2 Charts That Will Enrage Everyone (Well, Except Bankers)

[Cigar]

Take every single dollar made by full-time workers earning the federal minimum wage last year. Now double that pile of cash. OK, now we’re in Wall Street bonus territory.

Wall Street pulled in $26.7 billion in cash bonuses last year, according to estimates revealed Wednesday by the New York state comptroller. That’s up about 15 percent from the previous year, and amounts to $164,530 per person when split up among the industry’s 165,200 employees in New York.

In a new report the Institute for Policy Studies, a progressive think-tank that advocates for pay fairness, paints those bonuses in a rather startling way: Wall Street's cash pile is now nearly double what the country’s 1.085 million full-time minimum wage workers made all of last year.

http://i.huffpost.com/gen/1674408/original.jpg

http://i.huffpost.com/gen/1674415/original.jpg

http://www.huffingtonpost.com/2014/03/12/wall-street-minimum-wage_n_4951843.html?utm_hp_ref=business

[Captain Obvious]

huffpo...

yeah, right.

Does this piece of brilliance explain how brokers are paid? I'm not reading that shit, it's a waste of time. Material for the mentally masturbatory.

[Sergeant Gleed]

Take every single dollar made by full-time workers earning the federal minimum wage last year. Now double that pile of cash. OK, now we’re in Wall Street bonus territory.

Wall Street pulled in $26.7 billion in cash bonuses last year, according to estimates revealed Wednesday by the New York state comptroller. That’s up about 15 percent from the previous year, and amounts to $164,530 per person when split up among the industry’s 165,200 employees in New York.

In a new report the Institute for Policy Studies, a progressive think-tank that advocates for pay fairness, paints those bonuses in a rather startling way: Wall Street's cash pile is now nearly double what the country’s 1.085 million full-time minimum wage workers made all of last year.

http://i.huffpost.com/gen/1674408/original.jpg


This clearly falls under the category of MYOB.

If the minimum wage workers want to EARN more money, they have to stop being essentially useless, or as they are known in the trade, self-propelled radiatino shielding.



http://i.huffpost.com/gen/1674415/original.jpg

http://www.huffingtonpost.com/2014/03/12/wall-street-minimum-wage_n_4951843.html?utm_hp_ref=business

That's just a lie. All a minimum wage increase does is transfer money from people who earned it to people who can't. It doesn't increase the net amount of cash in circulation.

It certainly doesn't cause economic growth. It never has, and isn't going to.

[Polecat]

The big earners too easily forget that we can't all hold a sheep skin and get paid well just to think. Someone needs to pick up your trash & wipe feces from granny's butt in the nursing home. Honest work is too often looked at as a badge of shame by our society. Try to imagine what would happen tomorrow if all the self-propelled radiation shielding failures in this society of privilege decided to stay home.

[Alyosha]

Garbage collectors make a lot of money, actually, because no one wants to do it. In certain cities they can make $80k a year. The reason why cashiers make so little is because they don't have a difficult job.

The cash register/computer at an Ihop we went to broke down and my brother had to do everyone's bill for them because the people at the register couldn't do the math.

[Chris]

Problem with the OP is it assumes a multiplier effect exists. No one has ever demonstrated it. Keynes invented it, he said if government spends that spending will increase wealth by some factor. One of his students built a compter model based on Keynes' assumption and lo and behold it produced a multiplier effect! I could write a program that when given 1 returns 1.2, it's damned easy. Cigar's source is Moody's, same source Nic often provides in support of multiplier effects. But Moody's data is based on CBO projections which are not based previous data but educated guesses, wishful thinking. The multiplier effect is bogus.

Simple test. Let's say I have a $1M, nah, since we're imagining, make it $1B. OK, so now I give that to one person or I give it to many people. Provided they either spend it, or save it, which will be invested, then the $1B will go right into the economy either way, doesn't matter if I gave it to one or many people. And there's nothing either way that will magically produce a multiplier effect. Wealth will be increased only by using the money to produce goods and services people value enough to purchase, the produced gains, the consumer gains, wealth is generated.

[Paperback Writer]

Cigar

what is "pay fairness"? It's in your OP.

[Cigar]

@Cigar (http://thepoliticalforums.com/member.php?u=294)

what is "pay fairness"? It's in your OP.

YOU getting paid the same as someone else doing the exact work :wink:

[Green Arrow]

Why is that supposed to piss me off?

[Chris]

It shouldn't, equal pay for equal work is the positive spin put on the Paycheck Fairness Act to get you to buy into it.





The Paycheck Fairness Act is legislation twice introduced and twice rejected by the United States Congress to expand the scope of the Equal Pay Act of 1963 and the Fair Labor Standards Act as part of an effort to address male–female income disparity in the United States. A Census Bureau report published in 2008 indicated that women's median annual earnings were 77.5% of men's earnings, a disparity attributed to both systematic discrimination against women and women's lifestyle choices.[1[=US Census Bureau]]

The basis of the act, median annual earnings, has nothing to do with equal work.

Pay and other compensation is not determined by work, iow, we don't operate on a labor theory of value, both Adam Smith and Karl marx were wrong.