So great how it cools wages when people need wage increases most. It’s like every time we need to get ahead a little something goes nah.. it’s lower class for you forever.
this post was submitted on 28 Jul 2023
87 points (98.9% liked)
News
23268 readers
3772 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
a little something goes nah… it’s lower class for you forever.
That something has a name and it's called "The Fed".
Higher unemployment and lower wages is a stated goal of theirs.
Why would they want that?
They don't, the Fed is sort of the hammer to break glass in case of emergencies, but the legislature has refused to do anything productive or helpful for citizens.
For years the fed just printed money to stave off an economic collapse. The legislative branch bought stock instead of passing laws and regulations.
The Fed isn't our government, but unfortunately our government isn't our government anymore either.
Because it makes people who are on the margins more desperate for work, which lowers wages or keeps them from rising as quickly as they otherwise would have.
People have given good responses here, but the other, important reason is because when people in the lower socioeconomic strata make more money, they're willing to pay more for stuff instead of invest that money, meaning the prices for goods rises, which affects the lower classes most. If broad income rises, the price of goods rises. Are you making more "per hour" when everything costs more and you're still spending the same percent of your income on food and housing? And if your income goes up, and so do prices, people that didn't get that income raise get fucked hardest. That's basically what "runaway inflation" IS: it's when an economy starts increasing wages to satisfy cost, and cost goes to satisfy demand, so wages go up to satisfy cost and cost goes up to satisfy demand.
no one wants lower wages, but wage increases lead to businesses increasing their prices.
supply shocks aside, there is a negative correlation between inflation and unemployment for a host of complex reasons. so there's ultimately a trade-off to pick.
unfortunately, the issue is that given businesses also function from the idea that there is such a trade-off, supposing we announce we want to lower unemployment, they raise their prices in anticipation.
it's a sad system
its also stuck in a real binary type of thinking, assuming things like regulating businesses and redistributing the wealth are impossible. so like no shit when you write the rules around keeping money with the rich, the rich keep the money😲
Mine as well say hey do you wanna burn alive or drown? Sorry its the only trade off we can offer :/
While wages slow, corporate profits hit new all time highs!
The system is working as designed. Making the rich richer and the poor poorer.
No, it's making the rich richer and the poor not desperately angry. Nothing makes rich assholes more concerned than all the people kept at just above desperation starting to get actually desperate and angry.
The key to a highly unequal distribution of wealth, resources, and power is making sure that those with the least--from whom you're extracting the wealth, resources, and power--find it more difficult and inconvenient to change the system than just accept their mediocre lives.
So far, so good.