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Akkula

U.S., wage growth is being wiped out entirely by inflation

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1 hour ago, Joe from WY said:

How is this any different than any other time since 1974, when real wages peaked?

 

It isn't but we keep doubling down in failed trickle down and trade deals that don't protect workers and the environment when we have proven over and over that they don't work.   Now we are throwing in failed mercantilist trade wars to drive up inflation and lower consumer purchasing power.  Time for some new ideas. 

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2 hours ago, Joe from WY said:

How is this any different than any other time since 1974, when real wages peaked?

Shhhhh Joe ... that doesn't fit the narrative. 

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1 hour ago, NorCalCoug said:

How dare Trump personally cause all that inflation since 1964!

 Akkula's post was about trickle down economics as a policy and this is really all the article it says about Trump:

The combination of rising prices and stagnant wages poses a problem for Trump, who campaigned on promises of jobs and raises for the working-class Americans he called “the forgotten men and women of our country.” Delivering prosperity for those workers has proved difficult for Trump, as it was for Presidents Barack Obama and George W. Bush.

 

 

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3 hours ago, Akkula said:

It isn't but we keep doubling down in failed trickle down and trade deals that don't protect workers and the environment when we have proven over and over that they don't work.   Now we are throwing in failed mercantilist trade wars to drive up inflation and lower consumer purchasing power.  Time for some new ideas. 

Except trickle down didnt happen until the 80s and this has been going on since carter you dumb +++++. Masters in economics my ass....

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8 minutes ago, HR_Poke said:

Except trickle down didnt happen until the 80s and this has been going on since carter you dumb +++++. Masters in economics my ass....

Shit its been going on since Bretton Woods. 

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7 hours ago, toonkee said:

 Akkula's post was about trickle down economics as a policy and this is really all the article it says about Trump:

The combination of rising prices and stagnant wages poses a problem for Trump, who campaigned on promises of jobs and raises for the working-class Americans he called “the forgotten men and women of our country.” Delivering prosperity for those workers has proved difficult for Trump, as it was for Presidents Barack Obama and George W. Bush.

 

 

What is the biggest changes in our economic model since 1964?

Since 1964 we have passed Medicare & Medicaid, Food Stamps, Earned Income Tax Credit, CHIPS, TANF, WIC & CSFP, Low income energy assistance, At least half a dozen HUD programs I can't remember all the acronyms. Pell Grants, Title I and another half dozen at least education programs.  

We have probably passed since 1964 at least a 100 welfare and social programs at the federal level.    

Not to mention some damn good environmental legislation like Clean water and Clean air acts, Superfund, RCRA, Endangered species act and others that we really needed but do have an economic cost.

The federal budget has went from 26% of GDP in 1964 to 40% of GDP today

The federal debt has went from 45% of GDP to 120% of GDP today.

Yet you think trickle down economics is a problem?  HA! HA! HA! HA! HA! HA! HA! HA! HA! HA! HA!

 

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11 hours ago, Akkula said:

But somehow the stock market and CEO comp are far outstripping inflation.   Another failed trickle down tax cut experiment.   Maybe next time we will learn. ...probably not. 

https://www.washingtonpost.com/business/2018/08/10/america-wage-growth-is-getting-wiped-out-entirely-by-inflation/?utm_term=.cc89f705f95c

Why don’t you go ahead and double minimum wage as you want, and have fun watching that inflation. Overnight, a $7 fast food meal will double to $14. There’s no such thing as free money.......if you make someone a winner it means there has to be loser. A guy that went to school to learn carpentry and is making $22 an hour suddenly can’t pay his school loan payments along with other bills for his young family because of a monster jump in minimum wage and inflation.

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4 hours ago, bluerules009 said:

What is the biggest changes in our economic model since 1964?

Since 1964 we have passed Medicare & Medicaid, Food Stamps, Earned Income Tax Credit, CHIPS, TANF, WIC & CSFP, Low income energy assistance, At least half a dozen HUD programs I can't remember all the acronyms. Pell Grants, Title I and another half dozen at least education programs.  

We have probably passed since 1964 at least a 100 welfare and social programs at the federal level.    

Not to mention some damn good environmental legislation like Clean water and Clean air acts, Superfund, RCRA, Endangered species act and others that we really needed but do have an economic cost.

The federal budget has went from 26% of GDP in 1964 to 40% of GDP today

The federal debt has went from 45% of GDP to 120% of GDP today.

Yet you think trickle down economics is a problem?  HA! HA! HA! HA! HA! HA! HA! HA! HA! HA! HA!

 

It doesn’t matter what caused it as long as Trump shares the blame - by “shares” I really mean it’s all his fault.  Stick to the narrative please!  You’re dealing with TDS here for crying out loud!

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5 hours ago, Nevada Convert said:

Why don’t you go ahead and double minimum wage as you want, and have fun watching that inflation. Overnight, a $7 fast food meal will double to $14. There’s no such thing as free money.......if you make someone a winner it means there has to be loser. A guy that went to school to learn carpentry and is making $22 an hour suddenly can’t pay his school loan payments along with other bills for his young family because of a monster jump in minimum wage and inflation.

Yep. When you double the minimum wage to $15 per hour, the current people making $15 per hour are going to demand $22.50 per hour. Everything else will also go up and minimum wage workers will be no better off than they were before. Or, businesses will begin automating to reduce labor and many minimum wage earners will be without a job. 

Personally I think minimum wage should be indexed to some economic parameter and be raised (or lowered) every few years to match that parameter. 

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1 hour ago, NorCalCoug said:

It doesn’t matter what caused it as long as Trump shares the blame - by “shares” I really mean it’s all his fault.  Stick to the narrative please!  You’re dealing with TDS here for crying out loud!

Whether people have been big on 'trickle down' or not over the years, it's mostly dead now. With so many companies producing things out of the US, why would we want a trickle down that benefitted our competition?

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5 minutes ago, Nevada Convert said:

Whether people have been big on 'trickle down' or not over the years, it's mostly dead now. With so many companies producing things out of the US, why would we want a trickle down that benefitted our competition?

I saw an interesting graph that showed how much the minimum wage was and adjusted for inflation. There were some years in the 80’s I believe that in today’s money was $10 an hour. 

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