TakeAStepBack
Gold Member
- Mar 29, 2011
- 13,935
- 1,742
- 245
The Messiah is in a little trouble here, the CBO, and host of others have run the numbers, guess what, the only solution is to expand the tax base, which includes those earning $48,000 plus, other wise known as an across the board tax increase which will have a major impact on consumer based economies. The dog will continue to chase it's tail because he has no other choice.
But thirty years off flat wages hasn't hurt our consumer based economics?
Who determines wages?
Below is a chart that illustrated exactly how flat wages have been in Real Dollars (constant 1982 dollars).
As noted, there is a line tracking nominal wages, which are wages that do not include any inflation. The second line is wages in Real Dollars (constant 1982-1984 dollars), which include all inflation. Real Dollars are the format the Department of Labor has used for decades to measure real wage growth.
If one needs more information regarding Real Dollars go to: Historical Income Tables - Current versus Constant (or Real) Dollars - U.S Census Bureau
Again, who determines wages?
Federal minimum wage laws. Which warp labor values and product prices.