Wha, Wha Income Inequality?

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IronWing

IronWing

No Lifer
Jul 20, 2001
72,403
32,982
136
dank69 said:
They earned it. Hardest workers on the planet.
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I'll give them the benefit of the doubt and agree that the Wall St crowd works very hard. When a minimum wage fast food worker works, I see a hamburger produced. When a broker works, what is produced?
 
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drebo

Diamond Member
Feb 24, 2006
7,034
1
81
Minimum wage isn't supposed to be a career wage for supporting a family.

Stop bitching about it and improve yourself. Hell, I made more than California minimum wage working at a fruit stand in California 15 years ago.
 
glenn1

glenn1

Lifer
Sep 6, 2000
25,383
1,013
126
Wow, if only people knew that people on Wall Street made lots of money they'd decide to work there instead of for minimum wage. Thanks so much for bringing it to everyone's attention. Hey everybody, Wall Street has good paying jobs! Pass it along!
 
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Smoblikat

Diamond Member
Nov 19, 2011
5,184
107
106
Newell Steamer said:
http://www.nytimes.com/2015/03/14/u...-workers.html?mwrsm=Email&_r=1&abt=0002&abg=0



Also, let us make sure they don't pay any or little taxes on it as well.
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Yearly income for federal minimum wage is about $15,000, they made almost $30,000 with their bonus. I make more than that in a year, their income is not particularly outlandish.

Lets say they paid 10% tax on that, thats $3000. Not even enough to provide one of the millions of illegal families with the netflix and housing they deserve.
 
M

MixMasterTang

Diamond Member
Jul 23, 2001
3,167
176
106
Smoblikat said:
Yearly income for federal minimum wage is about $15,000, they made almost $30,000 with their bonus. I make more than that in a year, their income is not particularly outlandish.

Lets say they paid 10% tax on that, thats $3000. Not even enough to provide one of the millions of illegal families with the netflix and housing they deserve.
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Are you just making stuff up or did you read the article?

The size of the bonus pool paid to securities industries employees in New York City was $28.5 billion. Dividing this total among 167,800 workers yields an average bonus of $172,860.
 
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doubledeluxe

Golden Member
Oct 1, 2014
1,074
1
0
1.1% of Americans make minimum wage. It's not hard to make more bonuses than all of them combined using just about any metric in any major industry.
 
J

Jhhnn

IN MEMORIAM
Nov 11, 1999
62,365
14,685
136
doubledeluxe said:
1.1% of Americans make minimum wage. It's not hard to make more bonuses than all of them combined using just about any metric in any major industry.
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If we think about that much at all, it means that the situation is actually worse than just Wall St. And if we think about it in terms of the poverty rate rather than minimum wage it doesn't get any better.

An enormous number of people in this country are paid slightly above minimum wage yet remain in poverty because they don't get steady full time work.

Even if we use that 1.1% figure, we need to remember that 167K Wall St workers only comprise .0005% of the population & we're only talking about bonuses, not salaries, either.

At some point or another, we need to realize that income distribution in the idealized period of the 50's, 60's & 70's was much, much flatter than it is today. Trickle down reaganomics took a slice off the top at the middle & stood it on end at the high end of the Pareto curve.

Back then, poor people were poor & rich people were rich, but median families had a much larger share of income than today.
 
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doubledeluxe

Golden Member
Oct 1, 2014
1,074
1
0
I made minimum wage at 16 for that summer. So for 2 wish months. To make that as an adult means you failed on a catastrophic level.

I do feel that we shouldn't allow employers to exploit adults this way. Fire them and hire 16 year olds. Motivate them to acquire a skill set that pays more.
 
rudeguy

rudeguy

Lifer
Dec 27, 2001
47,351
14
61
And Obama makes 3200% of what a minimum wage earner makes per year.

What exactly is your point?
 
Subyman

Subyman

Moderator <br> VC&G Forum
Mar 18, 2005
7,876
32
86
doubledeluxe said:
I made minimum wage at 16 for that summer. So for 2 wish months. To make that as an adult means you failed on a catastrophic level.

I do feel that we shouldn't allow employers to exploit adults this way. Fire them and hire 16 year olds. Motivate them to acquire a skill set that pays more.
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75% of all minimum wage jobs are staffed by people 16-24. So, you make a very good point. Nearly half of minimum wage jobs are food serving, which are supplemented by tips.

http://www.pewresearch.org/fact-tank/2014/09/08/who-makes-minimum-wage/

One thing a higher minimum wage does is shift the paid positions of nearly all hourly workers upwards, not just the minimum. For someone that has been at a job for 5 years, the minimum wage goes up, and they are now only making minimum wage will demand a comparable increase in their own salary as to be commensurate with their time on the job.
 
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doubledeluxe

Golden Member
Oct 1, 2014
1,074
1
0
The real issue isnt the tiny amount if min wag workers. It's the huge amount making $15 an hour which isn't much better
 
dank69

dank69

Lifer
Oct 6, 2009
37,101
32,459
136
Subyman said:
75% of all minimum wage jobs are staffed by people 16-24. So, you make a very good point. Nearly half of minimum wage jobs are food serving, which are supplemented by tips.

http://www.pewresearch.org/fact-tank/2014/09/08/who-makes-minimum-wage/

One thing a higher minimum wage does is shift the paid positions of nearly all hourly workers upwards, not just the minimum. For someone that has been at a job for 5 years, the minimum wage goes up, and they are now only making minimum wage will demand a comparable increase in their own salary as to be commensurate with their time on the job.
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Shh don't tell the GOP supporters that when they vote for people who vote against min. wage increases they are voting against their own pay increases as well! Now we are going to witness major rationalizations that will make us all dizzy. "Why not raise min. wage to $1M?" in 3, 2, 1...
 
rudeguy

rudeguy

Lifer
Dec 27, 2001
47,351
14
61
doubledeluxe said:
The real issue isnt the tiny amount if min wag workers. It's the huge amount making $15 an hour which isn't much better
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I'd argue the real issue is the lack of real job training. A kid coming out of high school does not have any kind of real world experience or training to get into a real job. Hell, I'd argue that a large percentage of kids coming out of college don't either.

My city has a tech center that kids can go to instead of taking a bunch of electives they will never use in the real world. They can get 3 years of hands on, real world training in all kinds of fields. Auto repair, programming, CS, networking, baking, pretty much any field where experience is a plus. Those kids normally go to work right out of high school with very decent jobs or go on to college, get a degree and go into higher paying jobs out of college. But that program is limited and I don't know if its nation wide.

Another option would be expanding the military. Get more kids in non combat roles, learning trades.
 
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unokitty

Diamond Member
Jan 5, 2012
3,346
1
0
FT_14.12.16_wealthInequality.png


Change political parties. Change president.

Wealth gap reaches record high...

'Hope and Change?"

Uno
 
R

realibrad

Lifer
Oct 18, 2013
12,337
898
126
senseamp said:
They earned it, but contributing nothing and acting as middlemen.
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And yet people pay them. I could see if the pay was from government, but why someone in the private sector is willing to pay people so much for contributing nothing.

Other than the people getting paid, do you think anyone else makes money on their work?
 
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