Town Square

Post a New Topic

Rich Get Richer and the Poor Get Poorer: Depressed Minimum Wages Testifies to the Success of Capitalist Markets

Original post made by Justice Tracker, Another Pleasanton neighborhood, on Jun 18, 2013

The federal minimum wage of $7.25 is worth $2 less today than it was in 1968 when adjusted for inflation. That's one of the findings in a June study by the non-partisan Economy Policy Institute on the economic position of Blacks in America.

Today, the minimum wage, which hasn't increased since 2009, falls short of a living wage. According to the EPI study, a full-time worker would need to earn $11.06 an hour in 2011 to keep a family of four out of poverty.

The real value of the minimum wage peaked in 1968, when it was $1.60.

Over the past 50 years, the minimum wage has seen little to no growth as worker productivity has surged and capitalist profits have grown. In fact, if the minimum wage kept pace with increases in worker productivity, it would now stand at $21.72 per hour; but most economists agree that most workers are not worth that much and don't deserve it.

In February, President Barack Obama, in a shameless attempt to pander to the bottom 47%, proposed raising the federal minimum wage to $9 an hour. Republican lawmakers, fighting to maintain freedom for bullied and embattled jet-setting capitalists, unanimously voted down a House proposal to raise the minimum wage in March.

What the study neglects to mention is how increased profits for capitalists have been needed to ensure that job-creating heroes can add to their approximate 200% increase in earnings in relation to peon wage laborers over the past 30 years or so. Also, the study neglects to mention how middle class families don't need more than minimum wage today because many households have two workers, and frequently they smoke. Finally, the study fails to consider how people who earn minimum wage get what they deserve in this life for being the slackers and hangers on that they are.

Comments (4)

Like this comment
Posted by Ben Johansen
a resident of Birdland
on Jun 19, 2013 at 8:37 am

Are you kidding? First off, don't try and hide or change the name of the "Institute". The real name is Economic Policy Institute, which is not non-partisan. It's based on a radical left, liberal philosophy, using radical left, so called, economists and is heavily with funded by organized labor. Lies, lies lies. I guess if our current president can get away with lies to the American people on a daily basis, why shouldn't you try and pass on some more?

Like this comment
Posted by Mary
a resident of Another Pleasanton neighborhood
on Jun 19, 2013 at 8:59 am

You forgot to mention in your heading, "and the Middle Class Disappears". Unfortunately, your seem to forget that we need capitalists to fuel growth, innovation and jobs, because our President is surely not doing so! The real issue is finding balance, and with our government working in 'extremes' (way left and way right) there may never be compromise.

Like this comment
Posted by nonsense
a resident of Del Prado
on Jun 19, 2013 at 1:26 pm

It's not a zero sum game the fact my neighbor is richer does not affect or decrease what i have one bit. why is this always the argument do people actually believe this?

Like this comment
Posted by liberalism is a disease
a resident of Birdland
on Jun 19, 2013 at 6:48 pm

liberalism is a disease is a registered user.

What has any of this drivel to do with "the economic position of Blacks in America?"
Are you implying that somehow those blacks that choose to work are somehow being taken advantage of by 'capitalists'? Does the minimum wage somehow treat blacks differently than other actual workers? Or are you insisting that their buying power with those same earnings is diminished because it is spent on cigarettes, liquor and rugs?

Sorry, but further commenting on this topic has been closed.

GE's re-organization reaches San Ramon digital headquarters
By Tim Hunt | 3 comments | 1,848 views

Sound and Fury over Vile and Slur-ry
By Tom Cushing | 67 comments | 1,057 views

New state housing requirements could affect Pleasanton
By Jeb Bing | 1 comment | 383 views