The Economy

[Screaming Flower]

i apologized to melon earlier today via pm. i didn't realize i had to do it in public.

 

[hiphop]

I apologize if I have been arrogant. Please accept my sincerest apology.

Melon

If this is arrogance, who am I? ?

 

[boywonder]

I believe that the DOW has gone up almost 1000 points this last month. It doesn't seem like the US is doing as badly as some seem it.

 

[unforgettableFOXfire]

Any rescession that causes mcdonalds to close over 150 locations is fine by me. *spits on mcdonalds and other fast-food corporations*

 

[boywonder]

You can spit on McDonalds all you want, but leave the saliva off Carls Jr.

Mmmm...double western bacon cheeseburger...excuse me

 

[Danospano]

The amount most Americans earn is far from a living wage. I remember hearing during the Presidential Election that while the national minimum wage of $5.15 per/hour was nearly $9 less than the amount needed to support one's self, let alone a family with children.

While it might be true that the umemployment rate is lower than during the Great Depression, the spending power/per hour worked is barely above that value. Most new jobs pay between $5.15 and $8.50 an hour (estimate). With this many people working at a poverty wage, it's a surprise that it has take so long to see a drastic effect.

 

[theSoulfulMofo]

We need Q#!@%!#@$%!$!@#$ JOBS!!!

Decent paying hours, well-deserved benefits, etc. etc.

 

[boywonder]

The amount most Americans earn is far from a living wage. I remember hearing during the Presidential Election that while the national minimum wage of $5.15 per/hour was nearly $9 less than the amount needed to support one's self, let alone a family with children.

While it might be true that the umemployment rate is lower than during the Great Depression, the spending power/per hour worked is barely above that value. Most new jobs pay between $5.15 and $8.50 an hour (estimate). With this many people working at a poverty wage, it's a surprise that it has take so long to see a drastic effect.

Do you have any evidence that the average ADULT worker is making $5.15 to $8.50 an hour? You should include workers under 20 in factoring average salary because they rarely need to support themselves and are technically still considered dependents under their parents ( I believe you're still a dependent until the age of 23).

The average national income was around $42,228 in 2001, which is NOT below the poverty line. I don't see how $14.00 is the income necessary to support one's self as user Danospano stated. Doesn't that amount to roughly $2240 a month fulltime before taxes? That seems like more than enough to support one person, maybe not a family, but definitely one person. As a single person, factoring in rent, food, utilities, insurance, etc, it doesn't come to nearly $2K+ monthly. The point is that you can't say that "most" Americans earn less than a living wage, which is estimated by one pro-living wage activist group to be within the range of $6.50 to $7.50 with health benefits (a far cry from $14 an hour). You also have to consider that many minimum wage jobs can't afford to increase wages by $5-6 an hour for their employees and still maintain acceptable profits.

http://www.newparty.org/livwag/

 

[STING2]

A person living in area of the USA with an average cost of living which would be below that of NYC and making 5.15 an hour working a 40 hour week, 50 weeks a year makes 10,300 dollars which is 2,000 dollars above the poverty level for one person. Anyone person making more than 8,000 dollars per year is above the poverty level.

About the 1930s and the Great Depression. Unemployment of 24% is devestating to the economy. In addition most people who did work only bought the main essentials for themselves. A lot people did not have cars or other things we take for granted today. Records, entertainment, video games, forget it. There were somethings but nothing in comparison to today.

After adjusting for inflation, the average person makes triple what the average person made back in the "rich roaring 1920s". Adjusting for inflation, the countries GDP is 3 times higher than it was 30 years ago! In addition were #6 in the world in standard of living. Current 5.7% unemployment is less than the average in Europe which is closer to 10%.