Work Reform

🖖

Wasn't it that same episode where Rom basically says word for word that he doesn't support unions because one day he might own Quark's bar and then he'll be able to oppress people too? What a great show, some people dislike the ferengi episodes but they're some of my favorites in the series.

In the last 20 years, we've seen the most rapid rise in productivity since the industrial revolution, and just like in the wake of the industrial revolution, there was massive worker exploitation that led to reforms and eventually unionization that ushered in a golden age of labor in America where workers were fairly compensated for the work they provided, so much so that it was easy for a salaryman to support a nuclear family on his single paycheck.

Since then, the business owner class has been working hard to dismantle unions while refusing to pay their fair share of the massive profit windfalls to the bottom rung workers. We are long overdue for sweeping multi-industry unionization effort. Only then will we start seeing something more than just table scraps.

Fighting for dignity actually is literally communism. It's capitalist propaganda that has you convinced otherwise.

They are in the economic industrial boom that already happened to western countries decades ago. The problem is that eventually all booms end

China is about to find out as well, they have something like a 30% new-grad unemployment rate, and Pooh Bear is on a bootstraps kick saying that social protections encourage laziness.

They're on even thinner ice than the US.

Do a new Boston Tea Party except this time we launch barrels of tea at yachts.

I'm happy to see this transcription "service" here on Lemmy. Thank YOU!

Inflation reduces the value of money at the bank: the money saved as well as the money borrowed.

In an ideal world, wages are indexed on inflation (way of calculating inflation in this context can be discussed), and inflation is kept above present targets levels (central banks try to keep it at 2% these days).

That makes your debts easier to reimburse, and limits returns on savings. Have you ever noticed that people who keep talking about the "value of work" actually push for low wages and no or low taxes on capital gains, so actually wants the capital to make more money than work?

A low inflation allows big money to hoard more and more. Higher inflation means money that's not actively contributing to the economy will lose its value over time, and that's exactly what you, at the bottom of the ladder, want (and considering top of the ladder is hundreds of billions of $, ever 6 figures employees are bottom of the ladder).

Too high inflation leads to an uncontrolled spiral. Deflation is also very bad (no investment will ever happen if your money just appreciate by doing nothing). But the 2% target is not to protect you. It's made for money to make more money.

But about the link between wages and inflation: what we have today is a situation where we let cost of life dramatically outpace wage growth. So where did the inflation come from? Profits! That needs to be rebalanced.

From 1945 to the early 80's (before the €), France and some other countries minmum wages were indexed on inflation. If doing so would instantly crash an economy, we would have noticed...

A small amount is good. Deflation makes it so not spending money is more beneficial. The longer you wait to spend the more the money is worth. This causes fewer products and services to be purchased, which pays for wages. Inflation makes the opposite true. The longer you wait to spend your money the less it's worth. It encourages spending, not saving. Inflation that outstrips increases to pay is obviously very bad though.