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Min wage increase during 2021 has something to do with the inflation raise.

jdog21

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No matter where you stand on the issue of what minimum wage should be, you can't deny that the price of labor going up ends up causing the price of goods and services going up. 4.7% price hikes Price changes Mn Fed. March 2021 to March 2022 up 8.5% CPI Increase
In the year 2021 there were 24 states that made changes to there Minimum wage laws. Min wage changes 2021. The increases in those states if you add them all up increased by 9.65%. The US median household income increased 1.8% Median household income
Labor cost increases
If you are in the service industry your labor costs are 30% to 40% of your company expenses. For other businesses its lower, closer to 20%. But still thats a big portion of their expenses.
Probably accounts for 10% of CPI increase
 

StillBallin75

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You've established correlation without causation.

The federal minimum wage, in REAL TERMS, is still less than it was in 1968. If wages had kept up with worker productivity, it would be in the neighborhood of $26/hr.

I can't believe there's people in 2022 who keep arguing that pristine market forces are why poor people deserve to make less money and have less purchasing power than they did 50 years ago while also arguing we're the most powerful bestest economy in the world.

Late stage unfettered capitalism is literally showing its own ass and everyone that doesn't slurp up bootlicking propaganda can see it.
 

Puigb

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You've established correlation without causation.

The federal minimum wage, in REAL TERMS, is still less than it was in 1968. If wages had kept up with worker productivity, it would be in the neighborhood of $26/hr.

I can't believe there's people in 2022 who keep arguing that pristine market forces are why poor people deserve to make less money and have less purchasing power than they did 50 years ago while also arguing we're the most powerful bestest economy in the world.

Late stage unfettered capitalism is literally showing its own ass and everyone that doesn't slurp up bootlicking propaganda can see it.

GOP media and politicians have successfully convinced millions of poor and working class people (mostly white) to bash their fellow working class and poor Americans for "not being successful enough" while worshipping turds like Donald Trump and other GOP politicians who have been the real ones robbing them their entire lives. It's a successful con that has spanned several decades.
 

Craig234

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As long as you understand that whatever effect the wage increases have on inflation, is worth it.
 

party free

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No matter where you stand on the issue of what minimum wage should be, you can't deny that the price of labor going up ends up causing the price of goods and services going up. 4.7% price hikes Price changes Mn Fed. March 2021 to March 2022 up 8.5% CPI Increase
In the year 2021 there were 24 states that made changes to there Minimum wage laws. Min wage changes 2021. The increases in those states if you add them all up increased by 9.65%. The US median household income increased 1.8% Median household income
Labor cost increases
If you are in the service industry your labor costs are 30% to 40% of your company expenses. For other businesses its lower, closer to 20%. But still thats a big portion of their expenses.
Probably accounts for 10% of CPI increase
How does this reconcile with corps having a massive surge in profits during Covid, yet having to raise prices because employees are making a tiny bit more?
 

Gateman_Wen

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You've established correlation without causation.

The federal minimum wage, in REAL TERMS, is still less than it was in 1968. If wages had kept up with worker productivity, it would be in the neighborhood of $26/hr.

I can't believe there's people in 2022 who keep arguing that pristine market forces are why poor people deserve to make less money and have less purchasing power than they did 50 years ago while also arguing we're the most powerful bestest economy in the world.

Late stage unfettered capitalism is literally showing its own ass and everyone that doesn't slurp up bootlicking propaganda can see it.
/thread.
 

jonny5

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How does this reconcile with corps having a massive surge in profits during Covid, yet having to raise prices because employees are making a tiny bit more?

Increase in demand and good planning. Lock in the profit now before the costs catch up.


“I do not necessarily agree with the claim that the current record level of the profit margin shows that businesses are ‘overcharging us for gas, medicine, and groceries, and pocketing the difference,’” said Gary Burtless, an economist at the Brookings Institution.

Burtless said the Yardeni report shows that “the current high rate of profitability may be offsetting sharply lower profit rates the same companies experienced in the months in 2020, when the pandemic dramatically reduced the profitability of many companies’ operations.”
 

gdgyva

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You've established correlation without causation.

The federal minimum wage, in REAL TERMS, is still less than it was in 1968. If wages had kept up with worker productivity, it would be in the neighborhood of $26/hr.

I can't believe there's people in 2022 who keep arguing that pristine market forces are why poor people deserve to make less money and have less purchasing power than they did 50 years ago while also arguing we're the most powerful bestest economy in the world.

Late stage unfettered capitalism is literally showing its own ass and everyone that doesn't slurp up bootlicking propaganda can see it.
For the umpteenth time, worker wages have NOTHING to do with overall productivity

And havent since computers and automation really changed things in the 70's and 80's

Owners and managers decided to upgrade, and they paid for all the technology

And they paid for all the initial training for their workers....the ones still left got raises....but the bulk of the profits from the gains goes to the owners, not the workers

I know it is a hard pill to swallow.....but those are the facts
 
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