4 ms·

>US cards with their rewards can run up to 5% in merchant fees Americans so much love freedom for companies to fleece them off.

mschuster91 5y ago
The insidious thing that people never get taught or notice is that while, yes, you get 5% cashback as a customer, the store will eventually raise its prices by 5% to make up the higher CC fees.
- torstenvl 5y ago
  Which still works out in favor of the debtor, because: (a) they reap the benefit in the meantime; and (b) rising prices benefit retail workers at the expense of those living off savings and investments
  - mschuster91 5y ago
    > they reap the benefit in the meantime Yeah, but when the CC reward gets cancelled the store still will charge the old prices. > rising prices benefit retail workers at the expense of those living off savings and investments That assumes that retail will distribute extra profits to its employees... which many aren't known for, Walmart and McDonald's are infamous for paying such poor wages that its employees are entitled to food stamps ffs (https://www.cnbc.com/2020/11/19/walmart-and-mcdonalds-among-top-employers-of-medicaid-and-food-stamp-beneficiaries.html https://www.cnbc.com/2020/11/19/walmart-and-mcdonalds-among-...). Maybe, just maybe, the situation will change a bit now that corona has entirely uprooted labor markets, but even then it's a smoke debate - 15$/h is the lowest of the low, even adjusting for inflation would lead to a higher minimum wage!
    - torstenvl 5y ago
      > 15$/h is the lowest of the low, even adjusting for inflation would lead to a higher minimum wage Adjusting the 1938 original minimum wage for inflation (cumulatively, 1794%) would lead to a 2021 minimum wage of $4.73/hr. Adjusting the 1945 minimum wage for inflation (cumulatively, 1383.6%) would lead to a 2021 minimum wage of $5.93/hr. Adjusting the 1950 minimum wage for inflation (cumulatively, 1008.1%) would lead to a 2021 minimum wage of $8.31/hr. Adjusting the 1965 minimum wage for inflation (cumulatively, 747.8%) would lead to a 2021 minimum wage of $10.60/hr. Adjusting the 1975 minimum wage for inflation (cumulatively, 396.4%) would lead to a 2021 minimum wage of $10.42/hr. Adjusting the 1980 minimum wage for inflation (cumulatively, 224.1%) would lead to a 2021 minimum wage of $10.05/hr. Adjusting the 1990 minimum wage for inflation (cumulatively, 104.3%) would lead to a 2021 minimum wage of $7.76/hr. Adjusting the 1997 minimum wage for inflation (cumulatively, 66.4%) would lead to a 2021 minimum wage of $8.57/hr. Adjusting the 2008 minimum wage for inflation (cumulatively, 24.0%) would lead to a 2021 minimum wage of $8.12/hr. It appears that inflation of the dollar has not happened at quite the same pace as inflation of socialist demands. *shrug*

mschuster91 5y ago

The insidious thing that people never get taught or notice is that while, yes, you get 5% cashback as a customer, the store will eventually raise its prices by 5% to make up the higher CC fees.

torstenvl 5y ago
Which still works out in favor of the debtor, because: (a) they reap the benefit in the meantime; and (b) rising prices benefit retail workers at the expense of those living off savings and investments
- mschuster91 5y ago
  > they reap the benefit in the meantime Yeah, but when the CC reward gets cancelled the store still will charge the old prices. > rising prices benefit retail workers at the expense of those living off savings and investments That assumes that retail will distribute extra profits to its employees... which many aren't known for, Walmart and McDonald's are infamous for paying such poor wages that its employees are entitled to food stamps ffs (https://www.cnbc.com/2020/11/19/walmart-and-mcdonalds-among-top-employers-of-medicaid-and-food-stamp-beneficiaries.html https://www.cnbc.com/2020/11/19/walmart-and-mcdonalds-among-...). Maybe, just maybe, the situation will change a bit now that corona has entirely uprooted labor markets, but even then it's a smoke debate - 15$/h is the lowest of the low, even adjusting for inflation would lead to a higher minimum wage!
  - torstenvl 5y ago
    > 15$/h is the lowest of the low, even adjusting for inflation would lead to a higher minimum wage Adjusting the 1938 original minimum wage for inflation (cumulatively, 1794%) would lead to a 2021 minimum wage of $4.73/hr. Adjusting the 1945 minimum wage for inflation (cumulatively, 1383.6%) would lead to a 2021 minimum wage of $5.93/hr. Adjusting the 1950 minimum wage for inflation (cumulatively, 1008.1%) would lead to a 2021 minimum wage of $8.31/hr. Adjusting the 1965 minimum wage for inflation (cumulatively, 747.8%) would lead to a 2021 minimum wage of $10.60/hr. Adjusting the 1975 minimum wage for inflation (cumulatively, 396.4%) would lead to a 2021 minimum wage of $10.42/hr. Adjusting the 1980 minimum wage for inflation (cumulatively, 224.1%) would lead to a 2021 minimum wage of $10.05/hr. Adjusting the 1990 minimum wage for inflation (cumulatively, 104.3%) would lead to a 2021 minimum wage of $7.76/hr. Adjusting the 1997 minimum wage for inflation (cumulatively, 66.4%) would lead to a 2021 minimum wage of $8.57/hr. Adjusting the 2008 minimum wage for inflation (cumulatively, 24.0%) would lead to a 2021 minimum wage of $8.12/hr. It appears that inflation of the dollar has not happened at quite the same pace as inflation of socialist demands. *shrug*