The minimum wage would be $44 an hour if it had grown at the same rate as Wall Street bonuses
Now how much would it be if tied to cost of college?
Imagine what it would be if it grew at the same rate as college tuition (or to an extent, college administration leadership salaries).
My take from this article is not that the minimum wage should match the growth of Wall Street bonuses but that the wealth gap between the wealthy and those not so wealthy has grown. With that gap growing significantly further last year, 2020. The emphasis on a stagnant minimum wage for 12 years that has not kept up with inflation is a major flaw in our domestic labor and wage policy.
Starting with the current minimum wage of $7.25, $44 is about 6 times higher.I find it very hard to believe that Wall Street bonuses have ONLY increased by a factor of 6.It's time to increase taxes on the wealthy. Here's a compelling argument (chart showing all taxes on wealthy vs everyone else since 1950):https://video.twimg.com/tweet_video/EX62u9bXsAUtRO8.mp4
Strange, because bonuses are so heavily tied to keeping the bottom line low. The most control anyone can have on bottom line is employee wages. Buildings go up in price, materials go up, all the same, but employee wages stay the same, because, that’s what they can directly control.Problem is, those same employees are bound by the same external forces going up in price, but they best they can do is “appreciate the job you’ve been given” or they have to “go someplace else”.
Raising minimum wages to a liveable wage is indeed a noble cause and something the vast majority of folks would agree with. This article is pure pandering garbage comparing apples to oranges.
What do Wall Street bonuses have to do with minimums wage?
Need to understand Wall Street folks get bonuses based on how much money they bring. You bring 25 million a year, you’ll get an insane bonus. There’s no correlation to minimum wage here, which should be higher i agree. This is just a silly argument for it.
Now do the price of a banana instead of Wall Street Bonuses.SpoiIer: I did the math. If minimum wage increased at the same rate as bananas since 1985, minimum wage would be $7.00 now, which is less than the current $7.25.
I wonder what it would be if it had grown at the same rate as Bitcoin?!!Stupid metric.
How can you relate bonuses to the minimum wage? If I make a company a ridiculous amount of money due to my skill and get bonuses due to that, that has nothing to do with minimum wage workers and their wage. One is purely based on financial performance, one is not.
This is just reddit circle jerk click bait. If one completely unrelated number goes up it means absolutely nothing for the other number. The actual total dollar impacts of those two things are vastly different. I'll enjoy my downvotes from the wall street workers should die / minimum wage should be infinity people.
The minimum wage would be insane is it grew like house prices. The wage would also be insane if it paid 2% of what the government gets!
Other people making money does not equal them taking money away from you.
These same Wall Street overlords are doing their best to keep the working class as divided as ever
If we had forty four an hour we could actually afford to buy all the amazing technology our civilization produced
If you sort by controversial you’ll see such cool people commenting. /sThen there’s awesome people like my wife, who despite making 6 figures, values my underpaid profession and career greatly. And instead of her telling me to pick myself up by the bootstraps she at least recognizes what I do as an educator is important rather than telling me to just magically demand a better job and pay despite loving what I do.
The minimum wage would be $1,000,000 per hour if it went up as much as Jeff Bezos net worth went up in the last 20 years. We are getting cheated I tell you! We should all be billionaires.
If only those minimum wage jobs created the same revenue as some Wall Street jobs.
History has shown us that income disparity, more specifically life style disparity is one of the primary drivers of violent revolutions and collapse of societies.If we don’t un-fuck this situation, the west will collapse and America will lead that charge.The rich have convinced many that any reform or change is “socialism” and that “that’s bad “... that it’s “unchristian” and “it’s Russian”.We’re at the point were westerners (Americans mostly) are shoveling their money __*to*__ the rich or risk being called a “socialist”“Take my money for you are thy lord and we are not worthy!”I don’t think anyone is saying we need to all have the same income. (Real socialism)But we are going in the wrong direction.We are in fact dissolving into feudalism.No one says you shouldn’t be able to buy a Ferrari.But you shouldn’t be able to buy 20 of them and a private jet, a 500’ yacht, and 4 different residences __meanwhile__ someone else can’t even aford the medication to live or pay basic rent. That’s an unhealthy and absurd disparity and it’s getting larger and larger.There was a time when the average job could get you a house, one or even two cars, save for retirement and afford one small “luxury” item/hobby. For example if you’re a motorcycle enthusiast you could get __a__ Harley Davidson, if you’re into boating you could get __a__ small-ish boat of 20 feet or so. If you’re a guitar enthusiast you could afford a high end Les Paul ($5000). A family of four could afford a Disney Vacation, etc. ... The mass majority don’t see these as extremely extravagant luxuries.__This__ was the American “middle class”.Point is the average job would allow to to __live__, save and still afford to be happy without being “wealthy”.That group is shrinking and dying. In the future more will basically fall into one of two categories, the “the jet, the yacht and the four residences” or “you can’t afford medicine to live and basic rent.”
This thread is severely unaware of basic economic concepts
You guys should see how little hedge funds pay in taxes.
One (Wall Street bonuses) has absolutely nothing to with the other (minimum wage). Dumb correlation and meaningless.
You guys arent getting $44/hr for flipping burgers at your minimum wage jobs lol. How out of touch can you get?
In no way should somebody flipping burgers or an entry level position be making $44 an hour. If you want to make wallstreet money go learn how to trade stocks. Quit whining about how little you make at your low skilled low stress job.
Comparing bonuses to minimum wage. Kind of like comparing an orange to a car. Zero purpose other than to produce a clickbait headline