Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Workers’ Pay Globally Hasn’t Kept Up with Inflation

wsj.com

Post reply on HN
Print view View original

31–40 of 61 posts

Re: Workers’ Pay Globally Hasn’t Kept Up with Inflation

#31

Post by somewhereoutth »

ThrowawayTestr wrote: post #2

This is obvious to anyone that works. What do we do about it?

Get involved with local politics. E.g. the internal party selection process for a candidate for a seat in the UK parliament may only involve a few hundred people - if that seat is safe (i.e. practically guaranteed to that party) then those few hundred effectively choose the representative, and so have a large voice in determining policy.

(Ironically the one time I was one of the few hundred, our chosen candidate - who was excellent - got beaten by the Greens in an election upset)

Re: Workers’ Pay Globally Hasn’t Kept Up with Inflation

#32

Post by krageon »

"Inflation" is also measured ridiculously. Groceries and all utilities (basic and luxury) have become 50-100% more expensive but somehow the inflation is 8%? Not for anyone poor it isn't, for them it is 50% or more.

I understand of course other parts of the market (stocks, perhaps other expensive things like cars and industrial equipment) have not experienced the same price increase and for this reason the inflation is measured as less. This is purely an academic difference for most people, who would not be encountering these products anyway.

Re: Workers’ Pay Globally Hasn’t Kept Up with Inflation

#33

Post by krageon »

somewhereoutth wrote: post #31
ThrowawayTestr wrote: post #2

This is obvious to anyone that works. What do we do about it?

Get involved with local politics. E.g. the internal party selection process for a candidate for a seat in the UK parliament may only involve a few hundred people - if that seat is safe (i.e. practically guaranteed to that party) then those few hundred effectively choose the representative, and so have a large voice in determining policy. (Ironically the one time I was one of the few hundred, our chosen candidate - wh…

Politics is all backroom stuff and old boy networks. You may get involved, but to even start influencing a little you will need many years of networking before you can ever get started. And statistically speaking, you are unlikely to succeed. Objectively it is the only advice that makes sense, but viewed from the individual it doesn't really yield any kind of solution.

Re: Workers’ Pay Globally Hasn’t Kept Up with Inflation

#34

Post by krageon »

switch007 wrote: post #17
gruez wrote: post #11

Earlier quoted context omitted.

> it’s amazing that companies are permitted to increase prices due to “inflation” but not simultaneously increase wages. The implied proposal sounds like a great way to get a wage-price spiral.

I guess we'll just have to shut up and accept a price spiral

Eventually when enough people are starving we'll have either a revolt or people collapsing in the streets, much better than having to think very hard about how to make basic needs affordable for everyone.

Re: Workers’ Pay Globally Hasn’t Kept Up with Inflation

#35

Post by SideQuark »

fuzzfactor wrote: post #28

>Workers’ Pay Globally Hasn’t Kept Up with Inflation This is by design.

Yet wages generally do rise against inflation, otherwise we'd be as poor as we were in 1600, so this "by design" must not be true......

https://www.visualizingeconomics.com/blog/2008/05/04/average...

Re: Workers’ Pay Globally Hasn’t Kept Up with Inflation

#36

Post by SideQuark »

ThrowawayTestr wrote: post #2

This is obvious to anyone that works. What do we do about it?

Don't accept free money during a pandemic? Except that would be bad too.....

Govt handouts during the pandemic added significant money without increased production to keep people afloat, which is good short term. The cost of that is inflation medium term. Long term wages rise to offset inflation. This has always been the pattern. Adding money for nothing to the system devalues each piece of money, so inflation is expected.

Long term wages for context https://www.visualizingeconomics.com/blog/2008/05/04/average...

Re: Workers’ Pay Globally Hasn’t Kept Up with Inflation

#37

Post by azmodeus »

krageon wrote: post #33
somewhereoutth wrote: post #31

Earlier quoted context omitted.

Get involved with local politics. E.g. the internal party selection process for a candidate for a seat in the UK parliament may only involve a few hundred people - if that seat is safe (i.e. practically guaranteed to that party) then those few hundred effectively choose the representative, and so have a large voice in determining policy. (Ironically the one time I was one of the few hundred, our chosen candidate - wh…

Politics is all backroom stuff and old boy networks. You may get involved, but to even start influencing a little you will need many years of networking before you can ever get started. And statistically speaking, you are unlikely to succeed. Objectively it is the only advice that makes sense, but viewed from the individual it doesn't really yield any kind of solution.

If you organise yourself you can make an impact a group of 50-100 is easy to build and can achieve a lot. Once you build a group it's easier to network as well. This takes a lot of time and effort for 5-10 years. Don't defeat your voice, fight cynicism.

Re: Workers’ Pay Globally Hasn’t Kept Up with Inflation

#38

Post by neilwilson »

That's a tautology: workers pay not keeping up with price changes is how we stop inflation.

Inflation is not enough stuff to go around. That loss has to be absorbed by people getting less. Either everybody gets a little less by wages not buying what they used to, or some people get a lot less by jobs and businesses disappearing.

Ideally we'd just make more, but after two years of messing around with global supply chains, we've fundamentally damaged them so they no longer have excess capacity to supply. Like an overstretched spring, it won't just go back to where it was.

It's going to take a while to get the virtuous spiral working again.

Re: Workers’ Pay Globally Hasn’t Kept Up with Inflation

#39

Post by throwaway5959 »

SideQuark wrote: post #36
ThrowawayTestr wrote: post #2

This is obvious to anyone that works. What do we do about it?

Don't accept free money during a pandemic? Except that would be bad too..... Govt handouts during the pandemic added significant money without increased production to keep people afloat, which is good short term. The cost of that is inflation medium term. Long term wages rise to offset inflation. This has always been the pattern. Adding money for nothing to the system devalues each piece of money, so inflation is exp…

I’m so tired of this nonsense. The checks cut, at least in the US, only barely added to peoples bank accounts and were for the most part quickly spent. Just look at excess savings, there was a brief spike and now it’s back lower than ever. Stop spreading this propaganda.
Post reply on HN