Business, Economics, and Taxes: Capitalism. Yay? >=(

[MissThundercat]

And they pay their employees like crap...except the CEO of course.

I left Meijer a couple months ago. They're still paying cashiers/service $11.50 to start and they're still calling "Department 20 to Service" during peak times, which means "if you're register trained, f what you're doing and get up front."

[Deutsche Gopher Fan]

How will this get spun as Biden’s fault

https://twitter.com/joshtpm/status/1...697616901?s=21

[Handyman]

Apparently Josh Marshall is behind people were asking that a couple days ago ;^)

[Deutsche Gopher Fan]

It’s hard to keep track of all of Biden’s destruction

[FadeToBlack&Gold]

I left Meijer a couple months ago. They're still paying cashiers/service $11.50 to start and they're still calling "Department 20 to Service" during peak times, which means "if you're register trained, f what you're doing and get up front."

The Meijers won't change a d@mn thing until the law forces them to. When I worked there briefly in 2004, they still paid all the hourly employees using Meijer-branded payroll debit cards. Now they are required to offer direct deposit as an option.

If the minimum ever goes to $15/hr, I predict they will adopt as much of the Aldi model as they can. They'll convert all the checkouts to self-checkouts, make people wrangle their own carts with 25 cent deposits, and start charging for bags.

[rufus]

How will this get spun as Biden’s fault

https://twitter.com/joshtpm/status/1...697616901?s=21

Heard on the radio yesterday, number of people filing for unemployment last week was at a 50 year low.

But Biden has destroyed the economy.

[Kepler]

Heard on the radio yesterday, number of people filing for unemployment last week was at a 50 year low.

Makes sense. Inflation and unemployment typically vary inversely. The Fed is chartered to keep both parameters under control, but it was captured by the wealthy in the 80s and since then has only held inflation artificially low to serve the billionaires at the expense of everyone else. Now that inflation is finally rising, one would expect real employment -- real jobs, not hellish serfdom like the service industry -- to pick up.

The irony is the total economy does better and far more fortunes are made when inflation is permitted to wax and wane naturally. It's just not optimal for the dead weight of established fortunes, and so they rigged the system to reward themselves while hindering everyone else.

The real American political rivalry should not be "rich vs poor." It should be "the already rich vs everyone who wants to be rich."

[unofan]

Makes sense. Inflation and unemployment typically vary inversely. The Fed is chartered to keep both parameters under control, but it was captured by the wealthy in the 80s and since then has only held inflation artificially low to serve the billionaires at the expense of everyone else. Now that inflation is finally rising, one would expect real employment -- real jobs, not hellish serfdom like the service industry -- to pick up.

The irony is the total economy does better and far more fortunes are made when inflation is permitted to wax and wane naturally. It's just not optimal for the dead weight of established fortunes, and so they rigged the system to reward themselves while hindering everyone else.

The real American political rivalry should not be "rich vs poor." It should be "the already rich vs everyone who wants to be rich."

... which is why the Zimbabwe quadrillion currency unit note is the most sought after in the world? Ok comrade.

Inflation is a symptom, not a cause (frankly the same is true of employment levels). Inflation doesn't cause higher employment, nor does higher employment cause inflation, at least directly.

The only way inflation helps poor people is by lowering the real cost of fixed debt. But the higher costs of goods and services can eat into those gains quickly.

The pandemic is a big reason why there's low unemployment right now. In addition to the medical attrition, it finally kicked a bunch of Boomers into retirement, opening up a bunch of high end jobs which then get filled, opening up middle management jobs which get filled, and so on down the line until there are a bunch of ****ty jobs no one can fill because everyone qualified found better work.

[Handyman]

It’s hard to keep track of all of Biden’s destruction

It would help if the media talked about the positives and not elevate every GOP talking point because they don't want to appear biased.

[Handyman]

The pandemic is a big reason why there's low unemployment right now. In addition to the medical attrition, it finally kicked a bunch of Boomers into retirement, opening up a bunch of high end jobs which then get filled, opening up middle management jobs which get filled, and so on down the line until there are a bunch of ****ty jobs no one can fill because everyone qualified found better work.

That is what I seem to be seeing from the economists that aren't out to get on TV. Like in other areas the Pandemic expedited change that was bound to happen slowly over the next 5-10 years. Between Boomers retiring, immigration being cut and well dead stupid people there ya go there is just less people looking both in upper management and in lower level jobs as well.

The "problem" seems to be (and IIRC this all started with a WSJ article) that since unemployment is low there isn't the glut of workers willing to replace the cogs. This is how businesses kept wages low and profits high. Now that there isn't 5 people to replace you willing to work for those meager wages just to have a job if you decide to ask for a small raise the businesses are freaking out. (especially service industry and retail) If they aren't willing to pay a competitive wage with benefits then the workers walk because there is tons of places that are getting desperate. I mean friggin Walmart is even getting with the times...

As one commenter said to Josh Marshal "The argument to not change minimum wage was that the market would correct itself and businesses would do what is right for their workers. Now businesses are having to pay more and are complaining bc they have to pay their workers more.".

[Kepler]

... which is why the Zimbabwe quadrillion currency unit note is the most sought after in the world? Ok comrade.

Your fallacy is...

[Kepler]

Inflation doesn't cause higher employment, nor does higher employment cause inflation, at least directly.

Nobody said they did.

The point is the Fed was supposed to have two jobs but it's only been doing one. They are the equivalent of a department of transportation charged with keeping commerce moving while also enforcing highway safety removing all speed limits because the commercial lobby is stronger than the kids who get splatted lobby.

Man freezing to death: "oh God, I could use some heat."

uno: "So, you'd like to live on the surface of the Sun?!"

[French Rage]

See, people were complaining that Biden wasn't doing anything to lower gas prices, so he releases some oil from the reserve and now crude oil is down 12% in a day.

You're welcome.

[unofan]

Nobody said they did.

The point is the Fed was supposed to have two jobs but it's only been doing one. They are the equivalent of a department of transportation charged with keeping commerce moving while also enforcing highway safety removing all speed limits because the commercial lobby is stronger than the kids who get splatted lobby.

Man freezing to death: "oh God, I could use some heat."

uno: "So, you'd like to live on the surface of the Sun?!"

Because the fed's tools are great for controlling inflation but suck for stimulating employment. If you're out of a job, you aren't borrowing money even if interest rates are 0%. But you can ratchet interest rates to the moon to stop inflation if needed. You want to stimulate jobs, you need fiscal policy, not monetary. Which means Congressional action.

"Oh god I could use some heat."

"Here, have this match, it's all I've got."

[Handyman]

Because the fed's tools are great for controlling inflation but suck for stimulating employment. If you're out of a job, you aren't borrowing money even if interest rates are 0%. But you can ratchet interest rates to the moon to stop inflation if needed. You want to stimulate jobs, you need fiscal policy, not monetary. Which means Congressional action.

"Oh god I could use some heat."

"Here, have this match, it's all I've got."