General Discussion

bhikkhu

(10,789 posts)

73. On an individual basis, yes

Tue Sep 3, 2013, 10:33 AM

Sep 2013

but much of the rise in productivity has to do with the replacement of workers by machines. Much of the losses of workers in manufacturing and other areas also has to do with the replacement of workers by machines.

That does lead to it being easily possible to pay remaining workers more, but it also leads to a "soft" employment market, where there are so many people looking for jobs that employers can lowball wages and get away with it...another ECON 101 thing. To balance things (somewhat) is left to the government, which establishes the minimum wage.

Productivity gains should make that practical for businesses to do, but the minimum wage has much more to do with what people need to make a living than productivity itself.

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40% Of Americans Now Make Less Than 1968 Minimum Wage [View all] kpete Sep 2013 OP

K & R & Spread. HughBeaumont Sep 2013 #1

+1 leftstreet Sep 2013 #2

that's an amazing stat Liberal_in_LA Sep 2013 #3

+1. It's very revealing. closeupready Sep 2013 #6

And one percent make more than the 1968 maximum wage daleo Sep 2013 #4

Much More. Tuesday Afternoon Sep 2013 #38

I'm in that 40% hotrod0808 Sep 2013 #5

In 1968 I was married with two children (age 23) making $1.65 an hour, as a janitor. bemildred Sep 2013 #7

But not just an anecdote, that was a living wage then.. mountain grammy Sep 2013 #19

Yes, so you know too. bemildred Sep 2013 #24

Prices from 1968 that I remember Art_from_Ark Sep 2013 #68

Yes, I remember having a couple bucks was gas money for the week. bemildred Sep 2013 #70

A quarter was real money back then Art_from_Ark Sep 2013 #71

We are in the dark ages when it comes to wealth/economics. We dumped royalty 200 years ago, but we reformist2 Sep 2013 #8

We pretty much ignored de Tocqueville on this, so are now paying dearly for it. 99th_Monkey Sep 2013 #20

First they impoverish them, then debase, finally they abandon them. That's a deep thought there. reformist2 Sep 2013 #21

That is some quote! nt Enthusiast Sep 2013 #61

Yes. I ran across it in graduate school in the 80s 99th_Monkey Sep 2013 #62

Factual error. Keeping up with inflation not th same as keeping up with productivity on point Sep 2013 #9

thank you demwing Sep 2013 #17

True. So the banker used to pay you $1 to mow his yard in 1968. Today he pays you $10, and you mow jtuck004 Sep 2013 #35

now That is ON POINT!! Tuesday Afternoon Sep 2013 #42

Fair warning to the rich: dickthegrouch Sep 2013 #10

And the Reagan revolution continues with brute force under administration after indepat Sep 2013 #11

In the dictatorship of capital it's ALWAYS capital that's rewarded.... socialist_n_TN Sep 2013 #18

TPTW refuse to reign in capitalism because too many elected officials have garnered a taste indepat Sep 2013 #22

A Russian style revolution.......... socialist_n_TN Sep 2013 #25

Lucky us that the U.S-styled fascism, which abounds with a zeal, is wrapped in the flag and carrying indepat Sep 2013 #27

........ daleanime Sep 2013 #53

The 1% hoovered up all the money from workers' incresed productivity. SunSeeker Sep 2013 #12

Which Hoover? AnnetteJacobs Sep 2013 #41

Yes, pun intended. nt SunSeeker Sep 2013 #67

Just posted this... Spitfire of ATJ Sep 2013 #13

To the PTB, this is a feature, not a bug Populist_Prole Sep 2013 #14

If minimum wage kept up with inflation Curmudgeoness Sep 2013 #15

Vote out all Republicans. nt gulliver Sep 2013 #16

And all bought off Democrats as well! We need to get politicians who will pass real Dustlawyer Sep 2013 #44

Now people can understand that when those of us who finished college before 1968 say that JDPriestly Sep 2013 #23

This has to change. Enthusiast Sep 2013 #65

Well, maybe some wages went up riverbendviewgal Sep 2013 #26

Elizabeth Warren takes this issue to the Senate .... Scuba Sep 2013 #28

I hope that she won't do an Obama when she'll be at the White House. NealK Sep 2013 #31

I wonder what states have the lowest earnings per family? I could take a wild guess and demosincebirth Sep 2013 #29

Thanks kpete! NealK Sep 2013 #30

but, but, Phlem Sep 2013 #32

that is so fucked up gopiscrap Sep 2013 #33

�The way to make money is to buy when blood is running in the streets.� John D. Rockefeller jtuck004 Sep 2013 #34

And the Republican Caucus rejoiced... huzzah!!!! King_Klonopin Sep 2013 #36

True, but there really isn'a any basis for expecting wages to track productivity bhikkhu Sep 2013 #37

I think if the company becomes more productive that all participants... Half-Century Man Sep 2013 #50

It is a complicated argument, not nearly as simple as the OP would indicate bhikkhu Sep 2013 #56

I'm a Journeyman Electrician specializing in Automated CNC Machining cells... Half-Century Man Sep 2013 #58

That sounds reasonable bhikkhu Sep 2013 #59

I think 40% is the bare minimum Half-Century Man Sep 2013 #60

Isn't it Econ 101? CANDO Sep 2013 #72

On an individual basis, yes bhikkhu Sep 2013 #73

Thank you for fleshing out the argument. CANDO Sep 2013 #74

Savvy! blkmusclmachine Sep 2013 #39

Of course the Gang of Cheerleaders is missing from the recommendation list. Divernan Sep 2013 #40

Great post. Enthusiast Sep 2013 #66

no wonder.... matt in france Sep 2013 #43

Welcome to DU, where in France do you live? uppityperson Sep 2013 #47

the Var matt in france Sep 2013 #57

That's Nice. Nt uppityperson Sep 2013 #63

about 1hour matt in france Sep 2013 #64

Happy Labor Day! Octafish Sep 2013 #45

k&r thanks for posting. nm rhett o rick Sep 2013 #46

Not sure this is right. The minimum wage in 1968 was only $1.60 an hour Quixote1818 Sep 2013 #48

"1996 dollars"... that's already 17 years ago! reformist2 Sep 2013 #51

Wow! How did I miss that? Thanks for pointing that out. nt Quixote1818 Sep 2013 #54

This says $1.60 would be worth $10.74 today Quixote1818 Sep 2013 #55

The problem is, many working class people will not support this. bklyncowgirl Sep 2013 #49

Why aren't we asking why pricing never Skidmore Sep 2013 #52

More republican lies, from republican lie central. All Lies! Safetykitten Sep 2013 #69