Poorest workers are hit hardest by pretty much anything related to money.
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Poorest US workers hit hardest by slowing wage growth
101–110 of 354 posts
Re: Poorest US workers hit hardest by slowing wage growth
#102Earlier quoted context omitted.
That's a good way of turning the poorest US workers into the poorest US unemployed. If you raise the minimum wage above the actual value of an employee, then they're just going to get fired. Even if they still provide more value than their being paid, it makes automating away their job more competitive. California tried this with a $20/hr minimum wage in fast food restaurants: the next time you go into a McDonalds, c…
McDonalds were going to do that anyway. And what's the point of a minimum wage of it doesn't provide a living? That's just letting private enterprise piggyback off the welfare system.
Good question - it has a partial answer: minimum wage is to provide a living to a single young person for a shortish period.
Not a family. Especially not families with - for other reasons- only one breadwinner.
The problems of poverty (to the extent the US even experiences it) are broader than demanding someone make uneconomic decisions with their investors capital.
Re: Poorest US workers hit hardest by slowing wage growth
#103Earlier quoted context omitted.
It increases automation and therefore productivity. It increases the demand for legal unskilled labor. Money earned is spent in America rather than sent to foreign countries as remittances
Not every job can be automated. Picking crops for example or cleaning hotel rooms. The US will find out the hard way how much of their undesirable work is done by people that "steal their jobs". Jobs that no American wants to do. The UK already has seen this with Brexit https://www.bbc.com/news/business-44230865
Picking crops or cleaning hotels rooms cannot be automated… for less than it costs to hire seasonal/migrant workers, today.
Both farms and hotels have an increasing number of jobs being automated where it makes economic sense, or for pure novelty’s sake.
https://www.farmprogress.com/technology/tethered-drones-can-...
Re: Poorest US workers hit hardest by slowing wage growth
#104Earlier quoted context omitted.
The value of labor is what people are willing to pay for it.
Deliberately underpaying people and then telling them their work has low value is one of the most disgusting aspects of capitalists. There's lots of CEOs who are not especially productive, they just have leverage.
The government tries hard to repeal the Law of Supply and Demand, but so far has failed 100% of the time. The government can implement wage and price controls, but those still do not set the actual value.
For example, in the USSR, the price of bread was fixed by the state. But the real price of bread was how long you were willing to wait in line for it.
BTW, in the US, you are free to set up a company and then pay your workers whatever you want to. Workers can choose to work for you, or not.
Re: Poorest US workers hit hardest by slowing wage growth
#105Earlier quoted context omitted.
Even in the most facile analysis: Reduced labor availability either (a) decreases supply due to failure to harvest or (b) increases prices due to increased labor costs and therefore drives inflation higher faster than bottom-tier wages can accommodate.
It increases automation and therefore productivity. It increases the demand for legal unskilled labor. Money earned is spent in America rather than sent to foreign countries as remittances
Still, none of that outweighs the inflationary pressure.
Increasing automation and therefore productivity means an increase in profits to the owners, not a drop in prices, except in the most competitive industries.
Unemployment is already extremely low. There aren't tons of Americans waiting to step into these jobs. If unemployment were 10% that would be a different story, but we're close to full employment. So instead of the jobs going to Americans, the produce rots in the fields, and prices go up.
Re: Poorest US workers hit hardest by slowing wage growth
#106Earlier quoted context omitted.
> Republicans passed the largest tax cuts for billionaires There were no tax cuts for billionaires in the BBB. (Not increasing the tax is not a "cut".)
It absolutely is when the status quo would have increased taxes. That may not be a cut of current taxes, but in the longer timeframe it is absolutely a tax cut.
Framing it as not increasing taxes being a cut is misleading.
It's just as disingenuous as scaling back a proposed budget increase and calling it a "cut".
The FTC wouldn't let businesses get away with such language, why should the government get a pass?
Re: Poorest US workers hit hardest by slowing wage growth
#107Earlier quoted context omitted.
> love the argument that deporting illegals is meaningless Red herring. Nobody said this. My point is Trump isn’t deporting that many people. His numbers are not economically meaningful compared to tariffs. To the extent there are labour pools that would benefit from deportation, they’re geographically concentrated along the border. If Trump wanted to remove illegals from the American labour pool, he’d target employe…
The administration seems to be deliberately making the deportations as cruel and scary as possible (CECOT, Alligator Alcatraz, etc) as a means of deterring future illegal immigration and encouraging self deportation. I haven’t looked into the numbers to see how well that’s working or not, but focusing on deportations alone is missing two thirds of the picture. I’m not sure if this is accurate, but for example: https:…
I expect the numbers will go the way they want. Perhaps because of the cruelty. Perhaps because tariff games make the economy uncertain.
Having a recession is a proven way to reduce illegal immigration, and we're at least starting to see recessionary signals.
Re: Poorest US workers hit hardest by slowing wage growth
#108Earlier quoted context omitted.
Such an organization cannot exist. These agencies are always balancing two opposing forces, timeliness and accuracy. Data collection is inherently delayed (e.g. a lot of it is from surveys that businesses complete at their own speed, or from reports that each state/agency submits on their own timeline.) So collection for a given quarter typically completes long after the quarter is over, and then it takes some time t…
They shouldn’t announce until it’s accurate then?
Normally they're accurate enough, and the revisions/refinements are small.
The initial estimates haven't been accurate recently, because many workers have been completely dropping out of the economy because they're afraid of immigration raids. Information about these workers is just harder to gather and takes longer to verify.
Re: Poorest US workers hit hardest by slowing wage growth
#109Earlier quoted context omitted.
It increases automation and therefore productivity. It increases the demand for legal unskilled labor. Money earned is spent in America rather than sent to foreign countries as remittances
Still, none of that outweighs the inflationary pressure. Increasing automation and therefore productivity means an increase in profits to the owners, not a drop in prices, except in the most competitive industries. Unemployment is already extremely low. There aren't tons of Americans waiting to step into these jobs. If unemployment were 10% that would be a different story, but we're close to full employment. So inste…
High unemployment would mean companies would have to offer more money to attract people
They want unemployment to be low so they can keep wages and salaries suppressed
Re: Poorest US workers hit hardest by slowing wage growth
#110Works if/when archive.today is blocked No Javascript required x=https://www.ft.com/content/cfb77a53-fef8-4382-b102-c217e0aa4b25 echo url=$x|curl -K/dev/stdin -A "Mozilla/5.0 (Java) outbrain" > 1.htm firefox ./1.htm
Why does this work for the FT site?
simply disabling JS seems to do it