Graph: America's lowest-paid workers are suffering a sharper slowdown in wage growth than their richer peers,

[riversedge]

and just in time for much higher groceries!!

Financial Times
@FT·
12h
America’s lowest-paid workers are suffering a sharper slowdown in wage growth than their richer peers, adding to the pressure on Donald Trump over inequality https://on.ft.com/40NtxCr

Link to tweet

Per the Financial Times chart below, US wage growth for the lowest-paid has now slumped below that for the highest-paid, widening the considerable inequalities in total pay and wealth.
#economy #inequality #wages @FT

Link to tweet

[Midnight Writer]

1. Shit rolls downhill, and Trump is producing an avalanche of it.

I pity the folks who don't have the wherewithal and resources to weather the coming shitstorm.

[MichMan]

2. Need a $30 per hour minimum wage

[SickOfTheOnePct]

3. If you want to put a stake through the heart of the economy...

...sure...

[LS0999]

6. MAGA is doing that all on their own.

The economy works when money is being circulated throughout the economy instead of being hoarded by a few at the top.

[SickOfTheOnePct]

7. So we should help MAGA destroy the economy...

...by implementing a $30/hour minimum wage?

The cost of everything would skyrocket, because it's not just the people at the bottom of the wage scale who will see the big pay bump, everyone will.

If a grocery cashier is making $15/hour and the head cashier of the same store is making $30/hour, do you think that head cashier is going to be willing to have the additional work and responsibility for the same pay as a new hire? Of course not - they're going to want a commensurate raise as well. Think a minute about what that will do to the price of groceries...most grocery stores work on tight margins, usually around 2%. So now you've got a massive increase in the cost of labor at the store.

But their wholesale prices are going to go up as well, since this same model (raise the lowest and you have to raise everyone) is being utilized all along the supply chain.

Wholesale prices go up, retail labor goes up, and there is no way to not raise prices.

And that's going to happen across the economy. Most products/services have a higher margin, so they'll most likely be able to raise prices less, but for groceries, which everyone needs, it would be hugely inflationary.

And let's not forget about public employees...should a school teacher just starting out be expected to work for only $10/hour more than some someone who is flipping burgers at McDonalds? Of course not, so teacher salaries go up, which means property taxes go up, which means rent goes up.

So yes, paying the lowest wage workers $30/hour would put more money into the economy, as they would be likely to spend the increase, but it would also result in severe inflationary pressure across the board, as well as job loss due to labor costs and increased focus on automation.

[MichMan]

8. So the problem is that lower income workers aren't being paid enough...

but we shouldn't increase their wages because the costs will be passed on and be inflationary. I guess they are just screwed then.

[SickOfTheOnePct]

10. No one said they shouldn't be raised

But $30/hour as a minimum is ludicrous, IMO.

[MichMan]

11. Mamdani is campaigning on $30 per hour

Just saw a clip of Sen. Warren appearing with him yesterday saying his policies are the future of the Democratic party. Are they both being ludicrous?

[SickOfTheOnePct]

12. IMO, yes n/t

[Johnny2X2X]

4. Look at what happened under Biden

The bottom were catching up and getting ahead. That's long gone.

[BoRaGard]

5. "Ha ha. Worker suckers. Ha ha." - G.O.P.

get a clue, magas

[Kid Berwyn]

9. "I'm a union man." -- President Joseph R. Biden

"Strong unions built the great American Middle Class." -- President Joseph R. Biden