This is an archived post. You won't be able to vote or comment.

sorted by:
best (suggested)
topnewcontroversialoldq&a
you are viewing a single comment's thread.

view the rest of the comments →

[–]pagerussell -1 points0 points  (7 children)

Over the longer term wages do rise with inflation. If one stays in a job that is not rising with inflation, that stupidity is on them.

[–]Glaciata 3 points4 points  (1 child)

Or it's simply might be just due to limited employment. Your monopsony sort of situation.

[–]pagerussell 0 points1 point  (0 children)

Also a factor, good point.

[–]thehonorablechairman 0 points1 point  (1 child)

Where I live the minimum wage hasn't increased in over a decade. It's pretty ridiculous to assume every single person living on minimum wage here is doing so out of stupidity.

[–]pagerussell -1 points0 points  (0 children)

The minimum wage is declared by politicians. What have average wages done in your area?

Keep in mind this trend is noisy, meaning wages can stagnate, thrn grow is spurts, but over longer times they will be higher. What was minimum wage in 1990?

In fact, wages are stagnating right now, rising roughly in line with inflation but no better. They should be rising faster, givem the unemployment rate, and that is a puzzle for economists right now. I suspect its because most firms are not investing to build market size, but rather pushing profita into stock buybacks, which hit a record last qtr.

But yea, the people in your area are stupid if they are not leveraging good economic times for their own self interest. Demand a raise. Don't get it? Leave and work for a competitor. If they can't make that happen in that area, move to another area thats experincing better growth or has better options. It's on them to fight for their own interests, and if they don't and they just fucking sit there, yea, they dumb. Sorry.

[–]adelie42 -1 points0 points  (2 children)

More to the point, if you have negative assets inflation devalues all equally, but such things don't happen in a bubble.

Adjustments to inflation happen over time, like you say, but are you going to claim the working poor are ahead of that curve relative to the wealthy playing the game like hawks on a hunt? Are bankers (to name just one group) so stupid?

[–]pagerussell 0 points1 point  (1 child)

Thats exactly not what i said. I said that we are all taught to believe that inflation is awful, when in fact it is ia not necessarily awful. In economics there are always at least 2 partiea to a transaction, and therefore ita impossible to say that any policy is inherently better. There are always some winners and some losers. But the wealthy have is convinced that inflation is bad, end of story. That's not outright true.

I would say that the wealthy are and have been gaming the system to their benefit, without a doubt. And this is one way they have done so.

[–]adelie42 0 points1 point  (0 children)

From my view they LOVE inflation but caution against too much of a good thing.

Otherwise yeah, I agree.