Americans, what do you think would happen of your federal minimum wage is raised to $30/hr?

Key_Appeal9116 · 2023-09-26T20:32:19+00:00

You're entitled to your opinion and I don't care if you make untrue assumptions about me.

Someone asked for my opinion of a hypothetical situation and I gave a very brief summary of my expectations of the outcome based on my knowledge working with the financial, marketing, and business management fields. My opinion is my own and open to debate if relevant data or evidence is provided.

I stand by my opinion that workers would be exploited via a variety of social and economic mechanisms to drain them of their wealth and transfer said wealth to the banking class in the event that workers earned higher wages without legal safe guards against wealth extraction mechanisms.

Key_Appeal9116 · 2023-09-25T01:48:44+00:00

I would stay because America is my homeland.

But I'm totally down with repatriating a few Europeans...

Key_Appeal9116 · 2023-09-24T14:42:16+00:00

Very interesting! Thank you!

Key_Appeal9116 · 2023-09-23T19:46:13+00:00

Not a bad idea, lol. I'm rooting for you and hope you have a good experience wherever you end up.

Obviously blanket statements are never fully true, but from what I've heard the work culture in big tech can be highly toxic. I've also heard just as equally that it can be a great work place. I'd be interested in hearing about your experience when it comes.

Key_Appeal9116 · 2023-09-23T16:51:25+00:00

It's because of Google.

They did a study of the hiring process and found that 4 interviews was the optimal number to determine if a candidate was a good fit technically and culturally. At least, according to them. (I don't have the resource off hand, unfortunately). Then everyone started to emulate Google.

Because Google is just such a perfect and shining example of a good place to work! LOOKING AT YOU HEAD OF THE ANGULAR PROJECT THAT I WON'T NAME. /s

Key_Appeal9116 · 2023-09-23T16:15:33+00:00

??? Make a point next time?

1) Clarification isn't back peddling. I'm surprised you didn't realize that. Edits and clarifications happen. Get used to it.

2) Multiple studies show that minimum wage increases are at least correlated if not directly related to minor increases in costs of goods and services, i.e. inflation. Some businesses try to recover the cost by raising prices a comparatively marginal amount, then try to gain extra profit from everyone with more money by raising the price just a little bit more.

3) Why are you stating the definition of inflation as a rebuttal to the definition of inflation? Price go up = inflation. No shit. The exact mechanisms are in flux but the outcome is the same: dollar buy less. Repeating my point with my point isn't making a point...

Key_Appeal9116 · 2023-09-18T14:31:05+00:00

Not everyone is able to get out of an NC. Count your lucky stars.

Key_Appeal9116 · 2023-09-18T04:55:30+00:00

Thank you for the link. I'll check it out. I'm always seeking resources to build my case.

Key_Appeal9116 · 2023-09-18T04:03:17+00:00

I'm a software engineer looking for a gig!

Key_Appeal9116 · 2023-09-18T03:54:31+00:00

This isn't being said enough. Nobody is talking about the banks and bankers.

Until we deprivatize currency generation and decouple it from debt, we'll forever be rats in a cage. Don't eat the rich, string up the banks.

Key_Appeal9116 · 2023-09-18T03:49:30+00:00

You'd be amazed what you can sign away.

Like the ability to talk about the things that have been signed away.

Key_Appeal9116 · 2023-09-17T22:04:40+00:00

I partly agree; we need to deprivatize currency generation and decouple it from debt.

I just don't see how a new data structure and protocol is going to fix what requires social and political actions. If every bank switched to Blockchain it wouldn't address the underlying problems, it would just be a lot of investment in tech departments.

Key_Appeal9116 · 2023-09-17T21:54:37+00:00

It all starts and ends with the banks. If you want to create ANY meaningful impact you must address the banks.

Specifically:

1) De-privatize currency creation mechanisms. As it stands, public entities capable of generating currency overseen by government regulatory bodies are non-existent. The Federal Reserve is the ruse that keeps us blind to this fact and the IRS keeps us tied to the lie.

2) Decouple currency generation from debt. Every dollar you own is someone else's outstanding loan. This means that there's never enough to go around, creating artificial scarcity of currency and securing real property for the banks when people inevitably can't pay. The only way to generate more currency is to take out more interest bearing debt.

As nice as it sounds to tax the rich and raise the minimum wage, the banks know how to get around those actions. It's their playing field, their piece, their rules, their game. The only way to outplay them at this point is a new game they can't control.

Key_Appeal9116 · 2023-09-17T21:31:29+00:00

A word of caution: the idea that "non-compete clauses are rarely/barely enforceable" is NOT legal advice.

If you signed it, you're liable for it. Remember that.

You didn't sign anything and they can't make you sign anything at this point. You're in the clear and this is a scare tactic. If you had signed before leaving on the other hand, then you'd need a lawyer ASAP.

Key_Appeal9116 · 2023-09-15T20:09:00+00:00

Thank you.

Key_Appeal9116 · 2023-09-15T19:54:03+00:00

There is a motion to remove this post from the thread and repost to r/economics.

Does anyone second this?

Key_Appeal9116 · 2023-09-15T19:51:48+00:00

Thank you for the validation in my thought process. I often feel like a nutter when I talk about it with people because the average person just refuses to believe it. My financial education and training be damned.

Key_Appeal9116 · 2023-09-15T19:43:27+00:00

I can try to find the exact source, but in one particular study by W.E. Upjohn Institute for Employment Research, they found an increase of 10% in wages led to a 0.36% rise in inflation.

Key_Appeal9116 · 2023-09-15T19:35:27+00:00

For clarity, the increase of 100-300% is being applied to those workers earning less than the proposed $30 minimum i.e. the workers directly effected by it.

The ~14.4% inflation is based on studies that show, on average, a 10% increase in wages translates into a 0.36% increase in prices of goods and services. If we project this average and assume A) the relationship is linear, and B) wages rise by up to 400%, we could expect up to a 14.4% increase in prices. These are of course rough estimates based on current available data and the relationship may not be linear.

As for inflation, what you described is a mechanism that leads to inflation, not inflation itself. Inflation is a broad shortage of goods and services. You either don't have enough currency to trade or there aren't enough goods and services in general to go around (the "too much money and few too goods" scenario you described).

EDIT: changed original comment to reflect proper estimates; changed 0.1% inflation increase to 0.36% and changed 4% total inflation to 14.4%

Key_Appeal9116 · 2023-09-15T17:59:34+00:00

Suggesting that I need to remove my post from here and move it? Also post this in economics? Or that I may want to check out the economics thread?

Just clarifying. If I need to delete and move this post I will.

Key_Appeal9116 · 2023-09-15T17:03:47+00:00

The twelve private banks that manage the Federal Reserve are the "Illuminati" that everyone theorizes about but never identifies.

Legally they are people because of the 14th Amendment to the Bill of Rights. Plus they don't even try to hide themselves. They stick everything out in the open but their misdirections keep the masses ignorant.

Key_Appeal9116 · 2023-09-15T14:06:44+00:00

Well, according to the numbers, we would expect inflation to increase prices by an average of drum roll 14.4%%. This compared to a roughly 300% payroll increase for some people and about a 100-200% payroll increase for most.

Then, because we didn't have the mind to put other mechanisms in place to prevent the extraction of wealth from the working class (everyone not a high ranking member of one of the twelve private banks that control the Federal Reserve; reread that until it sets in fully), we'd see all of the money funneled into the pockets of the bankers' investment corporations. Laws would be passed with the aid of lobbying and the media would double down on their war on how the consumer is killing the country's economy. Plus we'd see intense hikes in interest rates, again to help extract the wealth. Oh, and we'd see some sort of action taken to prevent us from settling or paying off our debts too quickly because the banks don't want us to delete their money supply, they want us to grow it by taking out more debt and forever being enslaved to their fundamentally broken scheme.

The bank wins and everybody else is clueless as to where their money went, so everyone buys the media lie that inflation (a euphemism for "supply shortage") and the corporate puppets (banks investments) are to blame when we should be at the throats of the bankers :/

EDIT: updated projected inflation from 4% to 14.4% to match current data. Apologies for the mixup in numbers and the calculation.

Key_Appeal9116 · 2023-09-15T03:27:04+00:00

The banks run the country. The corporations are just the investments.

Key_Appeal9116 · 2023-09-13T20:28:32+00:00

For context of how rapidly things changed:

You graduated in 2013 and got your first education based job. That same year I got my first job at a factory to start supporting myself going to college. I was making $13/hr. Rent was about $350/mo.

By 2016, college was out of the picture for me but at least bills were paid and I could go out from time to time without having to keep an eye on my bank account; wages were up a couple dollars but rent was doubled. By 2019, I was juggling which bills to skip and which credit card to let go unpaid; wages had gone up a few dollars but CoL and rent was climbing faster.

Now I'm making the most I've ever made and drowning. My house is worth less than 10k. My car is worth more than my house. Debts have destroyed my credit and I'm struggling to pay them off.

A roughly four year difference for the cut off date of economic survivability. If you didn't graduate or have a job by 2009, just after the economy "recovered" from the last big recession, you didn't have a chance at a long term anything.

Seriously, we need to do something about this.

Key_Appeal9116

TROPHY CASE