However, as a side note, inflation is absolutely essential to keep the economy healthy. Most developed countries around the world have a goal of 2 percent inflation. US inflation is currently 3.7 percent before seasonal adjustments.
Edit: Wow. Lots of people here who need to retake Econ 101.
Inflation is important because it punishes the hoarding of wealth and encourages spending. When investments grow greater than inflation but wages grow slower, it’s problematic because the investing class is rewarded for having money while the working class is punished.
well no, the econ 101 guys are the ones calling for getting rid of inflation, you actually need to get a bit further down into the mud to get to “inflation is super important and one of few reasons for investment instead of dragon hordes”
Just when boomers were young (8-23 yrs old) … totally tracks!
Looking at the linked graph, there’s a relatively clear plateau from ‘56 to ‘80 … basically from oldest boomers being age 11 to youngest boomers being age 20. I’m a little astonished at how well it lines up with the whole fucking generation. Literally all of them, from the beginning of their teens to the end of their teens (at least), enjoyed the best minimum wage of the modern age.
It also, interestingly, justifies the seperate categorisation of the Jones generation (born 1960-1966) who were the first to see the steady decline.
inflation-adusted, the federal minimum wage peaked way tf back in february 1968 at $1.60 an hour (equal to $13.46 in ‘2022 dollars’).
Might as well use the latest numbers for this comparison. Yes, inflation is still absolutely sucking us all dry.
I love how its just flipped the numbers around.
However, as a side note, inflation is absolutely essential to keep the economy healthy. Most developed countries around the world have a goal of 2 percent inflation. US inflation is currently 3.7 percent before seasonal adjustments.
Edit: Wow. Lots of people here who need to retake Econ 101.
Inflation is important because it punishes the hoarding of wealth and encourages spending. When investments grow greater than inflation but wages grow slower, it’s problematic because the investing class is rewarded for having money while the working class is punished.
Removed by mod
well no, the econ 101 guys are the ones calling for getting rid of inflation, you actually need to get a bit further down into the mud to get to “inflation is super important and one of few reasons for investment instead of dragon hordes”
Just when boomers were young (8-23 yrs old) … totally tracks!
Looking at the linked graph, there’s a relatively clear plateau from ‘56 to ‘80 … basically from oldest boomers being age 11 to youngest boomers being age 20. I’m a little astonished at how well it lines up with the whole fucking generation. Literally all of them, from the beginning of their teens to the end of their teens (at least), enjoyed the best minimum wage of the modern age.
It also, interestingly, justifies the seperate categorisation of the Jones generation (born 1960-1966) who were the first to see the steady decline.
explain jones gen. never heard this term before.
The
article explains it pretty concisely. Basically the generation between boomers and gen x that tends to get overlooked.
https://en.wikipedia.org/wiki/Generation_Jones