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Janet Yellen warns high prices could be here to stay
submitted 3 months ago by [deleted] from foxbusiness.com
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[–]Hematomato 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - 2 months ago (3 children)
The question is: who are "they"?
Yes, when inflation takes place, there's usually a lag before wages rise to meet the new value of a dollar. And we're in that lag, and the lag sucks.
I was reading something the other day that said that wages for new jobs are going up swiftly, but wages for existing jobs are holding stagnant for a while, so people who are just entering the job market or switching careers are having the best time of it at the moment.
[–]SaltyTexan 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - 2 months ago (2 children)
Yes, when inflation takes place, there's usually a lag before wages rise to meet the new value of a dollar.
Except it hasn't in the last 30+ years. How long do we have to wait for it to "catch up" to us.
Wages have been stagnant since the mid 70's. It's now 2024, you do the math.
"They" are the people who are controlling the wages, which would be corporations. If they can force people to work for less so they get to keep more, what do you think they would do?
[–]Hematomato 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - 2 months ago (1 child)
It's happened repeatedly over the last 30+ years.
Wages have been stagnant since the mid 70's.
In 1975, the average family income was $11,800, and the minimum wage was $2.10. Today, it's six times higher than that. Wages are objectively six times higher than they were in the mid-70s.
I assume you're going to protest "But you didn't adjust for inflation!" But that's exactly my point. You aren't adjusting for inflation. Money is worth six times less than it was in 1975, and wages are six times higher. They catch up. And the cycle continues.
[–]SaltyTexan 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - 2 months ago (0 children)
That's not correct at all. https://www.americanbar.org/groups/crsj/publications/human_rights_magazine_home/wealth-disparities-in-civil-rights/americas-vast-pay-inequality-is-a-story-of-unequal-power/#:~:text=Since%20the%20late%201970s%2C%20inflation,politicians%20across%20the%20political%20spectrum.
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[–]Hematomato 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - (3 children)
[–]SaltyTexan 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - (2 children)
[–]Hematomato 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - (1 child)
[–]SaltyTexan 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 0 fun2 insightful - 1 fun - (0 children)