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"The $4.03-an-hour rate recorded in January 1973 had the same purchasing power that $23.68 would today."
As I mention sometimes, I made $5 an hour as a laborer in TN in 1974. $3.50 at temp labor. And yet many Repubs fight against minimum wages which are LESS than unskilled wages 40+ years ago! Why would anyone who wants to MAGA want working Americans making NO GAINS for 50 years...and, in fact, in many cases going downhill.
Note to people who live in bubbles. The average person is not seeing this "greatest economy ever". Not even a part of it....The top 25% are seeing some slow growth, the top 10% more decent and the other 75%....well, nothing.
And the muggles still fail to realize the SOURCE of inflation, and its cure.
Sigh.
BTW - inflation is not 'too much money chasing too few goods' as the eCONomists would lead us to believe. IF that were true, why are we suffering inflation during a money drought?
https://www.federalreserve.gov/faqs/currency_12773.htm
Q: How much U.S. currency is in circulation?
A: There was approximately $1.67 trillion in circulation as of June 27, 2018, of which $1.62 trillion was in Federal Reserve notes. (Dollar bills)
1.62 T divided by 327 million Americans = $4,954.12 per capita
- - -
Bill Gates, et al, are not bidding up the price for milk and cookies.
= = =
National Debt Clock http://www.usdebtclock.org/
_ _ $21.274 trillion dollars (not dollar bills)
Gross Domestic Product
_ _ $20.179 trillion dollar bills (not dollars)
Gov Spending to GDP ratio
_ _ 35.728%
How does government SPEND FAR MORE than the currency in circulation?
P.S. Government can't "create" money. Pursuant to the constitution, CONgress can coin money (stamp bullion) or borrow money. If CONgress could create money (bullion), why would it need to borrow it? Dollar bills are debt (IOUs) denominated in dollars, but are MINUS value. . . less than zero. Starting to get the picture, now?
LAST HINT:
When you get a mortgage to buy your home, you pay back [less, same, more] than what you borrowed.
You paid back MORE.
And when the government BORROWS money tokens (IOUs), it owes [less, same, more] than what was borrowed.
It pays back MORE.
How does it authorize MORE dollar bills (debt) to pay the outstanding interest owed from borrowing in the past?
It RAISES the debt ceiling and borrows MORE.
TAH-DAH. Everything is entrapped in a vicious cycle of usury (interest) and hidden inflationary pressures, despite the money token drought. There is no equitable trading when everything has overhead expenses to be recouped.
WHEN the minimum wage hits $2.0 million dollars / hour, will folks finally realize that a minimum wage is no solution to hyperinflation?
Last edited by jetgraphics; 08-07-2018 at 08:29 PM..
"The $4.03-an-hour rate recorded in January 1973 had the same purchasing power that $23.68 would today."
As I mention sometimes, I made $5 an hour as a laborer in TN in 1974. $3.50 at temp labor. And yet many Repubs fight against minimum wages which are LESS than unskilled wages 40+ years ago! Why would anyone who wants to MAGA want working Americans making NO GAINS for 50 years...and, in fact, in many cases going downhill.
Note to people who live in bubbles. The average person is not seeing this "greatest economy ever". Not even a part of it....The top 25% are seeing some slow growth, the top 10% more decent and the other 75%....well, nothing.
For one thing, in 1970 the US percentage of foreign-born was at 4.7%. It was 6.2% in 1980, so for 1974 by interpolation it would have been about 5.4%. It is now 15% according to this: https://www.usnews.com/news/data-min...by-the-numbers
I've heard 14%, so maybe they are including an estimate of illegal immigrates. Regardless, it's way higher than in 1974. This is why the U.S. Chamber of Commerce fights so hard for immigration--lower labor costs.
Trump has only had 1 and a half years. Economic growth is finally hitting the 3% target along with the new (pro-business) tax plan and less regulations and very low unemployment the stage is being set for strong wage growth heading into next year.
The minimum wage, which we've been over ad infinitum, is a sham anyway. It hurts those whom it is purported to help, unless it is set below market, in which case it is legislation that amounts to a waste of paper and ink.
An honest version of the minimum wage would work something like ag price supports, which were designed by an organized lobby (farmers) seeking something that would actually help them. The minimum wage, as currently constructed, is designed by Democrat politicians as a way to scam low wage workers out of their votes.
As I mention sometimes, I made $5 an hour as a laborer in TN in 1974. $3.50 at temp labor. And yet many Repubs fight against minimum wages which are LESS than unskilled wages 40+ years ago! Why would anyone who wants to MAGA want working Americans making NO GAINS for 50 years...and, in fact, in many cases going downhill.
Note to people who live in bubbles. The average person is not seeing this "greatest economy ever". Not even a part of it....The top 25% are seeing some slow growth, the top 10% more decent and the other 75%....well, nothing.
You mean that giant tax cut that Trump gave to his rich crony pals is not "trickling down"? How many more times do we have to do the right wing trickle down voodoo economics thing before it sinks in that it doesn't work?
As far as minimum wages goes, it should be indexed so that a full time worker is either at or above the poverty line and no longer qualifies for federal assistance. When a full time worker qualifies for EITC and SNAP, that means the federal government is giving a backdoor wage subsidy to the employer. Memo to right wingers: the best way to cut government assistance programs is to raise the minimum wage so the working poor don't qualify for aid.
Trump has only had 1 and a half years. Economic growth is finally hitting the 3% target along with the new (pro-business) tax plan and less regulations and very low unemployment the stage is being set for strong wage growth heading into next year.
So you think we will have the 15% plus yearly stock market growth we had in the 80's and 90's?
Just wondering what "strong growth" is in your book? If productivity has more than doubled and wages are close to the same (or within 5%), would you consider another 5% wage growth to be "strong"? Or are you predicting actual wage and benefit growth that would let hard working semi-skilled Americans actually have enough to live...and for health insurance and a car, etc.??
The minimum wage, which we've been over ad infinitum, is a sham anyway. It hurts those whom it is purported to help, unless it is set below market, in which case it is legislation that amounts to a waste of paper and ink.
An honest version of the minimum wage would work something like ag price supports, which were designed by an organized lobby (farmers) seeking something that would actually help them. The minimum wage, as currently constructed, is designed by Democrat politicians as a way to scam low wage workers out of their votes.
This would make SOME sense except that the current min. wage in many places is less than 1/2 the min. AND Market wages of a couple decades ago. So the American workers have been scammed...and your answer it "they must make less "?
That's fantastic. Perhaps chaining them to a machine is also productive??
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