You’ve been brainwashed by CNN. You’re framing this as middle class versus working class issue. They’re both working 40-70 hour weeks. What about a reasonable cap on multiples of what CEOs make to their lowest paid employee..?
If you produce a lot with the same inputs it makes things cheaper. If you get the same output but the inputs cost more money, then it increases the prices. The economy sucks because the same amount of stuff is being done (or potentially less stuff is getting done) yet the inputs are going up and up and up, and this is making things cost more money and inflation is up. It is currently 'slowing', but it already went up a ton so now it's still going up on top of the already massive jump. That's what sucks.
Ideally if you pay people more money to do a job, more would get done. But the low skill labor mentioned is costing more money, and arguably producing less than it used to as well. The people doing low skill jobs are doing those jobs largely because they are not 'go-getters'. So they are not going to put in more effort for the extra pay, they're just always doing the minimum they can get away with.
Pay the lowest earners what they are worth has made everything expensive from food, to child care, to cleaners, to deliver.
The lowest 20% of earners have seen incredible income gains since 2020
So middle class / petite bourgeoisie people are upset they cannot exploit the masses anymore. That lifestyle disappearing is just very upsetting.
I’m roughly 94th percentile for household income, and prices are out of control. Granted, most of my family’s spending is on stuff we don’t truly need, so I’m not complaining.
The lowest 20% may have seen income gains, but they have to pay higher prices on everything, especially food and rent. They probably aren’t buying a house in this market. The policies of the Fed are helping the top 1-2% the most.
Pay the lowest earners what they are worth has made everything expensive from food, to child care, to cleaners, to deliver.
The lowest 20% of earners have seen incredible income gains since 2020
So middle class / petite bourgeoisie people are upset they cannot exploit the masses anymore. That lifestyle disappearing is just very upsetting.
I’m roughly 94th percentile for household income, and prices are out of control. Granted, most of my family’s spending is on stuff we don’t truly need, so I’m not complaining.
The lowest 20% may have seen income gains, but they have to pay higher prices on everything, especially food and rent. They probably aren’t buying a house in this market. The policies of the Fed are helping the top 1-2% the most.
Wrong. Lowest earners have seen an over 10% rise in REAL wages (inflation adjusted) - by far the largest of the groups and one of the largest gains in income of all time.
This has made everything downstream of services more expensive.
What this report finds: Between 2019 and 2022, low-wage workers experienced historically fast real wage growth. The 10th percentile real hourly wage grew 9.0% over the three-year period. This tremendous real wage growth at th...
You’ve been brainwashed by CNN. You’re framing this as middle class versus working class issue. They’re both working 40-70 hour weeks. What about a reasonable cap on multiples of what CEOs make to their lowest paid employee..?
I actually think it’s good that low wage people are earning much more. I think it’s embarrassing that the upper middle class had placed so much value on being able to exploit the service workers.
CEO pay is not a meaningful metric and redistributing their pay would not affect the lower workers that much.
One of the reasons we all got raises is we were the ones that showed up during the pandemic. Plus a very tight labor market the employees that did show up for work certainly earned a 2-4 dollar raise.
Let’s use Kroger as an example since you’re focusing on grocery stores and restaurants it seems. CEO McMullen made 19 million per year. Lowest paid Kroger workers are at 8.15/hourly. That’s 1117x yearly. What can this guy buy for 19 million a year that he can’t buy for 13 mil a year? I’m sure the Board and other C suite are in the ball park as well. I think 13 million a year is enough reward to continue extremely high performance while redistributing let’s say 100m a year to base employees. Using the same exact amount of cash for the company.
Wrong. Lowest earners have seen an over 10% rise in REAL wages (inflation adjusted) - by far the largest of the groups and one of the largest gains in income of all time.
This has made everything downstream of services more expensive.
Wrong. Lowest earners have seen an over 10% rise in REAL wages (inflation adjusted) - by far the largest of the groups and one of the largest gains in income of all time.
This has made everything downstream of services more expensive.
Go survey some real world bottom 10% people and ask them if they are better off than they were 3-4 years ago.
So you don’t have a response other than “the data are lying”
Based on your job description you’re likely in the worst-performing wage bracket in the last 3 years … so it makes sense you agree with the positive sentiment!
Let’s use Kroger as an example since you’re focusing on grocery stores and restaurants it seems. CEO McMullen made 19 million per year. Lowest paid Kroger workers are at 8.15/hourly. That’s 1117x yearly. What can this guy buy for 19 million a year that he can’t buy for 13 mil a year? I’m sure the Board and other C suite are in the ball park as well. I think 13 million a year is enough reward to continue extremely high performance while redistributing let’s say 100m a year to base employees. Using the same exact amount of cash for the company.
Why don’t we just take the guys entire 19 mil package (a lot of which is equity) and give the 400k Kroger employees an extra $50 a year.
Low wage employees are replaceable (less so now than before, with only 4% of hourly workers earning minimum wage). CEO are not, especially CEOs that increase earnings. You don’t seem to understand supply and demand.
The policies of politicians are supposed to benefit the majority of people. However, in about 90% of political races, the candidate with the most money wins and money comes from the rich and corporations in unlimited amounts (thanks to Citizens United decision). Politicians are then beholden to big money. Some gains were recently made by the lower 20% of earners due to increases in minimum wages and some victories by unions and other wage earner advocacy groups. But the gains by the upper 2% are so much bigger that they make those other gains negligible.
Corporations are reaping much higher profits by hiding price increases behind a veil of inflation (inflation is real, but Corps. have increased prices well beyond their own cost increases). They are then taking record profits and using it for stock buybacks which benefit the rich and the corporations. They also take those gains and pour it back into a political system to accelerate the process that benefits them, not the poor and middle class.
By most macro metrics (unemployment, wages, consumer spending and saving), the economy is very good. To the average consumer, they are feeling the squeeze at the gas pump and grocery store. But they are still spending and saving. So this is largely psychological, but no less real to the consumer.
The middle class is in the worst position by having less wage gains, but dealing with inflation and above mentioned corporate price hikes.
I’m roughly 94th percentile for household income, and prices are out of control. Granted, most of my family’s spending is on stuff we don’t truly need, so I’m not complaining.
The lowest 20% may have seen income gains, but they have to pay higher prices on everything, especially food and rent. They probably aren’t buying a house in this market. The policies of the Fed are helping the top 1-2% the most.
Wrong. Lowest earners have seen an over 10% rise in REAL wages (inflation adjusted) - by far the largest of the groups and one of the largest gains in income of all time.
This has made everything downstream of services more expensive.
Those wages went up because the government printed trillions of dollars and paid people 2 years salary to stay home for 1 year and the labor market for entry level positions evaporated.
Those same imaginary trillions of dollars and the trillions printed out of thin air since caused the inflation which makes $15 an hour feel like the $7 it felt like before Covid.
So you don’t have a response other than “the data are lying”
Based on your job description you’re likely in the worst-performing wage bracket in the last 3 years … so it makes sense you agree with the positive sentiment!
No, I work with data for a living. I’m saying you can make the data say what you want it to say without lying.
My net worth is up considerably in the last 3-4 years. 2 properties in the nation’s fastest growing state and a very healthy equity portfolio. My company stock has more than doubled. The lower 20% generally doesn’t have the luxury to own appreciating assets.
You’ve been brainwashed by CNN. You’re framing this as middle class versus working class issue. They’re both working 40-70 hour weeks. What about a reasonable cap on multiples of what CEOs make to their lowest paid employee..?
I actually think it’s good that low wage people are earning much more. I think it’s embarrassing that the upper middle class had placed so much value on being able to exploit the service workers.
CEO pay is not a meaningful metric and redistributing their pay would not affect the lower workers that much.
This is because you didn't think about what it means.
If you pay 15 year old's $15 an hour to do a job that requires no skill of any kind you have to pay everyone else more as well.
The 18 year old washing lettuce that's been working that same job for 3 years is now making $17.50 or more. All of these increased salaries are passed right on to the customer.
Entry level positions in the service industry were never ever ever intended to pay "living wages".
I actually think it’s good that low wage people are earning much more. I think it’s embarrassing that the upper middle class had placed so much value on being able to exploit the service workers.
CEO pay is not a meaningful metric and redistributing their pay would not affect the lower workers that much.
This is because you didn't think about what it means.
If you pay 15 year old's $15 an hour to do a job that requires no skill of any kind you have to pay everyone else more as well.
The 18 year old washing lettuce that's been working that same job for 3 years is now making $17.50 or more. All of these increased salaries are passed right on to the customer.
Entry level positions in the service industry were never ever ever intended to pay "living wages".
