Earlier quoted context omitted.
They are quitting to change jobs…
I'm aware, that's why I said what I said and not what you seem to think I said.
Read that wrong. Carry on!
The Great Resignation? More Like the Great Renegotiation
481–490 of 520 posts
Re: The Great Resignation? More Like the Great Renegotiation
#482Why is the central bank inflation target typically 2%? Well if you target 0% and any actual result below 0% happens, that's deflation which is a disaster for economies. If inflation is say 10%. Maximum employment is near certainly impossible. Debt will be expensive and the economy crawls to a halt. Who wants to pay 10% interest on their student debt? So where in between do you have a good price stability? It tends to…
I keep hearing that people in debt win when inflation goes up but the problem is you only win if you have assets that already appreciate in value or access to large amounts of capital to purchase assets that are inflation resistant. Simple example Tim is a manager at Lowe's Tim makes $66,000, each year. Tim spends most of that money on the necessities of life, a car payment a house payment if he is lucky, a rent if h…
You’re mixing several plot lines. Let’s use an extreme example. You owe $100 and make $1 per day with daily living expenses of $1. Tomorrow the government screws up and the $1 bill is replaced by a $1,000,000 dollar bill. Even if you still break even, your $100 debt is now a complete non issue.
It’s not even a cup of coffee, whereas before it was a significant burden. This is true even if your real wages go down, though that’s a problem in its own.
Re: The Great Resignation? More Like the Great Renegotiation
#483Earlier quoted context omitted.
Whether you agree to buy or sell at a certain price is entirely dependent on whether such price is higher or lower than the value of the trade, in your own subjective assessment. There are other meanings of the word "value" in business transactions, but that is probably the most common and fundamental one.
>Whether you agree to buy or sell at a certain price is entirely dependent on whether such price is higher or lower than the value of the trade, in your own subjective assessment. The subjective assessment of the "value of the trade" is then a function of the subject's alternatives, which is usually how much someone else will pay or accept from them. I find the term utility to be more beneficial than value, due to it…
> The subjective assessment of the "value of the trade" is then a function of the subject's alternatives, which is usually how much someone else will pay or accept from them.
I agree that it is a function of the alternatives, but the operative alternative here is not trading. The best way to assess value is that which you lose by taking something away, like taking a player out of a team or a customer out of your book of business
Re: The Great Resignation? More Like the Great Renegotiation
#484Earlier quoted context omitted.
> Can someone explain to me how this works? It doesn't work. Labor is a tiny fraction of the total cost of most products. We could double wages at the low end ($30 minimum wage) and not affect inflation significantly.
Source? In particular for restaurants and other businesses that rely on service jobs, I've typically read the opposite.
I said "products". Service industries with razor-thin margins like restaurants are more affected by labor costs, sure.
Re: The Great Resignation? More Like the Great Renegotiation
#485Earlier quoted context omitted.
on a positive note though the IRS now requires that all deposits of $600 or more are reported by the banks ensuring that people like servers and small business owners pay their proper share of taxes. So that should help the government pay the debt. We cant have the poor continuing to not pay their taxes and the rich are too expensive to audit. /s Or at least that's the message I am taking from the current administrat…
why should the rich have to pay for everyone else? if its the poor that are getting handouts from the govt they should be the ones that have to pay it back. (so goes the logic)
The entire present day financial system is fragile as it is built on illformed principles that we've known for thousands of years were a terrible idea.
Re: The Great Resignation? More Like the Great Renegotiation
#486At least two things happened here: - The pandemic gave most people an unusually-long period of time at home to help them realize all the things they could have been doing (e.g. spending more time with family, not being stuck in a commute), if only their work had not been sucking up all their time and energy. - Income vs. expenses changed to the point where people couldn’t hope to pay off their debts even if they work…
> We all assumed that governments could/would do a lot more to help. They did. The US gave out trillions in aid, more than any other country except Japan (by GDP). If you were unemployed this was at least $2400/month and more if you had children - the end result is that poverty and child hunger went down in 2020 and 2021, not up like you seem to think, and everyone went shopping so hard while they were home it brough…
Unemployment benefits ended long ago, but working people have continued to suffer. People who were forced to quarantine and miss work due to government mandates don't get unemployment. Unemployment is no replacement for the millions of people who saw their children's schools shuttered for a year (or two!!) and were forced to quit their jobs and stay home to take care of their children. Food, energy, rent, health insurance - all the things people need to survive - are up massively year over year, far higher than the meager wage increases seen by some workers.
The government gave out trillions. Trillions that ended up in the pockets of the country's wealthiest people, who saw their net wealth double or triple during the pandemic and corporate profits soar while working people fell further under water. Its absolutely astounding how out of touch people who look at macro numbers supplied by the FED and the White House and think that everything is swell. Everything isn't swell. There's a reason that 72% of Americans think the country is heading in the wrong direction. American household debt is at an all time high. Millions of Americans face imminent homelessness as eviction moratoriums are lifted. Its incredibly tone deaf to sing the praises of the economy when its as bad or worse than its been for many or most working people in the country in a century.
https://www.theguardian.com/business/2022/jan/17/world-10-ri...
https://www.ibtimes.com/american-household-debt-rises-all-ti...
https://www.nbcnews.com/politics/meet-the-press/downhill-div...
https://buffalonews.com/news/local/deluge-of-eviction-cases-...
Re: The Great Resignation? More Like the Great Renegotiation
#487Earlier quoted context omitted.
Close to a million people have died in the US. That is a pretty important point in the labour market, quite aside from the brutal human cost. The people demanding "let 'er rip" got what they wanted - mass death to avoid personal inconvenience - and it turns out that they're getting an economic cost anyway.
> Close to a million people have died in the US. That is a pretty important point in the labour market This doesn't make sense given the average age of people who died from Covid is well over working age.
Per https://www.forbes.com/sites/juliejason/2021/11/14/still-wor... there are ~10 million people working in the US that are over 65.
Re: The Great Resignation? More Like the Great Renegotiation
#488Earlier quoted context omitted.
It's no small secret that the world's billionaires saw >50% increase in wealth during the pandemic. https://www.reuters.com/business/pandemic-boosts-super-rich-...
This is very misleading. They took a massive cut in early 2020, so a lot of that is just recovery.
I checked total return price of VTI (which basically reflects the performance of the entire US stock market), and it's up 43.5% from the peak of 2020 (some time in February) to the date of the article. The article seems to be measuring household wealth rather than stocks, so it's plausible that the difference in measurement is off, but "> 50%" and 43.5% is close enough that it's not "extremely misleading".
Re: The Great Resignation? More Like the Great Renegotiation
#489Earlier quoted context omitted.
To be fair /r/antiwork USED to be actually be about not working and discussions on how that might be accomplished(ex UBI or government works programs). But as it got more popular it quickly turned into what it is today, which is mostly fake screenshots of people telling their bosses off.
My take on /r/antiwork is that people not working is the end goal, which is the hope for a true futuristic utopia right? Obviously we can't reach that yet, so people compromise by wanting better working conditions in the meantime.
Kind of like how the people in the soviet union were working towards a true communist utopia?
Re: The Great Resignation? More Like the Great Renegotiation
#490Earlier quoted context omitted.
Should it be the worker's duty to constantly be searching for better opportunities and interviewing for new jobs while working - or the employer's duty to provide reasonable CoL raises so employees aren't driven away from the company?
Everyone should be operating in their own best interest. If it's in the company's best interest to raise your pay to keep you on, they will. If it's in your best interest to leave, you should. Some of my favorite career advice is to seek out a minimum of one interview per year. This lets you see what skills are in demand, what salaries are being offered, and practice your interviewing skills. It's a great way to educ…
"Should" being the key word here. Companies are no more rational than its individual humans, which is why they are often irrationally stingy to the point of massive costs.