Most industries with low pay are also low profit. Executive pay is usually a tiny piece of operating costs. Where is all this money for fair pay supposed to come from?no its not...it is absolutely not. One of the biggest myths ever.
The low annual income of the typical american worker is disturbing
- Thread starter winb83
- Start date
I've worked jobs where the people higher up than me literally did almost nothing other than collect a check. the most valuable people at a company are typically at the bottom. as individuals maybe a bottom worker can be replaced but as a collective they are more valuable. that isn't reflected in their pay. some people make millions at a company and day to day do little to nothing. some are so disconnected from the day to day operations while they get paid to decide stuff they don't even realize the consequenses of their decisions. those under them have to scramble to adjust to them.
Over the holidays pops was breaking it down to me how most of us are basically just slaves. they strap us up with debt with cars, student loans, and houses and we're forced to work to pay it off. If you take out a 30 year mortgage you spend most of your adult viable working life paying that off. I mean I tried to argue with him that people in general have more options so they aren't necessary slaves but the reality is the vast majority are slaves.
most people live their lives at the very edge and are one financial unexpected event away from complete ruin. if that monthly income isn't coming in most people couldn't last more than a month or two. people these days coming up with no retirement savings and paychecks that are virtually gone the same day they get them because of all these monthly payments and bills.
Some of these people come out of school with $30K or more in student loan debt. If the median household income is $56K then if you're making payments of $150 a month you're just treading water and not breaking past the interest at 6%. If you make $210 payments that's paid off in 21 years and you pay almost $23K in interest. The average household has $16K in credit card debt. at 15% interest $2.4K in interest on that annually. It's the same scenario with payments where if you're paying $210 on that you're taking 21 years to pay it off.
The average american pays a mortgage of $1,061 a month. The average car payment $480 or so. At that point you're pushing $2K monthly in debt payments alone. By the time you have your consumer and student debt paid off you're almost in your mid 40s. If you got your first house at 26 you're 56 when that's paid off granted you lived in it the 30 years.
Still with insurance, a second car, fuel, utilities, cellphones, groceries, other typical house expenses, clothing, and entertainment you're looking at $3.4K in total expenses a month if not more so $40K annually to carve out a middle class life after federal taxes. It's pretty much a wash. the average family is barely treading water. They can't save much if anything and can't get ahead. they work to carve out a modest life and not much more and if anything happens they're fukked.
most people live their lives at the very edge and are one financial unexpected event away from complete ruin. if that monthly income isn't coming in most people couldn't last more than a month or two. people these days coming up with no retirement savings and paychecks that are virtually gone the same day they get them because of all these monthly payments and bills.
Some of these people come out of school with $30K or more in student loan debt. If the median household income is $56K then if you're making payments of $150 a month you're just treading water and not breaking past the interest at 6%. If you make $210 payments that's paid off in 21 years and you pay almost $23K in interest. The average household has $16K in credit card debt. at 15% interest $2.4K in interest on that annually. It's the same scenario with payments where if you're paying $210 on that you're taking 21 years to pay it off.
The average american pays a mortgage of $1,061 a month. The average car payment $480 or so. At that point you're pushing $2K monthly in debt payments alone. By the time you have your consumer and student debt paid off you're almost in your mid 40s. If you got your first house at 26 you're 56 when that's paid off granted you lived in it the 30 years.
Still with insurance, a second car, fuel, utilities, cellphones, groceries, other typical house expenses, clothing, and entertainment you're looking at $3.4K in total expenses a month if not more so $40K annually to carve out a middle class life after federal taxes. It's pretty much a wash. the average family is barely treading water. They can't save much if anything and can't get ahead. they work to carve out a modest life and not much more and if anything happens they're fukked.
Dark is the night
You Dont Eyeball Me Boy
Just get you some certs and youll be straight
That's not gonna be a solution for the common citizen. Some people will break through but the average citizen and average family will basically never rise above wage slavery. They'll be straddled with enough debt to push them till their mid to late 50s and many will never amass any retirement savings while living at the edge and have to work until their bodies give out on them or they die.
Goodbye Middle Class: 51% Of All American Workers Make Less Than $30,000 A Year | Zero Hedge
This is insanity. No debt and fukk it a penny in your pocket and you have more wealth than a combined 25% of this entire country.
Credit Suisse: with just $10 “you're wealthier than 25% of Americans'
This is insanity. No debt and fukk it a penny in your pocket and you have more wealth than a combined 25% of this entire country.
Credit Suisse: with just $10 “you're wealthier than 25% of Americans'
MalikX
Superstar
Of course. I don't know why people believed that lie in the first place. If you had millions of dollars sitting around, you would park it in various investments to earn more money, you wouldn't hire more people and pay higher salaries
If anything you'd try to extract more work out of the reduced workforce you already had.
MalikX
Superstar
Half of these companies have billions of dollars in retained assets, what are you talking about
Billions of dollars spread out amongst millions of workers is only gonna be a couple thousand per worker. And we are not talking like $500K. We are talking $5K. For someone making minimum wage.... that's still living in poverty. Not to mention that is shareholders' money firstHalf of these companies have billions of dollars in retained assets, what are you talking about
Plus last year wage increases across all sectors increased a good bit.... more than inflation actually
Employment Cost Index Summary
MalikX
Superstar
Billions of dollars spread out amongst millions of workers is only gonna be a couple thousand per worker. And we are not talking like $500K. We are talking $5K. For someone making minimum wage.... that's still living in poverty. Not to mention that is shareholders' money first
Plus last year wage increases across all sectors increased a good bit.... more than inflation actually
Employment Cost Index Summary
If companies were forced to pay higher wages, they would adjust. They don't have to now, so they won't. They've gotten used to squeezing every last drop out of employees for less and less pay each year. I think when people were going on about the wage increases in Seattle it was discovered an increase in earnings for workers i think barely translated into an extra $0.50 or something like that on products for a good number of companies....a whole 50 cents...the horror....it's funny we went from Ford's idea of every worker being able to afford a car to "bootstraps".
Kinda unrelated but, this was my face when I saw that JP Morgan had $2.424 TRILLION dollars in company assets
Everyone can't get a cert and get a tech job
14 billion in profits @ Walmart. Employs 2.5 million people. 14 thousand million profit vs 2.5 million workers. To me if you subtract 2.5 from 14 thousand sounds like you could cut every employee a check for a million and not even dent profits.Billions of dollars spread out amongst millions of workers is only gonna be a couple thousand per worker. And we are not talking like $500K. We are talking $5K. For someone making minimum wage.... that's still living in poverty. Not to mention that is shareholders' money first
Plus last year wage increases across all sectors increased a good bit.... more than inflation actually
Employment Cost Index Summary
Problem is a huge chunk of those profits go to shareholders. Ask them to give up some of that and problem solved.
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Red Shield
Global Domination
Govt lies about the inflation stats tho...
