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this post was submitted on 20 Dec 2023
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I've always thought that the only meaningful measure of overall economy is real median wage. Don't talk to me about GDP or the frankly insulting per capita GDP. I can't spend money that's being hoarded by price-gouging industrialists and tech-bros.
I still think the dumbest thing we continue to do is demand a specific number...
Great fight for fifteen sounds nice, but guess what? The ~~assholes~~ elected officials will drag their feet until that $15 is equal in value to what you're getting now. That slogan was pushed around so long ago and only now is a supposedly "blue state" like NY getting minimum wage to $16/hr...
We need to be demanding a living wage based on the minimum amount required to rent an apartment and buy necessities. And no, I shouldn't have to have roommates just to afford a shit apartment. That just dilutes the requirement and allows the ~~assholes~~ elected officials to drop that living wage calculation way down when "you just need roommates."
I was referring to a national push.
A specific number is specific to an area not the whole country so we allow Republicans to argue "$15/hr is way too much for backwoods shithole Alabama! You'd live like a king and bankrupt all the businesses!"
Just tie it to the CPI of the state the way social security was. If you want to pay your workers less all you have to do is convince the local government to stop NIMBYing them. Who knows maybe some bigger employees like Walmart or Amazon will actually do it.
GDP gives an idea of how much value is being produced by the economy, which can help judge what kind of further pressure should be put on price-gouging industrialists and tech-bros.
It's funny you bring up tech bros when Lemmy is full of them.
I have no idea what people mean by that phrase.
Idk what that other guy was on about but it's people who super into computer tech and whatnot.
Like all the people who nonstop talk about Linux or 3d printers or wiring your entire house into an Alexa or stuff like that.
The only time I use it derogatively is when talking about tech companies that deliberately release poor quality products because they know tech bros will buy it anyway which helps drive inflation while ensuring lower quality
If that's your measure, than it's up:
https://fred.stlouisfed.org/series/LES1252881600Q
There was a pandemic spike that's now gone, but it's otherwise following the generally upward trend that it has for the last decade or so. If we want to use that, then the economy is doing pretty well.
OP gives a lot of other reasons to think otherwise. Using any one measure isn't a good way to measure the economy.
Edit: also, people need to stop saying "inflation adjusted wages are flat since the 70s". That was true in the years following the 2008 financial crisis, but it isn't anymore. But as another poster in this thread points out, the working class is still not getting their fair share of GDP growth over that same time period.
Good point!