Minimum wage... inflation... the "Six-Figure" Dream Job...

[WarGamer]

My first job was at $3.10 an hour...

Gas was 99 cents a gallon. Middle class SoCal houses were $150k.

We all talked about the "Six-Figure" job...

It was something to work towards. I was lucky... I've been making six figures since the late 80's.

But 90% of young people TODAY are STILL dreaming about that "Six Figure" dream job.

And now gas is $4+/gal, that same $150k house is now $850k and I paid $10 for a McD's 1/4 pdr meal the other day.

Nearly 40 years... and the jump to Middle Class is STILL out of reach for many.

It's not a minimum wage problem... it's deeper than that.

Think of dollars as floating objects.

90% of the dollars float to the ceiling and 5% fall to the floor, leaving 5% floating around the middle of the room.

[roamer65]

1. That's why we need to return to a top marginal tax rate of 50 percent, just like 1982.

Adjust the brackets for inflation, of course.

Any income over 300k should be at that 50 pct rate.

Also reinstate the SALT deduction.

[WarGamer]

2. Boosted Taxation is needed... desperately.

But HOW to benefit the middle class?

Not just taking someone from poverty to 40k/yr, but from 40k to 100k+

[roamer65]

4. Wealth redistribution.

Increased taxation and larger social and JOB programs.

[Mr.Bill]

6. Put money in the hands of consumers.

Especially those on the lower end of the income spectrum. They will spend it, much of it locally.

They are the job creators, not the rich.

[WarGamer]

9. I'm not sure how to do it...

How do you get a teacher to 100k?

How to get a College Grad to 100k? 90% of them make shit after graduation...

[Mr.Bill]

11. When you raise wages, people make more money and pay more taxes.

They buy more goods locally and pay more sales tax. More people are able to buy houses, more housed get built, creating more jobs paying more income taxes, etc. More sales and property taxes being paid, more money to pay teachers and firemen with. It's more than just one thing being done. It's a chain of events. It's what happened after WWII. It's how the middle class was built. Trickle down economics beginning with Reagan destroyed it. The money trickles up, not down.

[Mr.Bill]

3. My rule of thumb is to index minimum wage to the price of gas.

My first job paid 1.65 an hour., but I could buy five gallons of gas for that. With gas at 3.00, the wage should be 15.00. And much of what we buy mirrors the price of gas over time. It has for my entire lifetime.

The wisdom of Chris Rock: "When your boss is paying you minimum wage, it's like they are telling you, I'd like to pay you less, but it's against the law."

[Prof. Toru Tanaka]

5. Good post and the last line is a poignant (but very true) analogy.

Depending on where someone lives, even a $100-150k/yr income can be a stretch to live on for a family of four or more. Especially if the children are older (say high school age or college).

Wage stagnation is bad for our country and our economy. More people making good wages across the board means more purchases of goods and services overall. And with more people making good wages, there are less people requiring forms of social assistance.

[WarGamer]

7. thanks!

[Baked Potato]

8. We are approaching a "breaking point"

mentally and financially. The Democratic bill just passed will smooth it over for awhile.

[dawg day]

10. Heck, I'm 63, and I'm still waiting for that 6 figure job....

Guess I shouldn't have become a teacher.

[CrispyQ]

12. The American Pie. Most people have no clue just how bad wealth inequality is in this country.

All of America's wealth in one pie. The good part starts at 48 seconds.

[leftstreet]

13. +1

good gods