Min Wage versus Cost of Living 1970 to 2018

[Supposn]

The problem is, the Cost of Living will go up at an even higher rate as well. You raise the wages 12.5% and the COL goes up 12.7. The Rich just got Richer.

Daryl Hunt, the federal minimum wager rate bolsters all wages, but it doesn't proportionally bolster all job rates equally. Its proportional benefit is greater for lower, and lesser for higher wage rates.

If the minimum wage is increased from $7.25 to $8 per hour, the maximum beneficiaries will be the lowest wage employees. Those earning $12 may receive something close to $13.10 per hour; those earning $20 may receive $21.50 per hour; those earning $50 may receive $52 per hour. A 10.3% increase of the $7.25 minimum wage would be a 9% increase for those now earning $12 per hour, and a 4% increase for those now earning $50 per hour. For those earning higher wages, the percentage of increase becomes imperceptible.

Respectfully, Supposn

 

[Wyatt earp]

The problem is, the Cost of Living will go up at an even higher rate as well. You raise the wages 12.5% and the COL goes up 12.7. The Rich just got Richer.

Daryl Hunt, the federal minimum wager rate bolsters all wages, but it doesn't proportionally bolster all job rates equally. Its proportional benefit is greater for lower, and lesser for higher wage rates.

If the minimum wage is increased from $7.25 to $8 per hour, the maximum beneficiaries will be the lowest wage employees. Those earning $12 may receive something close to $13.10 per hour; those earning $20 may receive $21.50 per hour; those earning $50 may receive $52 per hour. A 10.3% increase of the $7.25 minimum wage would be a 9% increase for those now earning $12 per hour, and a 4% increase for those now earning $50 per hour. For those earning higher wages, the percentage of increase becomes imperceptible.

Respectfully, Supposn

Check the job boards, who makes $7.25 an hour?


.

 

[Markle]

Federal minimum wage rate.
Daryl Hunt, I'm a proponent of the federal minimum wage be increased12.5% annually until it achieves no less than 125% of its February-1968 cost price indexed value. Thereafter the monitored minimum rate should annually (when necessary), be modified to retain that purchasing power.

There's no point in a discussion of a federal living wage until we have achieved a federal minimum wage rate that retains sufficient purchasing power.
Respectfully, Supposn

Unless you can show that the cost of living, in all fifty states, in every county, city, and town is equal, any sort of Federal Minimum Wage is beyond foolish, it is stupid and 100% unworkable.

 

[Markle]

Central price controls of anything is an idiotic idea...Up to and including wages.

Not price control, profit control.

Even you don't believe that malarkey. You're just playing the Troll again.

 

[Crepitus]

Central price controls of anything is an idiotic idea...Up to and including wages.

Not price control, profit control.

Central planning is for commies.

Unregulated capitalism is for the 1%.

 

[Crepitus]

Central price controls of anything is an idiotic idea...Up to and including wages.

Not price control, profit control.

Even you don't believe that malarkey. You're just playing the Troll again.

You're incorrect.

 

[martybegan]

Central price controls of anything is an idiotic idea...Up to and including wages.

Not price control, profit control.

Central planning is for commies.

Unregulated capitalism is for the 1%.

Socialism is for another 1%, and this time they control the economy AND all the guns....

 

[Crepitus]

Central price controls of anything is an idiotic idea...Up to and including wages.

Not price control, profit control.

Central planning is for commies.

Unregulated capitalism is for the 1%.

Socialism is for another 1%, and this time they control the economy AND all the guns....

Sorry, no.

 

[miketx]

Here is what Inflation looks like when the Rich takes advantage of the Averate and below income levels Cost of Living.

milk at the dairy
1970 1.32
2018 2.90
Milk has not kept up with inflation. Even before the unfair Canadian trade Practice, Protectionism, etc. and Tariffs on US Milk, there was the introduction of the Milk Alterntives made from Grains and such. Unlike other Farming, Dairy Farmers can't rotate their products. They either operate at a loss, make money or get out of business. Trump has promised that due to the Tariffs that the Dairy Farmers will receive relief but the Diary Farmers don't want it. They claim that it will mostly go to larger Corporate Dairy Farms that are already Profitable even with all the negatives because they control most of the market. The smaller Diary Farmers will only be buying time until they go out of business. What they want is an even playing field. Nothing else will keep them in business. Next year look for Diary Farm Foreclosure Auctions to happen at an alarming rate even with the relief.
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Loaf of Bread
1970 25 cents
2018 2.38
The US is the Worlds #1 Wheat and Grain producer in the World. We have Silos with it sitting rotting away. That's over a 952% increase in cost. Well behind the wage increase.
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Average Wage
1970 9,400
2018 44,321
That's over a 400% increase.
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Cost per Lb of Hamburger
1970 70 cents
2018 4.68
Hamburger, like other cuts of meat, is over 660% higher today than in 1970. It has lost ground to wages. Overall, with the exception to milk, food has lost between 200 and 1000% to average wages. And that is considering Average Wage, not minimum wage. Minimum Wage is much, much worse.
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Cost of a new Home
1970 23,450
2018 325,500
So you want to buy a home? Good luck on the average wage with a family of 4. You really want me to do the percent comparison on this one? There is a reason that the younger people are, for the most part, electing to rent rather than buy. For the most part, the younger people make less than the average wage and after the other costs of living, can't afford the payments, insurance and taxes on a new house or even an older house.
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Some People are getting bloody rich on these deals. And it's not the average or below average consumer. Certainly not the min wage or even the average wage earner.

Over half of the Uber Rich supports the increasing of the Min Wage. They give the reason that it gives the poor (min wage) more portable income. There fore more money to spend on their products and services. But that's not all. It also means that the Rich can and will raise those services and products to take away any and all the gains that min wage gave to the worker while expecing the new min wage worker to do more purchasing of their goods and products. It's a very lucrative, short termed program. But in the end, the workers all lose ground exactly as I showed above. But the Rich just got richer.

I am against Min Wage for this reason. We don't need a Min Wage. We need a Living Wage. At the same time, we need a Consumer Group that has the power to drag these unscrupulous theives into civil courts and get them fined for unfair trade practice.

You pinkos did it.

 

[Oddball]

Central price controls of anything is an idiotic idea...Up to and including wages.

Not price control, profit control.

Central planning is for commies.

Unregulated capitalism is for the 1%.

I'll take strawman argument for $1,000 Alex.

 

[Toddsterpatriot]

Here is what Inflation looks like when the Rich takes advantage of the Average and below income levels Cost of Living. ...We don't need a Min Wage. We need a Living Wage. ...

Federal minimum wage rate.
Daryl Hunt, I'm a proponent of the federal minimum wage be increased12.5% annually until it achieves no less than 125% of its February-1968 cost price indexed value. Thereafter the monitored minimum rate should annually (when necessary), be modified to retain that purchasing power.

There's no point in a discussion of a federal living wage until we have achieved a federal minimum wage rate that retains sufficient purchasing power.
Respectfully, Supposn

The Federal minimum wage should be repealed.

 

[Toddsterpatriot]

The problem is, the Cost of Living will go up at an even higher rate as well. You raise the wages 12.5% and the COL goes up 12.7. The Rich just got Richer.

Daryl Hunt, direct and indirect labor costs are not the same proportion of all products' costs; The hourly rates of those labor costs vary, and the effect of the minimum wage varies for each different hourly rate. These are the reasons why the federal minimum wage rate is not among the major factors driving the U.S. Dollar's rate of inflation.

The federal reserve board controls our money supply and they are charged with what many people believe is the impossible task of regulating the U.S. Dollar's value. I appreciate that the Federal Reserve Board has demonstrated extreme competence because they've never entirely crashed our economy.

If the minimum wage rate is increased by 12.5% per year, the entire price increases are not attributable to the rate increase. Despite the Federal Reserve Board's efforts, prices continue to annually rise when the minimum wage rate has not been increased. A forewarned 12.5% increase of the minimum wage rate would not increase prices 2%.



Respectfully, Supposn

The federal reserve board controls our money supply

They don't control the money supply.

 

[Daryl Hunt]

The problem is, the Cost of Living will go up at an even higher rate as well. You raise the wages 12.5% and the COL goes up 12.7. The Rich just got Richer.

Daryl Hunt, direct and indirect labor costs are not the same proportion of all products' costs; The hourly rates of those labor costs vary, and the effect of the minimum wage varies for each different hourly rate. These are the reasons why the federal minimum wage rate is not among the major factors driving the U.S. Dollar's rate of inflation.

The federal reserve board controls our money supply and they are charged with what many people believe is the impossible task of regulating the U.S. Dollar's value. I appreciate that the Federal Reserve Board has demonstrated extreme competence because they've never entirely crashed our economy.

If the minimum wage rate is increased by 12.5% per year, the entire price increases are not attributable to the rate increase. Despite the Federal Reserve Board's efforts, prices continue to annually rise when the minimum wage rate has not been increased. A forewarned 12.5% increase of the minimum wage rate would not increase prices 2%.



Respectfully, Supposn

In an ideal situation you would be correct. But in the real greed situation you are wrong. In real life, the COL would increase 12.7% against a 12.5% wage increase. It always has. utopian math always sounds so good but when you enter into someone figuring out how to make more money then you get the real math.

 

[Oddball]

The problem is, the Cost of Living will go up at an even higher rate as well. You raise the wages 12.5% and the COL goes up 12.7. The Rich just got Richer.

Daryl Hunt, direct and indirect labor costs are not the same proportion of all products' costs; The hourly rates of those labor costs vary, and the effect of the minimum wage varies for each different hourly rate. These are the reasons why the federal minimum wage rate is not among the major factors driving the U.S. Dollar's rate of inflation.

The federal reserve board controls our money supply and they are charged with what many people believe is the impossible task of regulating the U.S. Dollar's value. I appreciate that the Federal Reserve Board has demonstrated extreme competence because they've never entirely crashed our economy.

If the minimum wage rate is increased by 12.5% per year, the entire price increases are not attributable to the rate increase. Despite the Federal Reserve Board's efforts, prices continue to annually rise when the minimum wage rate has not been increased. A forewarned 12.5% increase of the minimum wage rate would not increase prices 2%.



Respectfully, Supposn

In an ideal situation you would be correct. But in the real greed situation you are wrong. In real life, the COL would increase 12.7% against a 12.5% wage increase. It always has. utopian math always sounds so good but when you enter into someone figuring out how to make more money then you get the real math.

Utopian math, coupled with gross ignorance of economics, as all your central planner tinkering adds up to.

 

[Daryl Hunt]

The problem is, the Cost of Living will go up at an even higher rate as well. You raise the wages 12.5% and the COL goes up 12.7. The Rich just got Richer.

Daryl Hunt, direct and indirect labor costs are not the same proportion of all products' costs; The hourly rates of those labor costs vary, and the effect of the minimum wage varies for each different hourly rate. These are the reasons why the federal minimum wage rate is not among the major factors driving the U.S. Dollar's rate of inflation.

The federal reserve board controls our money supply and they are charged with what many people believe is the impossible task of regulating the U.S. Dollar's value. I appreciate that the Federal Reserve Board has demonstrated extreme competence because they've never entirely crashed our economy.

If the minimum wage rate is increased by 12.5% per year, the entire price increases are not attributable to the rate increase. Despite the Federal Reserve Board's efforts, prices continue to annually rise when the minimum wage rate has not been increased. A forewarned 12.5% increase of the minimum wage rate would not increase prices 2%.



Respectfully, Supposn

In an ideal situation you would be correct. But in the real greed situation you are wrong. In real life, the COL would increase 12.7% against a 12.5% wage increase. It always has. utopian math always sounds so good but when you enter into someone figuring out how to make more money then you get the real math.

Utopian math, coupled with gross ignorance of economics, as all your central planner tinkering adds up to.

Yet reality states clearly that if the wages are increased at min wage, the cost of living goes up either exactly the same or slightly more. That's not math, that's economics. Min Wage increases don't work and the Rich just get richer when they raise the cost of living to match it or more. The problem is, the people just over the new min wage just lost ground in the cost of living since they didn't get any raises. You tell me what the math is then. What prevents the cost of living from rising when a corrective wage increase is given to compensate for the years of cost of living increases that far exceeded the min wage?

You seem to have all the little words of wisdom. Let's hear your solution?

 

[Oddball]

Yet reality states clearly that if the wages are increased at min wage, the cost of living goes up either exactly the same or slightly more. That's not math, that's economics. Min Wage increases don't work and the Rich just get richer when they raise the cost of living to match it or more. The problem is, the people just over the new min wage just lost ground in the cost of living since they didn't get any raises. You tell me what the math is then. What prevents the cost of living from rising when a corrective wage increase is given to compensate for the years of cost of living increases that far exceeded the min wage?

You seem to have all the little words of wisdom. Let's hear your solution?

My solution is for do-gooders to butt the hell out, and quit pretending that they're doing everyone a big fat favor with their meddling and tinkering....It's painfully obvious that all the central planner machinations of alleged "fairness" are entirely impotent.

 

[Daryl Hunt]

Yet reality states clearly that if the wages are increased at min wage, the cost of living goes up either exactly the same or slightly more. That's not math, that's economics. Min Wage increases don't work and the Rich just get richer when they raise the cost of living to match it or more. The problem is, the people just over the new min wage just lost ground in the cost of living since they didn't get any raises. You tell me what the math is then. What prevents the cost of living from rising when a corrective wage increase is given to compensate for the years of cost of living increases that far exceeded the min wage?

You seem to have all the little words of wisdom. Let's hear your solution?

My solution is for do-gooders to butt the hell out, and quit pretending that they're doing everyone a big fat favor with their meddling and tinkering....It's painfully obvious that all the central planner machinations of alleged "fairness" are entirely impotent.

And it's entirely painfully obvious that the middle class has all but disappeared to become the new Poverty class as the Rich keep raising the cost of living more than the wage increases. And there is the real problem. Care to tell me how to fix that problem? It can't keep going. Enter 1929.

 

[Oddball]

Yet reality states clearly that if the wages are increased at min wage, the cost of living goes up either exactly the same or slightly more. That's not math, that's economics. Min Wage increases don't work and the Rich just get richer when they raise the cost of living to match it or more. The problem is, the people just over the new min wage just lost ground in the cost of living since they didn't get any raises. You tell me what the math is then. What prevents the cost of living from rising when a corrective wage increase is given to compensate for the years of cost of living increases that far exceeded the min wage?

You seem to have all the little words of wisdom. Let's hear your solution?

My solution is for do-gooders to butt the hell out, and quit pretending that they're doing everyone a big fat favor with their meddling and tinkering....It's painfully obvious that all the central planner machinations of alleged "fairness" are entirely impotent.

And it's entirely painfully obvious that the middle class has all but disappeared to become the new Poverty class as the Rich keep raising the cost of living more than the wage increases. And there is the real problem. Care to tell me how to fix that problem? It can't keep going. Enter 1929.

OK...So we have more and more meddling and aggression in the marketplace than ever before, to the point that the middle class has all but disappeared to become the new Poverty class, and that calls for even more more "solutions" from those meddlesome and aggressive central planners?

Just shoot me now.

 

[Daryl Hunt]

Yet reality states clearly that if the wages are increased at min wage, the cost of living goes up either exactly the same or slightly more. That's not math, that's economics. Min Wage increases don't work and the Rich just get richer when they raise the cost of living to match it or more. The problem is, the people just over the new min wage just lost ground in the cost of living since they didn't get any raises. You tell me what the math is then. What prevents the cost of living from rising when a corrective wage increase is given to compensate for the years of cost of living increases that far exceeded the min wage?

You seem to have all the little words of wisdom. Let's hear your solution?

My solution is for do-gooders to butt the hell out, and quit pretending that they're doing everyone a big fat favor with their meddling and tinkering....It's painfully obvious that all the central planner machinations of alleged "fairness" are entirely impotent.

And it's entirely painfully obvious that the middle class has all but disappeared to become the new Poverty class as the Rich keep raising the cost of living more than the wage increases. And there is the real problem. Care to tell me how to fix that problem? It can't keep going. Enter 1929.

OK...So we have more and more meddling and aggression in the marketplace than ever before, to the point that the middle class has all but disappeared to become the new Poverty class, and that calls for even more more "solutions" from those meddlesome and aggressive central planners?

Just shoot me now.

You keep spouting off with your BS and yet when push comes to shove you really don't have an answer because you really don't understand the problem. I have a pretty good idea how and why it works and I also have a pretty good idea how to address it. But you people that think stealing is Capitalism won't stand for it.

 

[Dont Taz Me Bro]

And it's entirely painfully obvious that the middle class has all but disappeared to become the new Poverty class as the Rich keep raising the cost of living more than the wage increases. And there is the real problem. Care to tell me how to fix that problem? It can't keep going. Enter 1929.

The middle class has not all but disappeared. There are tens of millions of people in this country in the middle class and furthermore, almost nobody in the United States lives in poverty. You have no clue what poverty is.

If you're an adult making minimum wage then you're a fucking loser and it's your own fault. Learn a skill or obtain some kind of education. End of story.