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The Great Resignation? More Like the Great Renegotiation

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Re: The Great Resignation? More Like the Great Renegotiation

#251

Post by adgjlsfhk1 »

slowhand09 wrote: post #230
bjourne wrote: post #104

"Yet, despite all the quitting and renegotiating, the real wage for the average American worker — meaning the true value of their paycheck after taking into account inflation — fell by 2.4% in 2021." All while the world's elites have doubled or tripled their fortunes. Great Robbery would be a more apt name than Great Resignation.

"All while the world's elites have doubled or tripled their fortunes. Great Robbery would be a more apt name than Great Resignation." I don't get it. Why does what they do have anything to do with what you or I do? Why does anyone begrudge someone else for being lucky, harder-working, in the right place at the right time, better looking, fitter, smarter, better at business, better at making connections, faster at lea…

Because it's not luck. It's exploitation.

Re: The Great Resignation? More Like the Great Renegotiation

#252

Post by giantg2 »

wonderwonder wrote: post #240
rootusrootus wrote: post #199

Earlier quoted context omitted.

> I got about a 4.5% value cut this year. I have not done the math, but I would not be surprised to see this is true for me. Certainly feels like it. I do not hate my current job, and I loathe interviewing, but I feel like I will need to jump soon just so I can push the reset button and get my compensation to keep up with inflation lately.

I got a ~50% raise last year by changing jobs and switching to 1099. This year I did not get a raise, contract just renewed as is. So I got a 50% raise to start the year and after inflation took a 10% cut at the end of the year. I like the job but I think I have maxed the salary there so going to have to find a new one at the end of this year. Pretty unfortunate but I can't eat a pay cut every year. I have a feeling…

10% cut? Wasn't inflation about 6.2%?

Re: The Great Resignation? More Like the Great Renegotiation

#253

Post by keeblers_n_bits »

slowhand09 wrote: post #230
bjourne wrote: post #104

"Yet, despite all the quitting and renegotiating, the real wage for the average American worker — meaning the true value of their paycheck after taking into account inflation — fell by 2.4% in 2021." All while the world's elites have doubled or tripled their fortunes. Great Robbery would be a more apt name than Great Resignation.

"All while the world's elites have doubled or tripled their fortunes. Great Robbery would be a more apt name than Great Resignation." I don't get it. Why does what they do have anything to do with what you or I do? Why does anyone begrudge someone else for being lucky, harder-working, in the right place at the right time, better looking, fitter, smarter, better at business, better at making connections, faster at lea…

At a certain point, you start to see the elites continue to amass incomprehensible quantities of wealth while making their employees piss in bottles and drive into tornadoes. It’s a completely different gap than competing for a job or a raise with another candidate or coworker. I believe this is what is meant by “The Great Robbery”.

Re: The Great Resignation? More Like the Great Renegotiation

#254

Post by hungryhobo »

scatters wrote: post #243
lotsofpulp wrote: post #231

Earlier quoted context omitted.

What is the relevance of tax brackets? Earning more nominally while standard of living going down is the same as earning less in real terms. “Moving up” in a tax bracket never means earning less in nominal or in real terms. It just means you get less in your pocket of the extra you earned, not of the total you earned.

If inflation is 5% and you get a 5% raise, you're level in real terms, right? No, because that 5% is taxed at your higher tax rate, which is (usually) higher than your average tax rate. This is called bracket creep.

but you're still earning more than if you haven't gotten that 5% raise.

Re: The Great Resignation? More Like the Great Renegotiation

#255

Post by jjeaff »

lotsofpulp wrote: post #231
Sevii wrote: post #221

Earlier quoted context omitted.

Wage gains aren't actually that good. A lot of people are going to be surprised they moved up in tax bracket while their standard of living went down.

What is the relevance of tax brackets? Earning more nominally while standard of living going down is the same as earning less in real terms. “Moving up” in a tax bracket never means earning less in nominal or in real terms. It just means you get less in your pocket of the extra you earned, not of the total you earned.

I think two of the biggest falsehoods many people seem to believe about finances is that one, you don't want to move up in tax brackets because then you will suddenly be making less money. And two, that somehow businesses and business owners can just "write off" expenses so that those expenses don't actually cost them any money.

There are a few edge cases where these can be technically true but they are rare and limited in scope and magnitude.

Re: The Great Resignation? More Like the Great Renegotiation

#257

Post by jtbayly »

lotsofpulp wrote: post #231
Sevii wrote: post #221

Earlier quoted context omitted.

Wage gains aren't actually that good. A lot of people are going to be surprised they moved up in tax bracket while their standard of living went down.

What is the relevance of tax brackets? Earning more nominally while standard of living going down is the same as earning less in real terms. “Moving up” in a tax bracket never means earning less in nominal or in real terms. It just means you get less in your pocket of the extra you earned, not of the total you earned.

Because they haven’t adjusted the amounts for the tax brackets with inflation. So it’s a double whammy. Your money is worth less, even though you got more of it. And now Uncle Sam is taking more of it.

Re: The Great Resignation? More Like the Great Renegotiation

#258

Post by michaelcampbell »

vsareto wrote: post #227
Sevii wrote: post #221

Earlier quoted context omitted.

Wage gains aren't actually that good. A lot of people are going to be surprised they moved up in tax bracket while their standard of living went down.

That’s not how taxes work https://www.investopedia.com/ask/answers/071114/can-moving-h...

I think they mean if you are 1% away from a new tax bracket and get a 5% raise, 4% of that is at the higher tax bracket. So while you still make more money you make less than you would have if the entire 5% were in the lower bracket.

Re: The Great Resignation? More Like the Great Renegotiation

#259

Post by yibg »

altcognito wrote: post #203
jonnycomputer wrote: post #174

Earlier quoted context omitted.

My understanding is that the bottom of the wage scale have seen the biggest gains, in real terms ( https://fortune.com/2021/12/10/inflation-wages-low-income-wo... ). Its the middle and upper middle class that are being made (a little) poorer by inflation. A fine trade-off imo. And given the asymmetry of the risks policy makers faced (great depression vs higher than average inflation), they wisely went with the risk o…

Wage gains are not being treated the same as investment gains. It's not like Bezos is taking home an hourly rate. Everybody at the real top is doing quite, quite well. That's why the concentration of wealth into a very few hands at the top marches on, not because of "wages".

AMZN is down 10+% over the last year so not sure about that one.

Re: The Great Resignation? More Like the Great Renegotiation

#260

Post by [deleted] »

scatters wrote: post #243
lotsofpulp wrote: post #231

Earlier quoted context omitted.

What is the relevance of tax brackets? Earning more nominally while standard of living going down is the same as earning less in real terms. “Moving up” in a tax bracket never means earning less in nominal or in real terms. It just means you get less in your pocket of the extra you earned, not of the total you earned.

If inflation is 5% and you get a 5% raise, you're level in real terms, right? No, because that 5% is taxed at your higher tax rate, which is (usually) higher than your average tax rate. This is called bracket creep.

[deleted]
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