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Forum » Inflation: Average Hourly Wage Only Increased 25 Cents In 48 Years
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Thread: Inflation: Average Hourly Wage Only Increased 25 Cents In 48 Years

post 1653843873 01-06-2022, 02:16 PM
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Inflation: Average Hourly Wage Only Increased 25 Cents In 48 Years







- In nominal terms, the production and nonsupervisory worker made $4.05 per hour in 1973. Today that worker makes $26.40 per hour.

- Accounting for inflation, using 1982-1984 as the base rate, a worker made $9.38 in 1973 and makes only $9.63 per hour today.

- In 48 years, real wages have risen $0.25. That's just over half a penny per hour each year.

- Between 1964 and 1973 workers came out ahead. Since then it's practically $0 and that assumes you believe the CPI is not understated.


https://mishtalk.com/economics/real-...ear-since-1973

Gotta love the Fed.

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post 1653844323 01-06-2022, 02:24 PM
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So workers have basically gotten zero of the increase in profit/productivity

Don’t let them organise though because that’s communism
post 1653844433 01-06-2022, 02:26 PM
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its glaringly obvious now how stagnant most wages are and have been for some time now

but i really dont see how you can just fix it - seems like such a complex issue thats a double-edged sword and people will lose regardless
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post 1653844683 01-06-2022, 02:29 PM
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You have 2 options to keep this topic from being rent-free in your head causing weekly threads about it:


1. Find a beta provider

2. Live in one of my spare bedrooms as a suck-slave



Either way it will shut you up
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As always: not medical advice but medical opinion crew
post 1653844843 01-06-2022, 02:31 PM
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Originally Posted By DrugsToGetBig⏩
its glaringly obvious now how stagnant most wages are and have been for some time now

but i really dont see how you can just fix it - seems like such a complex issue thats a double-edged sword and people will lose regardless
The answers are well known and in any introductory econ textbook

Hint: it doesn’t depend on the government handing you things on a plate
post 1653844883 01-06-2022, 02:32 PM
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Originally Posted By r32gojirra⏩
So workers have basically gotten zero of the increase in profit/productivity

Don’t let them organise though because that’s communism
And we have people clocking 8 hours a day but only doing a few hours of actual work

Maybe they should reduce working hours closer to what's actually required and increase rates so incomes stay roughly the same but with less hours on the clock
post 1653844903 01-06-2022, 02:32 PM
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Heaven forbid you take your life into your own hands, educate and better yourself, make yourself more valuable and work your way into a higher paying job/career path....instead of sitting around complaining about why average wage rates aren't going up.
post 1653845023 01-06-2022, 02:35 PM
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Who the fuk is paid hourly? Seriously.
post 1653845073 01-06-2022, 02:36 PM
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Originally Posted By DrugsToGetBig⏩
its glaringly obvious now how stagnant most wages are and have been for some time now

but i really dont see how you can just fix it - seems like such a complex issue thats a double-edged sword and people will lose regardless
It isn't that complex. Workers have had their leverage undermined by government acting in the interest of businesses.
Originally Posted By blissful88⏩
You have 2 options to keep this topic from being rent-free in your head causing weekly threads about it:


1. Find a beta provider

2. Live in one of my spare bedrooms as a suck-slave



Either way it will shut you up


I spend more time on plenty of other stuff. This seemed like easy content that would elicit discussion.
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post 1653845223 01-06-2022, 02:38 PM
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Originally Posted By blissful88⏩
You have 2 options to keep this topic from being rent-free in your head causing weekly threads about it:


1. Find a beta provider

2. Live in one of my spare bedrooms as a suck-slave



Either way it will shut you up
or be a female e-whore
post 1653845273 01-06-2022, 02:40 PM
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Originally Posted By Destor⏩
And we have people clocking 8 hours a day but only doing a few hours of actual work

Maybe they should reduce working hours closer to what's actually required and increase rates so incomes stay roughly the same but with less hours on the clock
I'm fine with that.
Originally Posted By bsmit107⏩
Heaven forbid you take your life into your own hands, educate and better yourself, make yourself more valuable and work your way into a higher paying job/career path....instead of sitting around complaining about why average wage rates aren't going up.
Not the point though. The amount of productivity gains that accrue to workers vs. to businesses affects all workers- even those who are more highly compensated.
Originally Posted By tripod29⏩
Who the fuk is paid hourly? Seriously.
In 2020, 73.3 million workers age 16 and older in the United States were paid at hourly rates, representing 55.5 percent of all wage and salary workers. Among those paid by the hour, 247,000 workers earned exactly the prevailing federal minimum wage of $7.25 per hour.
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post 1653845453 01-06-2022, 02:43 PM
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Lmao



post 1653845523 01-06-2022, 02:44 PM
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This thread is reminiscent of one of Ernie's. I love it. Nothing like showing the general population that they are under valued, under payed, and work too much for too little. Really rustles those jimjams. Srs.
post 1653845633 01-06-2022, 02:46 PM
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I don’t think this is as bad as you think (srs)

It’s not that workers aren’t benefitting from the productivity gains, it’s that the gains are being shared with more people

We live in a globalized economy now, and world wide poverty rates are much better now

Essentially we have been sharing these productivity gains with the worlds’ poor
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post 1653845713 01-06-2022, 02:47 PM
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Originally Posted By katya422⏩






- In nominal terms, the production and nonsupervisory worker made $4.05 per hour in 1973. Today that worker makes $26.40 per hour.

- Accounting for inflation, using 1982-1984 as the base rate, a worker made $9.38 in 1973 and makes only $9.63 per hour today.

- In 48 years, real wages have risen $0.25. That's just over half a penny per hour each year.

- Between 1964 and 1973 workers came out ahead. Since then it's practically $0 and that assumes you believe the CPI is not understated.


https://mishtalk.com/economics/real-...ear-since-1973

Gotta love the Fed.

I'm not sure your point. Factory worker's wages have increased with inflation. Why would they deserve higher real wages than 48 years ago? The factory worker is not responsible for increases in efficiency of production, why do they deserve the benefit?

The increases in efficiency and productivity make the company more profitable as long as it does not return those increases to the workers.

Who benefits from the increases in efficiency and productivity? The owners, the shareholder. Do you own stock? Guess what makes your stock portfolio go up in value? Why does the factory worker deserve my return on investment?
post 1653845853 01-06-2022, 02:48 PM
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This is exactly why I never tip. Fuk workers





































Wait wot
post 1653845893 01-06-2022, 02:49 PM
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Originally Posted By DrugsToGetBig⏩
its glaringly obvious now how stagnant most wages are and have been for some time now

but i really dont see how you can just fix it - seems like such a complex issue thats a double-edged sword and people will lose regardless
Not complex at all:destroy the federal reserve bank.


The Germans destroyed their central bank and went from hyperinflation to world leading prosperity using real money in 4 years srs.

It’s known as an economic miracle.

Every country could do this in theory, that’s after they somehow break free of the bloodthirsty bankers that own their entire nation.
post 1653845953 01-06-2022, 02:49 PM
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Originally Posted By SaviorSelfJT⏩
I don’t think this is as bad as you think (srs)

It’s not that workers aren’t benefitting from the productivity gains, it’s that the gains are being shared with more people

We live in a globalized economy now, and world wide poverty rates are much better now

Essentially we have been sharing these productivity gains with the worlds’ poor
Really? How do you figure?

It seems to me that workers in developing countries are also being taken advantage of. When international companies grab up resources or dump products in a company that retards the formation and growth of native businesses.
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post 1653846113 01-06-2022, 02:52 PM
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Not sure what the cause of all this is, but I know the solution is to add more immigrants who will work for less and to export manufacturing overseas.
post 1653846183 01-06-2022, 02:53 PM
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Originally Posted By katya422⏩
Really? How do you figure?

It seems to me that workers in developing countries are also being taken advantage of. When international companies grab up resources or dump products in a company that retards the formation and growth of native businesses.
My basis for that is poverty rates around the world

Take China for example:
“ China's poverty rate fell from 88 percent in 1981 to 0.7 percent in 2015”

All because the developed world was “exploiting” them via sweatshop manufacturing

But that brought wealth into their country, from ours, and now look at where they are

Lots of immigrants have came in from Latin America, who have had their lives improved
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post 1653846223 01-06-2022, 02:54 PM
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Wait until we add over 100 million 3rd world immigrants(doesn't include amnesty or Bidens current bill that allows unlimited immigration) while 70 million current jobs become fully automated. Should be fun times ahead, especially for the most hated demographic(you).
post 1653846243 01-06-2022, 02:54 PM
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Originally Posted By katya422⏩
It seems to me that workers in developing countries are also being taken advantage of. When international companies grab up resources or dump products in a company that retards the formation and growth of native businesses.
Yes, all those Indians in the call centers would be out starting their own companies and creating National wealth for India if the big bad USA companies didn't hire them as low cost unskilled workers.

Give me a break Kataya
post 1653846573 01-06-2022, 03:02 PM
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Originally Posted By katya422⏩
I spend more time on plenty of other stuff.
Like trying to Google your way into an epidemiology/virology/economics major

Focus on penor like nature intended
This seemed like easy content that would elicit discussion.
The only thing that elicits discussion on here anymore is racism & CoV2

We live in a global firesail
Originally Posted By anonkunbrah⏩
or be a female e-whore
That's someone's grandma
*Tolerance is the lube that slides the dildo of dysfunction into the ass of civilized society*

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As always: not medical advice but medical opinion crew
post 1653846793 01-06-2022, 03:06 PM
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and people think China is the Biggest threat.

China is a nationalist country, yes they look after the communist party first but at least they don't sh*t on their on people the Han.

Since the 50's who has seen the biggest increase to their quality of life, the Han Chinese or Americans?

The little hat people have raped your country figuratively and literally. They have convinced your daughters to be whores, and some how made them cheer for killing heir own unborn children. They have made the biggest and most productive members of society (white people) the most hated.

You have had your own soldiers killed for their wars
Give them Billions of dollars per year
Treat them better than your own citizens

and what have you gotten in return? now they want you to go to war with China because the Chinese have excluded them from doing business. Good luck.

Whats the saying, not all muslim people are terrorists but the majority of terrorists have been muslim?
Well not all little hat people want to see your country destroyed but every piece of propaganda that brings the US closer to it's downfall is overwhelmingly backed by tribal members.
post 1653846863 01-06-2022, 03:07 PM
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Originally Posted By tripod29⏩
Who the fuk is paid hourly? Seriously.
Even a salary role can and should be broken down to an hourly rate for understanding

But it's funny because hourly pay is often looked at as a sign of less skilled work, but it's actually more like

Hourly wage -> Salary -> Hourly charge

Flips back to hourly compensation when you move into many high-paying roles where lawyers, accountants, engineers, even doctors charge for their services based on hourly rates or per-service rates that roll labour, equipment, and materials into a single number
post 1653846873 01-06-2022, 03:07 PM
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Originally Posted By nothingshocking⏩
I'm not sure your point. Factory worker's wages have increased with inflation. Why would they deserve higher real wages than 48 years ago? The factory worker is not responsible for increases in efficiency of production, why do they deserve the benefit?

The increases in efficiency and productivity make the company more profitable as long as it does not return those increases to the workers.

Who benefits from the increases in efficiency and productivity? The owners, the shareholder. Do you own stock? Guess what makes your stock portfolio go up in value? Why does the factory worker deserve my return on investment?
Anyone in the bottom 90% in the US has a lot more in common with a factory worker than a 1%er.

Wealth held by the 1%-



Wealth held by the bottom 90%-



Also this wage data doesn't account for the reduced contribution that employers now make to retirement and health insurance.

Just for comparison you could look at how CEO compensation has fared:

CEO Realized Compensation Relative to Compensation of Production/Non-Supervisory Workers:

1973: 23.4
2020: 346.7

CEO Granted Compensation Relative to Compensation of Production/Non-Supervisory Workers:

1973: 17.2
2020: 198.5

https://www.epi.org/publication/ceo-pay-in-2020/

I don't personally care much what CEOs get paid. Only pointing out that instead of getting screwed [flat compensation] they have done quite well.
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post 1653847053 01-06-2022, 03:11 PM
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Originally Posted By bsmit107⏩
Heaven forbid you take your life into your own hands, educate and better yourself, make yourself more valuable and work your way into a higher paying job/career path....instead of sitting around complaining about why average wage rates aren't going up.
Agreed... but easier said than done.
post 1653847103 01-06-2022, 03:12 PM
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Originally Posted By r32gojirra⏩
The answers are well known and in any introductory econ textbook

Hint: it doesn’t depend on the government handing you things on a plate
can you actually aware

curious if anything
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post 1653847153 01-06-2022, 03:13 PM
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Sadly there doesn't seem to be much we can do about it, as far as the wages go. Getting compensation in other ways is always available, but the direct compensation of paid work to an employee is kind of a bull**** game. I still see the same openings posted that were posted 6+ months ago. Same company, same opening, same wage. No sorry, we "can't" offer you more money because we "can't" afford it.
Originally Posted By bsmit107⏩
Heaven forbid you take your life into your own hands, educate and better yourself, make yourself more valuable and work your way into a higher paying job/career path....instead of sitting around complaining about why average wage rates aren't going up.
It's funny because a lot of openings I have seen in all my time being unemployed, the market looks real **** even for people with extra skills.
brb manufacturing
brb the guy who programs the machines gets paid the same wage as the guy who operates it
brb one job requires a 2 year technical degree, the operator needs 3 months of training

better yet put in the effort to be self-employed. Everything was much better when a majority of Americans were self-employed.
post 1653847363 01-06-2022, 03:18 PM
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Originally Posted By JeepBruh⏩
Not sure what the cause of all this is, but I know the solution is to add more immigrants who will work for less and to export manufacturing overseas.
Yeah, obviously.
Originally Posted By SaviorSelfJT⏩
My basis for that is poverty rates around the world

Take China for example:
“ China's poverty rate fell from 88 percent in 1981 to 0.7 percent in 2015”

All because the developed world was “exploiting” them via sweatshop manufacturing

But that brought wealth into their country, from ours, and now look at where they are

Lots of immigrants have came in from Latin America, who have had their lives improved
No disagreement that developing countries have seen improvements on poverty. Most have also been left with a lot of waste and pollution in exchange.

I'm not anti-capitalist; just anti-cronyism/corruption/dirt tricks. Check out this article on US commodity dumping:

https://inequality.org/research/winn...tural-dumping/

Or some of the articles at this link about how "fast fashion"[aka: cheap low quality clothing manufactured in poor countries for Western consumers] is economically and environmentally damaging:

https://www.google.com/search?q=fast...hrome&ie=UTF-8
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