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Inflation concerns


Bootsie
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Inflation Concerns  

30 members have voted

  1. 1. At what point do you think inflation becomes a concern?

    • Any rate of inflation is a concern
      2
    • Under 2% inflation is acceptable, but anything higher is a concern
      6
    • Under 4% inflation is acceptable, but anything higher is a concern
      20
    • Under 7% inflation is acceptable, but anything higher is a concern
      3
    • Under 10% inflation is accpetable, but anything higher is a concern
      0
    • Inflation over 15% would be a concern
      0
  2. 2. How high do you think inflation will be over the next few years?

    • 0-2%
      0
    • 2%-4%
      6
    • 4%-6%
      6
    • 6%-8%
      7
    • 8%-10%
      5
    • 10%-15%
      4
    • Over 15%
      3


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I will add that in my experience with kids working fast food, it is not the management/hours/pay that is making them leave, but the horribly rude customers. Both my niece and my DS left McD's because of the absolute a$$hole customers and my DD is looking for something else and hoping to leave soon. They have offered DD management training, but she wants out. 

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6 hours ago, Bootsie said:

This makes an assumption that the rate 40 years ago was the rate it should be.  I don't know that there is any basis for that.  If we picked other past time periods and adjusted time periods and used the same logic we would come up with different rates.  And if you use that same logic, not only would the price of labor be much higher, the price of gasoline and some other items we purchase would be much higher. 

Here you go.

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7 minutes ago, scholastica said:

Oh, that is not in line with inflation--that is in line with a measure of productivity, that is not even necessarily tied to workers in those types of jobs (and is not outlined in this article how it is determined); and for this to hold true, minimum wage would have had to have been about $14 per hour 40 years ago (when it was a bit above $3 per hour).  

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My daughter was hired at fast food in May and left because she found something better. They were begging her to stay but neither management nor customers were pleasant so why should she? 

I do think stores that are short handed but not getting back to people need to stream line their business. I also know people in HR that are just completely inundated with new hires and people leaving so in bigger stores etc. I can definitely see that being an issue.

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The funny thing is that, not long ago, there was a ton of resistance against things like automation in the service industry, on the theory that it hurt the working class / unemployed.  Just a week ago I saw a facebook post about how we shouldn't use self-checkout because it kills jobs.

Now I think the industries are wishing they had gone ahead and automated more.

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3 hours ago, Bootsie said:

Oh, that is not in line with inflation--that is in line with a measure of productivity, that is not even necessarily tied to workers in those types of jobs (and is not outlined in this article how it is determined); and for this to hold true, minimum wage would have had to have been about $14 per hour 40 years ago (when it was a bit above $3 per hour).  

https://www.epi.org/publication/raising-the-federal-minimum-wage-to-15-by-2025-would-lift-the-pay-of-32-million-workers/

Figure A shows both nominal and real min wages alongside productivity minimum.

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2 hours ago, Idalou said:

https://www.epi.org/publication/raising-the-federal-minimum-wage-to-15-by-2025-would-lift-the-pay-of-32-million-workers/

Figure A shows both nominal and real min wages alongside productivity minimum.

But that productivity minimum has nothing directly due to workers in minimum wage jobs.  It is overall economic productivity minus depreciation (which isn't even clearly defined where those numbers are coming from).  Why would it be logical to time minimum wage increases to that measure?  

In addition, going back to the 1940s like this does does not take into account that many of the workers who are today covered by minimum wage were NOT covered by minimum wage at the time and earned BELOW minimum wage; so we would have to factor in weights for those workers to see how things compare.  

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10 hours ago, SKL said:

The funny thing is that, not long ago, there was a ton of resistance against things like automation in the service industry, on the theory that it hurt the working class / unemployed.  Just a week ago I saw a facebook post about how we shouldn't use self-checkout because it kills jobs.

Now I think the industries are wishing they had gone ahead and automated more.

That’s always been a tricky argument, imo. The concept of “killing jobs” as a stand alone event is bad, sure.But surrounding circumstances matter.  
Over the years (centuries, decades, and smaller time frames) many, many occupations have become obsolete, or at least niche. When we (societal we) are ready and willing to adapt, we can find balance.  I mean, how many 2021 occupations wouldn’t exist if not for huge shifts that took place before?

If we looked at transition as opportunity, and embraced safety nets to navigate through, perhaps it’d be easier to realize we don’t actually need 8 fast food establishments on 1 intersection and we’re not too special to bag our own groceries. (My own personal annoyances at the moment, as one nearby area is building several new food establishments and I’ve fully adapted to Aldi’s model, lol.)

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7 minutes ago, Carrie12345 said:

 

If we looked at transition as opportunity, and embraced safety nets to navigate through, perhaps it’d be easier to realize we don’t actually need 8 fast food establishments on 1 intersection and we’re not too special to bag our own groceries. (My own personal annoyances at the moment, as one nearby area is building several new food establishments and I’ve fully adapted to Aldi’s model, lol.)

Yes, the fast food stuff is getting me. I mean, I cannot even really, or maybe won't is a better word, support all of the local mom and pop places, much less fast food. We might get something once a week, though many weeks not even that.  So, do I support a local Mexican food place ( of which there are 4 Mexican restaurants in our small town), the burger joint that has been here for decades, the Hungarian restaurant we haven't tried yet, seafood place I hear is good, the downtown restaurant that is our go to with homemade sandwiches, soups, salads, etc, the ice cream shop(they do have a hot dog special, but that is the only food they serve), the country club grill open to everyone... And I think there are other more hole in the wall places I am not listing.  We also have Taco Bell/KFC, McDonalds, Burger King, Chic-fil-a, Dairy Queen, Chicken Express, Sonic, Wendy's, Huddle House and Whataburger. Oh, and 4 donut shops. All of them are struggling for workers, though apparently not for business. It just feels like a lot for our small town, even with a community college.

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