the simplest answer to your question is that its gone to the top 3 percentile

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Jan 15, 2021
9:37:41am

Linescratcher Intervention Needed

the simplest answer to your question is that its gone to the top 3 percentile

and within that, something like 80% has gone to the top 5% of the top 1%.

i know that's a talking point for Bernie and AOC, but its also a fact. as you point out, wage stagnation has not kept pace with inflation. meanwhile, the wealthiest have gotten exponentially wealthier over that time. there's a host of policy and political choices that stem from that fact, but that's the basic answer to your question.

Pew Research Center’s Social & Demographic Trends Project

Trends in U.S. income and wealth inequality

Barely 10 years past the end of the Great Recession in 2009, the U.S. economy is doing well on several fronts. The labor market is on a job-creating

https://www.pewsocialtrends.org/2020/01/09/trends-in-income-and-wealth-inequality/

Rich get richer, everyone else not so much in record U.S. expansion

(Reuters) - Last month Pink Floyd frontman David Gilmour sold his guitar collection for $21.5 million, including one piece - his famed "Black Strat" Fender Stratocaster - that went for nearly $4 million to the owner of the U.S. National Football League's Indianapolis Colts.

https://www.reuters.com/article/us-usa-economy-expansion-contrasts-idUSKCN1TX0HE[https://www.reuters.com/article/us-usa-economy-expansion-contrasts/rich-get-richer-everyone-else-not-so-much-in-record-u-s-expansion-idUSKCN1TX0HE]

How much richer the top 10 billionaires are now compared to the beginning of the decade

Take a look at the net worth of the 10 richest people in the world, as ranked Tuesday, Dec. 24, according to Forbes' Real Time Billionaires List, compared to the same billionaires' net worth on Aug. 25, 2010, the date Forbes locked in 2010's ranking of the wealthiest billionaires.

https://www.cnbc.com/2019/12/24/net-worths-of-richest-people-in-the-world-in-2010-and-now.html

This message has been modified

Originally posted on Jan 15, 2021 at 9:37:41am

Message modified by Linescratcher on Jan 15, 2021 at 9:38:17am

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Linescratcher

Bio page: Linescratcher
Joined: Dec 21, 2010
Last login: Jun 22, 2021
Total posts: 15,086 (4,281 FO)

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Messages

Author

Time

Honest question about minimum wage and inflation

zerigke

1/15/21 9:32am

I think most places you would be hard pressed to find anyone paying minimum wage.

No touching

1/15/21 9:35am

Jobs I was paid minimum wage for as a kid aren't paying minimum now.

LeonMarek

1/15/21 9:37am

< 1% of the workforce makes minimum wage.

molodyets

1/15/21 9:40am

Those dang 1%ers.

Florwood

1/15/21 10:08am

It's not really about the minimum wage worker, it to force all the other wages

wabluecoug

1/15/21 9:46am

the simplest answer to your question is that its gone to the top 3 percentile

1/15/21 9:37am

Moving to a $15 minimum wage would make many of these Billionaire corporations even more powerful while crushing small

specsauce

1/15/21 9:45am

We already see this in places like Seattle and the rest of Washington. Small

wabluecoug

1/15/21 9:49am

i don't necessarily disagree.

1/15/21 9:49am

Big corporations like Amazon, Walmart, McDonalds, etc... will just cut costs by

CougarTailDevourer

1/15/21 10:02am

Don't worry, your customers will complain when you have to raise prices.

molodyets

1/15/21 10:06am

Minimum wage was never intended to be a living wage for adults. If you raise minimum wage to $15 an hour all over the US

specsauce

1/15/21 9:38am

It would crush most of rural and small town America, it would push our food

wabluecoug

1/15/21 9:42am

I think we need to detach from the thought that every job is a "living" job. Some jobs are okay for just providing...

Tokolosh

1/15/21 9:39am

Also, many union jobs are tied to minimum wage as a percent over or a dollar amount over minimum...

Tokolosh

1/15/21 9:41am

Need to detach from the idea that minimum wage should get you a 2 bedroom apt.

molodyets

1/15/21 9:41am

I'm shocked at how poor my co-workers constantly are, but they drive nice trucks

wabluecoug

1/15/21 9:44am

I think the costs of goods and materials is where a lot of money goes to,

stealth

1/15/21 9:39am

The market has mostly set its own minimum wage in Idaho starting wages

cougarfann888

1/15/21 9:43am

Agreed, Wendy's was advertising $12 an hour starting here in East Idaho.

RexIdaCoug

1/15/21 9:51am

Australia has a scaling minimum wage by age.

rtNelson

1/15/21 10:22am

Would something like that work, but instead of age, do experience/degree?

LeonMarek

1/15/21 10:38am

Not all diplomas are created equal. If you can only demand $15/hr with a bach

molodyets

1/15/21 10:41am

There should be no minimum wage. I should be able to pay someone to learn what

jvquarterback

1/15/21 10:58am

I disagree, I think there are enough people out there with a lack of skills

rtNelson

1/15/21 11:40am

I usually tell people who are for the minimum wage that they are the equivalent

jvquarterback

1/15/21 11:49am

I don't think its about harming people Its about automation and killing the low

stealth

1/15/21 11:54am

Um...have you done the math? One hour of min wage labor in 1960 bought you 2.04

delbert

1/15/21 2:28pm

From 2000 to 2020 cumulative inflation was almost exactly 50%. Meaning $100 then

delbert

1/15/21 11:37am

Saddest part of minimum wage increases, especially large ones like the expected

delbert

1/15/21 11:44am

So what do we do about it? It's coming regardless.

rtNelson

1/15/21 11:52am

These are different phenomena. Automation is nothing to be afraid of. There will

jvquarterback

1/15/21 12:06pm

Minimum wage isn't and shouldn't be likened to a "livable wage" You say people

delbert

1/15/21 2:15pm

Don’t forget that one major push for this is to increase taxable income from the

Nat Gas Man

1/15/21 12:45pm

Why do they care about more revenue with the debt and deficit increasing like

Updating...

1/16/21 1:48am

It doesn’t but it lets them sleep at night

Nat Gas Man

1/16/21 5:19pm

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