Days of Change

Incoming | February 8, 2015

I read an article about peak oil which I had already covered, but within it were statistics about how this drop in gas prices is a huge boon for Americans who have to drive. The part that disturbed me is that the median income in the United States is less than $30,000. The Social Security Administration puts it at about 27,500 for 2012.

The Top 1% of wage earners still make $250,000 and above. The bottom 15% make less than $5,000 a year in what must be part-time work. In fact, the number of people who make less than 40 hours a week at minimum wage for a year is around 60,000,000, or 40% of wage earners. That’s the Obama economy.

Obamacare and closing businesses in San Francisco provide the proof that minimum wage is no panacea. If the minimum wage outpaces economic growth, more people will simply fall into that minimum wage category. If employers have to cover people with more than 30 hours a week, they will get 28 hours a week instead.

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2 Comments

  1. The only one who wins is obama.

    Comment by Mary — February 9, 2015 @ 2:43 am

  2. I’m sensing the fuel market is bottoming out. My three bell weather local stations, two major truck stops and a huge major chain complex, all bounced their prices back up by as much as $.14 during a three hour period yesterday afternoon. They’ve finally gone back down but they all ended $.02 higher. Smaller stations nearby are up on average $.15 this morn. The tipping point has been reached.

    Comment by 49erDweet — February 9, 2015 @ 10:22 am


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