Rakuten SparkNov 21, 2024
Robert Reich

Do you know how much CEO pay has skyrocketed since 1978?

100%? 500%?

Try 1,085%

Meanwhile, the $7.25/hr fed. minimum wage hasn't budged in 15 years and the tipped min. wage has been $2.13/hr since 1991.

This is what I mean when I say the system is rigged.

Nov 21, 2024 at 5:05pmWeb
Show threadT2RNov 21, 2024
@rbreich https://www.cringely.com/2018/02/26/win-lose-wall-street-screwed-middle-class/
We win, you lose: How shareholder value screwed the middle class | I, Cringely

Based on a dubious theory of maximizing shareholder value, Wall Street has undermined the Middle Class for 40 years with horrible results

I, Cringely - on technology
Show threadIan McG 🇺🇸Nov 21, 2024
@rbreich since Trump is such a friend of the worker, it would be nice if he started pressuring companies to raise wages. If wages go up, there is less pressure on entitlement to keep people afloat.
Show threadexcogNov 21, 2024

⬜

@rbreich

Or as we say over here,

That's Capitalism, baby!!

Show threadJulie WebgirlNov 21, 2024

@rbreich

Why don't you say what the minimum wage was in 1978?

And the tipped minimum wage in 1978.

You've given nothing (that means ZERO) to compare.

Minimum wage in 1978 was $2.65. That's an increase of 170%.

Tipped minimum wage in 1978 was $1.33. That's an increase of 60%.

STILL, not even close to the 1,085% for CEOs.

#Apples2Apples please.

Show threadhazelnot Nov 21, 2024

@juliewebgirl @rbreich if you want to be pedantic, factor in inflation and you'll find that the 1978 minimum wage is equivalent to $12.83

Your 170% increase is actually a 56% decrease

Show threadJulie WebgirlNov 21, 2024
@hazelnot
Apples. Apples.
@rbreich didn't adjust the CEO rate for inflation either. Why are you calling out my numbers but not his?
Show threadhazelnot Nov 21, 2024
@juliewebgirl @rbreich I'm not calling out your numbers, I'm making a point about how silly it is for you to do it. It makes you look like you're defending billionaires and capitalism. Even if that's maybe not your intention that's how nitpicking about this stuff comes across
Show threadJulie WebgirlNov 22, 2024

@hazelnot
Oh FFS.

How in the WORLD does asking for REAL freaking numbers sounds like I'm defending billionaire assholes?

Did I say oh gee if you use real numbers, the billionaires aren't really assholes. Carry on! 🙄

Y'all are all "but the science!" but "but the numbers!" isn't allowed?

The POINT of the toot was "Hey look, COMPARE!" but then nothing to actually compare

Like

Apples are red, oranges are round.
@rbreich

Show threadeanopolskyNov 22, 2024

@hazelnot @juliewebgirl @rbreich I think everyone participating here has their heart in the right place. That said, as a former math teacher, I like Julie's example better.

"CEO pay increased 1085% in 46 years and min wage increased 0% in 15 years" invites the reader to wonder whether the minimum wage increased a lot between 1978 and 2009, maybe enough to change the point Robert made. (It didn't.)

"In the last 46 years, CEO pay increased 1085% while min wage increased 170%" is clearer.

Show threadMarc Irving WeberNov 21, 2024
@rbreich
Show threadMad Dog Ace RunNov 21, 2024

@rbreich
But surely it will trickle down...

Like urine running down my leg...

Show threadAlyssa VoroninNov 21, 2024

@rbreich The last time the minimum wage went up, I was working a retail job between semesters in undergrad. I'm 40.

When I rented my first apartment in 2009, the rent was $499/mo. That same apartment is now listed for $1,599/mo.

I've changed fields, chased promotions, and even moved states in search of higher wages, not to improve my quality of life, but just to keep up and continue living independently. The American dream is a nightmare.

Show threadfloydgumpNov 21, 2024
@rbreich Religion.politics and the economy it's all rigged.They've rigged everything.They rig the game by playing all sides.
Show threadCathy Caine Nov 21, 2024
@rbreich How long til the revolution?
Show threadblterribleNov 21, 2024
@rbreich Easy solution (that will _never_ be implemented) Create a system where minimum wage is driven by increases in executive compensation automatically.
Show threadLeta_DarnellNov 21, 2024
@rbreich
wtfhappenedin1971 Check out the website.
Show threadPatch You UpNov 21, 2024
@rbreich
Step 1. Start convicting executives when their companies do crimes. No more hiding behind the corporation.
Step 2. Tax unrealized capital gains. Doesn't have to be big, I get that people could get screwed in a volatile market if their holdings tank. But it would force CEOs with billions in stocks to gradually sell some to pay their taxes.
Step 3. Increases in minimum wage are linked to inflation automatically, with the benchmark set at least to 2009 levels.
Show threadcermak_rdNov 22, 2024
@rbreich Although not all states stick to that federal minimum. In IL we're going from 14 to 15 in January, I believe NY and CA have higher ones too. Of course the cost of living (esp housing) are higher in these areas, too.
Show threadJarnoNov 22, 2024
@rbreich yes but foreigners
Show threadfmc01Nov 24, 2024
@rbreich America is fast becoming a poor country with a lot of rich people in it - on limited public data - the top 1% of Americans earn $ 1.4 million on average p.a. while the bottom 50% (160 million) earn $14,000 (compare China’s average income of $9000 p.a.). For wealth it’s even worse. The top 1% have 20% of the income & 30% of the wealth, the bottom 50% have 10% of the income & only 2.5% of the wealth. (vs world where bottom 55% have 1.3% of the wealth) No wonder Trump won !!!