The Animosity of the Wealthy and Their War Against the Working Family
Raising the minimum wage to meet the cost of living has been slapped down by the wealthy placing the working family right back in the economic funk they were in before the pandemic. Not because of inflation, but because of market manipulation and class warfare.
Economist on the payroll of the wealthy will swear the reason for current inflation is because of the war in Ukraine, pandemic recovery, and whatever else they make-up to hide the fact that the wealthy are relentless in their greed and resentment toward worker backlash regarding low wages.
The pandemic hit; workers were exploited (and dying), they protested, politicians made promises and laws were passed to raise the minimum wage after a 12-year period of stagnation. Companies reluctantly raised wages in compliance of new laws that helped families make a living wage to meet the continuous rising cost of living. This pissed off the wealthy.
All of a sudden comes inflation and now workers are right back behind the cost of living. This is no coincidence; it is manipulation of the markets so the wealthy can stay on top by taking away any gains made by worker wage increases. Using the war in Ukraine as an excuse of rising gas prices (though the war was unforeseen), oil companies nonetheless gouged consumers. When the cost of a barrel of oil dropped from $120 to $100, oil companies kept gas-pump prices high.
A perfect example of the loss to workers can be seen from the following scenario:
"To put it another way, if you made $20 an hour in 2020 and worked 40 hours a week every week of the year, you would have earned $41,600. For the purposes of this thought experiment, let's assume you paid no taxes or Social Security and purchased literally nothing else. That means your total wages would have been enough to purchase a new vehicle outright at the end of December 2020, when they cost $41,000 on average, according to Kelley Blue Book.
Now, let's say you got 5 percent raise to $21 an hour in 2021. If you worked the same amount - and again, no taxes, Social Security, or purchases - at the end of the year, you would have earned $43,680 but no longer would be able to afford a new vehicle, which now costs $47,000. You made more money, but that money was worth less.
The headlines about worker power and rising wages obscure the fact that those wages have less buying power. While nominal hourly earnings - or the literal amount you're paid - grew 5.1 percent on average in February 2022 compared with February 2021, real wages - or wages adjusted for the effects of inflation - declined 2.6 percent." - SOURCE
Gas, food, rent, and utilities all rose right after the minimum wage rose and economist excused away the greed of the wealthy by publishing nonsensical statements such as this:
The fight for scarce workers could put more pressure on prices. Hourly wages increased 5.6% over the year to March, against pre-pandemic bumps in the 3% range. Full employment would be welcomed by the Fed after the labor market pains induced by the pandemic. Up to a point, so would higher wages, especially for lower-paid workers. But blowing past that would risk overheating an economy already grappling with inflation." - SOURCE
What the hell does that mean? Nothing; it is senseless gobbledygook of words smashed together to pretend economist know what they are talking about and to fool the average worker. However, taken at face value it means workers are being exploited by the wealthy again who are using inflation as an excuse.
The war against the wealthy remains a struggle for working families. Wage rates will never catch up with the cost of living as long as the wealthy are in power. The only strategy against such greed and contempt is to strike and not work. If there is no one working, there is no market and the wealthy have nothing to invest in.
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