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Re: Saturday Tech Bits
Feb 28, 2021, 12:08
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Re: Saturday Tech Bits Feb 28, 2021, 12:08
Feb 28, 2021, 12:08
 
wtf_man wrote on Feb 28, 2021, 10:57:
1. Minimum wage was NEVER meant to be a "living wage"... people need to get that through their thick skulls. It's an "entry to the work force" wage.

Source needed, that's a mantra I keep hearing and no ever backed it up with any evidence.

wtf_man wrote on Feb 28, 2021, 10:57:
2. I do agree that it needs to go up somewhat with inflation. That said... it's not $15. It's more like $9 if you compare 1980's (when I made $3.35 an hour minimum wage as a teenager flipping burgers) dollars buying power to today's. (1982 Dollar to 2021 = 2.71 - 2.71 x 3.35 = 9.0785)

Minimum wage had already disconnected from productivity and inflation for more than a decade in the 80's. If you want to accurately calculate this from somewhere, you have to do so at the divergence point, which is 1968 ( see bottom reply for details ).

wtf_man wrote on Feb 28, 2021, 10:57:
3. I don't expect my grand kids to have less buying power than I did when I entered the work force. I also don't expect them to make more.

They will and you have less than your father. As GDP and productivity booms while real wages remain relatively stagnant you lose buying power because assets follow GDP and productivity trends, not real wages trends. This is why it's getting harder and harder to buy a house and other assets, harder to pay rent, etc. And it will remain true as long as those trends continue.

wtf_man wrote on Feb 28, 2021, 10:57:
Edit: Since you mentions 50 years... 1971 minimum wage was $1.60 per hour... and equates to $10.47 in today's dollars
So a bit more than $9 but still way less than $15. And don't forget the forced benefit packages.

That's calculated from the new calculation of inflation which includes luxury items which by their virtue of going down every year continue to skew the inflation metric much lower than if it were had we continued to use the old method of only including basic survival necessities like shelter, food and transportation.

If you use those real inflation numbers relevant to the poorest and lower middle class who are the ones living on minimum wages, so most relevant to them, the minimum wage factoring this non skewed inflation calculation would be even higher than 15$ ( that's basically where they take their number, correctly calling bullshit on the "newflation" calcs doctored to make them look better than they really are ) and if you factor productivity decoupling in 1968, it would be almost 30$.

This comment was edited on Feb 28, 2021, 12:21.
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