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Feb 19 - 40% Of Americans Now Make Less Than 1968 Minimum Wage


 Feb 19 - 40% Of Americans Now Make Less Than 1968 Minimum Wage
topic by RAZAH CUTS - 02-19-2013, 11:19 AM - Boxden > BX Daily Bugle - news and headlines


You may have seen the charts showing how working people’s wages stopped going up along with productivity gains:



This means the gains went … somewhere else. See if you can guess who got them? (Hint: it’s the 1%; this is one driver of the terrible income and wealth inequality.) This breakoff of wages from productivity growth is partly (largely?) the result of trade agreements that pit Americans against exploited workers in non-democracies. This weakened the bargaining power of unions, moved factories and industries out of the country, devastated entire regions of our country — and gave the giant multinational corporations, Wall Street and the billionaires the leverage they needed…

Economist Dean Baker describes one effect of this in Minimum Wage: Who Decided Workers Should Fall Behind?

“If the minimum wage had risen in step with productivity growth [since 1968], it would be over $16.50 an hour today. That is higher than the hourly wages earned by 40 percent of men and half of women.”
Baker is referring to this CEPR study: The Minimum Wage and Economic Growth.

40% Of Americans Now Make Less Than 1968 Minimum Wage

Read what Baker wrote again. The minimum wage would be $16.50 an hour — $33,000 a year — if it had kept up with the growth of productivity since 1968. To put the effect of this a different way, 40% of Americans now make less than the 1968 minimum wage, had the minimum wage kept pace with productivity gains.

To put this even another way, the average American’s living standard would be much, much higher today if wages had not decoupled from productivity gains – with the gains all going to the 1% instead of being shared by We, the People. If wages had kept pace we wouldn’t feel the terrible squeeze that everyone in the middle class is feeling. (Never mind what has happened to those below the middle class.)

This is one more way to understand the effect of income and wealth inequality on each of us. The 1%/99% thing is real. When you hear that the 6 Walmart heirs have more wealth than 1/3 (or more) of all Americans combined, it is real. When you hear that the people on the Forbes list of the 400 wealthiest Americans have more wealth than half of all Americans combined, it is real.

And the effects on the rest of us are real.
40% Of Americans Now Make Less Than 1968 Minimum Wage - Dave Johnson


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13 comments for "Feb 19 - 40% Of Americans Now Make Less Than 1968 Minimum Wage"


 02-19-2013, 12:48 PMaway - #2
philly337 15 heat pts15

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#### is ridiculous man...don't know how it's ever going to get fixed


and these companies are making record profits yet not hiring. The #### sense does that make? Fire people during recession because ur taking losses. Now they have rebounded and making the most they ever have and have not started hiring again just putting the #### in their pocket
 02-19-2013, 12:51 PMonline - #3
Ham Rove 1996 heat pts1996

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 02-19-2013, 12:51 PMaway - #4
Jayg36 17 heat pts17

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Originally Posted by philly337
#### is ridiculous man...don't know how it's ever going to get fixed


and these companies are making record profits yet not hiring. The #### sense does that make? Fire people during recession because ur taking losses. Now they have rebounded and making the most they ever have and have not started hiring again just putting the #### in their pocket
And then they got the gall to complain about people on unemployment
 02-19-2013, 12:54 PMaway - #5
Keno024 6 heat pts

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Originally Posted by philly337
#### is ridiculous man...don't know how it's ever going to get fixed


and these companies are making record profits yet not hiring. The #### sense does that make? Fire people during recession because ur taking losses. Now they have rebounded and making the most they ever have and have not started hiring again just putting the #### in their pocket
These companies are on this cut costs enigma. The more costs you can cut while keeping the quality of your product the better you are as a company and the bigger your bonuses. They don't care that everybody else is struggling. From the bottom looking up we say "How in the hell can a CEO make 30m a year ,but the managers below him scraping 100-200k? Why not he make 8m, other managers get 1m, and regular workers get a competitive salary? That'll only happen if you have your own business and then you'll have advisors telling you, we can cut costs "here,here, and here ,and get you 5m more a year." What will you decide to do?
 02-19-2013, 04:38 PMaway - #6
Pakchoy 28 heat pts28

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#### my a$s aint leaving AT&T.
 02-19-2013, 04:55 PMaway - #7
Account001 

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Accounting for inflation i think the min wage is like $4.07...


This is only a stat... it can be used to help or hurt the OP
 02-20-2013, 03:25 AMaway - #8
JoeDoe22 43 heat pts43

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But but but people are lazy and just need to work harder so they can live the American dream... right?
 02-20-2013, 07:50 AMaway - #9
german1906 43 heat pts43

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This makes me sick.
 02-20-2013, 07:53 AMaway - #10
BlackRepub85 8 heat pts

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Originally Posted by JoeDoe22
But but but people are lazy and just need to work harder so they can live the American dream... right?
it depends, some people are just lazy. Some people just have alot of bad luck and some people just ain't gonna make alot of money doing what they're doing.
 02-20-2013, 08:08 AMaway - #11
Gatorfan2611 8 heat pts

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Originally Posted by JoeDoe22
But but but people are lazy and just need to work harder so they can live the American dream... right?
it amazes me how many ppl still going along with this american dream thing
 02-20-2013, 11:44 AMaway - #12
KFrizzle 271 heat pts271

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work hard... Play Hard... You need to prove to your employer u deserve the pay raise... Not have the gov. do it for you...
OR since your such a good worker and so so smart, you could just try and start your own business, since you clearly know how to run the company and pay employee's better than your current boss...

Now due to all the printing of our money by the Fed as of lately, I could possibly see room for a small increase in Min. Wage, around $8/hour.... But we don't need to be paying kids and senor citizens or #### ups who only can get fast food type jobs over $9/hour...

Only reason it should be "21.50", is due to the Gov. printing money like there's no tomorrow... Why you think our dollar is worth less than it was even 4-5 yrs ago... that's all the Fed's been doing lately...





^^$$21.50? haha, i think not^^
 02-20-2013, 01:29 PMaway - #13
nbrock 14 heat pts14

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Originally Posted by Blood Edge
That's the point. Why would I hire more people and lose money that could go towards my #### when I can just have the people that currently work for me take on a heavier load.

Capitalism is just a grand pyramid scheme. The greatest issue is that people don't know how the system works and end up struggling just to break even for their entire lives.
This
 
 


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