I think this is a pretty good way to essentially say that corporate greed is why wages are stagnant. Productivity/profits skyrocketed with tech and companies realized they didn’t have to pay more. Then they realized there were stragies to keep you at the low pay. I think the younger generation is def realizing this and the pandemic just helped.
corporations say they can't afford to pay more or to give benefits like healthcare, retirement, paid holidays, paid sick leave, paid vacation, they need to make 2x the profits they made last year even if that was literally $2 billion.
Not really. Business owners are not much differ than us. They have to have source of income too to cover all these costs. You can definitely tell is it really because of the economy or because of your ahole boss.
economic fundamentals, higher wages are never the answer. There are countless examples throughout history. People complaining about wages should look at the bigger economic and geopolitical picture.
@@TC-kn9kk ok those people complaining about their wages should look at the bigger economic and geopolitical picture, and after they have looked at those two things, how does that help their situation?
@@RossMalagarie There are people in other countries that walk miles for an education or for a job or even a decent meal. And they are grateful and happy about it. Americans complain because they can't get through the fast food drive through quick enough for their happy american dream meal. I've work two jobs, spent less, never complained about it...
There are definitely places you can go where you don’t have to work 3 jobs to rent with roommates. I live near one of the most affordable cities in the U.S., and it also recently reached a top 20 city by population. I’m pretty sure people are able to survive on 1 job here, even though our minimum wage is still around $7.25. Just don’t go somewhere like NYC or California, find somewhere that’s reasonable to live. Big cities will naturally become more expensive to live in over time, as the big jobs bring high-income earners, and gradually push out low and middle class citizens further outside of downtown areas.
Because it immediately affects their level of living, people are impacted by inflation far more swiftly than they are by a stock or real estate market disaster. It is hardly surprising that market sentiment is as gloomy as it is right now. We are in desperate need of your help if we are to survive in this economy.
I feel like I could really need more assistance because navigating the market is so frightening to me. I've already sold off the majority of my assets, so I could use some guidance on where to put my money.
If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 65% since January. It is, in my opinion, the best way to get started in the industry right now.
Bc our parents & theirs didnt plan/fight well. They installed spy tech cages after that and then let the schools abuse their children etc. They were too busy working 55 to 65 hours. Instead of taking a step back; rebelling. Etc.. Now corporations run us like slaves or else.
In capitalist regimes, the rich remain rich because a willing middle class submits to their ideals. The rich own the credit card companies that the poor borrow from. The rich own the banks that pay out fractions of a percent in yield while making enormous profits via capital markets activities. The rich are also friends and lobbyists of the lawmakers that determine the fate of the majority in this country. The American dream wasn't designed to make you rich; it's a narrative spun by a coterie comprised of the nation's elite. It's a strategic and intricate device crafted to keep you where you are. It's a donkey and carrot model built to serve the system. While you're too busy chasing financial freedom through hard work and dedication, the American dream is adding more weight to your saddlebags
The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?
I would avoid index funds, mutual funds, and specific stocks for the time being. Right now, the best option is a fixed income of five percent. Put money aside for the times when the market really starts to bounce back.
45% of Americans do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… Going from $50k to $600k in my portfolio is surreal all thanks to insights from my financial advisor.
Your adviser must be really good, I hope it's okay to inquire if you're still collaborating with the same adviser and how I can get in touch with them?
She goes by ‘’Aileen Gertrude Tippy’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did
Any inflation indicator that ignores the fact in the 60s/70s that a middle class worker could support a family on one income owning a house in decent neighborhood vs. today where two middle class workers stretch to make ends meet and a house is a distant dream that says things are holding or improving is not based on reality.
@@johnWick-lu3ev If people are struggling to make ends meet, they do not have extra expenses. And no, people in the 80s had quite a bunch of extra expenses as well.
@@johnWick-lu3ev Neither of which do anything to help out with the skyrocketing cost of essential things like housing, healthcare, and higher education, which you DO have to pay for. Your claim totally misses the point.
There was a time in this country where a family of 4 that had a mom, dad and two kids. Dad was a vacuum cleaner salesman, worked Monday-Friday. Mom stayed home and took care of the kids. Dads pay was enough to support the whole family, had some money spend and a little more to put away and save. Dad stayed with the vacuum cleaner company for 30 years and then retired. What the hell happened? Why can’t it still be like that?
Because it's like this say that you were a vacuum cleaner salesman with a wife and two kids and your pay went up then let's say instead of owning a house you rented an apartment like most folks today and it went from 1,200 to 2,200 because legally an apartment landlord can raise rent every 30 days or 30 day notice and if you don't pay you have to leave because your lease ends and now you're homeless or have to live with Mom and Dad because your pay only went up $100 not a thousand so now you can't afford rent because you were earning a thousand something a month not even close to 2K. And the only reason you're rent went up is because the landlord was greedy and saw on news that poor people like you had a pay increase.
Because of corporate greed. Because they decided shareholders and CEO were more deserving of money. Because politicians have fought against policies that benefit the working class. Because when they say "competitive pay", they mean your salary will be competing with your bills/expenses (and losing). There's so many reasons and we'll never get back to those days.
I think it was really glossed over how the workload for workers increased far more than their wages. It puts a major toll on our health over many years
Saying production increased does not mean that workers have just had to do more, the main reason why production has increased is due to advancements in technology making jobs easier to do
American’s are not paid enough because cost of living outpace’s income. Secondly, the American labor force is competing against low wage jobs in other Countries.
Really? I heard that, due to innovations in technology, people work less hours compared to a long time ago. This was found when I was researching the benefits of automation and how it’s not bad for jobs to be taken over by robots. Maybe that was a lie :/
I live in a town where a family owned company started a factory back in the 70's, now they own the bowling alley, residential housing, golf course, local farm suppliers, warehouses and the list goes on. When other factories closed in town the wages for everyone fell. I worked for them for awhile and was only making $9 an hour as a WELDER. I made $17,500 a year while others in the same profession were making $40,000 a year. While I was there they increased health insurance premiums, stopped profit sharing, stopped company retirement contributions, and started mandatory overtime. I would rather be homeless than work for them again. They constantly have a now hiring sign out front. More ways than one for a business to die. One company should not be able to own an entire town.
I get that they own the town, and the factory. Once you have that in place, you should pay your workers to keep them happy, as they would be happy to support you....sad, really
Yes! Rent is crazy! I live in the south and I lived in a 1 bedroom apartment that was $850/month six years ago. Now that same apartment is $1650 a month without utilities! 😳
Honestly at this rate the cost of living is only going to rise around all these conflicts with war etc it’s going to multiply consumption. The wages definitely need to be looked at and tweaked they already said the middle class will no longer be the middle class in a couple more years studies are assuming at the rate we are heading.
@@nashambenyisrael7689 There are additional items/services that are now expected/required that weren't included in ongoing consumer price indexes. The guy at 10:30-11:20 is wrong. Is he cherry picking to fit a certain narrative?
@@bcase5328 honestly it seems like this entire video was cherry picked for any of the economists saying that there has not been a stagnation of wages compared to expected and/or required costs for living
Yeah here in Florida rent is crazy out of control. Honestly minimum wage should be up to $30 an hour and prices should not be allowed to raise up anymore
I doubled my salary over the last 16 years at one company. Most would think that was excellent progress over a career. Funny thing is that the cost of living has changed so much in that same time frame that I was making 4k less in spendable income my last year than I was my first year.
The boss keeps raising prices but hasn’t given out raises and has used the PPP loan to buy a $50,000 3D printer That has sat on a shelf for the last 3 months. When that recent article said that 75% of the PPP loans didn’t make it to the employees, it was absolutely correct.
@@billiii711 No I'll just borrow the 3D printer a lil bit some times around midnight and return it when I finished teaching my gold fish how to break dance
The guys arguing that there isn't wage stagnation conveniently forget about inflation of the us dollar, alongside the cost of goods with inflation. The average car price in 1980 was $7k. In 2022? $47k. 670% increase in price, but only a 30% increase in wages. Am I getting the math wrong here?
I like how they failed to discuss housing/rents. They can't pay the workers more because the executives won't be able to pay themselves $20M bonuses...
Boomers pretend they didnt benefit from subsidies that gave them economic advantages, like affordable housing, education, health & childcare. (New Deal, FHA, SSA, GI Bill...)
I still don't understand the concept of not giving your good employees raises. YOUR EMPLOYEES ARE THE REASON WHY YOUR BUSINESS CONTINUES TO BE SUCCESSFUL. TAKE CARE OF THEM
YOU HAVE A VALID POINT! ✔️ But in 2022, may US employers feel low skill or hourly wage employees are expendible, perishable 🗑. That workers are lining up to jump in their slot! 😏
@@DavidLLambertmobile They've always felt that way. They don't care about the turnover rate or how long it takes to replace/train employees. That would require them to acknowledge fault or to revamp many components within their system(s).
You can't understand ? Do you live in a liberal state ? Who do you think pays for all the handouts ? Do you think Joe Biden or Bill Clinton are going to ? They are busy becoming multi$millionaires through selling out the country . Its people who dont understand the democrats love the most ! Ever notice people who are on top of Sh*t don't vote for democrats unless they directly benefit from the welfare state with government jobs , etc ? You probably believe the taxes on your stub are everything...WRONG ! It is criminal to force somebody trying desperately to survive to pay tens of $ thousands in various income taxes ! They are taking money people need to live !! Then I listen to a clown like Joe Biden complain about a retirement savings crisis its like nails on a chaulk board! Setting up illegals in luxury hotels for free is salt in an open wound !
Inflation is a HUGE contributing factor to this corporate greed and I will explain why: if the inflation rate is 10%, and your employer gives you a 5% pay increase, you really received a 5% pay CUT. Inflation makes it much easier for employers to give you a pay cut disguised as a pay increase. Whereas without inflation, employers are much less likely to dare give employees a blatant pay cut.
wages have increased a lot for those who learned a skill in engineering, finance, healthcare, consturction/electrical/plumbing- those who dont have specialized skills have stagnated because their labor surplus isn't all that much--they're lucky to have a job at all
@@RealChrisHatch no it hasn’t it’s stayed the same or gotten worse everything in the middle class has been stagnant. Literally rewatch the first 30 seconds of the video
That moment when you realize your all alone in a huge world that failed you. Don't worry buddy, once you realize that it only gets better from this point. Focus on self reliance and avoid mainstream anything, the system failed, actually it never really worked.
In capitalist regimes, the rich remain rich because a willing middle class submits to their ideals. The rich own the credit card companies that the poor borrow from. The rich own the banks that pay out fractions of a percent in yield while making enormous profits via capital markets activities. The rich are also friends and lobbyists of the lawmakers that determine the fate of the majority in this country. The American dream wasn't designed to make you rich; it's a narrative spun by a coterie comprised of the nation's elite. It's a strategic and intricate device crafted to keep you where you are. It's a donkey and carrot model built to serve the system. While you're too busy chasing financial freedom through hard work and dedication, the American dream is adding more weight to your saddlebags
@@petebusch9069 are you a libertarian? You do realize that the system of capitalism, that requires too much on self reliance has failed us all over the world
@@themysteriouswanderer185 Oh please, capitalism did not fail, our government failed by allowing all these monopolies and now your solution is to give government even more control. Socialism is slavery pure and simple.
Society is ridiculous now. Rich people are landlords who rent their properties for obscene prices and watch their assets appreciate 30% each year and the average person is more broke every year. The inequality is getting so out of hand.
Its called feudalism.. and society has been like that through most of human history. It has only been in first world countries past 5 generations that didn't live under those conditions. Now we are going back in- warp speed!
Unfortunately we're regressing to the norm of society What landlords and feudal lords have always been throughout centuries is now todays billionaire and trillion dollar company owning everything.
that's not true though, average person is getting richer, it's just you that is falling behind everybody. Rich people don't set the prices, the customers do. I can put my apartment for sale for 1 billion dollars ,nobody is going to buy it. So I don't set the price, the buyer sets the price
@@R_Tower delivery apps, car sellsmen, internet providers, streaming services, financial institutions and insurance companies. They don't borrow money per ser but you end up paying money or get sued just like any other loan.
"Why aren't Americans paid enough?" *sees companies post record breaking profits and revenue* *also sees a lack of laws that protect workers and does nothing about making companies adjust wages for inflation* *also sees skyrocketing rent costs with landlords justifying increasing their rates because it's what the market says and 'supply and demand' despite the cost of maintaining the apartments not actually increasing by that amount rent increased meaning they did it just because they could*
many of said companies make their money on a global scale exploiting workers in other countries, workers working harder at lower wages with a lower standard of living. is that sustainable? most of the american part of shareholders in said companies are pension funds, both public and private. who will suffer if these companies cannot keep up their profits?
also sees top marginal income tax rate fall from 91% in 1963 to below 70% in 1981 to 37% today and CEO to avg. worker pay ratio balloon to 351x from 21x in 1965
@@todoldtrafford your right, it's not their job to control inflation but that's not what I said. If businesses can't pay their employees a living wage that changes with inflation then not only do they not deserve to stay in business because it means they couldn't successfully adjust to the new market place but it will cause problems for them from an employee performance point of view. This has been seen for a long time. People who can't get paid enough at their jobs have to pick up a second job which will affect performance at the first.
I was a manager at McDonald's in the late 90s and my pay was enough to cover my mortgage, car payment, insurance, phone Etc. Now me and my wife work and just barely make enough to get by
But how much has your job changed in that time? Probably very little hence they feel there's no need to pay you more. They will only pay more when push comes to shove. You have to prove to them you're worth more tomorrow than yesterday. You also have to ask yourself if you were them would you pay you more?
@@mlong9475 If the work he was doing then was worth enough to pay for all of those things, then it should make sense that if he was doing the same work he should be able to afford the same. Seeing as he can't, that means employers aren't keeping the wages at pace with the cost of living. Overtime it technically means they are paying him less and less as the value of the dollar goes down, despite him performing the exact same work. It doesn't make sense to have to have to do more and more just to be able to afford the same things you used to.
@@mlong9475 you're just repeating fascist propaganda . Each year the ruling oligarchs keep taking a little more so there's less for the majority . Now no-one can afford a college degree . Noone can afford to buy a home and a growing number can't even pay rent .
The average worker doesn't care about theories as to why the wage issue exists, they just want their pay to keep up with inflation so they don't fall behind.
The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse is near.
Collapse is generous 1st time in our history with a full generation that wasn't taught financial literacy, civics, Google fixes their problems if their parents don't do it for them. Reckoning for participation trophies is incoming
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire. Personally I hired ‘’ Eileen Ruth Sparks ’’ a financial advisor who sets asset allocation that fits my tolerance and risk capacity, investment horizon, present and future goals.
The reason why wages are stagnant is because of stock-based executive compensation. The less they pay you, the lower the labor costs which improves the company's bottom line. The better the quarterly earnings, the better the stock performs.....and more likely that bonuses are triggered.
It’s called financialization. Years ago companies would make profits, increase wages and pay taxes. Now they use profits to buy their own stocks. This has the effect of increasing their share price thus making their performance looking better and rewarding senior executives who are increasingly rewarded with stocks. Buying stock means they pay less tax as they are reporting lower profits. And it means they can say there is less money for pay rises. Modern capitalism sucks.
Worked at a company that had an accountant quit, was told they weren't replacing her. Three months later a manager was promoted and his position was just combined with another manager so that manager's workload doubled. All the while the company has corporate perks like getaways to fancy resorts every quarter for upper management, some of who get to those destinations using one of four company planes. It's about time for a worker revolution.
That could only happen if the workers were organized. And that is no longer the case as the typical american has been so dumbed down and now believe Unions are a bad thing. Kind of like Wildebeest deciding its best not to herd together. The lions would be devastated..😂😂😂
I live in one of maybe 6 states that still use the federal minimum wage of $7.25/hr. My mom bought her first house at the age of 28 in 1989 for $60,000. In 2000 she bought her 2nd and current home for $110,000. She paid off ALL of her student loans/credit cards and car for less than $28,000. She has NEVER made more than $19/hr. I am now 32 and living back at home since the pandemic because my student loans are at $108,000 and my credit cards and car total over $20,000. I also have medical debts that are about $17,000 after losing health care coverage when Obamacare changed into Trumpcare and my income was “too high” to qualify for the same subsidy. Homes in our area now cost $380k and into the millions. I make $20/hr, just $1 more an hour than my mom, but she NEVER had to spend as much as I did. And she wonders why I don’t have kids yet 😂 it’s insane…. Is this the Twilight Zone??? Edit: I was born in 1990, graduated high school and went to college in 2008 during the recession. Both of my parents lost their jobs (but were still able to pay THEIR bills), however I had to work 2 jobs and go to college full time and ultimately did not graduate from college and after maxing out my student loans I cannot even afford to go back. Student loan repayments start back in August, mine are $980/mo minimum. Pray for me, y’all 😂
$108K education and you make $19. an hour? Liberal Arts? Not economics and finance? You mom never taught you how to SAVE? Who started you on debt? It's a drug. Free money you didn't earn. Know what a loan shark is? A bank. Did you graduate? FUN FACT: RED STATES are STILL predominantly THOSE states with a $7.25 minimum wage! The "poorly educated" not worth as much? Alabama, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, New Hampshire, North Carolina, North Dakota, Oklahoma, Pennsylvania, Tennessee, Texas, Utah, Wisconsin, Wyoming AND THE FEDS! www.minimum-wage.org/wage-by-state
I think you will find that student costs (including the college fees) and the average cost of a comparable house in your state (within a reasonable commuting distance to the most prosperous cities) is ALOT more as a share of income that your mum faced. I presume she was renting before the first house buy. Was her share of income vs rent the same as you would face now based on the minimum wage.
@@stephendoherty8291 NC seems to be trying to catch up with other places in terms of cost of living. Before she bought her first house in 1989 it maybe only cost her $300/mo or less to rent an apartment. By 2008 when I was 18 and old enough to rent, you could still find a 1 bedroom apartment in NC for $500/mo or less but now in 2022 a 1 bedroom apartment is about $1300/mo. However the pay rates are not increasing due to cost of living, they only increased because during the pandemic companies could not convince people to come to a job for only $11-$16 an hour any more. So they increased base pay between $16-$20 an hour to incentivize people not to leave NC and find work elsewhere. Majority of NC jobs or industrial and then there are more specialized industries such as healthcare, tech and financial services. There’s a huge divide between the wealthy and middle/lower class here.
@@ThisDique Yeah man, I think you're under the wrong post if you're looking for sympathy regarding that problem. It is unfortunate and despite this particular situation being a bizarre one, landlord's still run a business and that is the risk you take when you become a boss.
They're not taking into account that pensions have also been mostly been taken away. Overall benefits have been pinched down more and more as well. Retirement is looking non existent to dismal for the middle to lower class like me. I've saved for retirement since 20 and it's unnerving to look at my statements. Fingers crossed it all works out for everyone.
@@WinningThisOne not everyone knew that bitcoin was going to be this big back then. Plus Bitcoin doesn’t take social security taxes every paycheck. The government should be less wasteful of its hard working citizens money. They sending billions to other countries and people grow poorer and poorer over here
Thank you. My mother is in this situation. She's been working at the same factory for 15 years. And trying to save every penny for retirement. She says it hasn't been easy.
Our government has capitalistic and socialistic parts of democracy. Capitalism makes for American dreams with its freedoms. Our government is to stay number 1 world power with dollar as world reserve currency. Taxpayers along for the ride.
The US economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, but it's getting stronger compared to other currencies and things like gold and property. People are turning to the dollar because they think it's safer. I'm worried about my retirement savings of about $420,000 losing value because of high inflation. Where else can we keep our money?
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Amber Dawn Brummit is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
It’s not only how much are paid but where our tax dollars go. They go to feed the military industrial complex, subsidizing rich people not paying taxes and not on things that directly benefit us make us wealthier and healthier like affordable health care for all, paid family leave, guaranteed time off. So it’s low pay, expensive and crap health insurance, barely any time off.
The bigger the government, the bigger the corporations thanks to subsidies and regulations concentrating the market. Our taxes are unfortunately mostly spent on keeping the bloated pension liabilities afloat in certain states.
@@Misaka-gt5yj Yes exactly! We need to cut taxes across so there competition can begin to flourish. Obviously we should stop spending if we ever want to cut that deficit and the farse of should start of the pention system is a good place to start.
Our tax dollars go out of the country to buy oil and for world membership "fees". We already have our own oil & don't need to spend billions of tas dollars to buy it. And we already pay Biden or "officials" to meet up with world leaders and discuss business. That's their JOB! They have an expense account for food, lodging, travel, & security, and Biden has a paid military at his disposal! I'm sure other countries do the same for their "leaders" & President. So why are we paying "world membership fees" when it's their job to meet, talk & negociate? It's $450 million a year to the World Health organization alone! How many other millions for Paris Accord, NATO, & the other organizations a year, each? We need to quit paying for this stuff and keep our money home in OUR economy!
Actually 51% of our taxes pays for the Luxury and vacation trips for the rich such as the politicians, we are literally slaves and they're living off of us
You may not have noticed inflation in years past, But 8%+ inflation over the past year should've taught you that the cost of living increases every year (home prices, rent, groceries, plane tickets, home repairs, etc.) Only way to beat inflation is by investing your money
The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse is near.
@@lawerencemiller9720 Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
The main issue is you cant afford a 1 bedroom apartment in any major city in America if you make less than $60K. Even then you gotta have side hussles or a second job to have spending money
In capitalist regimes, the rich remain rich because a willing middle class submits to their ideals. The rich own the credit card companies that the poor borrow from. The rich own the banks that pay out fractions of a percent in yield while making enormous profits via capital markets activities. The rich are also friends and lobbyists of the lawmakers that determine the fate of the majority in this country. The American dream wasn't designed to make you rich; it's a narrative spun by a coterie comprised of the nation's elite. It's a strategic and intricate device crafted to keep you where you are. It's a donkey and carrot model built to serve the system. While you're too busy chasing financial freedom through hard work and dedication, the American dream is adding more weight to your saddlebags
Spot on. The media likes to say Americans are living paycheck to paycheck. Hell that's best case scenario. There are a whole lot of people working for less money each month than a one bedroom apartment costs. Paycheck to paycheck implies that wages cover expenses but you would need 60k to do that and like you said, even then would need a side hustle to have spending cash. Wild times!
One of two things needs to happen: Either wages need to increase dramatically, or cost of living expenses (mainly housing, transportation and food costs) need to decrease dramatically. Ideally, we get rid of single-family only zoning restrictions so we can actually build affordable housing, but I don't see that happening any time soon. Implementing a single-payer healthcare system would dramatically improve the life of most Americans, and completely eliminate the issue of gig and "unskilled" workers not having health benefits. But, I also don't see this happening in the near future. All I can realistically hope for is that inflation will calm down over the next couple years and the labor market will remain competitive thanks to remote work and the boomers retiring. I think workers being able to negotiate better pay will be our most powerful weapon going forward. That and unions. Unionize, people!!
For sure. At least Freddie mac has just announced though that beginning July 10 on-time rent payments will count towards qualifying for a mortgage for first time home buyers🤞🏼🤞🏼While that won’t help too much since of course the prices are crazy right now, hopefully it’ll still lead us in a better direction so that everyone can get to own one day.
@@justinlassiter7671 Is it good for the economy? Have you like, looked outside? I kind of doubt that knowledge, the more I work the less I feel I'm making. My generation may never know the American Dream.
this year will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned $180,000 savings to turn to dust
Me too. I thought about investing in the financial market, I heard that people make millions if you know the tricks of the trade, but I lack good knowledge and a strategy to outperform the market and generate good yields. I have $160,000 but it's hard to bite the bullet and do it.
I hope everyone has money ready to invest at the appropriate time. Planned actions can help you secure your financial future. You still have the best chance of becoming a millionaire on the stock market.
We must consider safer investments with promising returns in order to plan for the future. If you approach investing with a five-year perspective and simply DCA whenever you receive a check. Under the direction of my investment advisor, "Jennifer Aaron Marcontell", whose expertise in portfolio diversification is unsurpassed and client-focused, my portfolio has gained almost $643k since January 2022.
I saved 40k a year returning to my home and native land. Progressive taxes public Health Care and great public schools. Try it out USA. Best of luck. And fire McKinsey. ❣️🇨🇦.
I love the chart that shows wages have gone up since 1970, for the 1% and the .1% their wages have gone up 400% and middle class pay has gone up less than 30% in 50 years. Us middle class have gained 12 cents in hour pay over the last 50 years (considering inflation) so we just need to stop complaining and pull ourselves up by our bootstraps and work harder to make the super rich ever more super richer 😂😂🤣🤣👌👌
In all of my 30+ year work history, I've had only a few companies bother too give any wage increase. The only way I've regularly gotten an increase is changing title or company.
Last time I switched companies they lied about how much I would be paid then acted like I owed them something so I went back to the company I worked for before because they offered more than last time it's just a big game to them
The main goal for businesses is securing cheaper and cheaper labor. This drive has resulted in phenomenal profits. One example is the Auto industry closing U.S. plants and moving production to foreign countries.
Right and now the average worker can not afford to buy the vehicle. Its only a matter of time before China is able to import their vehicles to the US and as long as they are cheaper people will buy them just like people can’t afford not to shop at Walmart and the demand for overpriced American vehicles will die out further reducing the need for auto manufacturing employees along with AI and automation.
Also whilst giving them employment rights from the dark ages!! Any less than 25 days / 5 weeks paid holiday leave is slave labour! No paid sick pay, no free medical or prescriptions, for under 18s or over 65s, or if you are pregnant or unemployed! No available healthcare for everyone, it’s all tied to jobs!! Also no paid maternity leave, should be at least a year fully paid, and also no paid paternity leave! Don’t get me started on having to pay to have a baby, call an ambulance or even have to pay for prescriptions way above the cost of them! Then removing minimum wage for servers etc!! Making them live off tips?!? They should have a minimum wage accordingly to age!! That’s just the highlights!! Or lowpoints!
@@_Rockill_this American attitude is really very disconcerting. My family in New Zealand are business owners and they spend 0 time figuring out how to shortchange their workers. In the USA the bosses actually bring these ideas to meetings. Even when employees have kids.
@@tellucas Cheaper crap? So people should just eat dog food? We are seeing that more and more of "official" numbers are fake. All to push evil political narratives rather than to tell the truth.
@@klobiforpresident2254 CPI rents are not based on reality. Surveying boomers and asking them what they think rents should be is not a true measure of real rents. But that's how the CPI determines the rent number! Look it up if you don't believe me.
@@M123Xoxo The CPI measures OER *and also rents directly*. You seem to have forgotten this second part. Odd. As for OER, I do have my problems with it, but overall it's not too bad a measurement. Try reading "Reconciling User Costs and Rental Equivalence: Evidence from the U.S. Consumer Expenditure Survey", a bit older, but still worth a look.
Yah that dude is an idiot or some kind of industry plant.. CPI does not overestimate wage growth comparison. CPI doesn’t account for college / university costs either. CPE is inaccurate because a consumer could be ‘spending’ the same amount as they did 10yrs ago.. but get less than 1/4 of what they did back then.
@@bdasaw Ya but those girls just won the genetic lottery and benefit from their business models being mostly a one person show with minimal over head. Not really comparable to CEOs and shareholders who make their millions off the backs of American workers.
CEOs and managers get paid more because they have more responsibility and are directly held responsible for company performance. The bulk of their pay is in company shares not actual cash salary, which means they will actively lose a large part of their income if performance is poor. Further more, board of directors (who have large investments in the company) determine CEO pay so even they have a boss. If you ever wonder why you're not paid as much as a CEO it's the same reason as you are not paid as much as a doctor or engineer, skills/IQ/performance/education just to name a few factors.
A company that pays employees under 20$ an hour tells you everything about that company and I’m so glad they are getting exposed now more and more. The whole fight for 15 is irrelevant now. It needs be fight for 20 with everything going on. You simply can’t live a normal life under that wage no matter who you are.
@@neilwarren3322 they dont need to close shop , but they will downgrade to only family employees. Where it says in the law you must be business owner?! If you can't afford driving Mercedes, you don't complain. You downgrade to Fiat, Chevy, Ford cars you can afford. Someone else with the same or better skills will take a piece of market you abandon because you said you can't afford higher wages.
I work at Trader Joe’s and just got a raise so I’ll be making $17.80 after being there for a year. I also train new crew members and I’m a section leader, so I write orders for the store. They just made it so that we’ll earn $10/hr more on Sundays and holidays. I finally get to make a living wage one day per week! 🎉 that is, unless it becomes competitive and I’m no longer scheduled on Sundays or holidays. Everyone thinks TJ’s is awesome and it IS better than most grocery stores, but we don’t get paid enough. I live and work in a major city and my rent is $1,300 for the smallest, oldest, grossest studio apartment. That’s 3/4 of my wage. I think it’ll take customers complaining alongside workers for them to finally raise wages for everyone. Also, I don’t get paid extra for training or writing orders and I’m pretty sure I make at least $1/hr LESS than the new people I’m training. Maybe the only thing that will work is unionizing
I worked at a call center and when I applied it said "are you or have you ever been in a work union" im guessing if i put yes they would of not hired me... People need to start going on strike.. People these days are scared to make a union... You got to fight for your right... To.. Get paidddd rightt
Suggesting that wage stagnation is a myth is patently false. Core commodities like education, medical, and housing have risen substantially faster than any other goods / service. You cant compare wages to cost of groceries, say wage stagnation is false, and then expect to be taken seriously.
@Ben Dover In a highly complicated economy one of the best ways to get ahead if you are on the lower end of economic ladder is to seek higher education, which suggests that education is something workers need as a resource and an investment, so that they can improve their communities over time.
@@sigurdhermann781 Sure, but it's still not a commodity. Commodities are raw materials and/or physical things of value. If you get a degree you can't sell or consume it...
MY WAGES REMAINED STAGNANT MY WHOLE WORKING LIFE OR THE LAST 40 YEARS AND BARELY ROSE 5%. MY MEDICAL DISAPPEARED. CEO PAY WENT UP OVER 300%. IT TAKES SOME LOW WAGE WORKERS LIKE DISNEYLAND, STARBUCKS AND WAMART EMPLOYEES TO WORK 6 MONTHS TO MAKE WHAT THEIR CEO MAKES IN ONE HOUR!
In Colorado at the very beginning of 2020 i was fine with a $12-13 an hour wage bc i was in college. Yet here, nearly 3 years later, i don't think i can live on my own with a $18+ an hour wage. It changed way too fast
Same here. I live a good 40 mintues from Atlanta, been back since mid-late of 2019 for Starbucks. Had to pay back student loans and covid made it worst. I get paid $15 and I'm not sure when I will ever move out most days.
@@bigpicturethinking5620 did you miss that this was happening for some time now and inflation began under trumps administration. Biden has to play damage control for the issues caused by the previous administration and he is completely incompetent to do so.
@@mariahsmom9457 if data is normally distributed means are a good summary statistic, but income is notoriously skewed to the right so yes, in the case of income, means are meaningless.
They did say managerial positions were excluded, but it did still look high. Maybe they assumed 40 hour workweeks to get that number. I've seen that trick played, every commission-based job will lie to you!
Lemme say something your d-riding likers wont.... will this change DRAMATICALLY the conclusions... i dont disagree with your stmt, but please #stay-focused. I will say ... i am partial to the "head in oven, toes in the freezer, on avg "ok" critique
I think something that's being forgotten here is the rise in cost of living, and the increase in things people are required to have for pay since the 70s and 80s. Without unions, many jobs don't offer insurance anymore, so you need to rely on federal or private insurance, and private insurance is extremely expensive for very basic coverage. Having a cell phone and internet is now also required, you need both to apply for and hold certain jobs, and especially if you have a monopoly in your area for an internet provider, it's also extremely expensive. Grocery costs, the cost of homes and vehicles, needing to provide your own work uniform and equipment, it all costs so much more compared to the pay. The fact that credit scores now exist and keep people from buying homes and getting loans, the fact that the rules behind them are not transparent, and they can go up or down seemingly at random, and take ages to grow or recover if something happens to cause them to go down. Meanwhile, company CEOs are actively taking the money away from their workers by paying themselves hundreds, or sometimes literal thousands, of percents more than the majority of workers who afford them such incredible profits. It is obscene. And those ultra rich people do not spend their money. They hoard it and accumulate more, while doing nothing to return it to the economy.
The reason private insurance is expensive is the insurance system encouraged medical industry to increase prices abnormally over many years. It was supposed to help people pay their bills by taking money from people who get sick less often and paying for those who get sick more often. But the net result is hospitals started looting so much that all now have to suffer. You will have to look at the history of hospital room rates since the insurance system started to understand this phenomenon. A few years ago, India had no insurance system and poor people indeed suffered so the Indian government ignoring the American phenomenon, started insurance schemes and the medical fees started rocketing up like there will be no tomorrow. The poor people who could not pay medical bills will soon be unable to pay even the insurance premiums if they are already not in that situation. Free lunch always gets more expensive than paid lunch in the long run.
Wtf CNBC, are you seriously acting like the Cato Institute is somewhat of an objective source on this issue? That would be like interviewing the Ku Klux Klan on civil rights. You really have lost all journalistic integrity.
wrong. Non union allows each worker to take jobs that will better themselves. If you are a welder and in a union and you leave one job for another (say you are in Chicago) and you stay in Chicago you most likely will be covered in the same union so switching jobs is pointless. Now if you are a non union welder and a competitor offers you more money... You go... cant do that if you are union
Letting American companies move production offshore to avoid paying proper wages is the problem often being given taxpayer money to do it.The Employers have scwred the average American out of a fair wage.
@@elir.torres8642 shut up and go to work. It's life deal with it. Get a better education. If you're not gonna do it there is someone overseas that it going to. You're just making the economy worse and running away from the problem.
It's so terrible. Not enough pay yet rates are rising, inflation is peaking. Pretty much everything is going south. Just coming from a post where they said stocks are also getting hit. There's no single good news on the net. So it begs the question, how and where are intending investors now supposed to put their money. Is there no safe bet for newbies any longer?
Has to still be Stocks, most drops are temporary. Made my first million through it earlier this year at the peak of the inflation and all as a "newbie" (with the help of a pro though) I can comfortably retire now if I wanted to.
@@hildredscali1754 Funny enough, I can honestly relate. It's not as easy as it may sound and requires some sacrifices but it is definitely rewarding. I don't know if I am permitted to drop it here, but her name is "Leah Sandock Marie". Was in the news a lot in 2018. You can check her out online for more.
"Americans are working harder than ever, but stagnant wages aren't keeping up. Investing in the financial market can be a game-changer! Diversify your income streams, generate passive wealth, and break free from the cycle of underpayment. Take control of your financial future and build a brighter tomorrow - invest today!"
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or bitcoin and stocks..
@@rougeur Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances...
I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the CFP that assisted you and how to get in touch….
In summary, this is a direct fault of the government and their policies which do not protect workers.. Worse is, they pretend like they don't know this. I for one has been hit very hard and at this point, I am more interested in a solution because I don't think an end is near. What is the way forward for the less fortunate ones like me? How do we survive this phase? I am slowly losing my mind.
Easy: Vote wisely, Spend only on necessities, Pay attention to your health, Try to spread your assets (locally and internationally) but of course be well informed about where you want to put your money. Made my first million this way earlier this year (got help though). Can comfortably wait out this "phase".
@@dr.karidouglas1312 Funny enough, I can honestly relate. It's not as easy as it may sound and requires some level of discipline. I don't know if I am permitted to drop it here, but her name is "Leah Sandock Marie". Was in the news a lot in 2018. You can check her out online for more.
@@marguritetheodore2194 wow I know this little lady. Once attended a fundraiser she was also in attendance in Ohio,, Great speaker with a funny accent,, She's American though, I doubt she works with outsiders,,,
My grandfather came from Cuba in the 50s. A Vietnam veteran and 25 years of service in the army. He was telling me how America has changed during these last 50 years. It's nothing compared to when he got here.
same thing i personaly can say about Canada on the last 30 years. last 5 years have show us how we (Canada) has moved towards more gov control.it dosent look good.
fantastic video Everybody wants to be financially independent and live a better life. With savvy investing, an inexpensive lifestyle, and diligent budgeting, this is not difficult to do. I'm glad I realised early on that achieving financial freedom requires hard work.
My belief is that making a wise investment is a fantastic way to save money for the future as well as a way to generate passive income. Those who make poor mistakes early in life regret them later in life. But, if done alone, investing may be challenging and risky. For this reason, I suggest consulting experts for advice (financial advisors). The difficulty lies in effectively employing it, not just watching videos and reading investing books.
Sincerely, I'm genuinely moved by what you said. I have a seizable amount of money that I am willing to invest if given the appropriate knowledge and I am highly interested in investing. My greatest concern is losing money on a bad investment. I'm open to hearing your advice on how to make sensible investments as a result.
@James Vigor As an OAP with extensive experience, I firmly think that having the appropriate information is essential to the success of any investment. Regardless of what others may say, do whatever you set your mind to. Warren Buffer frequently advises, "Be fearful when others are greedy, and greedy when others are fearful." The secret to succeeding even while others fail is undoubtedly this. Working with financial advisor Julie Anne Hoover, I earned $100,000. So far, working with her has been a promising experience.
I find it absurd when they use the words "low skill job". The job is in demand but no one wants to pay a living wage to do it... That literally flies in the face of "free market" capitalism. Forever and a day they always just say "Oh well no one wants to work anymore!" No, no one wants to work for sh!t pay and get treated like their job is unimportant. It takes a lot of skill and mental fortitude to deal with Chad, Karen and their crotch goblins when you're trying to serve them food. I also like how they change the metric for measuring wages so it makes the 100-300% increase to the top tiers look less like an issue.
This. I clash with my dad from time to time about this. "It's not a career." He says, but some people might only have the skills at the moment to do such job and is unable to get some new skills because of expense...which technically would make it a "career". Also plenty of these "low skill jobs" are the lifeblood for nation. Inexcusable that those jobs mostly don't compensate enough (truck drivers, teachers.)
@@johncena-hq1ti There are 17 year olds that can engineer, write code and calculate physics equations better than 50 year olds... does that mean the 17 year old should get an engineering, coding or physics job over the 50 year old? There are literally laws that prevent discrimination against people over the age of 35. So if you're under 35 just screw yourself? There are also 16 year olds that are millionaires because they have done NOTHING to actually work and used inheritance to make their money by investing it. You have this ideal that only high schoolers should work and run fast food places or something? Our society is not as you portray it to be. People like you used to probably believe crops should only be harvested by certain skin tones too I bet.
@Aviator Duck Did I specify flipping burgers? How about picking up trash? Or taking care of young children? Caring for the elderly? Stocking grocery shelves or serving ungrateful people? Moping vomit and cleaning toilets? There are thousands of jobs that would be considered "low skill" that if not done our society would come to a screeching halt. You just never though about it because you take it for granted. Even now companies complain "Oh no one wants to work!" No they don't want to work for low pay, low career prospects and crap benefits. Free market capitalism is biting it's own tail with this generation.
What PCE does is it excludes some of people's largest expenses, such as housing, food, and energy. If you use the PCE you have to consider the proportion of people's income that is available for personal expense. PCE is a way to use statistics to paint a rosier picture than what people are actually experiencing.
@@Misaka-gt5yj 🤦♂️ As a total yes,but not per average individual.Average households spend 40% of household income on those things while less than 10% on taxes.This is what pro rich propaganda like Cato does,make a progressive tax burden seem like it’s equally imposed lol.
Both PCE and CPI have valid uses. PCE just focuses on prices that can change quickly in response to demand while CPI focuses on big ticket items that require long term solutions (The big three Housing, Healthcare, and Education).
This is why we need stronger unions. Sadly, companies do everything they can to bust them, and it works, since plenty of workers are convinced that unions are a bad idea. But think of it logically: if it costs the company _less_ to deal with a union, why would they go all out in spending so much money to keep unions away?
While not perfect, Unions prevent employers from taking advantage of workers. Employers hate unions so much that they used to hire gangs of thugs as well as the POLICE to to shoot union members and organizers. Historical facts easily found online.
Unfortunately, like many things it's not consistent across the board. At my place of employment, the union coming in has led to smaller raises than we were previously getting. We operate in mostly the same manner we always have except now we pay to be represented. It's not necessarily a good thing everywhere for everybody involved.
Be good at what you do, companies are greedy and unless you know your worth don't settle ,I've never received a raise because my skills were acknowledged and rewarded only when I threatened to move on to somewhere else did I get bumped up and compensated (hard work usually only gets you more hard work ) I've been in the trades 40 yrs and this is how it works unfortunately.
It's the same in private security, contract places; 🚔. I earn a decent wage, $20.00-hr armed BUT I only work approximately 12hr per week, paid bi weekly. I'm 51 & have done various security sites since the 1990s. Security firms want profits & often refuse to offer merit increases, pay scales, raises. $$$. Some employers; 5-10% will give bonus $ out. 🎄🎁💰 ... If you want serious money you need to be a PI or start a security firm. Get personal clients.
Right. In the last 40 years ceo pay has gone up 1070% yet the workers pay has gone up 11%. These companies are making record profits why should only ceo benefit from the record high profits? Yeah trickle down economic is working just fine 🙃
It's not about productivity alone, it is about having specialised skill sets that are more desireable, harder to obtain and automate. Examples include any type of actual engineering, medical professionals etc. The skill floor for workers has risen as automation takes over menial tasks, if your only skill sets are in being productive doing menial things then i have bad news for you because a robot will be 1000% more productive at that.
I work for a small company. Every time the subject of wages comes up, I hear several things: "We can't afford to pay what we're paying now"; "We're too small so, legally in Iowa, we don't have to offer benefits, paid days off, etc.,"; "If you quit, remember you signed a non competition agreement so you can't go to work for a competitor (who all pay better and offer benefits)". In six years the only vacation days I've had were unpaid and because the company truck I drive was down for repairs.
@@andreac6024 Probably, and yet there are some perks. I set my own schedule, the wife and I were homeless in the spring of 17' and they let us park our old RV at work, plugged in as often as we needed. This allowed us to save for a house, which we bought in late 18'. I'm old and I suffer from a warped sense of loyalty I guess.
One thing people don’t get is that to a shareholder paying workers more is equivalent to throwing money away to them. They will never choose to do that no mater what I or anyone else say and companies do not respect loyalty. This is why unions are important as messy as they are because if you don’t fight for yourself, wages and amenities you’ll never get them even if your boss promises. They will even tolerate huge labor shortages that are directly caused by low wages because of this mindset even if raising wages increases worker retention. I work in the business consulting industry and I find that clients will not refer to to other potential clients if you even hint that maybe their poor worker retention is due to the fact that wages for the lower paid employees increase 3% in a year with 9% inflation. Its crazy how many corporations have manipulated the work force into believing that they somehow care about anything but profit. Trust me when a cooperation gives you perks is because they realized they can get more money if they actually try to retain workers. Unions fight for things business owners will never support as it cuts into their profit margin. I might be working with higher managers but I secretly support unions.
Thank good ol’ boy Ronnie Reagan for the decline in wages. He’s the one who started making it easier for jobs to be offshored and fired the air traffic control workers unions. When blue collar work was offshored so we’re unions and wages.
It was Bill & Hillary Clinton who created & pushed NAFTA, which sent employers overseas for cheap labor and materials to make cheap products that get shipped here, and sold for big bucks from China & Taiwan & Korea.
@@christybultsma6558 The origins of NAFTA started way back in the very early 1980s. He fired the air traffic controllers and made it quite easy for then union jobs to be exported. That pushed the US into a service based economy driving down wages. When adjusted for inflation we make just as much, if not less, than people in the 1970s. Clinton signed NAFTA under a very republican controlled house and senate. Look up how many of them voted no on the NAFTA bill. Bush Sr. signed a draft of NAFTA into law before Clinton. Clinton definitely sold the US out to the red Chinese in exchange for campaign contributions. BUT, Reagan was 💯 one of, if not the biggest crooks in US history.
not really--their surplus value of labor is just not that much--someone who assembles a mchicken burger at mcdonalds for $1--aint creating much of a profit margin to be paid a high wage
I was offered a job at Auto Zone back in May delivering auto parts with a company van. Their starting wage for me was $12.50 per hour. Highly unacceptable with their main hub in my area being in Toledo Ohio with deliveries as far as 2 hours from Toledo. I declined the offer because of how low the wage.
Rent, food, gas, cars, almost everything goes up in price, except for wages. Wages don’t grow as fast as cost of living. Heck, cost of living raises aren’t even a thing anymore. And even if it were, that’s only a 2-4% increase while rent is going up by 6%. You don’t need to be too smart to see the math. All the fancy charts in the world and try to over explain whatever it wants, but all you have to do is look around.
Rents in Phoenix have gone up 30% a year for past three years straight (almost doubling in under 40 months time) and I can tell you average wage is not 54K a year here. You now need 90K to qualify for one bedrooms here
@@JenX422 landlords are extremely greedy. they know people need housing, so they just mark it up, knowing full well that if someone has to move out due to higher cost, someone else will always move in. I think phoenix has a lot of California refugees.
"Adjusted for inflation" doesn't mean anything, when inflation itself is BS. Spending power went down at least 3x the rate of inflation. For example, a new car should average $26k according to inflation from 1970. It's $42k now.
If you buy the kind of car you could get back in 1970. You know. One with no electronics, no power steering. Crap suspension. Crap acceleration and top speeds. Cheap trim. Manual windows. No AC. No touchscreens, no media players, no GPS. etc. etc. It is actually far less than $26k. What people don't seem to understand is that wages have remained "flat", but quality of life has improved MASSIVELY. Now everyone has smart phones, the internet, better cars. No more lead in petrol and water pipes! Food is actually much cheaper now, and was a larger portion of people's spending back then. The idea that quality of life has not improved is utter hogwash. People just want more, because more is available to buy. I'd say the only real exception to this is housing. Which is its own beast. The long and short of it. Is that people live FAR better now than back then. Even though wages are "flat". Are you telling me that you would rather live then, than now?
What new car are you talking about? You can buy a new car today for $20K that has multiple safety features that didn't even exist in 1970, airbags, ABS. There are also technological improvements such as Bluetooth backup cameras. The car you want may not cost 26K, but there are cars in that price point.
@@christianfahey3661 Yes, and if you buy a horse and buggy it would probably also cost you $26k. But that doesn't take into account the massive advances in manufacturing and materials and tech that makes it all far less expensive to make. Your argument is nulled simply by the fact that the corporations selling these modern goods are profiting at far higher margins than they were 50 years ago. It's not even legal to sell a car with the lack of features like in the 1970s. So while quality has gone up across the board, the "average" quality is less attainable by more people. And at the end of the day, cars aren't even a great example. All commodities, like food, water, utilities, and housing, are the same. Obviously we're used to the modern conveniences. But something tells me if we grew up without them, being able to afford a home was a better life than being constantly connected to random people complaining on social media and touch screens for literally everything.
That's like the definition of capitalism. There's no limits. Maximize profits for the shareholders, no matter what it costs others. Like wage slavery, discrimination, war, poverty, climate change
The other day I was talking about this topic with my Grandpa, and I asked him how much he made right out of college back when he gratuated in the 70's. His first job was with a company called Nielsen and he made the same I do, right now, 50 years later, in the same position. He graduated from college debt free because he was able to work a part-time position during school and over the summer which was enough to completely cover all of his living expenses including tuition. Fortunately he was able to pay for me to get through to college as well, but he also recognizes just how bad things have gotten and was glad to help. Most of my friends have some form of student loan debt which acts as an additional tax on wages after college, which doesn't even get mentioned in this video as a feature that might cause wages to be depressed artificially. Why??? So many articles and economists out there attribute a lot of problems to this. I don't know, CNBC and the Koch-funded CATO institute man. I feel like if over the course of 50 years entry-level roles for people right out of college have had their salaries stay virtually the same then It's very hard for me, and many other people I know, to buy the whole "well actually wages have increased" argument when it feels like nobody I know except for the handful of friends who work in the tech industry have ever really been able to see the benefits of this. I think that growth has been so high in concentrated sectors like tech and medicine that these outliers are so extreme they're forcing the net average up for everyone else, something many of these kinds of arguments presented here tend to ignore. You also ignore how take-home pay over the years has decreased in general because of things like health insurance premiums which were a negligible expense 50 years ago, cost of living increases like rents, which have skyrocketed in most parts of the country. A lack of pensions which have all but disappeared except in a handful of industries... there are a lot more people dipping their hands into the same pool of money that is the average person's take home pay than there were 50 years ago. I just want to earn a decent living and feel like I can have the same things my parents and grandparents did when they were my age, a house, a nice life, vacations, savings, and a stable job. It's so hard to get any of that anymore.
@@karlabritfeld7104 Back in the 70's you had to put 20% down to get a mortgage. It took me three or four years to reach that for the house we bought. Interest rates were also 7.5% then.
Paying the rent is my biggest worry. Where can ya borrow $2000 bucks when ya need it, and how in the hell would you pay it back? Who has $2000 dollars of crap to sell or pawn? And it takes too long, &it's too hard to get another job or a 2nd job that might not work around your first job! When ya live paycheck to paycheck, who has money to save? I can't even buy a coke from a fast food restaurant when I'm out! And if I forget to take my lunch to work, I go hungry for the remainder of my shift! I've got to find a way to make more money, or I'm gonna have to get rid of my cat I've had for 7 years! I almost can't afford food for it, and I already collect cans & bottles for recycle when I'm not at work! I'm not looking forward to this, as I've already ready tried twice to work two jobs. I get confused and I'm uckfing tired all the time & never get a day off & get in trouble at work! How am I gonna afford the gas to get to two jobs?!!! Mutha-friggin Biden is killing me! Dang we need Trump in office now! He'll know what to do for us, and drill for friggin oil, and bring down this damn inflation! Trump was laser-focused on a great economy and now I know why!!!
Wage increases will not result in price increases if corporations absorb the costs. As a result, all this income inequality is due to corporations not wanting to sacrifice the way workers have sacrificed for them. A one-sided relationship is bound to dissolve. Greed is not good, because it would be bad if your organs got greedy for blood and did not want to share it with other organs and began to blame those other organs for not getting enough blood when it is something out of their control.
Health insurance should never be tied to one's employment. That is a form of physical slavery that makes a person afraid to quit a bad job because they need to keep their health care.
Wages are kept low by restricting and controlling the major part of the labor market to a limited number of employers who don't compete but cooperate as one community to keep labor cost low. This is made more so in the age of robber barons who with the major banks control most of the credit/money supply in an economy
this is simply false--as retail workers now are earning around 16-18 bucks per hour--walmart was the first to bring their minimum wage up to $10 an hour in 2013--arguably leading to other corporations thereby raising theirs to 10 from the 7.25 that exists in many states - this isn't a zero sum game here
Independantly, depending on the market and the region, you’re right but it’s actually a much bigger issue. People don’t realize how much of an impact keeping the minimum wage where it is has on the rate structures of every other blue collar job. If the minimum wage had been allowed to rise at the same rate as inflation over the years, minimum wage would currently be 27 bucks an hour. Plumbers would be making 100/hr, Etc. To be sure, if we had allowed it to rise at the same rate as productivity alone it would be over 35/hr!
@@RealChrisHatch lets not forget that they volunteered 10 to keep from being ordered to 15 - never mind what it should be as everyone important is in on the game.
Hmmm...I'd question the formality of "restricting and controlling" as a planned, malevolent strategy. However, we sure have gutted the skilled trades pathways in this country with "everyone needs to go to college" mindset. We don't have a lot of good industrial ed programs at the high school level anymore. And boys, in particular, benefit greatly from those programs. This country is short over a quarter million welders for instance - and those are high paying jobs. I just struggle with the notion that we have a few DC comics villains making all these calls. What I think we have is really short-sighted public policy and tragically ineffective 2ndary education. Skills are the key to wage growth (and the key to limiting poverty too).
All of them do, otherwise the board of directors who determine their pay (and have large stakes in the company) will fire them by end of quarter. You probably have a limited understanding of business to make such a point, when people complain about "companies recording billions more in profits each year as worker pay remains stagnant" did anyone stop to think that the billions made by the companies are a result of CEO choices?
@@yt_nh9347 It depends on the executives, since there exist board of directors like twitter where they have next to non shares in the company with high salaries that they treat as part time jobs. On the other hand Elon Musk exist.
Awe now now. We must pay our CEOs 350 million a year because they are worth every penny! Get back to work and stop your whining. As Rand Paul said, "Your work is your reward!" Our asses should be paying our CEOs to work for them!
There are so many factors that come into play to fix the wage issues in the US. Here are some potential suggestions: 1.) The US is missing strong labor laws that are found in other countries. The US needs labor laws that mandate 2 to 3 weeks paid annual vacation, plus paid holidays, plus paid sick days. We need mandatory paid 3 months maternity leave for all full-time workers who are becoming mothers. 2.) New laws need to be passed that employment is no longer at will in all states. 3.) Unemployment compensation needs to be restructured so employees who loose their job are covered for at least 6 months of unemployment in all states. 4.) The US is missing a good education system that is mostly free or very low cost. It does not make sense anymore to get a college degree for a lot of jobs. The cost of getting the education is too high. The compensation is many fields is not high enough to warrant getting a college degree. It’s also no longer sustainable for people to not have an education. With no education and formally trained skill set one has no power in the job market. It becomes very difficult to negotiate a good wage. The US would really benefit from expanding trade schools and apprenticeships. These schools need to be free or cost very little. Countries like Germany, Austria and Switzerland offer apprenticeships. After graduating high school, a young person does an apprenticeship to become a mechanic, a plumber, a hairdresser, a medical assistant, an accountant, a nurse, a technician etc. An apprenticeship takes 3 to 4 years to complete. Once the apprenticeship ends, the apprentice is now a fully skilled worker. The apprentice incurred no debt for their education and can negotiate a fair wage. 5.) A cultural shift towards people being free of consumer debt would greatly help. If a person has no money and lives paycheck to paycheck it’s hard to resign from a bad paying job. A person who has created a financial safety net for themselves has much more leverage to leave a bad paying job.
I love how people compare us to other countries lmao. Look at them, look! They have more problems than us. The European union is garbage, UK struggling, China in debt up to thier eyeballs. The smaller countries have less people and high taxes, extremely high. You're just repeating the liberal agenda you've heard, but don't understand.
i don’t know what generation you are but millennials and zoomers need to get their head out their ass and grow up by voting and demanding these things. Unfortunately corporations in order to avoid this changes rather distract us with social issues rather than the elephant in the room which is us being shafted.
People need to stop voting republican. As bad as democrats are you might get some help from them. Republicans cry small government. But they shrink the part that keeps big companies in check but put more laws on the little guy.
Jobs will pay your bills business will make you rich but investment makes and you keep you wealthy the future is inevitable, I pray everyone here becomes successful
I'm 19 and I'm almost a millionaire. 800k I took out of the stock market, and 80k left in puts. I devoted my life too business, and with this economy I'm lucky I pulled out before everything really started too collapse at around summer time when the real estate market and the stock market plummeted. Nowadays, it's bailout season again and the banks and the people are desperately looking for money again like 2008.
If youre going to give a platform to someone from the CATO institute as if they were some sort of economist you should probably at least put their donors and stated intent in a disclaimer whenever they are on the screen.
…and cite your sources directly. I would love to throw stats around without pinpointing the publication. An extra 100k workers in my city will reduce wages for all of us by 10 cents? And disclose their interests, as required by most faculties and professional assocations these days.
The journalism from CNBC is garbage. it's more propaganda than investigation... The cost of housing and the inveestment in real estate by corporations is not even mentioned... CNBC = Manipulative Reporting
Yeah you can tell the CATO institute suckup has a slanted narrative and buys into it lock, stock, and barrel. I wonder how often he rehearses his lines?
Yesterday I was sitting reading a household guide from 1921. At the front of the guide they had discussing budgeting and the common Urban family income was $200. Adjusting for inflation over the century since then, that is just under $3,500 per month. I'm in a moderately High wage state, where our minimum wage is $12.25 an hour. I work 30 hours a week. Even with that my take-home pay per month adds up only to $1,300. Part-time workers make even less. Sooner or later we're going to have to declare our present economy unsustainable. Because that $3,500 is fairly close to what the normal Urban family needs to survive. And we're not getting there.
two parents should both be working in a familial situation--two full time unskilled workers should be able to take home 4000 a month at 15 bucks an hour which is about what Mcdonalds pays these days
@@jon7052 he is right. work his numbers backwards. $4k a month is $48k a year. divide by 2 adults and thats $24k. Divide by 52 weeks and that is $462 a week. That is $11.54 an hour.
When will Americans stop standing around asking their employers to raise wages instead of actually striking and joining unions to MAKE them pay you right.
@@truantzyid7816 That's because there isn't enough union, if there was enough union then it would over throw the system. EXAMPLE: Black lives matter, enough people protested so the outcome had to come the people's way
Honestly, I am exhausted now. All this economy stuff drained the life and energy out of my living soul. I have no energy to go earn more money. I don’t have the brain power or capacity to even go back to school just for the debt to earn more money? REALLY?? GTFOH. which will still put me back in the hole. I don’t have the energy for any of this anymore. I am tired now. American dream = American nightmare for me😢Maybe I’m being ungrateful? IDK.
I just want to point out that "people in the middle income" bracket are making between 46k-130k annually. I think maybe looking at people under that bracket, who make up the bulk of "essential workers" (nurses, teachers, retail workers) might be more important. What's that old saying? You should judge a society by how they treat the least of them? Allowing the gig economy to offer health insurance wouldn't help workers. Almost all those apps only hire workers as contact workers, not actual employees. So they aren't required to offer the same level of protection or benefits as they are to actual employees.
@@eligoldman9200 Contract work has become multiple corporations leveraging their demands onto one employee while simultaneously not providing any of the benefits or future growth typically earned by the entities issuing the contracts. Stagnation until term has completed, inflation doesn't matter because the agreement is only for 3 months to 1 year tops.
There are still people working at way under $20 an hour for work hard, physical work. A person who clean offices twelve hours a day six days a week should be an example of someone who should earn more and have earlier pension age.
I'm relieved to hear that wages are better than ever and we're all pretty well off. I was afraid that the rent hikes and soaring grocery costs were real. Now that I know this is all a dream, I'm gonna go jump off my roof to wake myself up. See ya, dream peeps!
@@olympic-ass-eater You can start by taking some classes at city college, and maybe some internship. However, you're a tech guy and trying to do AR is a several step down and major pay cut.
I think this is a pretty good way to essentially say that corporate greed is why wages are stagnant. Productivity/profits skyrocketed with tech and companies realized they didn’t have to pay more. Then they realized there were stragies to keep you at the low pay. I think the younger generation is def realizing this and the pandemic just helped.
corporations say they can't afford to pay more or to give benefits like healthcare, retirement, paid holidays, paid sick leave, paid vacation, they need to make 2x the profits they made last year even if that was literally $2 billion.
Not really. Business owners are not much differ than us. They have to have source of income too to cover all these costs. You can definitely tell is it really because of the economy or because of your ahole boss.
economic fundamentals, higher wages are never the answer. There are countless examples throughout history. People complaining about wages should look at the bigger economic and geopolitical picture.
@@TC-kn9kk ok those people complaining about their wages should look at the bigger economic and geopolitical picture, and after they have looked at those two things, how does that help their situation?
@@RossMalagarie There are people in other countries that walk miles for an education or for a job or even a decent meal. And they are grateful and happy about it. Americans complain because they can't get through the fast food drive through quick enough for their happy american dream meal. I've work two jobs, spent less, never complained about it...
The fact that we have a "gig economy" & people have to work 3 jobs just to rent with roommates...says it all.
There are definitely places you can go where you don’t have to work 3 jobs to rent with roommates. I live near one of the most affordable cities in the U.S., and it also recently reached a top 20 city by population. I’m pretty sure people are able to survive on 1 job here, even though our minimum wage is still around $7.25.
Just don’t go somewhere like NYC or California, find somewhere that’s reasonable to live. Big cities will naturally become more expensive to live in over time, as the big jobs bring high-income earners, and gradually push out low and middle class citizens further outside of downtown areas.
@@reuben8328 u know in some countries it is almost unheard of to work 2 jobs
#stolenMoney
Technically that’s not “unemployed” and that might not be even underemployed. But the desire to leave that situation is high
Because it immediately affects their level of living, people are impacted by inflation far more swiftly than they are by a stock or real estate market disaster. It is hardly surprising that market sentiment is as gloomy as it is right now. We are in desperate need of your help if we are to survive in this economy.
I feel like I could really need more assistance because navigating the market is so frightening to me. I've already sold off the majority of my assets, so I could use some guidance on where to put my money.
If you lack market knowledge, your best bet is to seek advice or support from a consultant or investing coach. Contacting a consultant may sound simple, but it's how I've managed to stay afloat in the market and increase my portfolio to roughly 65% since January. It is, in my opinion, the best way to get started in the industry right now.
Well just like i have been told they could just find a new higher paying job because that the answer to everything.
Bc our parents & theirs didnt plan/fight well. They installed spy tech cages after that and then let the schools abuse their children etc.
They were too busy working 55 to 65 hours.
Instead of taking a step back; rebelling. Etc..
Now corporations run us like slaves or else.
In capitalist regimes, the rich remain rich because a willing middle class submits to their ideals. The rich own the credit card companies that the poor borrow from. The rich own the banks that pay out fractions of a percent in yield while making enormous profits via capital markets activities. The rich are also friends and lobbyists of the lawmakers that determine the fate of the majority in this country. The American dream wasn't designed to make you rich; it's a narrative spun by a coterie comprised of the nation's elite. It's a strategic and intricate device crafted to keep you where you are. It's a donkey and carrot model built to serve the system. While you're too busy chasing financial freedom through hard work and dedication, the American dream is adding more weight to your saddlebags
The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?
I would avoid index funds, mutual funds, and specific stocks for the time being. Right now, the best option is a fixed income of five percent. Put money aside for the times when the market really starts to bounce back.
45% of Americans do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… Going from $50k to $600k in my portfolio is surreal all thanks to insights from my financial advisor.
Your adviser must be really good, I hope it's okay to inquire if you're still collaborating with the same adviser and how I can get in touch with them?
She goes by ‘’Aileen Gertrude Tippy’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
Any inflation indicator that ignores the fact in the 60s/70s that a middle class worker could support a family on one income owning a house in decent neighborhood vs. today where two middle class workers stretch to make ends meet and a house is a distant dream that says things are holding or improving is not based on reality.
the reason why 1 job can support a family in the 80's and save their money is because there's no extra expenses at that time not like today.
@@johnWick-lu3ev If people are struggling to make ends meet, they do not have extra expenses. And no, people in the 80s had quite a bunch of extra expenses as well.
@@SolomonSunder extra expenses like internet bills and gadget like phones.
@@johnWick-lu3ev Neither of which do anything to help out with the skyrocketing cost of essential things like housing, healthcare, and higher education, which you DO have to pay for. Your claim totally misses the point.
@@johnWick-lu3ev cable and a landline would like a word.
Imagine being broke and these experts say “well you’re not really broke…”
😂😂😂
You have access to credit! Indentured servant...
@@VenturiLife true but credit means nothing if you don’t have enough money to use it right. Using it w/o funds would only hurt yourself even more
To them is all in our heads 😂😂😂
Nailed it!!
My wife just got a 2% raise..when inflation is 9%. Their company productivity went up by 15% this year. She lol'ed with a 2 weeks notice. :)
Yeah. The real inflation is between 15-20%.
Think about what the increase in housing means for us. . .
Notice this BS propaganda piece tried it's hardest not to mention housing?
I did.
What is her job?
Good for her! F#ck them greedy b#stards
@@user-bh2vo5rg3v shut up spam bot
There was a time in this country where a family of 4 that had a mom, dad and two kids. Dad was a vacuum cleaner salesman, worked Monday-Friday. Mom stayed home and took care of the kids. Dads pay was enough to support the whole family, had some money spend and a little more to put away and save. Dad stayed with the vacuum cleaner company for 30 years and then retired. What the hell happened? Why can’t it still be like that?
Because it's like this say that you were a vacuum cleaner salesman with a wife and two kids and your pay went up then let's say instead of owning a house you rented an apartment like most folks today and it went from 1,200 to 2,200 because legally an apartment landlord can raise rent every 30 days or 30 day notice and if you don't pay you have to leave because your lease ends and now you're homeless or have to live with Mom and Dad because your pay only went up $100 not a thousand so now you can't afford rent because you were earning a thousand something a month not even close to 2K. And the only reason you're rent went up is because the landlord was greedy and saw on news that poor people like you had a pay increase.
Because of corporate greed. Because they decided shareholders and CEO were more deserving of money. Because politicians have fought against policies that benefit the working class. Because when they say "competitive pay", they mean your salary will be competing with your bills/expenses (and losing). There's so many reasons and we'll never get back to those days.
Workers need mandatory paid vacations a living wage and work less hours
Corporate greed. My dad said in the 80s the assemblers at his job where retiring as millionaires then the corporations changed that real quick
Corporate greed reigns Supreme in America.
I think it was really glossed over how the workload for workers increased far more than their wages. It puts a major toll on our health over many years
Saying production increased does not mean that workers have just had to do more, the main reason why production has increased is due to advancements in technology making jobs easier to do
I know these people are lying through their teeth. Productivity has increased by 70%, that scott person is full of hot air.
Exactly what I was thinking!! 😡
American’s are not paid enough because cost of living outpace’s income. Secondly, the American labor force is competing against low wage jobs in other Countries.
Really? I heard that, due to innovations in technology, people work less hours compared to a long time ago. This was found when I was researching the benefits of automation and how it’s not bad for jobs to be taken over by robots. Maybe that was a lie :/
I live in a town where a family owned company started a factory back in the 70's, now they own the bowling alley, residential housing, golf course, local farm suppliers, warehouses and the list goes on. When other factories closed in town the wages for everyone fell. I worked for them for awhile and was only making $9 an hour as a WELDER. I made $17,500 a year while others in the same profession were making $40,000 a year. While I was there they increased health insurance premiums, stopped profit sharing, stopped company retirement contributions, and started mandatory overtime. I would rather be homeless than work for them again. They constantly have a now hiring sign out front. More ways than one for a business to die. One company should not be able to own an entire town.
Sounds like the movie Roadhouse lol...
sounds like my town
I get that they own the town, and the factory. Once you have that in place, you should pay your workers to keep them happy, as they would be happy to support you....sad, really
What covid did was pysh more workers to drop lower paid jobs or move depriving badly paid employers of easier to retain labour
Capitalism.
Bottom Line is the cost of living needs to go down, or wages need to actually be adjusted for all of the money factors in people's lives.
Yes! Rent is crazy! I live in the south and I lived in a 1 bedroom apartment that was $850/month six years ago. Now that same apartment is $1650 a month without utilities! 😳
Honestly at this rate the cost of living is only going to rise around all these conflicts with war etc it’s going to multiply consumption. The wages definitely need to be looked at and tweaked they already said the middle class will no longer be the middle class in a couple more years studies are assuming at the rate we are heading.
@@nashambenyisrael7689 There are additional items/services that are now expected/required that weren't included in ongoing consumer price indexes. The guy at 10:30-11:20 is wrong. Is he cherry picking to fit a certain narrative?
@@bcase5328 honestly it seems like this entire video was cherry picked for any of the economists saying that there has not been a stagnation of wages compared to expected and/or required costs for living
Yeah here in Florida rent is crazy out of control. Honestly minimum wage should be up to $30 an hour and prices should not be allowed to raise up anymore
It’s ridiculous, the sad part is a lot of Americans support corporate greed
People support corporate greed because they have been taught to believe in the "trickle down" economic theory which doesn't work.
@@lynnjudd9036 💯
Corporate greed in America has not only been condoned, but encouraged. It's like a religion for those who have no soul
Yeah, they praise toxic capitalism.
Don't forget cronyism and illegal over taxation.
I make 65k at my day job and still picked up a second job. Life’s just too expensive now in the last two years
I make $100/month. I'll be dead extremely soon. But I don't really care. It doesn't matter. Humans aren't important.
You need to cut the outgoing money. Even $1 out.
Less than 100k is poverty wages in America
Depends on your lifestyle
I doubled my salary over the last 16 years at one company. Most would think that was excellent progress over a career. Funny thing is that the cost of living has changed so much in that same time frame that I was making 4k less in spendable income my last year than I was my first year.
The boss keeps raising prices but hasn’t given out raises and has used the PPP loan to buy a $50,000 3D printer That has sat on a shelf for the last 3 months. When that recent article said that 75% of the PPP loans didn’t make it to the employees, it was absolutely correct.
Did you keep your job?
Sounds like my boss. Wait, who's your boss? Maybe your boss and my boss are the same assho... boss.
th-cam.com/users/shortsF3WhVjcAylg?feature=share
Those monies likely went into stock buybacks.
@@billiii711 No I'll just borrow the 3D printer a lil bit some times around midnight and return it when I finished teaching my gold fish how to break dance
The guys arguing that there isn't wage stagnation conveniently forget about inflation of the us dollar, alongside the cost of goods with inflation. The average car price in 1980 was $7k. In 2022? $47k. 670% increase in price, but only a 30% increase in wages. Am I getting the math wrong here?
I like how they failed to discuss housing/rents. They can't pay the workers more because the executives won't be able to pay themselves $20M bonuses...
Boomers pretend they didnt benefit from subsidies that gave them economic advantages, like affordable housing, education, health & childcare. (New Deal, FHA, SSA, GI Bill...)
Yes
@@Sleepy_Alligator lol. Awesome sarcasm.
@I you know what I totally forgot I had to adjust that price for inflation 🤣 okay so 200% increase in cars prices vs wage increases
Why Americans aren't paid enough?.... corporate greed.
I still don't understand the concept of not giving your good employees raises. YOUR EMPLOYEES ARE THE REASON WHY YOUR BUSINESS CONTINUES TO BE SUCCESSFUL. TAKE CARE OF THEM
YOU HAVE A VALID POINT! ✔️ But in 2022, may US employers feel low skill or hourly wage employees are expendible, perishable 🗑. That workers are lining up to jump in their slot! 😏
@@DavidLLambertmobile They say that, yet most businesses take months to replace the employee that left. 😂
@@DavidLLambertmobile They've always felt that way. They don't care about the turnover rate or how long it takes to replace/train employees. That would require them to acknowledge fault or to revamp many components within their system(s).
You can't understand ? Do you live in a liberal state ? Who do you think pays for all the handouts ?
Do you think Joe Biden or Bill Clinton are going to ?
They are busy becoming multi$millionaires through selling out the country .
Its people who dont understand the democrats love the most !
Ever notice people who are on top of Sh*t don't vote for democrats unless they directly benefit from the welfare state with government jobs , etc ?
You probably believe the taxes on your stub are everything...WRONG !
It is criminal to force somebody trying desperately to survive to pay tens of $ thousands in various income taxes ! They are taking money people need to live !!
Then I listen to a clown like Joe Biden complain about a retirement savings crisis its like nails on a chaulk board!
Setting up illegals in luxury hotels for free is salt in an open wound !
Inflation is a HUGE contributing factor to this corporate greed and I will explain why: if the inflation rate is 10%, and your employer gives you a 5% pay increase, you really received a 5% pay CUT. Inflation makes it much easier for employers to give you a pay cut disguised as a pay increase. Whereas without inflation, employers are much less likely to dare give employees a blatant pay cut.
The American dream. “You have to be asleep to believe it” -George Carlin
Wow!
My nightmares are better then this life
😶🌫️
I never believed in the American dream
@@societychaos3433 I'm afraid to go to sleep and then I wake up. ⏰
Wages are not increasing because PROFIT is king, not the people.
Capitalism!!
wages have increased a lot for those who learned a skill in engineering, finance, healthcare, consturction/electrical/plumbing- those who dont have specialized skills have stagnated because their labor surplus isn't all that much--they're lucky to have a job at all
@@RealChrisHatch no it hasn’t it’s stayed the same or gotten worse everything in the middle class has been stagnant. Literally rewatch the first 30 seconds of the video
@@RealChrisHatch oh of course, those people deserve to be homeless in poverty right? they should be indebted to their employers right?
@@RealChrisHatch perhaps they should go full metal...
100% true...Everything has gone up in my life, except my wages.
That moment when you realize your all alone in a huge world that failed you. Don't worry buddy, once you realize that it only gets better from this point. Focus on self reliance and avoid mainstream anything, the system failed, actually it never really worked.
In capitalist regimes, the rich remain rich because a willing middle class submits to their ideals. The rich own the credit card companies that the poor borrow from. The rich own the banks that pay out fractions of a percent in yield while making enormous profits via capital markets activities. The rich are also friends and lobbyists of the lawmakers that determine the fate of the majority in this country. The American dream wasn't designed to make you rich; it's a narrative spun by a coterie comprised of the nation's elite. It's a strategic and intricate device crafted to keep you where you are. It's a donkey and carrot model built to serve the system. While you're too busy chasing financial freedom through hard work and dedication, the American dream is adding more weight to your saddlebags
@@petebusch9069 are you a libertarian? You do realize that the system of capitalism, that requires too much on self reliance has failed us all over the world
@@themysteriouswanderer185 Oh please, capitalism did not fail, our government failed by allowing all these monopolies and now your solution is to give government even more control. Socialism is slavery pure and simple.
@@petebusch9069 He's not all alone. There are millions just like him.
"If you want to go fast go alone. If you want to go together."
Society is ridiculous now. Rich people are landlords who rent their properties for obscene prices and watch their assets appreciate 30% each year and the average person is more broke every year. The inequality is getting so out of hand.
Its called feudalism.. and society has been like that through most of human history. It has only been in first world countries past 5 generations that didn't live under those conditions. Now we are going back in- warp speed!
Let’s get together and change that…x when will people realize this.
Unfortunately we're regressing to the norm of society
What landlords and feudal lords have always been throughout centuries is now todays billionaire and trillion dollar company owning everything.
that's not true though, average person is getting richer, it's just you that is falling behind everybody. Rich people don't set the prices, the customers do. I can put my apartment for sale for 1 billion dollars ,nobody is going to buy it. So I don't set the price, the buyer sets the price
Most landlords aren't rich
if people were paid enough money...the rich and banks wouldn't be able to loan it to them at 14% interest
Great point
What semi-intelligent person is borrowing money at 14%?!
Hahaha
True. Also dumbing people down preventing them from getting a higher education/ skills does the same.
@@R_Tower delivery apps, car sellsmen, internet providers, streaming services, financial institutions and insurance companies. They don't borrow money per ser but you end up paying money or get sued just like any other loan.
If u want 30$ an hr what do you expect people with higher education n experience would want $100 an hr ? Lol good luck w that
"Why aren't Americans paid enough?"
*sees companies post record breaking profits and revenue*
*also sees a lack of laws that protect workers and does nothing about making companies adjust wages for inflation*
*also sees skyrocketing rent costs with landlords justifying increasing their rates because it's what the market says and 'supply and demand' despite the cost of maintaining the apartments not actually increasing by that amount rent increased meaning they did it just because they could*
Slavery is alive and well...tooooo many people not enough decent jobs..and lots and lots of ROBOTS
many of said companies make their money on a global scale exploiting workers in other countries, workers working harder at lower wages with a lower standard of living. is that sustainable?
most of the american part of shareholders in said companies are pension funds, both public and private. who will suffer if these companies cannot keep up their profits?
also sees top marginal income tax rate fall from 91% in 1963 to below 70% in 1981 to 37% today and CEO to avg. worker pay ratio balloon to 351x from 21x in 1965
Inflation is the governments responsibility not your employer. Is your employer fed chairman ? Don’t think so
@@todoldtrafford your right, it's not their job to control inflation but that's not what I said. If businesses can't pay their employees a living wage that changes with inflation then not only do they not deserve to stay in business because it means they couldn't successfully adjust to the new market place but it will cause problems for them from an employee performance point of view. This has been seen for a long time. People who can't get paid enough at their jobs have to pick up a second job which will affect performance at the first.
I was a manager at McDonald's in the late 90s and my pay was enough to cover my mortgage, car payment, insurance, phone Etc. Now me and my wife work and just barely make enough to get by
But how much has your job changed in that time? Probably very little hence they feel there's no need to pay you more. They will only pay more when push comes to shove. You have to prove to them you're worth more tomorrow than yesterday. You also have to ask yourself if you were them would you pay you more?
@@mlong9475 If the work he was doing then was worth enough to pay for all of those things, then it should make sense that if he was doing the same work he should be able to afford the same. Seeing as he can't, that means employers aren't keeping the wages at pace with the cost of living. Overtime it technically means they are paying him less and less as the value of the dollar goes down, despite him performing the exact same work. It doesn't make sense to have to have to do more and more just to be able to afford the same things you used to.
@@mlong9475 you're just repeating fascist propaganda . Each year the ruling oligarchs keep taking a little more so there's less for the majority . Now no-one can afford a college degree . Noone can afford to buy a home and a growing number can't even pay rent .
The average worker doesn't care about theories as to why the wage issue exists, they just want their pay to keep up with inflation so they don't fall behind.
Then your house should be paid for. If you used it for an ATM, I have no sympathy.
The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse is near.
Collapse is generous
1st time in our history with a full generation that wasn't taught financial literacy, civics, Google fixes their problems if their parents don't do it for them.
Reckoning for participation trophies is incoming
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire. Personally I hired ‘’ Eileen Ruth Sparks ’’ a financial advisor who sets asset allocation that fits my tolerance and risk capacity, investment horizon, present and future goals.
@@kimyoung8414 Please, your coach you mentioned, how do i get in touch with her?
@@erichkraetz2622 just look her name up online to get in touch with her, her details are provided online
We are not in a recession. Words mean things.
The reason why wages are stagnant is because of stock-based executive compensation. The less they pay you, the lower the labor costs which improves the company's bottom line. The better the quarterly earnings, the better the stock performs.....and more likely that bonuses are triggered.
A$awwaaaa
It’s called financialization. Years ago companies would make profits, increase wages and pay taxes. Now they use profits to buy their own stocks. This has the effect of increasing their share price thus making their performance looking better and rewarding senior executives who are increasingly rewarded with stocks. Buying stock means they pay less tax as they are reporting lower profits. And it means they can say there is less money for pay rises. Modern capitalism sucks.
And that’s why you own stocks. Unfortunately depending on a 8-5 job will not be enough to retire.
Exactly well said 💯 % agree
@@057omar Stock market is the biggest ponzi scheme. Insider trading runs everything.
The game is rigged!!! Always has been...
Then how do you know it’s rigged when it has always been that way?
Yup we are slaves
The rise of housing costs within the last three years alone is proof of that.
@@auroramothergoddess more slaves arriving daily to help keep wages low
The truth is, the game was rigged from this start
Worked at a company that had an accountant quit, was told they weren't replacing her. Three months later a manager was promoted and his position was just combined with another manager so that manager's workload doubled. All the while the company has corporate perks like getaways to fancy resorts every quarter for upper management, some of who get to those destinations using one of four company planes. It's about time for a worker revolution.
That could only happen if the workers were organized. And that is no longer the case as the typical american has been so dumbed down and now believe Unions are a bad thing. Kind of like Wildebeest deciding its best not to herd together. The lions would be devastated..😂😂😂
I worked at a call center and when I applied it said "are you or have you ever been in a union" they dont want someone to stand up and unionize..
There wasn't any.
way past time
Way past a workers revolution.
I live in one of maybe 6 states that still use the federal minimum wage of $7.25/hr. My mom bought her first house at the age of 28 in 1989 for $60,000. In 2000 she bought her 2nd and current home for $110,000. She paid off ALL of her student loans/credit cards and car for less than $28,000. She has NEVER made more than $19/hr.
I am now 32 and living back at home since the pandemic because my student loans are at $108,000 and my credit cards and car total over $20,000. I also have medical debts that are about $17,000 after losing health care coverage when Obamacare changed into Trumpcare and my income was “too high” to qualify for the same subsidy. Homes in our area now cost $380k and into the millions. I make $20/hr, just $1 more an hour than my mom, but she NEVER had to spend as much as I did. And she wonders why I don’t have kids yet 😂 it’s insane….
Is this the Twilight Zone???
Edit: I was born in 1990, graduated high school and went to college in 2008 during the recession. Both of my parents lost their jobs (but were still able to pay THEIR bills), however I had to work 2 jobs and go to college full time and ultimately did not graduate from college and after maxing out my student loans I cannot even afford to go back. Student loan repayments start back in August, mine are $980/mo minimum. Pray for me, y’all 😂
$108K education and you make $19. an hour?
Liberal Arts? Not economics and finance? You mom never taught you how to SAVE?
Who started you on debt? It's a drug. Free money you didn't earn. Know what a loan shark is? A bank. Did you graduate?
FUN FACT: RED STATES are STILL predominantly THOSE states with a $7.25 minimum wage! The "poorly educated" not worth as much?
Alabama, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, New Hampshire, North Carolina, North Dakota, Oklahoma, Pennsylvania, Tennessee, Texas, Utah, Wisconsin, Wyoming
AND THE FEDS!
www.minimum-wage.org/wage-by-state
I think you will find that student costs (including the college fees) and the average cost of a comparable house in your state (within a reasonable commuting distance to the most prosperous cities) is ALOT more as a share of income that your mum faced. I presume she was renting before the first house buy. Was her share of income vs rent the same as you would face now based on the minimum wage.
@@stephendoherty8291 NC seems to be trying to catch up with other places in terms of cost of living. Before she bought her first house in 1989 it maybe only cost her $300/mo or less to rent an apartment. By 2008 when I was 18 and old enough to rent, you could still find a 1 bedroom apartment in NC for $500/mo or less but now in 2022 a 1 bedroom apartment is about $1300/mo. However the pay rates are not increasing due to cost of living, they only increased because during the pandemic companies could not convince people to come to a job for only $11-$16 an hour any more. So they increased base pay between $16-$20 an hour to incentivize people not to leave NC and find work elsewhere. Majority of NC jobs or industrial and then there are more specialized industries such as healthcare, tech and financial services. There’s a huge divide between the wealthy and middle/lower class here.
No its not "maybe 6 states" its 20 states
dude just drop out and live your best life
nothing is waiting for you on the other side of paying off all that debt
Americans: Yay, I got a raise!"
Landlord: WE got a raise.
😫
underated comment my man 🙃
Landlords who haven't gotten paid in 2 years?
@@ThisDique Yeah man, I think you're under the wrong post if you're looking for sympathy regarding that problem. It is unfortunate and despite this particular situation being a bizarre one, landlord's still run a business and that is the risk you take when you become a boss.
@@traceford4904 And the risk you take as a renter, is that the rent might go up.
They're not taking into account that pensions have also been mostly been taken away. Overall benefits have been pinched down more and more as well. Retirement is looking non existent to dismal for the middle to lower class like me. I've saved for retirement since 20 and it's unnerving to look at my statements. Fingers crossed it all works out for everyone.
@@WinningThisOne not everyone knew that bitcoin was going to be this big back then. Plus Bitcoin doesn’t take social security taxes every paycheck. The government should be less wasteful of its hard working citizens money. They sending billions to other countries and people grow poorer and poorer over here
Thank you. My mother is in this situation.
She's been working at the same factory for 15 years. And trying to save every penny for retirement.
She says it hasn't been easy.
Buy a van or RV for retirement.
Our government has capitalistic and socialistic parts of democracy. Capitalism makes for American dreams with its freedoms. Our government is to stay number 1 world power with dollar as world reserve currency. Taxpayers along for the ride.
@@WinningThisOne you shouldn't have to gamble your finances to make sure your future is stable. Stupid take.
The US economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, but it's getting stronger compared to other currencies and things like gold and property. People are turning to the dollar because they think it's safer. I'm worried about my retirement savings of about $420,000 losing value because of high inflation. Where else can we keep our money?
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
who is your advisor please, if you don't mind me asking?
Amber Dawn Brummit is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
In a consumer based economy the longer you hollow out the buying power of your consumers the more inevitable an economic collapse becomes.
Good maybe will get Our laws back
@@AMPProf and rights.
we a due fro a bad collapse i mean you cant keep the working poor at poverty level and expect the economy to be good forever.
It’s not only how much are paid but where our tax dollars go. They go to feed the military industrial complex, subsidizing rich people not paying taxes and not on things that directly benefit us make us wealthier and healthier like affordable health care for all, paid family leave, guaranteed time off. So it’s low pay, expensive and crap health insurance, barely any time off.
The bigger the government, the bigger the corporations thanks to subsidies and regulations concentrating the market. Our taxes are unfortunately mostly spent on keeping the bloated pension liabilities afloat in certain states.
@@Misaka-gt5yj Yes exactly! We need to cut taxes across so there competition can begin to flourish. Obviously we should stop spending if we ever want to cut that deficit and the farse of should start of the pention system is a good place to start.
Our tax dollars go out of the country to buy oil and for world membership "fees". We already have our own oil & don't need to spend billions of tas dollars to buy it. And we already pay Biden or "officials" to meet up with world leaders and discuss business. That's their JOB! They have an expense account for food, lodging, travel, & security, and Biden has a paid military at his disposal! I'm sure other countries do the same for their "leaders" & President. So why are we paying "world membership fees" when it's their job to meet, talk & negociate? It's $450 million a year to the World Health organization alone! How many other millions for Paris Accord, NATO, & the other organizations a year, each? We need to quit paying for this stuff and keep our money home in OUR economy!
yet you keep voting for big government.
Actually 51% of our taxes pays for the Luxury and vacation trips for the rich such as the politicians, we are literally slaves and they're living off of us
Oh and for people doing the math, this years inflation alone has eaten 80% of the wages gains since 2016.
I think Housing and Basic Necessities are the most important things to consider.
In terms of what the issue is.
@@emuriddle9364 commie talk
@@edwinamendelssohn5129 Such shallowness.
@@drumlessons833 yes, democrats saying they care about the working class then enacting policies that keep them poor is shallow.
@@emuriddle9364 Inflation makes those things more expensive. Go figure.
You may not have noticed inflation in years past, But 8%+ inflation over the past year should've taught you that the cost of living increases every year (home prices, rent, groceries, plane tickets, home repairs, etc.) Only way to beat inflation is by investing your money
The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse is near.
People are working and there is little or nothing to show for it. everybody is basically working to sort out one bill or the other. no savings.
@@lawerencemiller9720 Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
@@checkforme234 How can i get started when it comes to investing and passive income?
@@stephaniestella213 My advisor is “Ingrid Cecilia Raad” You can easily look her up, she has years of financial market experience.
The main issue is you cant afford a 1 bedroom apartment in any major city in America if you make less than $60K. Even then you gotta have side hussles or a second job to have spending money
You get what you vote for
In capitalist regimes, the rich remain rich because a willing middle class submits to their ideals. The rich own the credit card companies that the poor borrow from. The rich own the banks that pay out fractions of a percent in yield while making enormous profits via capital markets activities. The rich are also friends and lobbyists of the lawmakers that determine the fate of the majority in this country. The American dream wasn't designed to make you rich; it's a narrative spun by a coterie comprised of the nation's elite. It's a strategic and intricate device crafted to keep you where you are. It's a donkey and carrot model built to serve the system. While you're too busy chasing financial freedom through hard work and dedication, the American dream is adding more weight to your saddlebags
Spot on. The media likes to say Americans are living paycheck to paycheck. Hell that's best case scenario. There are a whole lot of people working for less money each month than a one bedroom apartment costs. Paycheck to paycheck implies that wages cover expenses but you would need 60k to do that and like you said, even then would need a side hustle to have spending cash. Wild times!
One of two things needs to happen: Either wages need to increase dramatically, or cost of living expenses (mainly housing, transportation and food costs) need to decrease dramatically. Ideally, we get rid of single-family only zoning restrictions so we can actually build affordable housing, but I don't see that happening any time soon. Implementing a single-payer healthcare system would dramatically improve the life of most Americans, and completely eliminate the issue of gig and "unskilled" workers not having health benefits. But, I also don't see this happening in the near future.
All I can realistically hope for is that inflation will calm down over the next couple years and the labor market will remain competitive thanks to remote work and the boomers retiring. I think workers being able to negotiate better pay will be our most powerful weapon going forward. That and unions. Unionize, people!!
With the rising cost of real estate most people will never be able to afford a home anymore which is sad to think about.
but it's good for the economy. Keep ya workin for that dream or keep ya workin for that rent, either way...keep at it
For sure. At least Freddie mac has just announced though that beginning July 10 on-time rent payments will count towards qualifying for a mortgage for first time home buyers🤞🏼🤞🏼While that won’t help too much since of course the prices are crazy right now, hopefully it’ll still lead us in a better direction so that everyone can get to own one day.
People haven't been able to afford homes for years. Last time I heard about anyone my age (young adult) even being able to buy a home was before 2008.
@@justinlassiter7671 Is it good for the economy? Have you like, looked outside? I kind of doubt that knowledge, the more I work the less I feel I'm making. My generation may never know the American Dream.
There’s gonna be a rise in demand for those new box homes that cost $50k Boxabl
this year will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned $180,000 savings to turn to dust
Me too. I thought about investing in the financial market, I heard that people make millions if you know the tricks of the trade, but I lack good knowledge and a strategy to outperform the market and generate good yields. I have $160,000 but it's hard to bite the bullet and do it.
I hope everyone has money ready to invest at the appropriate time. Planned actions can help you secure your financial future. You still have the best chance of becoming a millionaire on the stock market.
We must consider safer investments with promising returns in order to plan for the future. If you approach investing with a five-year perspective and simply DCA whenever you receive a check. Under the direction of my investment advisor, "Jennifer Aaron Marcontell", whose expertise in portfolio diversification is unsurpassed and client-focused, my portfolio has gained almost $643k since January 2022.
@@PhilipMurray251 out of curiosity i looked Jennifer up on the web and she seem really proficient, thanks for sharing
At least you have something
Really depressing times we lived in.
The highest standard of living in human history. Yes real depressing. People just never have enough.
Agree.
Exactly
@@bigpicturethinking5620 get back in the cage wagie!
I saved 40k a year returning to my home and native land. Progressive taxes public Health Care and great public schools. Try it out USA. Best of luck. And fire McKinsey. ❣️🇨🇦.
I love the chart that shows wages have gone up since 1970, for the 1% and the .1% their wages have gone up 400% and middle class pay has gone up less than 30% in 50 years. Us middle class have gained 12 cents in hour pay over the last 50 years (considering inflation) so we just need to stop complaining and pull ourselves up by our bootstraps and work harder to make the super rich ever more super richer 😂😂🤣🤣👌👌
Ross Malagarie; Mansions and yachts cost a lot.
@@altond511 tru dat 🤣👌
Yes..because Investments grow not liabilities
@@Lili-ey1nd 🤣👌
We need 15 dollar minimum wage
In all of my 30+ year work history, I've had only a few companies bother too give any wage increase. The only way I've regularly gotten an increase is changing title or company.
Same here. Never bettered inflation. I had one executive flat out tell me that they don't give raises, period.
Last time I switched companies they lied about how much I would be paid then acted like I owed them something so I went back to the company I worked for before because they offered more than last time it's just a big game to them
This is so true only way you get a raise is if you switch companies every 2-3 years
my last company i worked for for 19 years kept the wages at 10 an hour only gave increases for medical.
The main goal for businesses is securing cheaper and cheaper labor. This drive has resulted in phenomenal profits. One example is the Auto industry closing U.S. plants and moving production to foreign countries.
Right and now the average worker can not afford to buy the vehicle. Its only a matter of time before China is able to import their vehicles to the US and as long as they are cheaper people will buy them just like people can’t afford not to shop at Walmart and the demand for overpriced American vehicles will die out further reducing the need for auto manufacturing employees along with AI and automation.
Also whilst giving them employment rights from the dark ages!!
Any less than 25 days / 5 weeks paid holiday leave is slave labour!
No paid sick pay, no free medical or prescriptions, for under 18s or over 65s, or if you are pregnant or unemployed! No available healthcare for everyone, it’s all tied to jobs!!
Also no paid maternity leave, should be at least a year fully paid, and also no paid paternity leave!
Don’t get me started on having to pay to have a baby, call an ambulance or even have to pay for prescriptions way above the cost of them!
Then removing minimum wage for servers etc!! Making them live off tips?!? They should have a minimum wage accordingly to age!!
That’s just the highlights!! Or lowpoints!
Ah but China will implant chips to spy on American Governments
@@_Rockill_this American attitude is really very disconcerting. My family in New Zealand are business owners and they spend 0 time figuring out how to shortchange their workers.
In the USA the bosses actually bring these ideas to meetings. Even when employees have kids.
CPI doesn't account for housing increases directly, nor does PCE which a huge portion of people's expenses. So wage stagnation can't be dismissed.
@@tellucas
Cheaper crap? So people should just eat dog food?
We are seeing that more and more of "official" numbers are fake. All to push evil political narratives rather than to tell the truth.
The CPI contains both rents ant OER, which I do think addresses housing sufficiently. I have my problems with the CPI but that isn't one of them.
@@klobiforpresident2254 CPI rents are not based on reality. Surveying boomers and asking them what they think rents should be is not a true measure of real rents. But that's how the CPI determines the rent number! Look it up if you don't believe me.
@@M123Xoxo
The CPI measures OER *and also rents directly*. You seem to have forgotten this second part. Odd. As for OER, I do have my problems with it, but overall it's not too bad a measurement. Try reading "Reconciling User Costs and Rental Equivalence: Evidence from the U.S. Consumer Expenditure Survey", a bit older, but still worth a look.
Yah that dude is an idiot or some kind of industry plant.. CPI does not overestimate wage growth comparison. CPI doesn’t account for college / university costs either. CPE is inaccurate because a consumer could be ‘spending’ the same amount as they did 10yrs ago.. but get less than 1/4 of what they did back then.
Please clarify that CEOs and managers get overpaid in a manner unhealthy for any economy, big and small.
Multiple Mcmansions for some, homelessness for the disabled, something in between for the rest. American Nightmare.
and then you have only fans girls making 1.5million$ a month
@@bdasaw Ya but those girls just won the genetic lottery and benefit from their business models being mostly a one person show with minimal over head. Not really comparable to CEOs and shareholders who make their millions off the backs of American workers.
@@bdasaw I never want to hear about wage gap ever again.
CEOs and managers get paid more because they have more responsibility and are directly held responsible for company performance. The bulk of their pay is in company shares not actual cash salary, which means they will actively lose a large part of their income if performance is poor. Further more, board of directors (who have large investments in the company) determine CEO pay so even they have a boss.
If you ever wonder why you're not paid as much as a CEO it's the same reason as you are not paid as much as a doctor or engineer, skills/IQ/performance/education just to name a few factors.
A company that pays employees under 20$ an hour tells you everything about that company and I’m so glad they are getting exposed now more and more. The whole fight for 15 is irrelevant now. It needs be fight for 20 with everything going on. You simply can’t live a normal life under that wage no matter who you are.
And just like that mom and pop close shop because the can't afford to pay their employees $20 hr
@@neilwarren3322 they dont need to close shop , but they will downgrade to only family employees. Where it says in the law you must be business owner?! If you can't afford driving Mercedes, you don't complain. You downgrade to Fiat, Chevy, Ford cars you can afford. Someone else with the same or better skills will take a piece of market you abandon because you said you can't afford higher wages.
Exactly. The fight is for $20 + base wage increases tied to inflation + merit / time based guaranteed minimum yearly increases atop that.
I work at Trader Joe’s and just got a raise so I’ll be making $17.80 after being there for a year. I also train new crew members and I’m a section leader, so I write orders for the store. They just made it so that we’ll earn $10/hr more on Sundays and holidays. I finally get to make a living wage one day per week! 🎉 that is, unless it becomes competitive and I’m no longer scheduled on Sundays or holidays. Everyone thinks TJ’s is awesome and it IS better than most grocery stores, but we don’t get paid enough. I live and work in a major city and my rent is $1,300 for the smallest, oldest, grossest studio apartment. That’s 3/4 of my wage. I think it’ll take customers complaining alongside workers for them to finally raise wages for everyone. Also, I don’t get paid extra for training or writing orders and I’m pretty sure I make at least $1/hr LESS than the new people I’m training. Maybe the only thing that will work is unionizing
And then when you get 20 what makes you think you're just not going to say 25 and so on
I worked at a call center and when I applied it said "are you or have you ever been in a work union" im guessing if i put yes they would of not hired me... People need to start going on strike.. People these days are scared to make a union... You got to fight for your right... To.. Get paidddd rightt
Dude Todays unions are weak... I know nothing but... maybe the mobsters actually helped.
Suggesting that wage stagnation is a myth is patently false. Core commodities like education, medical, and housing have risen substantially faster than any other goods / service. You cant compare wages to cost of groceries, say wage stagnation is false, and then expect to be taken seriously.
@Ben Dover In a highly complicated economy one of the best ways to get ahead if you are on the lower end of economic ladder is to seek higher education, which suggests that education is something workers need as a resource and an investment, so that they can improve their communities over time.
@@sigurdhermann781 Sure, but it's still not a commodity. Commodities are raw materials and/or physical things of value. If you get a degree you can't sell or consume it...
Housing is arguably the only commodity on that list... and even that's a stretch. Core commodities would be like.... copper or corn...
MY WAGES REMAINED STAGNANT MY WHOLE WORKING LIFE OR THE LAST 40 YEARS AND BARELY ROSE 5%. MY MEDICAL DISAPPEARED. CEO PAY WENT UP OVER 300%. IT TAKES SOME LOW WAGE WORKERS LIKE DISNEYLAND, STARBUCKS AND WAMART EMPLOYEES TO WORK 6 MONTHS TO MAKE WHAT THEIR CEO MAKES IN ONE HOUR!
@@OneNewHope Commodity: a useful or valuable thing, such as water or time. Everything I listed can fall into that definition.
In Colorado at the very beginning of 2020 i was fine with a $12-13 an hour wage bc i was in college. Yet here, nearly 3 years later, i don't think i can live on my own with a $18+ an hour wage. It changed way too fast
@ripurring cry
Same here. I live a good 40 mintues from Atlanta, been back since mid-late of 2019 for Starbucks. Had to pay back student loans and covid made it worst. I get paid $15 and I'm not sure when I will ever move out most days.
That’s Biden’s America for you.
Facts
@@bigpicturethinking5620 did you miss that this was happening for some time now and inflation began under trumps administration.
Biden has to play damage control for the issues caused by the previous administration and he is completely incompetent to do so.
Try median wages instead, and you will know how much the top1% are truly skewing things up
Glad someone else caught this. Means are meaningless.
I would also be interested in knowing the modal income
@@mariahsmom9457 if data is normally distributed means are a good summary statistic, but income is notoriously skewed to the right so yes, in the case of income, means are meaningless.
They did say managerial positions were excluded, but it did still look high. Maybe they assumed 40 hour workweeks to get that number. I've seen that trick played, every commission-based job will lie to you!
They “increased” our wages… but yet we still can’t afford to live beyond paycheck to paycheck…
If you are an employee of any sector, you are being exploited, self employment is the only way to actually hope to build any fortune
Yes sir
You're absolutely correct
You shouldn’t use avg worker income. Instead use median income. Averages can be skewed more easily.
Averages do have their place. However, as you note, if Bill Gates visits my family during Christmas dinner the average person is a billionaire.
woefully underrated comment
That's the intent
Absolute agreement! But how many Joes-on-the-street know the difference between an average and a median?
Lemme say something your d-riding likers wont.... will this change DRAMATICALLY the conclusions... i dont disagree with your stmt, but please #stay-focused. I will say ... i am partial to the "head in oven, toes in the freezer, on avg "ok" critique
I think something that's being forgotten here is the rise in cost of living, and the increase in things people are required to have for pay since the 70s and 80s. Without unions, many jobs don't offer insurance anymore, so you need to rely on federal or private insurance, and private insurance is extremely expensive for very basic coverage. Having a cell phone and internet is now also required, you need both to apply for and hold certain jobs, and especially if you have a monopoly in your area for an internet provider, it's also extremely expensive. Grocery costs, the cost of homes and vehicles, needing to provide your own work uniform and equipment, it all costs so much more compared to the pay. The fact that credit scores now exist and keep people from buying homes and getting loans, the fact that the rules behind them are not transparent, and they can go up or down seemingly at random, and take ages to grow or recover if something happens to cause them to go down. Meanwhile, company CEOs are actively taking the money away from their workers by paying themselves hundreds, or sometimes literal thousands, of percents more than the majority of workers who afford them such incredible profits. It is obscene. And those ultra rich people do not spend their money. They hoard it and accumulate more, while doing nothing to return it to the economy.
I recently ran the numbers on the State Farm CEO and found he makes 560 times as much as an underwriter at state farm.
Yeah, bro this is a propaganda piece.
The reason private insurance is expensive is the insurance system encouraged medical industry to increase prices abnormally over many years. It was supposed to help people pay their bills by taking money from people who get sick less often and paying for those who get sick more often. But the net result is hospitals started looting so much that all now have to suffer. You will have to look at the history of hospital room rates since the insurance system started to understand this phenomenon. A few years ago, India had no insurance system and poor people indeed suffered so the Indian government ignoring the American phenomenon, started insurance schemes and the medical fees started rocketing up like there will be no tomorrow. The poor people who could not pay medical bills will soon be unable to pay even the insurance premiums if they are already not in that situation. Free lunch always gets more expensive than paid lunch in the long run.
Union synonym for cartel. Unions are the problem.
@@GODHATESADOPTION 😭 What unions? Try again bootlicker
Wtf CNBC, are you seriously acting like the Cato Institute is somewhat of an objective source on this issue? That would be like interviewing the Ku Klux Klan on civil rights. You really have lost all journalistic integrity.
Cnbc is part of the propaganda machine.
They lost that in the late 90s.
I don't think its a coincidence that with the decline of unions we've send a stagnation or in some cases a decline in wages.
wrong. Non union allows each worker to take jobs that will better themselves. If you are a welder and in a union and you leave one job for another (say you are in Chicago) and you stay in Chicago you most likely will be covered in the same union so switching jobs is pointless. Now if you are a non union welder and a competitor offers you more money... You go... cant do that if you are union
@@michaelwerbick It's been proven by every metric union jobs pay more than non-union jobs. What you're saying makes no sense and is false.
@@tupactargaryen thanks for telling him the truth the union just have to many clique in them
@@michaelwerbick union jobs pay 20% more than their equivalent non union jobs. And union fees are hardly even more than 5% of take home pay.
I'm a member of ibew local 11 and they are very complacent to wage stagnation.
Providing a living wage is America's greatest problem
True, I've said many times we have to get back to where work pays.
Well that and affordable housing.
Letting American companies move production offshore to avoid paying proper wages is the problem often being given taxpayer money to do it.The Employers have scwred the average American out of a fair wage.
@@antielfimationleague231 " you will own nothing and you will be happy " - the government
@@olympic-ass-eater we know Claus Schwab approves.
Corporate greed that is exactly why wages have not increased
this is exactly why the workforce is shrinking and millions of americans do not feel its worth working any longer
Where do they get an income from then?
@@Maestroxxx1 They either go on their own by setting up a LLC or they go unemployed and a lot collect SSA.
Why work and struggle to pay your bills, when you can struggle without the added stress of working, and still get no where?
@@christybultsma6558 you get it.
@@elir.torres8642 shut up and go to work. It's life deal with it. Get a better education. If you're not gonna do it there is someone overseas that it going to. You're just making the economy worse and running away from the problem.
Wow that Cato Inst. guy really likes to gaslight us - real inflation is actually higher than CPI. What a sockpuppet.
cato institute is literally a libertarian think tank they only think about the freeee market
It's so terrible. Not enough pay yet rates are rising, inflation is peaking. Pretty much everything is going south. Just coming from a post where they said stocks are also getting hit. There's no single good news on the net. So it begs the question, how and where are intending investors now supposed to put their money. Is there no safe bet for newbies any longer?
Has to still be Stocks, most drops are temporary. Made my first million through it earlier this year at the peak of the inflation and all as a "newbie" (with the help of a pro though) I can comfortably retire now if I wanted to.
@@hildredscali1754 Funny enough, I can honestly relate. It's not as easy as it may sound and requires some sacrifices but it is definitely rewarding. I don't know if I am permitted to drop it here, but her name is "Leah Sandock Marie". Was in the news a lot in 2018. You can check her out online for more.
@@sakhalittle9206 Thank you
@@haydenchen3287 This right here is the second time I am coming across this name in a week. Came across her podcast and it was lit.
Guess she does. I am neither from the States nor do I reside there. hahaha.
"Americans are working harder than ever, but stagnant wages aren't keeping up. Investing in the financial market can be a game-changer! Diversify your income streams, generate passive wealth, and break free from the cycle of underpayment. Take control of your financial future and build a brighter tomorrow - invest today!"
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or bitcoin and stocks..
I keep wondering how people earn money in financial markets, i tried trading on my own made a huge loss and now I'm scared of investing more…
@@rougeur Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances...
I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the CFP that assisted you and how to get in touch….
@@rougeur I get guidance from *Susan Tori Davis* Most likely, the internet should have her basic info..
In summary, this is a direct fault of the government and their policies which do not protect workers.. Worse is, they pretend like they don't know this. I for one has been hit very hard and at this point, I am more interested in a solution because I don't think an end is near. What is the way forward for the less fortunate ones like me? How do we survive this phase? I am slowly losing my mind.
Easy: Vote wisely, Spend only on necessities, Pay attention to your health, Try to spread your assets (locally and internationally) but of course be well informed about where you want to put your money. Made my first million this way earlier this year (got help though). Can comfortably wait out this "phase".
You are creating a lot of unnecessary tension for yourself. Its not that serious.
@@dr.karidouglas1312 Funny enough, I can honestly relate. It's not as easy as it may sound and requires some level of discipline. I don't know if I am permitted to drop it here, but her name is "Leah Sandock Marie". Was in the news a lot in 2018. You can check her out online for more.
@@marguritetheodore2194 wow I know this little lady. Once attended a fundraiser she was also in attendance in Ohio,, Great speaker with a funny accent,, She's American though, I doubt she works with outsiders,,,
@@onieodelia5840 This right here is the second time I am coming across this name in a week. Came across her podcast and it was lit.
My grandfather came from Cuba in the 50s. A Vietnam veteran and 25 years of service in the army. He was telling me how America has changed during these last 50 years. It's nothing compared to when he got here.
In the 50’s when black people couldn’t vote?
He enjoyed the American Dream
@@Yandel21ableify That “dream” is only a nightmare to most of our people.
same thing i personaly can say about Canada on the last 30 years. last 5 years have show us how we (Canada) has moved towards more gov control.it dosent look good.
@@rackss1661 Boomers had a good ride
End the fed. Stop corporations from importing cheap labor. Pay a living wage. Bring manufacturing back. Minimize lobbying from our politics.
Yup! Taxation is legalized theft. These Fed assholes don't do jack sh×t for our economy except steal our money in the form of taxea
If they can't import cheap labor, then they will export the jobs to cheaper countries! This is why there is hardly any manufacturing anymore.
Importing cheap labor is what pushes inflation at bay. It lowers the cost for certain goods and services.
Yeah I guess when they aren’t competing for “your” job.
I though Trump promised that 4 years ago.🤷🏾♀️🤣🤣🤣🤣
fantastic video Everybody wants to be financially independent and live a better life. With savvy investing, an inexpensive lifestyle, and diligent budgeting, this is not difficult to do. I'm glad I realised early on that achieving financial freedom requires hard work.
My belief is that making a wise investment is a fantastic way to save money for the future as well as a way to generate passive income. Those who make poor mistakes early in life regret them later in life. But, if done alone, investing may be challenging and risky. For this reason, I suggest consulting experts for advice (financial advisors). The difficulty lies in effectively employing it, not just watching videos and reading investing books.
Sincerely, I'm genuinely moved by what you said. I have a seizable amount of money that I am willing to invest if given the appropriate knowledge and I am highly interested in investing. My greatest concern is losing money on a bad investment. I'm open to hearing your advice on how to make sensible investments as a result.
@James Vigor As an OAP with extensive experience, I firmly think that having the appropriate information is essential to the success of any investment. Regardless of what others may say, do whatever you set your mind to. Warren Buffer frequently advises, "Be fearful when others are greedy, and greedy when others are fearful." The secret to succeeding even while others fail is undoubtedly this. Working with financial advisor Julie Anne Hoover, I earned $100,000. So far, working with her has been a promising experience.
I find it absurd when they use the words "low skill job". The job is in demand but no one wants to pay a living wage to do it... That literally flies in the face of "free market" capitalism. Forever and a day they always just say "Oh well no one wants to work anymore!" No, no one wants to work for sh!t pay and get treated like their job is unimportant. It takes a lot of skill and mental fortitude to deal with Chad, Karen and their crotch goblins when you're trying to serve them food. I also like how they change the metric for measuring wages so it makes the 100-300% increase to the top tiers look less like an issue.
@Aviator Duck it’s more about dealing with entitled peoples mindsets, not so much skill
You shouldn't expect a wage that fulfills grown adults when it's a job that can be done by 17 year olds
This. I clash with my dad from time to time about this. "It's not a career." He says, but some people might only have the skills at the moment to do such job and is unable to get some new skills because of expense...which technically would make it a "career". Also plenty of these "low skill jobs" are the lifeblood for nation. Inexcusable that those jobs mostly don't compensate enough (truck drivers, teachers.)
@@johncena-hq1ti There are 17 year olds that can engineer, write code and calculate physics equations better than 50 year olds... does that mean the 17 year old should get an engineering, coding or physics job over the 50 year old? There are literally laws that prevent discrimination against people over the age of 35. So if you're under 35 just screw yourself? There are also 16 year olds that are millionaires because they have done NOTHING to actually work and used inheritance to make their money by investing it.
You have this ideal that only high schoolers should work and run fast food places or something? Our society is not as you portray it to be. People like you used to probably believe crops should only be harvested by certain skin tones too I bet.
@Aviator Duck Did I specify flipping burgers? How about picking up trash? Or taking care of young children? Caring for the elderly? Stocking grocery shelves or serving ungrateful people? Moping vomit and cleaning toilets? There are thousands of jobs that would be considered "low skill" that if not done our society would come to a screeching halt. You just never though about it because you take it for granted.
Even now companies complain "Oh no one wants to work!" No they don't want to work for low pay, low career prospects and crap benefits. Free market capitalism is biting it's own tail with this generation.
What PCE does is it excludes some of people's largest expenses, such as housing, food, and energy. If you use the PCE you have to consider the proportion of people's income that is available for personal expense. PCE is a way to use statistics to paint a rosier picture than what people are actually experiencing.
Core PCE excludes those things but regular PCE includes them - www.bea.gov/resources/methodologies/nipa-handbook/pdf/chapter-05.pdf (page 5-5)
AS far as I'm concerned, Americans spend far more on taxes than housing, food and energy combined.
@@Misaka-gt5yj Something tells me you wouldn’t like living in Europe very much
@@Misaka-gt5yj 🤦♂️ As a total yes,but not per average individual.Average households spend 40% of household income on those things while less than 10% on taxes.This is what pro rich propaganda like Cato does,make a progressive tax burden seem like it’s equally imposed lol.
Both PCE and CPI have valid uses. PCE just focuses on prices that can change quickly in response to demand while CPI focuses on big ticket items that require long term solutions (The big three Housing, Healthcare, and Education).
This is why we need stronger unions. Sadly, companies do everything they can to bust them, and it works, since plenty of workers are convinced that unions are a bad idea. But think of it logically: if it costs the company _less_ to deal with a union, why would they go all out in spending so much money to keep unions away?
While not perfect, Unions prevent employers from taking advantage of workers. Employers hate unions so much that they used to hire gangs of thugs as well as the POLICE to to shoot union members and organizers. Historical facts easily found online.
Unions are garbage, that’s why.
Just common sense.
Unfortunately, like many things it's not consistent across the board. At my place of employment, the union coming in has led to smaller raises than we were previously getting. We operate in mostly the same manner we always have except now we pay to be represented. It's not necessarily a good thing everywhere for everybody involved.
Stronger unions to chase more operations out of America. The whole country can become Detroit!
Be good at what you do, companies are greedy and unless you know your worth don't settle ,I've never received a raise because my skills were acknowledged and rewarded only when I threatened to move on to somewhere else did I get bumped up and compensated (hard work usually only gets you more hard work ) I've been in the trades 40 yrs and this is how it works unfortunately.
It's the same in private security, contract places; 🚔. I earn a decent wage, $20.00-hr armed BUT I only work approximately 12hr per week, paid bi weekly. I'm 51 & have done various security sites since the 1990s. Security firms want profits & often refuse to offer merit increases, pay scales, raises. $$$. Some employers; 5-10% will give bonus $ out. 🎄🎁💰 ... If you want serious money you need to be a PI or start a security firm. Get personal clients.
Amen brother, master auto tech 45 years, aging out and now wages are going up, to late to save the industry though
Nice try, CNBC. Essentially saying we need to be more productive for corporate to pay us better is a complete laugh.
Right. In the last 40 years ceo pay has gone up 1070% yet the workers pay has gone up 11%.
These companies are making record profits why should only ceo benefit from the record high profits? Yeah trickle down economic is working just fine 🙃
We can't get anymore productive! We are going too fast as it is!!!!
It's not about productivity alone, it is about having specialised skill sets that are more desireable, harder to obtain and automate. Examples include any type of actual engineering, medical professionals etc. The skill floor for workers has risen as automation takes over menial tasks, if your only skill sets are in being productive doing menial things then i have bad news for you because a robot will be 1000% more productive at that.
@@yt_nh9347 I am an engineer…
@@yt_nh9347 just saying, having specialized skills doesn’t help a bit with this issue.
I work for a small company. Every time the subject of wages comes up, I hear several things: "We can't afford to pay what we're paying now"; "We're too small so, legally in Iowa, we don't have to offer benefits, paid days off, etc.,"; "If you quit, remember you signed a non competition agreement so you can't go to work for a competitor (who all pay better and offer benefits)". In six years the only vacation days I've had were unpaid and because the company truck I drive was down for repairs.
@ your seat at the table,…. You should quit that job! Plan your exit. You have allowed yourself to be in bondage
@@andreac6024 Probably, and yet there are some perks. I set my own schedule, the wife and I were homeless in the spring of 17' and they let us park our old RV at work, plugged in as often as we needed. This allowed us to save for a house, which we bought in late 18'. I'm old and I suffer from a warped sense of loyalty I guess.
I can sympathize with you.
I would NEVER sign a noncompete. If a company asks you to sign one, that's a major red flag.
@@extra_ice_girl Depends. In some specific tech areas intellectual property is rather valuable.
One thing people don’t get is that to a shareholder paying workers more is equivalent to throwing money away to them. They will never choose to do that no mater what I or anyone else say and companies do not respect loyalty. This is why unions are important as messy as they are because if you don’t fight for yourself, wages and amenities you’ll never get them even if your boss promises. They will even tolerate huge labor shortages that are directly caused by low wages because of this mindset even if raising wages increases worker retention. I work in the business consulting industry and I find that clients will not refer to to other potential clients if you even hint that maybe their poor worker retention is due to the fact that wages for the lower paid employees increase 3% in a year with 9% inflation. Its crazy how many corporations have manipulated the work force into believing that they somehow care about anything but profit. Trust me when a cooperation gives you perks is because they realized they can get more money if they actually try to retain workers. Unions fight for things business owners will never support as it cuts into their profit margin. I might be working with higher managers but I secretly support unions.
Unions will force businesses to close or move out of the US.
@@craig162 but isn’t that how “free markets” should work?
@@craig162 the tree that doesn't bend - snaps.
@@bobbyomari5500 it isn’t free if it’s forced
@@lacijohnson400 well the whole point is that there is not really a “free market” and capitalists can continue to believe that farce if they want.
Thank good ol’ boy Ronnie Reagan for the decline in wages. He’s the one who started making it easier for jobs to be offshored and fired the air traffic control workers unions. When blue collar work was offshored so we’re unions and wages.
Exactly!!! Everything that is economically wrong in our country can be traced back to Reagan. Reaganomics, what f*cking joke.
@@bonniegaither3994 he was really a menace.
It was Bill & Hillary Clinton who created & pushed NAFTA, which sent employers overseas for cheap labor and materials to make cheap products that get shipped here, and sold for big bucks from China & Taiwan & Korea.
@@christybultsma6558 The origins of NAFTA started way back in the very early 1980s. He fired the air traffic controllers and made it quite easy for then union jobs to be exported. That pushed the US into a service based economy driving down wages. When adjusted for inflation we make just as much, if not less, than people in the 1970s. Clinton signed NAFTA under a very republican controlled house and senate. Look up how many of them voted no on the NAFTA bill. Bush Sr. signed a draft of NAFTA into law before Clinton. Clinton definitely sold the US out to the red Chinese in exchange for campaign contributions. BUT, Reagan was 💯 one of, if not the biggest crooks in US history.
Because foreigners don’t deserve jobs. How xenophobic
Here at Amazon we got a “cost of living raise” for 20 cents. A whole 5 bucks a week. Yippie 😑
lol good lord
During covid I worked at subway for $7.25 an hour, and they only gave me a 5 cent raise 😭💀💀
@@thatotherchannel7945 I’d be less insulted if I just didn’t get one compared to 5 cents. Like how gracious of them to toss me an extra buck a check
@@jansen4282 I know 😭😭 especially since it’s a million dollar business 💀💀💀
@@thatotherchannel7945 my job will congratulate us on record profits and then cut labor and hours I get you 😆 😢
Greed is the reason hard workers are not paid enough plain and simple.
not really--their surplus value of labor is just not that much--someone who assembles a mchicken burger at mcdonalds for $1--aint creating much of a profit margin to be paid a high wage
If you think you are not paid enough... you are not greedy enough - go get a job where you earn what you feel your value is.
@@RealChrisHatch ive read several of your comments- you personally lack value as a human being.
Greed is the reason lazy workers want more even though they have done nothing to deserve it.
I was offered a job at Auto Zone back in May delivering auto parts with a company van. Their starting wage for me was $12.50 per hour. Highly unacceptable with their main hub in my area being in Toledo Ohio with deliveries as far as 2 hours from Toledo. I declined the offer because of how low the wage.
Rent, food, gas, cars, almost everything goes up in price, except for wages.
Wages don’t grow as fast as cost of living.
Heck, cost of living raises aren’t even a thing anymore. And even if it were, that’s only a 2-4% increase while rent is going up by 6%.
You don’t need to be too smart to see the math. All the fancy charts in the world and try to over explain whatever it wants, but all you have to do is look around.
Rents in Phoenix have gone up 30% a year for past three years straight (almost doubling in under 40 months time) and I can tell you average wage is not 54K a year here. You now need 90K to qualify for one bedrooms here
@@JenX422 landlords are extremely greedy. they know people need housing, so they just mark it up, knowing full well that if someone has to move out due to higher cost, someone else will always move in. I think phoenix has a lot of California refugees.
Haven't for 40 years.
I've been looking for apt to move to. Tell me how first time I found an apt the listing was $1000. 2 weeks later that same listing went up too $1300.
If we get more; we just spend more.
"Adjusted for inflation" doesn't mean anything, when inflation itself is BS. Spending power went down at least 3x the rate of inflation. For example, a new car should average $26k according to inflation from 1970. It's $42k now.
If you buy the kind of car you could get back in 1970. You know. One with no electronics, no power steering. Crap suspension. Crap acceleration and top speeds. Cheap trim. Manual windows. No AC. No touchscreens, no media players, no GPS. etc. etc. It is actually far less than $26k.
What people don't seem to understand is that wages have remained "flat", but quality of life has improved MASSIVELY. Now everyone has smart phones, the internet, better cars. No more lead in petrol and water pipes! Food is actually much cheaper now, and was a larger portion of people's spending back then.
The idea that quality of life has not improved is utter hogwash. People just want more, because more is available to buy.
I'd say the only real exception to this is housing. Which is its own beast.
The long and short of it. Is that people live FAR better now than back then. Even though wages are "flat". Are you telling me that you would rather live then, than now?
What new car are you talking about? You can buy a new car today for $20K that has multiple safety features that didn't even exist in 1970, airbags, ABS. There are also technological improvements such as Bluetooth backup cameras.
The car you want may not cost 26K, but there are cars in that price point.
@@christianfahey3661 100%
@@woodchuck003 I don't think you understand what he meant he was using a example.
@@christianfahey3661 Yes, and if you buy a horse and buggy it would probably also cost you $26k. But that doesn't take into account the massive advances in manufacturing and materials and tech that makes it all far less expensive to make. Your argument is nulled simply by the fact that the corporations selling these modern goods are profiting at far higher margins than they were 50 years ago.
It's not even legal to sell a car with the lack of features like in the 1970s. So while quality has gone up across the board, the "average" quality is less attainable by more people. And at the end of the day, cars aren't even a great example. All commodities, like food, water, utilities, and housing, are the same.
Obviously we're used to the modern conveniences. But something tells me if we grew up without them, being able to afford a home was a better life than being constantly connected to random people complaining on social media and touch screens for literally everything.
The produce as much as possible and pay as little as possible approach is unsustainable.
Capitalism at it's best!!
this is what capitalism does sffsafasdfsadf and i don't even know how the middle class keeps defending this economic system.
But it's the American way.
That's like the definition of capitalism. There's no limits. Maximize profits for the shareholders, no matter what it costs others. Like wage slavery, discrimination, war, poverty, climate change
**capitalists have entered chat**
Its not that wages arent high enough, its that the cost of living is too high.
The other day I was talking about this topic with my Grandpa, and I asked him how much he made right out of college back when he gratuated in the 70's. His first job was with a company called Nielsen and he made the same I do, right now, 50 years later, in the same position. He graduated from college debt free because he was able to work a part-time position during school and over the summer which was enough to completely cover all of his living expenses including tuition. Fortunately he was able to pay for me to get through to college as well, but he also recognizes just how bad things have gotten and was glad to help. Most of my friends have some form of student loan debt which acts as an additional tax on wages after college, which doesn't even get mentioned in this video as a feature that might cause wages to be depressed artificially. Why??? So many articles and economists out there attribute a lot of problems to this.
I don't know, CNBC and the Koch-funded CATO institute man. I feel like if over the course of 50 years entry-level roles for people right out of college have had their salaries stay virtually the same then It's very hard for me, and many other people I know, to buy the whole "well actually wages have increased" argument when it feels like nobody I know except for the handful of friends who work in the tech industry have ever really been able to see the benefits of this. I think that growth has been so high in concentrated sectors like tech and medicine that these outliers are so extreme they're forcing the net average up for everyone else, something many of these kinds of arguments presented here tend to ignore. You also ignore how take-home pay over the years has decreased in general because of things like health insurance premiums which were a negligible expense 50 years ago, cost of living increases like rents, which have skyrocketed in most parts of the country. A lack of pensions which have all but disappeared except in a handful of industries... there are a lot more people dipping their hands into the same pool of money that is the average person's take home pay than there were 50 years ago.
I just want to earn a decent living and feel like I can have the same things my parents and grandparents did when they were my age, a house, a nice life, vacations, savings, and a stable job. It's so hard to get any of that anymore.
good catch, they ARE lying. its the narrative that blames poor people for being poor instead of making corporations pay fairly.
I was born in the 1950s and wasn't able to buy a small house until I was in my mid 30s. It takes time to save money for a down payment.
@@karlabritfeld7104 What kind of job were you working and how well did it pay?
@@karlabritfeld7104 Back in the 70's you had to put 20% down to get a mortgage. It took me three or four years to reach that for the house we bought. Interest rates were also 7.5% then.
Paying the rent is my biggest worry. Where can ya borrow $2000 bucks when ya need it, and how in the hell would you pay it back? Who has $2000 dollars of crap to sell or pawn? And it takes too long, &it's too hard to get another job or a 2nd job that might not work around your first job! When ya live paycheck to paycheck, who has money to save? I can't even buy a coke from a fast food restaurant when I'm out! And if I forget to take my lunch to work, I go hungry for the remainder of my shift! I've got to find a way to make more money, or I'm gonna have to get rid of my cat I've had for 7 years! I almost can't afford food for it, and I already collect cans & bottles for recycle when I'm not at work! I'm not looking forward to this, as I've already ready tried twice to work two jobs. I get confused and I'm uckfing tired all the time & never get a day off & get in trouble at work! How am I gonna afford the gas to get to two jobs?!!! Mutha-friggin Biden is killing me! Dang we need Trump in office now! He'll know what to do for us, and drill for friggin oil, and bring down this damn inflation! Trump was laser-focused on a great economy and now I know why!!!
Wage increases will not result in price increases if corporations absorb the costs. As a result, all this income inequality is due to corporations not wanting to sacrifice the way workers have sacrificed for them. A one-sided relationship is bound to dissolve. Greed is not good, because it would be bad if your organs got greedy for blood and did not want to share it with other organs and began to blame those other organs for not getting enough blood when it is something out of their control.
It sounds like a domesticated abuse in a way.
Haha great comment👍🏿
@@miltonaldridge4170 Are you being sincere or sarcastic? Just checking.
@@evilds3261 not sarcastic at all. You made a nice analogy.
@@miltonaldridge4170 Well then, I appreciate the sentiment. 🙂
“Allow” gig companies to offer health insurance as if someone is stopping them. Nonsense
Health insurance should never be tied to one's employment. That is a form of physical slavery that makes a person afraid to quit a bad job because they need to keep their health care.
"The rich get richer and the poor get poorer" -Percy Bysshe Shelley.
Wages are kept low by restricting and controlling the major part of the labor market to a limited number of employers who don't compete but cooperate as one community to keep labor cost low. This is made more so in the age of robber barons who with the major banks control most of the credit/money supply in an economy
this is simply false--as retail workers now are earning around 16-18 bucks per hour--walmart was the first to bring their minimum wage up to $10 an hour in 2013--arguably leading to other corporations thereby raising theirs to 10 from the 7.25 that exists in many states - this isn't a zero sum game here
Independantly, depending on the market and the region, you’re right but it’s actually a much bigger issue. People don’t realize how much of an impact keeping the minimum wage where it is has on the rate structures of every other blue collar job. If the minimum wage had been allowed to rise at the same rate as inflation over the years, minimum wage would currently be 27 bucks an hour. Plumbers would be making 100/hr, Etc. To be sure, if we had allowed it to rise at the same rate as productivity alone it would be over 35/hr!
@@RealChrisHatch a rise to 10 when it should have been a rise to 30.
@@RealChrisHatch lets not forget that they volunteered 10 to keep from being ordered to 15 - never mind what it should be as everyone important is in on the game.
Hmmm...I'd question the formality of "restricting and controlling" as a planned, malevolent strategy. However, we sure have gutted the skilled trades pathways in this country with "everyone needs to go to college" mindset. We don't have a lot of good industrial ed programs at the high school level anymore. And boys, in particular, benefit greatly from those programs. This country is short over a quarter million welders for instance - and those are high paying jobs. I just struggle with the notion that we have a few DC comics villains making all these calls. What I think we have is really short-sighted public policy and tragically ineffective 2ndary education. Skills are the key to wage growth (and the key to limiting poverty too).
One simple question: Does a highly paid executive generate more revenue than his salary and bonuses? Very few even come close to doing that!
Great question
All of them do, otherwise the board of directors who determine their pay (and have large stakes in the company) will fire them by end of quarter. You probably have a limited understanding of business to make such a point, when people complain about "companies recording billions more in profits each year as worker pay remains stagnant" did anyone stop to think that the billions made by the companies are a result of CEO choices?
@@yt_nh9347 It depends on the executives, since there exist board of directors like twitter where they have next to non shares in the company with high salaries that they treat as part time jobs. On the other hand Elon Musk exist.
@@yt_nh9347 A lot of people seem to think the secretary sharpening pencils is the one making the company great lol.
Awe now now.
We must pay our CEOs 350 million a year because they are worth every penny! Get back to work and stop your whining. As Rand Paul said, "Your work is your reward!" Our asses should be paying our CEOs to work for them!
There are so many factors that come into play to fix the wage issues in the US. Here are some potential suggestions:
1.) The US is missing strong labor laws that are found in other countries. The US needs labor laws that mandate 2 to 3 weeks paid annual vacation, plus paid holidays, plus paid sick days. We need mandatory paid 3 months maternity leave for all full-time workers who are becoming mothers.
2.) New laws need to be passed that employment is no longer at will in all
states.
3.) Unemployment compensation needs to be restructured so employees who loose their job are covered for at least 6 months of unemployment in all states.
4.) The US is missing a good education system that is mostly free or very low cost. It does not make sense anymore to get a college degree for a lot of jobs. The cost of getting the education is too high. The compensation is many fields is not high enough to warrant getting a college degree. It’s also no longer sustainable for people to not have an education. With no education and formally trained skill set one has no power in the job market. It becomes very difficult to negotiate a good wage. The US would really benefit from expanding trade schools and apprenticeships. These schools need to be free or cost very little. Countries like Germany, Austria and Switzerland offer apprenticeships. After graduating high school, a young person does an apprenticeship to become a mechanic, a plumber, a hairdresser, a medical assistant, an accountant, a nurse, a technician etc. An apprenticeship takes 3 to 4 years to complete. Once the apprenticeship ends, the apprentice is now a fully skilled worker. The apprentice incurred no debt for their education and can negotiate a fair wage.
5.) A cultural shift towards people being free of consumer debt would greatly help. If a person has no money and lives paycheck to paycheck it’s hard to resign from a bad paying job. A person who has created a financial safety net for themselves has much more leverage to leave a bad paying job.
And paternity leave too. Dad's need to nurture and love thier baby too. Ty
not to mention that the 'part time ' is the new full-time with low pay
I love how people compare us to other countries lmao. Look at them, look! They have more problems than us. The European union is garbage, UK struggling, China in debt up to thier eyeballs. The smaller countries have less people and high taxes, extremely high. You're just repeating the liberal agenda you've heard, but don't understand.
i don’t know what generation you are but millennials and zoomers need to get their head out their ass and grow up by voting and demanding these things. Unfortunately corporations in order to avoid this changes rather distract us with social issues rather than the elephant in the room which is us being shafted.
People need to stop voting republican. As bad as democrats are you might get some help from them.
Republicans cry small government. But they shrink the part that keeps big companies in check but put more laws on the little guy.
Jobs will pay your bills business will make you rich but investment makes and you keep you wealthy the future is inevitable, I pray everyone here becomes successful
@Hart Thim You're right, it's obvious a lot of people remain poor due to ignorance
That's very impressive are you giving her your money or does it stays in your trading account? What's really the idea behind the copying trades?
"if you don't find a way to make money while you sleep you will have to work hard until you old".
I'm 19 and I'm almost a millionaire. 800k I took out of the stock market, and 80k left in puts. I devoted my life too business, and with this economy I'm lucky I pulled out before everything really started too collapse at around summer time when the real estate market and the stock market plummeted. Nowadays, it's bailout season again and the banks and the people are desperately looking for money again like 2008.
“Just be an investor bro”
If youre going to give a platform to someone from the CATO institute as if they were some sort of economist you should probably at least put their donors and stated intent in a disclaimer whenever they are on the screen.
...or have an alternate viewpoint.
…and cite your sources directly. I would love to throw stats around without pinpointing the publication. An extra 100k workers in my city will reduce wages for all of us by 10 cents? And disclose their interests, as required by most faculties and professional assocations these days.
@@lawandeconomics1 fr, where are the links to these statistics?
The journalism from CNBC is garbage. it's more propaganda than investigation... The cost of housing and the inveestment in real estate by corporations is not even mentioned... CNBC = Manipulative Reporting
Yeah you can tell the CATO institute suckup has a slanted narrative and buys into it lock, stock, and barrel. I wonder how often he rehearses his lines?
Yesterday I was sitting reading a household guide from 1921. At the front of the guide they had discussing budgeting and the common Urban family income was $200. Adjusting for inflation over the century since then, that is just under $3,500 per month. I'm in a moderately High wage state, where our minimum wage is $12.25 an hour. I work 30 hours a week. Even with that my take-home pay per month adds up only to $1,300. Part-time workers make even less. Sooner or later we're going to have to declare our present economy unsustainable. Because that $3,500 is fairly close to what the normal Urban family needs to survive. And we're not getting there.
two parents should both be working in a familial situation--two full time unskilled workers should be able to take home 4000 a month at 15 bucks an hour which is about what Mcdonalds pays these days
@@RealChrisHatch what if your spouse dies? Then you should live in poverty? Also, $4000 a month is not enough to raise a single child here in the US.
@@RealChrisHatch pss off
@@RealChrisHatch In 1921 it was most likely just the man bringing in income.
@@jon7052 he is right. work his numbers backwards. $4k a month is $48k a year. divide by 2 adults and thats $24k. Divide by 52 weeks and that is $462 a week. That is $11.54 an hour.
When will Americans stop standing around asking their employers to raise wages instead of actually striking and joining unions to MAKE them pay you right.
Divide and conquer is still a useful tool for the 1% in the United States .
I'm right with you,, but nobody has the balls these days to make an impact. 2 of us isn't enough to cause a fluster.
The ones that stand up and try forming unions get fired
@@truantzyid7816 That's because there isn't enough union, if there was enough union then it would over throw the system. EXAMPLE: Black lives matter, enough people protested so the outcome had to come the people's way
Unions?! Theirs negotiating power is down.
Honestly, I am exhausted now. All this economy stuff drained the life and energy out of my living soul. I have no energy to go earn more money. I don’t have the brain power or capacity to even go back to school just for the debt to earn more money? REALLY?? GTFOH. which will still put me back in the hole. I don’t have the energy for any of this anymore. I am tired now. American dream = American nightmare for me😢Maybe I’m being ungrateful? IDK.
Capitalism is brutal to the labor class.
It's time to change the labor laws reduce the amount of hours being worked all workers get paid a living wage and have mandatory paid vacations
That's why I'm opening a leather shop in Arizona
That is why Americans are going off the grid near smaller towns and creating self sufficiency energy and food and housing needs! 1 time cost!
I just want to point out that "people in the middle income" bracket are making between 46k-130k annually. I think maybe looking at people under that bracket, who make up the bulk of "essential workers" (nurses, teachers, retail workers) might be more important. What's that old saying? You should judge a society by how they treat the least of them?
Allowing the gig economy to offer health insurance wouldn't help workers. Almost all those apps only hire workers as contact workers, not actual employees. So they aren't required to offer the same level of protection or benefits as they are to actual employees.
some people like being contractors so they can choose when and where to work, as an employee theyd lose that
Contract work is suppose to be client based work. If you are an Uber driver 30 hours a week Uber is not your client.
@@eligoldman9200 Contract work has become multiple corporations leveraging their demands onto one employee while simultaneously not providing any of the benefits or future growth typically earned by the entities issuing the contracts.
Stagnation until term has completed, inflation doesn't matter because the agreement is only for 3 months to 1 year tops.
There are still people working at way under $20 an hour for work hard, physical work. A person who clean offices twelve hours a day six days a week should be an example of someone who should earn more and have earlier pension age.
Nurses? Nurses make upwards of $40 an hour these days with little experience. I know because my fiancé is one Lol
I'm relieved to hear that wages are better than ever and we're all pretty well off. I was afraid that the rent hikes and soaring grocery costs were real. Now that I know this is all a dream, I'm gonna go jump off my roof to wake myself up. See ya, dream peeps!
Hey! before you go, take this guy at 9:40 with you! He must be dreaming he said that the CPI dramatically OVERSTATES actual inflation. 🤣
Watching these videos always makes me so happy to be living in Germany. USA = corporate survival of the fittest
Corporate greed is why. The CEO’S and people on top want all of the money.
so what your telling me is that I should be getting paid 40$ and hour... WTF
Yup. Go work in Credit and Collections (i.e. Accounts Receivable). Might be boring sometimes, but it pays well.
@@sebastianliu2009 how can one get into this position? I am a tech person and I have no job related experience
@@olympic-ass-eater You can start by taking some classes at city college, and maybe some internship. However, you're a tech guy and trying to do AR is a several step down and major pay cut.
The Cato guy suggest wages aren’t stagnant. He wouldn’t know though, with his 6-digit salary.
I assume you are being sarcastic or flippant? His salary and his opinion/claim about wages being stagnant are mutually exclusive.