02-15-2020, 12:39 AM
(02-14-2020, 07:54 PM)SunsetBengal Wrote: I'm gonna call BS on those stats. Using *adjusted for inflation* numbers to claim that average, non-supervisory workers made 48K in 1978 is a load of crap, and I'm pretty sure that you know that.
The truth is, the average wage in 1978 was $6.10/hr. (Dec 1978) Today, the average wage is $23.87/hr. (Jan 2020) The minimum wage in 1978 was $2.65/hr, or about 43% of the median. Today, the Federal minimum wage is $7.25, or about 30% of the median. So, yes the minimum wage is due for a bump.
http://www.data360.org/dsg.aspx?data_set_group_id=773&count=all
Now, the average CEO wages in 1978 was about $1.65M, and today the average is above $12.4M.
https://www.theguardian.com/us-news/2016/may/17/ceo-pay-ratio-average-worker-afl-cio
So, while the CEOs are outpacing the working class, there is no need to exaggerate the statistics by boosting the 1978 workers' numbers by adjusting them for inflation. In 1978 the average CEO made 127X the average worker's salary, today it's abour 248X the worker's salary.
In conclusion, yes something needs to lever the scale to the labor side. Just not in as dramatic fashion that some are arguing, by using skewed data to distort the picture.
Employees just need to work harder for those merit based pay raises.
And if that fantasy actually worked then CEO pay wouldn’t out pace employee pay by 127X, 248X, or 900% with or without adjustment for inflation.
