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Post by abbey1227 on Jun 30, 2021 9:12:26 GMT
oh!.......... right!......... The Past ![[giveup]](//storage.proboards.com/7182076/images/FSYefibmKqtatIXMgHZg.gif)
economics
Inflation Eats at Surging U.S. Wages With Biden Agenda at Stake
By Katia Dmitrieva June 30, 2021, 1:00 AM CDT
Workers earning more are also paying more for everyday items
Wages, prices may shape path of $4 trillion in proposals
Americans are enjoying outsized pay boosts this year from desperate employers, but the raises are failing to keep pace with surging prices for everyday goods.
U.S. wages likely posted a third strong monthly gain to fuel a 3.6% increase in June from a year earlier, according to economists’ forecasts ahead of the Labor Department’s jobs report due Friday. Companies including FedEx Corp. and Olive Garden owner Darden Restaurants Inc. are raising wages to attract staff.
At the same time, prices for everything from milk to car rentals and gasoline are rising at a rapid clip, eating into those income gains. The Federal Reserve’s preferred consumer-price gauge rose 3.9% in the 12 months through May, the fastest since 2008.
U.S. inflation reduces spending power from higher wages
The parallel surges are shaping the debate over President Joe Biden’s proposed $4 trillion economic agenda. The hearty wage gains, particularly for the lowest-paid workers, are a boon to the administration, which argues price pressures will dissipate by next year and more spending over time won’t stoke inflation.
Republicans, meanwhile, have seized on the inflation numbers to argue against Biden’s spending plans and highlighted the pain from price gains: People with low incomes are hit particularly hard by inflation, since they spend a higher proportion of their funds on daily expenses like food and transportation.
At least the Bloombergs and Bidens of the world will continue to increase their Net Worths.  |
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Post by Prometheus on Jun 30, 2021 18:07:52 GMT
At least the Bloombergs and Bidens of the world will continue to increase their Net Worths. Like those Trump hotels and resorts? |
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Post by abbey1227 on Jul 1, 2021 0:43:55 GMT
At least the Bloombergs and Bidens of the world will continue to increase their Net Worths. Like those Trump hotels and resorts?
Have they gone up in value?
Has Trump's wealth gone up in a similar value to previous presidents?
Wanna argue percentages here?
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Post by Prometheus on Jul 1, 2021 3:30:04 GMT
Like those Trump hotels and resorts?
Have they gone up in value?
Has Trump's wealth gone up in a similar value to previous presidents?
Wanna argue percentages here?
I know they raked in the bucks because anyone who wanted to curry favor with him when he was POTUS booked the expensive suites in his hotels. Why do you think he never put his assets in a blind trust like all the other presidents? |
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Post by abbey1227 on Jul 1, 2021 11:41:44 GMT
Have they gone up in value?
Has Trump's wealth gone up in a similar value to previous presidents?
Wanna argue percentages here?
I know they raked in the bucks because anyone who wanted to curry favor with him when he was POTUS booked the expensive suites in his hotels. Why do you think he never put his assets in a blind trust like all the other presidents?
I'd guess because most of the previous weren't nearly as wealthy
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Post by Prometheus on Jul 2, 2021 2:54:29 GMT
I know they raked in the bucks because anyone who wanted to curry favor with him when he was POTUS booked the expensive suites in his hotels. Why do you think he never put his assets in a blind trust like all the other presidents?
I'd guess because most of the previous weren't nearly as wealthy
Shouldn't matter.
The president shouldn't use - or even appear to use - his position for financial gain.
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Post by abbey1227 on Jul 2, 2021 11:57:56 GMT
I'd guess because most of the previous weren't nearly as wealthy
Shouldn't matter.
The president shouldn't use - or even appear to use - his position for financial gain.
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Post by Prometheus on Jul 2, 2021 12:52:43 GMT
Shouldn't matter.
The president shouldn't use - or even appear to use - his position for financial gain.
Yup. That's how all the intelligent people reacted daily to Trump's antics. |
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Post by abbey1227 on Jul 2, 2021 14:04:28 GMT
Yup. That's how all the intelligent people reacted daily to Trump's antics.
yes
ALL of the intelligent, career politician supporting, student debt laden people.
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Post by Prometheus on Jul 3, 2021 3:15:59 GMT
Yup. That's how all the intelligent people reacted daily to Trump's antics.
yes
ALL of the intelligent, career politician supporting, student debt laden people.
Not all of us are debt-laden and many of us are all for voting out all incumbents. |
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Post by abbey1227 on Jul 3, 2021 11:44:28 GMT
yes
ALL of the intelligent, career politician supporting, student debt laden people.
are debt-laden and many of us are all for voting out all incumbents.
Just enough .......... of course not all. But like you mentioned righties being the least likely to sign up for covid shots, I'd guess lefties have the most college debt.
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Post by Prometheus on Jul 4, 2021 0:32:25 GMT
Not all of us are debt-laden and many of us are all for voting out all incumbents.
Just enough .......... of course not all. But like you mentioned righties being the least likely to sign up for covid shots, I'd guess lefties have the most college debt.
That stands to reason
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Post by abbey1227 on Jul 4, 2021 12:10:58 GMT
so........given what we know now about the heavy yoke that college debt has become......... would you agree that one group might not be nearly as smart and rational as they believe they are compared to the other?
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Post by Prometheus on Jul 5, 2021 2:36:37 GMT
so........given what we know now about the heavy yoke that college debt has become......... would you agree that one group might not be nearly as smart and rational as they believe they are compared to the other?
No. It's neither stupid nor irrational to want to maximize your earning potential. What's stupid and irrational is telling people that (essentially) unskilled jobs require that an applicant have a degree.
But once that requirement became the standard and widespread, it became rational that people would want to have a degree.
People go into debt because they have a belief that their future earning will be sufficient to pay off the debt only to find that the jobs available to them don't all have such potential, but without a degree they can't even begin to approach even that low level of salary.
I feel bad for the people saddled with the debt but I feel worse for a society that overvalues a college education in concept but then cannot deliver on that value in a practical manner.
At this point, a Bachelor's degree has a similar practical value that a high school diploma had just 40 years ago and we know that those with the diploma had more opportunities than the dropouts.
Now we can see the words "Master's degree preferred" in job recruiting announcements, so we can assume that more people will get deeper in debt chasing that particular pot of gold.
How about an analogy?
You want to work in an office environment. You know that you can't show up to the interview in jeans and a t-shirt so you need to go out and buy a suit and tie... a couple ties... and a couple of nice shirts... and a new belt... and some nice shoes. That's going to set you back because you know that you can't just buy any old suit off the rack at Penny's. So, off you go - credit card in hand - to buy your new wardrobe that will be sure to impress potential employers. You figure that the credit card bill won't be such a problem after you have that nice, high-paying office job.
After a few job interviews you can't help but notice that the salary being offered is good, but now with increased transportation costs and other added costs, that credit card bill is starting to loom large.
No worries. Once you get in there, you'll work hard and earn a quick promotion or raise so that you can actually afford the minimum credit card payment, so you take the best offer you can manage.
On your first day, you're walking from the parking lot with other folks dressed in their best professional attire. You sit down with the HR person and go through all that mumbo-jumbo and are finally shown to your cubicle and shown what to do. You look around. Suit jackets are hanging on chairs and coat racks. Collars and ties are loosened. Some people have even kicked off their shoes and are wearing slippers.
Did you really need to buy a suit?
Yes. You did. If you hadn't, you'd still be working Mickie D's for a lot less money. The fact that you had much less debt working for the clown doesn't really enter your mind as you throw yourself into your work, determined to be a standout and get that raise or promotion. But neither ever comes. Now the interest on your credit card bill for your wardrobe is starting to look like the national debt... and so on.
It was not stupid of you to buy the new wardrobe even though it put you in debt. It's stupid that a suit would be required in an office where you have no customer interaction. And if someone asked me to forgive their wardrobe debt, I'd tell them to fuck off and pay up but I wouldn't call them stupid or irrational for buying what was necessary and required.
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Post by abbey1227 on Jul 5, 2021 4:27:49 GMT
It was not stupid of you to buy the new wardrobe even though it put you in debt. It's stupid that a suit would be required in an office where you have no customer interaction. And if someone asked me to forgive their wardrobe debt, I'd tell them to fuck off and pay up but I wouldn't call them stupid or irrational for buying what was necessary and required.
I think that's a pretty horrible comparison.
Buying a suit, even a very nice one is not nearly the level of burden that many have signed up for with student loans.
I've talked to people who took out loans that could be deemed ridiculous just considering the line of work they were looking to get into. As in: How did they figure they'd EVER be able to pay it back?
Your point about the suspect job requirements is pretty good, though.
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Post by Prometheus on Jul 5, 2021 6:41:03 GMT
It was not stupid of you to buy the new wardrobe even though it put you in debt. It's stupid that a suit would be required in an office where you have no customer interaction. And if someone asked me to forgive their wardrobe debt, I'd tell them to fuck off and pay up but I wouldn't call them stupid or irrational for buying what was necessary and required.
I think that's a pretty horrible comparison.
Buying a suit, even a very nice one is not nearly the level of burden that many have signed up for with student loans.
I've talked to people who took out loans that could be deemed ridiculous just considering the line of work they were looking to get into. As in: How did they figure they'd EVER be able to pay it back?
Your point about the suspect job requirements is pretty good, though.
1. An analogy doesn't need to be at the same level. It just has to illustrate the basic idea.
2. Some people will never acknowledge their limitations. For some it ends in a boon, in others a bust. I don't think trying to have a better life is stupid or irrational... even if your dream is to run a 2-hour marathon on your hands. "Go for it!" I say.
3. And those job requirements have entered our cultural psyche to the point where people are going broke because of them.
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Post by abbey1227 on Jul 5, 2021 6:48:41 GMT
1. An analogy doesn't need to be at the same level. It just has to illustrate the basic idea.
2. Some people will never acknowledge their limitations. For some it ends in a boon, in others a bust. I don't think trying to have a better life is stupid or irrational... even if your dream is to run a 2-hour marathon on your hands. "Go for it!" I say.
3. And those job requirements have entered our cultural psyche to the point where people are going broke because of them.
1. You can criticize my comparisons.......so vicey-versy 
2. Of course not, that's actually the literal 'pursuit of happiness' and usually to be applauded. But foolish gambles? That consistently fail? You watch many gamblers in your lifetime?
3. Again.....there's something very, very wrong with our culture. Maybe our species? The religious types would blame a lack of God......but I don't believe God is necessary ofr standardized morals. People are going broke for a variety of reasons that do not fall under the 'no fault of their own' descriptor.
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Post by Prometheus on Jul 5, 2021 13:26:12 GMT
1. An analogy doesn't need to be at the same level. It just has to illustrate the basic idea.
2. Some people will never acknowledge their limitations. For some it ends in a boon, in others a bust. I don't think trying to have a better life is stupid or irrational... even if your dream is to run a 2-hour marathon on your hands. "Go for it!" I say.
3. And those job requirements have entered our cultural psyche to the point where people are going broke because of them.
1. You can criticize my comparisons.......so vicey-versy
2. Of course not, that's actually the literal 'pursuit of happiness' and usually to be applauded. But foolish gambles? That consistently fail? You watch many gamblers in your lifetime?
3. Again.....there's something very, very wrong with our culture. Maybe our species? The religious types would blame a lack of God......but I don't believe God is necessary ofr standardized morals. People are going broke for a variety of reasons that do not fall under the 'no fault of their own' descriptor.
1.
2. It's a gamble every time you walk out your door as the saying goes....
3. Churches and psychiatrist's offices are filled with people who blame everyone but themselves.
Sometimes they are actually right... if not for the right reasons. |
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Post by Deleted on Jul 5, 2021 20:44:32 GMT
This system fucking sucks.
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