the Federa...

5 days ago

What It Would Be Worth to Let Wages Catch Up

The Fed meets this week and is widely expected to raise rates again. Look at what it is raising them against. In the August figures, energy was up 16.3 percent over the year and gasoline up 27.4 percent, while the core measure that strips t...

14 days ago
1

The Tax Code Pays Companies to Replace You

Washington wants to tax the robot. But the robot was never the problem.

Right now the tax code does something strange. It charges a company much more to employ a person than to replace one. Add up payroll taxes and the rest, and hiring a w...

a month ago
1

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