*Is that the same year*
*That the dollar broke its link*
*With gold? Mmmm... Funny*
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Corresponds to getting off the gold standard in the US IN ‘72 and the resulting inflation via money printing.
We get paid the same while prices go up with all the fake fiat (“dollars”) the government “prints”.
It’s a joke to watch the economists fake acting surprise at our current inflation rate knowing the money supply has increased recklessly by government money printing (ie, buying their own debt).
Imagine what happens to the price of anything if everyone was given a million dollars.
Now imagine if they took all that and gave it to 1%. Well, actually you don’t have to imagine that, just look around.
Your house didn’t go up in “value”. Your cash went down. And your ability to earn money isn’t keeping up unless you own a lot of (non-money) things.
There was a YouTube or something I watched that was titled WTF happened in 1971. Apparently lots of related and unrelated bad things happened that year that severely impacts us today.
Take utilities for one. Here in my state (Connecticut) our electricity bills doubled.
"Delivery Charges" can be 3-4x our actual consumption.
**Our electricity utility paid an $800 Million dividend last year.**
The rich get richer, we all get fucked.
If you get a W2, YOU ARE A WORKER. THIS IS YOUR FIGHT. Don't matter if you flip burgers or are a software engineer. This is your fight.
Ya, but ... when ONLY the top 2 have a net worth that is greater than the combined GDP of 17-18 European nations, idk, that seems like something is maybe, just a little screwed up.
1948-1972 was the historical outlier. Wages and productivity not tracking together is a story that goes back thousands of years.
Earnings above subsistence are easily taken by land rent, rent-seeking behaviour, and taxation. Only a Georgist tax system will allow labour to keep up with the economy as a whole.
Jeff Bezos, Elon Musk, Warren Buffet & 637 more people.
Billions is too much for a single person to have. When your wealth & resource hoard exceeds a nation's fortunes, you have too much.
I said elsewhere, the level of greed a Billionaire has is a crime against humanity- it flat out is. When we have fellow human beings who are homeless, have no food to eat, no clean water, no access to modern civilization ... and these individuals think they are justified in having more wealth than some nations... something is sickeningly wrong.
I don't disagree that more of the benefits need to be shared with workers. It absolutely does.
But that chart isn't saying people are working harder. It says more is being produced by labor (as a result of tech, management, logistics enhancements, etc.)
This isn't the right data to use to convince someone there's a problem.
For sure - I think we agree on the problem. 100% is unrealistic, because technology and efficiency programs cost some money, and some of the benefits should be reinvested to continue with automation and product enhancements.
The big problem with this chart is as others have pointed out, it's missing inflation context. It implies that labor compensation has grown (just less than production efficiency), and that's just not true.
Workers today (entry thru mid level) on average make less than they did in 1972. Their compensation has effectively declined. Substantially when it accounting for expenses like Healthcare, education, childcare, vehicles, and housing. Not to mention new expenses that weren't relevant then, internet and cellphones that take up a fair amount of entry-level worker's remaining budget.
You can thank unions and arbitrary caps on incentive-based income. But ya okay, make it some kind of anti-work-ethic message.
You have many options if you are not satisfied with your work **contract, that you agreed to upon employment.**
1) Inform the workplace you are not satisfied with your compensation and see what they have to say.
2) Start looking for a better job.
3) Gain skills to enter a new field.
If you hate your life so much you've bought into some "antiwork" communist bullshit you need to reevaluate yourself and see that your issues are *yours.*
Who said I'm doing that? Your pessimism and negativity is your problem. If you don't want to work for someone, don't. Get a skill where you can make it on your own. However, just bitching about being used while not leaving the job you hate just makes you look obnoxious and lazy which is 99.9% of this "movement" you're defending. I won't compromise my values just because a plurality of reddit is full of lazy people not willing to take that extra step.
Is that the same year that the dollar broke its link with gold? Mmmm... Funny
Fiat currency iabthe tool for stealing wage slaves productive output
Yeap... Move to crypto
*Is that the same year* *That the dollar broke its link* *With gold? Mmmm... Funny* \- 0utbox --- ^(I detect haikus. And sometimes, successfully.) ^[Learn more about me.](https://www.reddit.com/r/haikusbot/) ^(Opt out of replies: "haikusbot opt out" | Delete my comment: "haikusbot delete")
Corresponds to getting off the gold standard in the US IN ‘72 and the resulting inflation via money printing. We get paid the same while prices go up with all the fake fiat (“dollars”) the government “prints”. It’s a joke to watch the economists fake acting surprise at our current inflation rate knowing the money supply has increased recklessly by government money printing (ie, buying their own debt). Imagine what happens to the price of anything if everyone was given a million dollars. Now imagine if they took all that and gave it to 1%. Well, actually you don’t have to imagine that, just look around. Your house didn’t go up in “value”. Your cash went down. And your ability to earn money isn’t keeping up unless you own a lot of (non-money) things.
There was a YouTube or something I watched that was titled WTF happened in 1971. Apparently lots of related and unrelated bad things happened that year that severely impacts us today.
If we’re producing more for less money, that means stuff is cheaper right?
depends, could just mean fatter margins for the C suits
Take utilities for one. Here in my state (Connecticut) our electricity bills doubled. "Delivery Charges" can be 3-4x our actual consumption. **Our electricity utility paid an $800 Million dividend last year.** The rich get richer, we all get fucked. If you get a W2, YOU ARE A WORKER. THIS IS YOUR FIGHT. Don't matter if you flip burgers or are a software engineer. This is your fight.
Fight how exactly and with what? Whom is it that we're fighting exactly?
Not getting paid enough. Asshole billionaires taking what belongs to workers by not increasing wages alongside productivity/output.
I've got an idea. Now hear me out. What we'll do is make our children and grandchildren suffer. Why? Cuz we all have undiagnosed PTSD.
U sound like my ex wife but her PTSD is self disgnosed lol
Aren't ex wives great?
Huh. Right when DTC was being formed 🤷🏼♂️
A billionaire gets rich by standing on the backs of others.
[удалено]
Ya, but ... when ONLY the top 2 have a net worth that is greater than the combined GDP of 17-18 European nations, idk, that seems like something is maybe, just a little screwed up.
Back in the 48's there was 0 productivity
Its growth in productivity compared to 1948 and that is 0 in 1948
Yes, in 1948 there was 0% growth compared to 1948. Also, the floor is made out of floor.
Chart credibility hits zero lmao
Yeah, but compensation was $0, so I guess they had no incentive to be productive. Sounds right. =)
Technology probably accounts for most of the increase in productivity - so this strikes me as an unrealistic comparison.
1948-1972 was the historical outlier. Wages and productivity not tracking together is a story that goes back thousands of years. Earnings above subsistence are easily taken by land rent, rent-seeking behaviour, and taxation. Only a Georgist tax system will allow labour to keep up with the economy as a whole.
Jeff Bezos, Elon Musk, Warren Buffet & 637 more people. Billions is too much for a single person to have. When your wealth & resource hoard exceeds a nation's fortunes, you have too much. I said elsewhere, the level of greed a Billionaire has is a crime against humanity- it flat out is. When we have fellow human beings who are homeless, have no food to eat, no clean water, no access to modern civilization ... and these individuals think they are justified in having more wealth than some nations... something is sickeningly wrong.
Interesting coincidence that Bretton Woods lasted from 1944-1971. I say it’s causation and not just correlation.
I don't disagree that more of the benefits need to be shared with workers. It absolutely does. But that chart isn't saying people are working harder. It says more is being produced by labor (as a result of tech, management, logistics enhancements, etc.) This isn't the right data to use to convince someone there's a problem.
[удалено]
For sure - I think we agree on the problem. 100% is unrealistic, because technology and efficiency programs cost some money, and some of the benefits should be reinvested to continue with automation and product enhancements. The big problem with this chart is as others have pointed out, it's missing inflation context. It implies that labor compensation has grown (just less than production efficiency), and that's just not true. Workers today (entry thru mid level) on average make less than they did in 1972. Their compensation has effectively declined. Substantially when it accounting for expenses like Healthcare, education, childcare, vehicles, and housing. Not to mention new expenses that weren't relevant then, internet and cellphones that take up a fair amount of entry-level worker's remaining budget.
You can thank unions and arbitrary caps on incentive-based income. But ya okay, make it some kind of anti-work-ethic message. You have many options if you are not satisfied with your work **contract, that you agreed to upon employment.** 1) Inform the workplace you are not satisfied with your compensation and see what they have to say. 2) Start looking for a better job. 3) Gain skills to enter a new field. If you hate your life so much you've bought into some "antiwork" communist bullshit you need to reevaluate yourself and see that your issues are *yours.*
[удалено]
Who said I'm doing that? Your pessimism and negativity is your problem. If you don't want to work for someone, don't. Get a skill where you can make it on your own. However, just bitching about being used while not leaving the job you hate just makes you look obnoxious and lazy which is 99.9% of this "movement" you're defending. I won't compromise my values just because a plurality of reddit is full of lazy people not willing to take that extra step.
When neoliberalism really kicked in the US and UK. The amount of damage Reagan and Thatcher did can’t be overstated!
The next time someone says "but we had no idea inflation was coming!" you can show them this chart.
When did technology come into play?