Reminder that every dollar possessed by the ultrawealthy is time you wouldn’t have had to spend working and could have instead used that time to enrich your personal life whether it’s alone, with family, or friends.
And to help illustrate your important reminder, a (probably now outdated) visualisation of just how many dollars they actually posses:
This is really cool
Glad you found it helpful/interesting!
Outdated sure, but captivating nonetheless
Yeah, it’s mindboggling as it is, but when you know how much more money the richest few people have made since it was last updated (the world’s five richest men have more than doubled their fortunes to $869bn since 2020), or how much all of the world’s billionaires are hoarding combined (2,781 billionaires with a total net wealth of $14.2 trillion - the pixel site only goes up to 3.2 trillion), or that this trend isn’t going anywhere or slowing down, it really is overwhelming.
The minimum wage should grow with inflation according to an annual review. It’s an injustice that there must be this huge battle every time it needs to be increased every few years but only when people get fed up because they can’t afford to live.
I don’t need no stinkin’ government getting involved in my business trying to… Get me more money. Same as when that Obama tried to save me money on healthcare. Don’t tread on me!
.
Don’t tread on me being treaded on!
The minimum wage should grow with inflation according to an annual review.
Pretty much how it’s handled in Australia, although they sometimes increase it above inflation. Importantly, it’s handled by an independent body and not something that is subject to votes in parliament.
So if industrialists could manage inflation while increasing productivity, they should keep all the gains?
We’d have a different system in an ideal world but I’m not commenting on that now.
I’m not sure you get the point I am making. You changed something, perhaps without noticing. The quote is about productivity, not inflation. Merely keeping pace with inflation when productivity is booming hardly seems enough.
If you think productivity should be factored in that’s fine, but I’m not talking about productivity like the post is. I purposely left it out. I’m merely saying that wages should keep up with inflation at the very least.
“BuT tHeN i WoUlD bE mAkInG lEsS cOmPaRaTiVeLy”
Yes, that’s the point, everyone should be making more.
To make their line go up, they must make your line go down.
Not necessarily.
Increases in productivity could have been split between labor and capital, giving benefits to both. (Or even better, gone just to labor, but that would not be a “both lines go up” scenario.)
Yes. I was referring to how capitalism tended to have worked in the past decade or so, and not to how to actually make the line go up.
E: autocorrect
Should be much higher.
A combination of inflation, gap between workers and leaders at the company AND productivity.
50$/hr and 3 day weeks. There’s no reason to grind to make the ruling class more wealthy.
According to my father in law it’s the participation trophies that are to blame.
Could I please get a source for this? I want to post it in the break room at work.
data:
https://www.bls.gov/productivity/charts/
article search “wage gap”:
https://usafacts.org/articles/what-is-labor-productivity-and-how-has-it-changed-in-the-us-over-time/
That happened when Ronnie Reagan was president.
Of course I can’t read it for you, too.
You rock
Even just accounting for inflation, the $1.25/h federal minimum wage in 1963 would be about $13/h today.
Holy fuck the Gravel Institute is a nostalgia trip. Can’t believe those kids still have a job.
They’re back? Oh please oh please oh please…
Is this super outdated?
The federal minimum wage was $1 per hour in 1960, so productivity has increased 23 fold according to the OP.
Shouldn’t this mean we should be able to cut down to two hours of work per week?
Having to work 40+ hours when 2 should be enough does sound like exploitation.
I should only have to get out of bed once for every 23 mornings that I wake up, am I right?
Can’t exploit me if I’m unemployed, checkmate capitalists
I’m pretty sure rents have gone up at more than double that number. Giving our shrinking wage even less worth.
Really? Not more?
Edit. Oh I see, back then minimum wage was about $1.15. Lol. Yeah a 23x increase seems reasonable.
Probably regionally dependent. $23 in the Midwest but $50 in the big cities
Capital statement
