NYcarbineer
Diamond Member
1. Let's see what the result is when another one of your posts comes up against fact:
a. Wages equal the marginal productivity of labor, meaning that the outcome in terms of income and wealth is a function of what one does. It is also a function of how many people do the same.
b. Babe Ruth, being asked how he felt holding out for a salary higher than that of the US President Hoover: Why not, I had a better year than he did.
2. So, as productivity and skills increase, workers earn more. Productivity of workers in competitive markets is what determines the earnings of most workers; and it is not an accident that labor earns about 70% of the total output of the American economy, and capital earns about 30%.
Ferrara, "America's Ticking Bankruptcy Bomb," chapter nine.
Is that supposed to have something to do with the explosion in the number of 2 earner households in America in the last 30 years?
Is there a point low enough that the average American worker could earn where conservatives would finally say,
okay, that's good, we're happy now. That's low enough?
What is the conservative obsession with wanting to see the American working class poorer and poorer and poorer? What is that all about?
Horsefeathers.
Every quintile has lived better.
Standard of living has done nothing but improve.
In 1949, someone who worked minimum wage over the summer would have enough money to buy the following items from that years Sears catalogue: A Smith-Corona typewriter, Argus 21 35mm camera, Silvertone AM-FM table radio, and Silvertone 3-speed phonograph.
In 2009, the same person, working the same number of hours at minimum wage, would now be able to purchase: A Dell laptop computer, HP color ink printer, scanner, copier, Canon 8 megapixel digital camera, GPS system, 32 LCD HDTV television, 8GB iPod Nano, GE microwave, Haier refrigerator/freezer, Toshiba DVD/VCR combo, RCA home theater system, Uniden cordless phone, RCA AM/FM radio, Camcorder, Sony PlayStation 2, as well as several other things.
Mark J. Perry, Young Americans: Luckiest Generation in History, CARPE DIEM: Young Americans: Luckiest Generation in History
If you're seeking a factor that works against the average individual becoming wealthy....it's taxes.
Taxes? Looks like taxes are about where they were in 1949.