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income inequality

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rickc

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income inequality

we hear that term a lot these days. how the 1% have made out like bandits while income for everyone else has stagnated. Well i found an inflation adjusting calculator that is pretty interesting. For some of you that have been around a while you put your starting salary back when you started work and then calculate what you would have to be making today to equal it. pretty enlightening. don't think you will see many with starting salarys like that these days.

$500 in 1973 ? 2017 | Inflation Calculator
 
rickc said:
For some of you that have been around a while you put your starting salary back when you started work and then calculate what you would have to be making today to equal it. pretty enlightening.
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I guess.... Unless you're already familiar with the concept of inflation.


don't think you will see many with starting salarys like that these days.
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Mine fits fairly well.

I don't think starting salary is the big issue here. I suspect the bigger issue is that middle-class jobs are shrinking. Factory workers, teachers, lawyers, doctors, mid-level managers, lots of professionals face escalating educational debts, fewer opportunities, more automation, more expensive health care debts, the list goes on.
 
rickc said:
income inequality

we hear that term a lot these days. how the 1% have made out like bandits while income for everyone else has stagnated. Well i found an inflation adjusting calculator that is pretty interesting. For some of you that have been around a while you put your starting salary back when you started work and then calculate what you would have to be making today to equal it. pretty enlightening. don't think you will see many with starting salarys like that these days.

$500 in 1973 ? 2017 | Inflation Calculator
Click to expand...

We need an Institutional pressure on wages not Individual pressures.

we really just need a fifteen dollar an hour minimum wage, unemployment compensation for being unemployed on an at-will basis in our at-will employment States, and Industrial Automation to help with social costs.
 
danielpalos said:
We need an Institutional pressure on wages not Individual pressures.

we really just need a fifteen dollar an hour minimum wage, unemployment compensation for being unemployed on an at-will basis in our at-will employment States, and Industrial Automation to help with social costs.
Click to expand...

I do not mind a $15 a hour wage. Because, were very low with the unemployment rate and its not increasing hard wages.
 
Atheist 2020 said:
I do not mind a $15 a hour wage. Because, were very low with the unemployment rate and its not increasing hard wages.
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exactly; if our current economy was a vibrant as claimed by the right, wages would be going up faster; San Francisco and Seattle have lower unemployment rates.
 
danielpalos said:
exactly; if our current economy was a vibrant as claimed by the right, wages would be going up faster; San Francisco and Seattle have lower unemployment rates.
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The highest place for the average state income is Hawaii. But, if you purchase a home you have a 75 year mortgage to pay back. Higher wages equals higher cost to live. At $15 an hour, it would help the blue states and drive the red states deeper into poverty. Business goes to blue states because there is a demand for there business, red states, do not have a market. The redder a place is, the less reason to place a business there.
 
danielpalos said:
We need an Institutional pressure on wages not Individual pressures.

we really just need a fifteen dollar an hour minimum wage, unemployment compensation for being unemployed on an at-will basis in our at-will employment States, and Industrial Automation to help with social costs.
Click to expand...

Totally disagree; forced inflation will only hurt consumers - in particular the lower income folks. Consider this: You are the owner of a business and your State has now demanded that you increase your minimum wage to $15.00 per hour - how do you pay for that increase? What will happen to your customers if you increase your charges by 40-50%. For example, you own a restaurant selling hamburgers for $20.00 per plate (includes drink and fries), now you must double (or more) your pay to employees - how much will you now need to charge for your hamburgers? Are you willing to pay $30-$40 for a hamburger??
 
Big Ed said:
Totally disagree; forced inflation will only hurt consumers - in particular the lower income folks. Consider this: You are the owner of a business and your State has now demanded that you increase your minimum wage to $15.00 per hour - how do you pay for that increase? What will happen to your customers if you increase your charges by 40-50%. For example, you own a restaurant selling hamburgers for $20.00 per plate (includes drink and fries), now you must double (or more) your pay to employees - how much will you now need to charge for your hamburgers? Are you willing to pay $30-$40 for a hamburger??
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And on the other side, if only 1% of the population has disposable income, how can you sell any hamburgers? To someone with $1.00 in their pocket at the end of a week, that hamburger might as well cost $300-400, because they can't afford it.
 
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Big Ed said:
Totally disagree; forced inflation will only hurt consumers - in particular the lower income folks. Consider this: You are the owner of a business and your State has now demanded that you increase your minimum wage to $15.00 per hour - how do you pay for that increase? What will happen to your customers if you increase your charges by 40-50%. For example, you own a restaurant selling hamburgers for $20.00 per plate (includes drink and fries), now you must double (or more) your pay to employees - how much will you now need to charge for your hamburgers? Are you willing to pay $30-$40 for a hamburger??
Click to expand...

An increase of the minimum wage to $15 an hour will not result in a 40% - 50% increase on retail prices and services in fact the increase will be marginal to pay for that increase cost. Studies show this increased be right around 4% that's it. This fact is the biggest reason to push for the minimum raise where we have a livable wage and marginal retail price increase.

https://www.marketwatch.com/story/r...ould-raise-prices-by-4-study-finds-2015-07-28

Thing is, You're using bad logic. Payroll isn't 100% of a restaurants or Retail Services expense. So minimum wage at those at the bottom to $15 an hour would only increase their total expenditure just a few percentage points.

The minimum wage when I got out of high school adjusting for inflation was right around $14 an hour ( I'm 67), and hamburgers weren't $20 adjusting for inflation. In 1969 dollars if I recall correctly a Big Mac was about $0.45. Every Food Outlet in La at the time paid 2 bucks an hour as minimum, about $14 in today's dollars
 
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Big Ed said:
Totally disagree; forced inflation will only hurt consumers - in particular the lower income folks. Consider this: You are the owner of a business and your State has now demanded that you increase your minimum wage to $15.00 per hour - how do you pay for that increase? What will happen to your customers if you increase your charges by 40-50%. For example, you own a restaurant selling hamburgers for $20.00 per plate (includes drink and fries), now you must double (or more) your pay to employees - how much will you now need to charge for your hamburgers? Are you willing to pay $30-$40 for a hamburger??
Click to expand...
One other thing. Opponents of tying the minimum wage to inflation are always making dire predictions about the ma and pa shop that'll be bankrupted. But you have to take these warnings as seriously as the ones about voter fraud, the Deep State and fake news.

They never mention the huge corporations making millions in profits for stock holders and giving CEO's obscene compensation packages...

original.jpg
 
So essential we trade the ma and pop shops so we can take a larger portion of these huge corporations millions in profit.
 
Big Ed said:
Totally disagree; forced inflation will only hurt consumers - in particular the lower income folks. Consider this: You are the owner of a business and your State has now demanded that you increase your minimum wage to $15.00 per hour - how do you pay for that increase? What will happen to your customers if you increase your charges by 40-50%. For example, you own a restaurant selling hamburgers for $20.00 per plate (includes drink and fries), now you must double (or more) your pay to employees - how much will you now need to charge for your hamburgers? Are you willing to pay $30-$40 for a hamburger??
Click to expand...

I have a question...if everyone goes up won't the residents of that same area be able to more than afford those higher prices. And why would the price of the burger need to double? Wouldn't more burgers be sold since more people have more money?
I am not a proponent of the $15 m/w. I think the federal m/w should be higher and then each state should have a set formula for their own m/w based on that states per capita income.
 
rickc said:
income inequality

we hear that term a lot these days. how the 1% have made out like bandits while income for everyone else has stagnated. Well i found an inflation adjusting calculator that is pretty interesting. For some of you that have been around a while you put your starting salary back when you started work and then calculate what you would have to be making today to equal it. pretty enlightening. don't think you will see many with starting salarys like that these days.

$500 in 1973 ? 2017 | Inflation Calculator
Click to expand...

I did the test. As a comparison I looked at my son's starting salary five years ago. His starting salary is about 30% more than mine inflation adjusted.
 
Middle_Ground said:
I have a question...if everyone goes up won't the residents of that same area be able to more than afford those higher prices. And why would the price of the burger need to double? Wouldn't more burgers be sold since more people have more money?
I am not a proponent of the $15 m/w. I think the federal m/w should be higher and then each state should have a set formula for their own m/w based on that states per capita income.
Click to expand...

You are leaving out what happens to the many currently retired folks and those who will still receive "safety net" assistance if all workers get a raise - who, exactly, is going to mandate that the retired (or under/unemployed) get a raise (and how)?. I agree that any wage floors are best set at the state/local level but having the federal MW adjusted for inflation is also a good idea.
 
ttwtt78640 said:
You are leaving out what happens to the many currently retired folks and those who will still receive "safety net" assistance if all workers get a raise - who, exactly, is going to mandate that the retired (or under/unemployed) get a raise (and how)?. I agree that any wage floors are best set at the state/local level but having the federal MW adjusted for inflation is also a good idea.
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Hmmm didn't think about the retirees or fixed incomes. Not sure about the underemployed I'm assuming their income would also go up.
I just don't think a one size fits all approach would work. $15 is sustainable and fine in most major cities but there are places it would not be sustainable especially for smaller businesses.
 
Big Ed said:
Totally disagree; forced inflation will only hurt consumers - in particular the lower income folks. Consider this: You are the owner of a business and your State has now demanded that you increase your minimum wage to $15.00 per hour - how do you pay for that increase? What will happen to your customers if you increase your charges by 40-50%. For example, you own a restaurant selling hamburgers for $20.00 per plate (includes drink and fries), now you must double (or more) your pay to employees - how much will you now need to charge for your hamburgers? Are you willing to pay $30-$40 for a hamburger??
Click to expand...

Another issue is what do you do with the educated and experienced people that are making the $15.00 wage right now?

Do you raise everybody's wage and double your payroll all at once?
 
SoCal said:
One other thing. Opponents of tying the minimum wage to inflation are always making dire predictions about the ma and pa shop that'll be bankrupted. But you have to take these warnings as seriously as the ones about voter fraud, the Deep State and fake news.

They never mention the huge corporations making millions in profits for stock holders and giving CEO's obscene compensation packages...

View attachment 67239861
Click to expand...

That's because those giant companies own our media and government.
 
rickc said:
income inequality

we hear that term a lot these days. how the 1% have made out like bandits while income for everyone else has stagnated. Well i found an inflation adjusting calculator that is pretty interesting. For some of you that have been around a while you put your starting salary back when you started work and then calculate what you would have to be making today to equal it. pretty enlightening. don't think you will see many with starting salarys like that these days.

$500 in 1973 ? 2017 | Inflation Calculator
Click to expand...

It does not matter to me. I am not able to score 50 points playing professional basketball either. To pass a law demanding i am equal to those able to do that is silly.

I am not able to command, as does Brad Pitt and other actors, per picture wages of 20 million dollars either. To pass a law putting me at his level is an insult to actors.

I never got a million dollar check handed to me as has Serena Williams. To put me at her level is ludicrous by passing some law.

Obama and Trump were or are paid over $400,000 per annum. Do not pass a law putting me at those two men's level.

Here is how it works.

People learn what earnings are for a projected job they want to qualify for.

my daughter is now in college to be a registered nurse. She has talked to other registered nurses. But to elevate her to doctors pay or hospital administration pay is nuts. She would shoot for those jobs if she wanted their pay.
 
Mason66 said:
Another issue is what do you do with the educated and experienced people that are making the $15.00 wage right now?

Do you raise everybody's wage and double your payroll all at once?
Click to expand...

True case.

my grandson is in college. What should he earn while still a student?

His Senior year will soon begin.

This past summer, FACEBOOK is paying him $9,600 per month.

I imagine they want him when he graduates if he proved up to the task this past summer for them.

So, My daughter also in college is very well paid but nothing to compare her to my grandson. Should my daughters employer be forced to equal the pay for my grandson?
 
Robertinfremont said:
True case.

my grandson is in college. What should he earn while still a student?

His Senior year will soon begin.

This past summer, FACEBOOK is paying him $9,600 per month.

I imagine they want him when he graduates if he proved up to the task this past summer for them.

So, My daughter also in college is very well paid but nothing to compare her to my grandson. Should my daughters employer be forced to equal the pay for my grandson?
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I am talking about people like programmers that have made their way up to 15.00 per hour with their hard work and experience. What do you pay them when you raise everybody else to where these people earned their place?
 
Mason66 said:
I am talking about people like programmers that have made their way up to 15.00 per hour with their hard work and experience. What do you pay them when you raise everybody else to where these people earned their place?
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My grandson will graduate with a degree in Computer engineering. Is he worth more income than my daughter in college to be a registered nurse is? She expects something in the area of $40,000 per year but my student Grandson is making about $115,000 per year. Should both be equal?
 
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