Income Inequality.

[Mark Charles Compton]

Three invidious claims there.

Who are these " greedmongers"?

In 5 years it will be the ones training in the uni for economics to be sharks... They either have parents that paid there way, or less commonly they don't like how it looks on the bottom and don't want to be there.

You. Me. We all are, or none of us. I'm just tired of being hungry and exhausted. With unappreciative employers, and a Fed that plays with the inflation intentionally.

 

[Heyo]

You got me mixed up with @Heyo.

I guess that's why his answers are so incoherent that basically every sentence is a non sequitur.

 

[Mark Charles Compton]

I'm not suggesting they charge you, I'm saying they just pay you less.

Ugh.. That's why the frickin' Fed increases minimum wages, which just makes more turbulence.

Catch 22. Se la vi.

 

[Kfox]

Ugh.. That's why the frickin' Fed increases minimum wages, which just makes more turbulence.

Catch 22. Se la vi.

When was the last time the feds increased minimum wages?

 

[Stevicus]

When was the last time the feds increased minimum wages?

That's an easy one: Minimum wage in the United States - Wikipedia.

The federal minimum wage in the United States has been $7.25 per hour since July 2009, the last time Congress raised it.[44] Some types of labor are exempt: Employers may pay tipped labor a minimum of $2.13 per hour, as long as the hour wage plus tip income equals at least the minimum wage. Persons under the age of 20 may be paid $4.25 an hour for the first 90 calendar days of employment (sometimes known as a youth, teen, or training wage) unless a higher state minimum exists.[45] The 2009 increase was the last of three steps of the Fair Minimum Wage Act of 2007, which increased the wage from $5.15 per hour in 2007 to $7.25 per hour in 2009.

 

[Stevicus]

This is the minimum wage breakdown by state, as some states have higher minimum wages than required by Federal law:

STATE	2022​	2023​	EFFECTIVE​
Alabama	$7.25​	$7.25​	1/1/2023​
Alaska	$10.34​	$10.85​	1/1/2023​
Arizona	$12.80​	$13.85*​	1/1/2023​
Arkansas	$11.00​	$11.00​	1/1/2023​
California	$15.00*​	$15.50*​	1/1/2023​
Colorado	$12.56​	$13.65*​	1/1/2023​
Connecticut	$14.00​	$15.00+​	7/1/2023​
Delaware	$10.50​	$11.75​	1/1/2023​
Washington D.C.+	$15.20​	$16.10*+​	1/1/2023​
Florida	$11.00​	$12.00+​	9/30/2023​
Georgia	$7.25​	$7.25​	1/1/2023​
Hawaii	$10.10​	$12.00​	10/1/2022​
Idaho	$7.25​	$7.25​	1/1/2023​
Illinois	$12.00*​	$13.00*​	1/1/2023​
Indiana	$7.25​	$7.25​	1/1/2023​
Iowa	$7.25​	$7.25​	1/1/2023​
Kansas	$7.25​	$7.25​	1/1/2023​
Kentucky	$7.2​	$7.25​	1/1/2023​
Louisiana	$7.25​	$7.25​	1/1/2023​
Maine	$12.75​	$13.80*​	1/1/2023​
Maryland	$12.50*​	$13.25*​	1/1/2023​
Massachusetts	$14.25​	$15.00​	1/1/2023​
Michigan	$9.87​	$10.10+​	1/1/2023​
Minnesota	$10.33*​	$10.59*​	1/1/2023​
Mississippi	$7.25​	$7.25​	1/1/2023​
Missouri	$11.15​	$12.00​	1/1/2023​
Montana	$9.20​	$9.95​	1/1/2023​
Nebraska	$9.00​	$10.50*​	1/1/2023​
Nevada	$9.50*​	$10.25*+​	7/1/2023​
New Hampshire	$7.25​	$7.25​	1/1/2023​
New Jersey	$13.00*​	$14.13*​	1/1/2023​
New Mexico	$11.50​	$12.00*​	1/1/2023​
New York	$13.20*​	$14.20*​	1/1/2023​
North Carolina	$7.25​	$7.25​	1/1/2023​
North Dakota	$7.25​	$7.25​	1/1/2023​
Ohio	$9.30​	$10.10*​	1/1/2023​
Oklahoma	$7.25​	$7.25​	1/1/2023​
Oregon	$13.50*​	$TBD*​	7/1/2023​
Pennsylvania	$7.25​	$7.25​	1/1/2023​
Rhode Island	$12.25​	$13.00​	1/1/2023​
South Carolina	$7.25​	$7.25​	1/1/2023​
South Dakota	$9.95​	$10.80​	1/1/2023​
Tennessee	$7.25​	$7.25​	1/1/2023​
Texas	$7.25​	$7.25​	1/1/2023​
Utah	$7.25​	$7.25​	1/1/2023​
Vermont	$12.55​	$13.18​	1/1/2023​
Virginia	$11.00​	$12.00​	1/1/2023​
Washington	$14.49​	$15.74*+​	1/1/2023​
West Virginia	$8.75​	$8.75​	1/1/2023​
Wisconsin	$7.25​	$7.25​	1/1/2023​
Wyoming	$7.25​	$7.25​	1/1/2023​

*Has one or more cities/counties with different minimum wage rates and/or has different rates based on employer size or number of employees or employee benefits
+ Has scheduled or potential mid-year adjustments

 

[Audie]

In 5 years it will be the ones training in the uni for economics to be sharks... They either have parents that paid there way, or less commonly they don't like how it looks on the bottom and don't want to be there.

You. Me. We all are, or none of us. I'm just tired of being hungry and exhausted. With unappreciative employers, and a Fed that plays with the inflation intentionally.

So people who may not even exist.

But you looped me in.

I've never had a "job".

And my ample inheritance multiplied by a few good investments.

I must be a dreadful person.

You should read the things Popeye says about me.

 

[We Never Know]

That's an easy one: Minimum wage in the United States - Wikipedia.

The federal minimum wage in the United States has been $7.25 per hour since July 2009, the last time Congress raised it.[44] Some types of labor are exempt: Employers may pay tipped labor a minimum of $2.13 per hour, as long as the hour wage plus tip income equals at least the minimum wage. Persons under the age of 20 may be paid $4.25 an hour for the first 90 calendar days of employment (sometimes known as a youth, teen, or training wage) unless a higher state minimum exists.[45] The 2009 increase was the last of three steps of the Fair Minimum Wage Act of 2007, which increased the wage from $5.15 per hour in 2007 to $7.25 per hour in 2009.

So the pay problem is the government/congress that think peoples time is worth only $7.25 an hour.

 

[Pete in Panama]

You got me mixed up with @Heyo.

Dang --hate it when I do that!

At any rate, @Heyo saw the post & he can respond if he wants..

 

[Mark Charles Compton]

When was the last time the feds increased minimum wages?

Firstly, the reason I don't agree with legislation that increases minimum wage, is because some businesses don't have enough profit after overhead to pay more to employees, and will have no other choice but to charge more to their consumers. It gets us right back to where we started.

On the other hand, there are businesses that make exponential growth and put large portions of the company's income into stock buybacks or share repurchases. Then when the market crashes, they need bailed out because their stock holdings are plummeting.

Anyway, Fed minimum wage increase... This bill lays out the current 5-year increase that is in progress:

H.R.603 2021 Raise the Wage Act

SEC. 2. MINIMUM WAGE INCREASES.


(a) In General.—Section 6(a)(1) of the Fair Labor Standards Act of 1938 (29 U.S.C. 206(a)(1)) is amended to read as follows:
“(1) except as otherwise provided in this section, not less than—
“(A) $9.50 an hour, beginning on the effective date under section 7 of the Raise the Wage Act of 2021;
“(B) $11.00 an hour, beginning 1 year after such effective date;
“(C) $12.50 an hour, beginning 2 years after such effective date;
“(D) $14.00 an hour, beginning 3 years after such effective date;
“(E) $15.00 an hour, beginning 4 years after such effective date; and
“(F) beginning on the date that is 5 years after such effective date, and annually thereafter, the amount determined by the Secretary under subsection (h);”.

 

[Pete in Panama]

Except that market prices are not physical properties. They are socially-derived, just as the concept of human rights is socially-derived.

--just as weights, heights, and skin tone are "socially derived". Many would argue that the former are a lot easier to change than the latter.

Of course, I'm not saying that the concept negates the concept of market prices, but the bottom line is that human rights must be upheld no matter what. Or at least, that's what the stewards of political systems and the values of Western society have claimed all these years.

Just like environmentalism has been a societal value in recent decades, so if companies are required by law to find less polluting, more environmentally friendly ways of doing things, then that may cost them more - and may have an effect on market prices as a consequence.

--then it gets into some kind of farce over which actions are more "environmentally friendly" than the next. Like, you want to require everyone to run outside every morning and say "GOOD MORNING MR. ENVIRONMENT!!!"? mho is that empty talk is silly.

 

[Mark Charles Compton]

So the pay problem is the government/congress that think peoples time is worth only $7.25 an hour.

No, I don't know the solution. But, part of the problem could very well be that the Fed started legislating wages.

Example: Grocers make something dumb like 2% of their income as profit after overhead... They can't pay their employees more. Maybe Super Walmart can, but none of the local grocers.

 

[Mark Charles Compton]

So people who may not even exist.

But you looped me in.

I've never had a "job".

And my ample inheritance multiplied by a few good investments.

I must be a dreadful person.

You should read the things Popeye says about me.

So, you've provided no productivity, just increased market values?

It's okay. I, like many, did not eat yesterday.

If it's consolation, I did 'loop' myself into this society too. Because it is our society, and we will persevere or collapse... Together. Just as we got here.

 

[Audie]

So, you've provided no productivity, just increased market values?

It's okay. I, like many, did not eat yesterday.

If it's consolation, I did 'loop' myself into this society too. Because it is our society, and we will persevere or collapse... Together. Just as we got here.

What an odd interpretation. Tremendous increase in
productivity.

One micro example.

Our maid was from Philippines. She was shy and very humble but I saw something in her. We talked a lot, finally,
when she felt comfortable.

Smart woman! A college degree. But she could make more In HK as a maid. Sent all the money home to a tiny rural village in Bohol, for her family.

Long story short...I decided to
finance her. Lost a good worker,
sending her home!

First one thing then next but now they
have a tractor for the farm, a rice mill
and a " sari sari" store. All making money.
Next we will look into a " jeepney".
I don't want, would not take any profit,

It's all for them.

Investments in Hong Kong don't just " grow "
or " increase in market value. They actively
work, do real things.
Not that I've the least reason to explain myself
to you.

It's regrettable that you didnt eat.
I hope things improve.

One thing that won't help is demonizing people
and institutions that you are not actually acquainted
with.

People with the means to invest created the wealth
around us.
Persevere, I hope you slice gets bigger. I don't you
any more than you know me so I e no suggestions.

But I think,there's a way if you find it then put all you have into it.

 

[Mark Charles Compton]

But I think,there's a way if you find it then put all you have into it.

It would be nice but statistically speaking, unlikely. Current trends aren't looking good, but it could turn around.

Still, best to be prepared and watchful for the worst whilst your aim is on the best, as always. And there might be a nonfictional retelling of Timaeus and Critias in the near forecast. Just keep an eye on the weather vein, and be ready to batten the hatches.

 

[Audie]

It would be nice but statistically speaking, unlikely. Current trends aren't looking good, but it could turn around.

Still, best to be prepared and watchful for the worst whilst your aim is on the best, as always. And there might be a nonfictional retelling of Timaeus and Critias in the near forecast. Just keep an eye on the weather vein, and be ready to batten the hatches.

Oh? Only prepping for sad disaster to follow
fast, and follow faster ?

There's opportunity too you know.

 

[Stevicus]

--just as weights, heights, and skin tone are "socially derived". Many would argue that the former are a lot easier to change than the latter.

The units of measurement may be (and perhaps the language used), but the observable properties are not. It's the difference between a natural, hard science (physics, chemistry, biology, etc.), as opposed to social sciences (economics, law, political science, philosophy).

Arguments over economic systems are not arguments over science or mathematics (despite how many capitalists seem to think of it that way). They are arguments over philosophy and value systems.

--then it gets into some kind of farce over which actions are more "environmentally friendly" than the next. Like, you want to require everyone to run outside every morning and say "GOOD MORNING MR. ENVIRONMENT!!!"? mho is that empty talk is silly.

Well, no, it's not like that, but I was just using that as an analogy. You may think that environmental regulations are an example of government being too intrusive in the free markets, but again, that's a philosophical position based on societal values.

Likewise, if there are those who advocate for wage/price controls, that too is a philosophical position. I've heard some people reply to such proposals with snarky, unfounded criticisms as "Well, you know nothing about economics," when such a statement reveals their own ignorance about that field of study, since such a statement implies a belief that economics is a hard, natural science and not a social science. Economists certainly know that economics is a social science, but many capitalists obviously do not.

 

[Audie]

So the pay problem is the government/congress that think peoples time is worth only $7.25 an hour.

A lot isnt worth that

 

[Mark Charles Compton]

Oh? Only prepping for sad disaster to follow
fast, and follow faster ?

There's opportunity too you know.

Still, best to be prepared and watchful for the worst whilst your aim is on the best, as always.

If your aim is on the best, and you are prepared for the worst. You are ready for anything.
...I didn't say ignore the good that may be yet possible. However, consider these two scenarios:

¹If you've anticipated a sad disaster to follow, how disappointing would it be to be wrong?​

²If you've expected to have taper tape parades down streets of alabaster, the disappointment might hit differently.​

The glass is half empty, it's not a debate to me. The Weak Nuclear Force, 2nd Law of Thermodynamics, and simple evaporation determine that before the glass was sat down, the material in it began to dissipate.

Opportunities are fickle and few, and limited to your geographical location and economic situation. Rightfully so, they tend to be offered to the up-and-coming youngsters with possibility in their eyes, and they deserve it more.

I'm not young anymore, if I missed my chances, that's on me. It could be worse, I'm not concerned. I'd just like to have a relatively comfortable life. At least I have electricity, unlike 940 million people. I have clean water I can collect from a natural spring, unlike 2 billion people around the world. Could most definitely, be worse.

 

[We Never Know]

If your aim is on the best, and you are prepared for the worst. You are ready for anything.
...I didn't say ignore the good that may be yet possible. However, consider these two scenarios:

¹If you've anticipated a sad disaster to follow, how disappointing would it be to be wrong?​

²If you've expected to have taper tape parades down streets of alabaster, the disappointment might hit differently.​

The glass is half empty, it's not a debate to me. The Weak Nuclear Force, 2nd Law of Thermodynamics, and simple evaporation determine that before the glass was sat down, the material in it began to dissipate.

Opportunities are fickle and few, and limited to your geographical location and economic situation. Rightfully so, they tend to be offered to the up-and-coming youngsters with possibility in their eyes, and they deserve it more.

I'm not young anymore, if I missed my chances, that's on me. It could be worse, I'm not concerned. I'd just like to have a relatively comfortable life. At least I have electricity, unlike 940 million people. I have clean water I can collect from a natural spring, unlike 2 billion people around the world. Could most definitely, be worse.

"The glass is half empty"

That's nothing but a negative view.

Its also half full.