Getting a $2 dollar raise when the cost of living goes up $3 isn't really helpful.People were due for a raise - it is about time really.
Better than no raise at all, as it has been for years and years and years. Tired of workers being exploited - finally they have some leverage. Good for them.Getting a $2 dollar raise when the cost of living goes up $3 isn't really helpful.
If you're only getting the raise due to the same factors that caused the inflation to begin with, that's not a benefit. It would be better if both wages and prices were stable than for stagflation to set in. In that kind of inflationary situation, prices go up faster than wages.Better than no raise at all, as it has been for years and years and years. Tired of workers being exploited - finally they have some leverage. Good for them.
Are you for real? Your dollar is worth less and your purchasing power decreases even though your paycheck goes up and on top of that your increased income puts you in a higher tax bracket and yet you feel like you've won because you got a raise? The value of your savings is eaten away because at say 10% inflation every $1,000 you have in savings is only worth $900 a year later. You obviously weren't around back in the late 1970's when inflation was 13% and wage increases were nowhere near the rate of inflation. I was there and remember it well. Trust me, you don't want to relive those days. Interest rates on mortgages got as high as 16% before inflation was finally gotten under control.Better than no raise at all, as it has been for years and years and years. Tired of workers being exploited - finally they have some leverage. Good for them.
I always have to remember that I live in an area that is much different than most of America.
You are misremembering history.IIRC Nixon instituted wage and price controls to take impetus of runaway inflation. It was effective which is one of the reasons he was so hated. That and he was a crook.
Not entirely sure what that means.I always have to remember that I live in an area that is much different than most of America.
What it means is there is incredible opportunity here. High home prices are an opportunity to make money, but ya gotta be willing to try.Not entirely sure what that means.
My observation is that your area is a place with obnoxious prices on housing. Taxed quite a bit, high cost of living. Then to get talent some companies have to pay obnoxious salaries that arent really commensurate with what they would command elsewhere. Meanwhile, you still have the minimum wage earners, you have an abundance of junkies and homeless, and a lot of folks who have a hard time making ends meet, or who are stuck with mortgages that they’ll never pay off, keeping up with them on the glimmer that they’ll keep going up, and thus people can cash out. Folks just hope they won’t be the folks will be left holding the bag.
Obviously it is working well enough, like many other areas with obnoxious housing prices, or obnoxious taxes, or both. Places with wealth draw more people, including those who don’t have it.
Its like Manhattan. Mega high cost for nice places, a bunch of ultra high earners, but there are still tons of regular and minimum wage folks, and lots of people commute long ways. It works for who it works for.
If you have a high salary because of high costs, it’s likely there is also more discretionary income. While relatively, taxes on say, gasoline are high in CA, or NY, the reality is that the commodity price isn’t that different. The cost of materials, of cars, computers, etc,mare trucks really that much more.
When inflation comes, high earners anywhere have more discretionary to eat the cost increases. Your area, or any other such area. Places with high income and low other costs will probably fare better, because the high earners won’t be beholden to as high of taxes and real estate costs. And the companies, which can only pay the obnoxious salaries because they can, will also need to tighten belts. Thats a harder pill to swallow when the income levels and financial obligations are further out from relaity…
People are being milked dry. If the price of needs and wants goes up pay has to go up too.
Most everywhere in America! It has nothing to do with geography!Where else does that happen?