The real value of minimum wage – in terms of buying power for a minimum wage employee working 40 hours a week – peaked in 1968 and has eroded steadily. If costs of living had remain level with dollar inflation, todays minimum wage employee would need to make $10.55/hr. Nonetheless, even raising the hourly wage… Read more Minimum Wage Needs to Be Almost $22/hr to be Equal to 1968 Wages
I am constantly irked by the mantra that “poor people don’t pay takes” since “almost half of all Americans don’t pay income tax”, a misleading bunch of bologna that is almost always followed up by lamentations of how unfair this is to the wealthier Americans. This needs some reality, stat. First, notice how careful talking… Read more The Reality of Taxation in Low Income Families
Roger Ver, a billionaire libertarian who is called “Bitcoin Jesus” in investment circles, renounced his US citizenship in March. He was apparently incensed by the idea that he should have to pay taxes in the country that has sheltered him since birth. What has the US ever done for him? You know, besides providing schools… Read more Roger Ver Should Get No Free Lunch
Inequality is bad for societies. When too much money is funneled to the top, there is not enough left circulating at the bottom to create a robust economy. Not very long ago I stumbled across this chart, which indicates modern inequality is beginning to look positively feudal: I don’t think the chart is strictly accurate.… Read more Resistance is Feudal?
Recently, a relatively wealthy woman wrote to Dear Prudence to whine that she has to give candy to poor kids. Here is the letter: Dear Prudence, I live in one of the wealthiest neighborhoods in the country, but on one of the more “modest” streets—mostly doctors and lawyers and family business owners. (A few blocks… Read more The Grinch That Stole Trick-or-Treating
Theodore Roosevelt is my all-time most favorite President. Sure, there are others I adore – Lincoln, FDR, Eisenhower, Washington, – but Teddy Roosevelt stands out. Which reminds me; he was never called Teddy by his family. Being rich, genteel, Dutch-descended, New York Old Money kinda people, they called him Teedie. He actively dislike the name… Read more Theodore Roosevelt