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POTUS 46.10: A New Hope

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Handyman said:
Well if you listen to the Fed happy workers probably hurt the economy so...
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The last two years has convinced me more than anything that the Fed's purpose isn't even monetary policy. It's a goon squad with degrees and CVs who go in and rough the place up for the billionaire class.

There is no problem with inflation if wages keep pace. The only wage quartile that has kept pace with inflation was the bottom quartile. Can't have the poors making money

2021-11-30_russ_piiechart1.png
 
dxmnkd316 said:
There is no problem with inflation if wages keep pace.
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That's not remotely true. And the reason wages continue to rise are demographics. The pandemic finally forced Boomers to retire (or die) en mass, and there aren't enough workers behind them to fill all the open spots. Which has been long overdue but the Fed's monetary policy isn't the primary driver now or then.

Now you want to talk fiscal policy, I've got all sorts of issues there
 
unofan said:
That's not remotely true. And the reason wages continue to rise are demographics. The pandemic finally forced Boomers to retire (or die) en mass, and there aren't enough workers behind them to fill all the open spots. Which has been long overdue but the Fed's monetary policy isn't the primary driver now or then.

Now you want to talk fiscal policy, I've got all sorts of issues there
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You're telling me that boomers that retired or died were the bottom quartile of wage earners?

back to my point, if the cost of a loaf of bread is $1 today and tomorrow it's $1.10, as long as my wages go from $1 to $1.1 that bread costs the same. Unless I'm missing something.

The problem is for the top quartile who sits on money. Inflation eats away at idle money. If someone spends nearly 100% of their income already, as long as wages match then it's the same for them as it is today. The people who sit on cash don't have that.
 
dxmnkd316 said:
You're telling me that boomers that retired or died were the bottom quartile of wage earners?
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No, but there's a ratchet/ ladder effect. COOs become CEOs. Executive vice presidents become COOs. Middle managers become EVPs. Team leads become middle management. Front line workers become team leads.

Individually, they're all presumably getting raises along the way. But in the aggregate, they're simply filling previously vacated positions for roughly the same pay the companies were paying to the last employee.

But now there's only enough new workers to fill 80% of the front line work force, because in the aggregate there are only X Zoomers entering the workforce for every X+Y Boomers exiting, hence the wage increases required if companies want to fill their spots and not run on a skeleton crew forever.

Long term, some businesses will fail and others will reorganize and the labor market for front line employees will stabilize around the new norm until the next demographic bubble takes hold, which will be the offspring of millennials replacing Gen Xers.

Also look for there to be an excess of elder care at that point, since Gen X isn't nearly as big as the Boomers. But then there will be a shortage again as Millennials age, because God forbid we keep the slack in the interim while we wait.
 
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That's too bad. I hope her career can rebound because she's genuinely one of the good ones.

https://www.bostonglobe.com/2023/05...step-down-us-attorney-following-ethics-probe/

Here's a better article (the Boston.com one is just the AP wire story without much detail). Key "crime":
An investigation by the inspector general’s office was launched in large part after Rollins was accused of violating the Hatch Act — which bars federal employees from engaging in partisan political activity while working and sets limits on fund-raising and other activities.
Related

Ethics probe of US Attorney Rachael Rollins complete, Justice Dept. watchdog has yet to release findingsUS Attorney Rachael Rollins under ethics investigation by DOJ watchdog, AP reports
The event under scrutiny was a July 2022 Democratic fund-raiser that Rollins attended to greet Jill Biden. Rollins arrived in a government-issued car, driven by a government employee, according to prior media reports confirmed by the Globe.
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That doesn't seem like something worthy of making someone resign to me. And I hate to both-sides this, but didn't literally everyone in the Trump administration do this all day, every day?
 
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Also it sounds like Rollins may have been mishandling documents (read: removing them from her office) after explicitly being ordered not to by the AG. I know the Trump administration straight up didn't give a shit about any of this, but it's a bit relieving to see that the Biden administration does.

Still, bummer, as I thought she was excellent.
 
Wow, Suzie voted against someone nominated by a Democrat?

Didn't vote against Judge Beer though, did she?

What a centrist, moderate, representative she is.
 
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