4 ms·

The primary structural issue is that low-income wages have completely stagnated if not fallen with the inflation over the last several decades while wages for m

The primary structural issue is that low-income wages have completely stagnated if not fallen with the inflation over the last several decades while wages for mid-upper to ultrawealthy have gone up, dramatically. The number of places in the US that you can get a 2BR home, rental or owning, on minimum wage is basically non-existent. We're on the verge of large swaths of the US population effectively becoming serfs. Housing is being snapped up by corporations, banks are jacking their fees and making more and more people "unbankable" forcing them into non-bank situations like payroll-company-run quasi-debit-cards where withdrawing their wages costs money. Consider this: Elon Musk at peak of his wealth had more money than all the residents of Massachusetts (itself quite a wealthy state) combined, by a significant margin. We're at a stage where we have what amounts to feudal lords in all but name, complete with their own private security forces going around roughing up people.

lotsofpulp 4y ago
>Consider this: Elon Musk at peak of his wealth had more money than all the residents of Massachusetts (itself quite a wealthy state) combined, by a significant margin. There is no way this is anywhere near true. The list below alone is probably $100B, and there are 7M people in Massachusetts, including many with net worths in the millions. https://www.nbcboston.com/news/local/these-are-the-16-richest-people-living-in-massachusetts-forbes-says/2510093/ https://www.nbcboston.com/news/local/these-are-the-16-riches...
- TylerE 4y ago
  Lots of people with zero or even negative net worths too
cmdli 4y ago
> The primary structural issue is that low-income wages have completely stagnated if not fallen with the inflation over the last several decades while wages for mid-upper to ultrawealthy have gone up, dramatically. This is statistically untrue, though a very popular misconception. Median wages have increased slightly after adjusting for inflation over the past few decades [1]. Minimum wage has wavered a bit since then, but most people are not employed at the federal minimum wage [2]. [1] https://fred.stlouisfed.org/series/MEPAINUSA672N https://fred.stlouisfed.org/series/MEPAINUSA672N [2] https://fred.stlouisfed.org/series/LEU0203127200A https://fred.stlouisfed.org/series/LEU0203127200A
- lotsofpulp 4y ago
  Median does not capture adjustments at the bottom 2 quintiles, which is where hotel room cleaners probably are: https://fred.stlouisfed.org/series/CXU900000LB0102M https://fred.stlouisfed.org/series/CXU900000LB0102M https://fred.stlouisfed.org/series/CXU900000LB0103M https://fred.stlouisfed.org/series/CXU900000LB0103M https://fred.stlouisfed.org/series/CXU900000LB0104M https://fred.stlouisfed.org/series/CXU900000LB0104M
midoridensha 4y ago
The funny part of this is that, unlike the actual feudal eras of Europe and Asia, where feudal lords had both wealth and political and military power, these days we have democracy, yet the people consistently vote for these things you're complaining about, and against their own self-interest.

lotsofpulp 4y ago

>Consider this: Elon Musk at peak of his wealth had more money than all the residents of Massachusetts (itself quite a wealthy state) combined, by a significant margin. There is no way this is anywhere near true. The list below alone is probably $100B, and there are 7M people in Massachusetts, including many with net worths in the millions. https://www.nbcboston.com/news/local/these-are-the-16-richest-people-living-in-massachusetts-forbes-says/2510093/ https://www.nbcboston.com/news/local/these-are-the-16-riches...

TylerE 4y ago
Lots of people with zero or even negative net worths too

cmdli 4y ago

> The primary structural issue is that low-income wages have completely stagnated if not fallen with the inflation over the last several decades while wages for mid-upper to ultrawealthy have gone up, dramatically. This is statistically untrue, though a very popular misconception. Median wages have increased slightly after adjusting for inflation over the past few decades [1]. Minimum wage has wavered a bit since then, but most people are not employed at the federal minimum wage [2]. [1] https://fred.stlouisfed.org/series/MEPAINUSA672N https://fred.stlouisfed.org/series/MEPAINUSA672N [2] https://fred.stlouisfed.org/series/LEU0203127200A https://fred.stlouisfed.org/series/LEU0203127200A

lotsofpulp 4y ago
Median does not capture adjustments at the bottom 2 quintiles, which is where hotel room cleaners probably are: https://fred.stlouisfed.org/series/CXU900000LB0102M https://fred.stlouisfed.org/series/CXU900000LB0102M https://fred.stlouisfed.org/series/CXU900000LB0103M https://fred.stlouisfed.org/series/CXU900000LB0103M https://fred.stlouisfed.org/series/CXU900000LB0104M https://fred.stlouisfed.org/series/CXU900000LB0104M

midoridensha 4y ago

The funny part of this is that, unlike the actual feudal eras of Europe and Asia, where feudal lords had both wealth and political and military power, these days we have democracy, yet the people consistently vote for these things you're complaining about, and against their own self-interest.