d2jsp
Log InRegister
d2jsp Forums > Off-Topic > General Chat > Political & Religious Debate > Inflation
Prev12345618Next
Add Reply New Topic New Poll
Views: 2654Replies: 172Track Topic
Member
Posts: 105,135
Joined: Apr 25 2006
Gold: 10,475.00
#31
Jun 10 2022 08:24am
Quote (Santara @ May 18 2022 06:11pm)
This is my boilerplate response to inflation topics:

In 1971 when Nixon closed the gold window, severing the last tie between the dollar and the greenback, the minimum wage was $1.60/hour and the average price of gold was $40.80/oz. A full year's wage at minimum wage was worth ~78 oz of gold. At today's prices, 78 oz of gold is worth ~$140,000 - or $70/hour. True inflation is a lie. #EndtheFed




Campbells Tomato Soup - California 1970 = 10 cents
Campbells Tomato Soup - Safeway today = $2.49

That's a 2500% increase.


Minimum wage in 1971 = $1.60
Minimum wage now= $15.00

That's a 938% increase.



Seems to me, like the wages aren't keeping up. Sounds like inflation to me. ^^

This post was edited by Ghot on Jun 10 2022 08:26am
Member
Posts: 66,666
Joined: May 17 2005
Gold: 17,384.69
#32
Jun 10 2022 08:27am
Quote (Tarisus @ 10 Jun 2022 14:22)
https://www.cnbc.com/2022/06/03/feeling-super-bad-about-economy-musk-wants-to-cut-10percent-of-tesla-jobs.html

Elon Musk feeling, "super good about the economy".


And when it will be about shut down or removing employees; AMERICA FIRST :lol:



This post was edited by Saucisson6000 on Jun 10 2022 08:28am
Member
Posts: 50,826
Joined: Jan 20 2010
Gold: 5,846.00
#33
Jun 10 2022 08:31am
Quote (Ghot @ Jun 10 2022 09:24am)
Campbells Tomato Soup - California 1970 = 10 cents
Campbells Tomato Soup - Safeway today = $2.49

That's a 2500% increase.


Minimum wage in 1971 = $1.60
Minimum wage now= $15.00

That's a 938% increase.



Seems to me, like the wages aren't keeping up. Sounds like inflation to me. ^^


Yes but its not a reasonable comparison when one is inedible to humans, a mostly useless material that is only hoarded by libertarians in their prepper bunkers to use as a post-apocalyptic currency, and the other is gold.
Shame we can't use the big mac index to compare PPP in US v RU anymore, I think the entire invasion was set up by The Economist to cover their tracks
Member
Posts: 3,771
Joined: Sep 29 2021
Gold: 14,158.00
#34
Jun 10 2022 08:36am
Lol our savings are losing 9% of their value per month. We are screwed.
Member
Posts: 9,811
Joined: Jan 2 2011
Gold: 217.69
#35
Jun 10 2022 08:42am
Does anyone have info on bottom wages of America? Do most still make 7$ per hour or they got raised to 15$? If wages are not adjusted and inflation continues to sky high, then this could seriously damage the flow of the economy. If the entire flow stops, then the economy stops? We starve?
Member
Posts: 105,135
Joined: Apr 25 2006
Gold: 10,475.00
#36
Jun 10 2022 08:45am
Quote (Tarisus @ Jun 10 2022 10:42am)
Does anyone have info on bottom wages of America? Do most still make 7$ per hour or they got raised to 15$? If wages are not adjusted and inflation continues to sky high, then this could seriously damage the flow of the economy. If the entire flow stops, then the economy stops? We starve?




Most are still $7/hour
But I used California's minimum wage and prices.
Member
Posts: 3,771
Joined: Sep 29 2021
Gold: 14,158.00
#37
Jun 10 2022 08:46am
Quote (Ghot @ Jun 10 2022 08:45am)
Most are still $7/hour
But I used California's minimum wage and prices.


Yes the peasants make enough for one can of beans per hour.
Member
Posts: 105,135
Joined: Apr 25 2006
Gold: 10,475.00
#38
Jun 10 2022 08:58am
Quote (Saucisson6000 @ Jun 10 2022 10:27am)
And when it will be about shut down or removing employees; AMERICA FIRST :lol:


Well, as usual, either you or CNBC is only telling part of the story.

This is from the Reuters article...

Quote
June 3 (Reuters) - Tesla (TSLA.O) CEO Elon Musk's "super bad feeling" about the economy could be the auto industry's "canary in the coal mine" moment, signaling a recession for an industry whose bosses have shown no signs of concern.

Musk said the electric carmaker needed to cut about 10% of its workforce in an email to executives seen by Reuters. He later told staff that white-collar ranks were bloated and he would keep hiring workers to make cars and batteries.





If any1 want to actually read the reuters article, and NOT CNBC's interpretation...

https://www.reuters.com/business/autos-transportation/musks-warning-could-be-auto-industrys-canary-coal-mine-moment-2022-06-03/
Member
Posts: 92,973
Joined: Dec 31 2007
Gold: 2,299.94
#39
Jun 10 2022 09:02am
simple fix, do what reagan did and make interest rates so high banks dont want cash.

but they wont, they'll pump banks full of cash, issue inflated loans for inflated home/auto prices, with stagnated salaries by comparison, bulk together the loans as packages just like 2006, sell these, drop the losses on investors, then take bailouts for whatever they cant offload. the bubble will burst, markets will crash, rapid deflation will occur, and they'll keep the profits and bailouts while millions default on asset loans and move into cheap 1 bedroom apartments.

personally i cant wait for to happen so i can pick out my next house.
Member
Posts: 13,633
Joined: Jun 15 2019
Gold: 20,013.82
#40
Jun 10 2022 09:02am
imagine thinking biden caused inflation. what kind of moron would believe that.
Go Back To Political & Religious Debate Topic List
Prev12345618Next
Add Reply New Topic New Poll

© 2003-2026 d2jsp  Contact