Forum Post: Minimum Wage Would Be $21.72 If It Kept Pace With Increases In Productivity
Posted 11 years ago on Feb. 13, 2013, 7:02 p.m. EST by quantumystic
(1710)
from Memphis, TN
This content is user submitted and not an official statement
Fuck Obummer and his 9$ an hour. They are ass fucking us all without the vaseline even.
http://www.huffingtonpost.com/2013/02/13/minimum-wage-productivity_n_2680639.html
So true. The people know they're getting reamed, but they can't see who's doing it. The economic elite who push for continual inflation hide behind the monetary fog it creates, masking the true value of a dollar until the average person has no idea how much it's really worth. Those who do know the dollars true value then take economic advantage over those who don't.
For those who don't know what a dollar is worth, it's now worth just 15 cents compared to it's value in 1968.
I think you said it pretty well.
There is something called downward sticky wages or downward sticky prices (although people may argue about this)
Corporations can offshore to increase profits while keeping prices the same as before.
Corporations can offshore, automate, and use robots to decrease the wages & Benefits ... while keeping prices the same ... and increase profits, executive bonuses, and executive salaries.
One way to beat US wages would have been to fire older employees and hire less skilled employees ... this would have looked like a work-around to the problem of downward sticky wages.
Of course if increases in production is due to automation & Robotics through capital investment ... there might not be a strong case for increases in wages. However, seems to me they have laid off workers in general ... and workers should be granted wages to keep up with inflation and higher cost of living as a minimum.
The whole strategy of managment to layoff older workers, hire workers overseas, and use lower skilled, lower wage employees, ... in order to earn bonuses and salaray increases ... seems pretty canibalistic and underhanded.
Lucky for us ... most of the world currency are devaluing their currencies these days. Hard to really see the true picture if all currencies values are changing.
In general, I sort of just see us all heading to looking like a third world country ... big gap between the rich and the poor ... and much of the middle class is heading for becoming part of the poor class. And wages getting very low for all service jobs with no benefits.
Cannibalistic is a proper term for the way the wealthy have "earned" their wealth. All of the economic growth of the last 40 years has been diverted to the top 10%. They have literally fed on the economic flesh of America.
http://stateofworkingamerica.org/who-gains/#/?start=1968&end=2008
The term "middle class" is a fallacy. Half of all working Americans earn less than $27,000 a year. About $13 an hour with many earning much less.
http://www.ssa.gov/cgi-bin/netcomp.cgi?year=2011
http://en.wikipedia.org/wiki/File:History_of_US_federal_minimum_wage_increases.svg