The Meme Thread

Discussion in 'MKJ Off-Topic' started by 901 Club, May 4, 2019.

  1. Jim McNeil

    Jim McNeil Points Member


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    Apr 15, 2021
    Another Meme with analysis.

    This meme cherry picks metrics to make it appear like the rich got richer while workers got worse off, when in reality both the rich and the average worker made gains since 1987. As always, the Federal min wage is one of the most useless and misleading ways to judge the progress of workers, here are some more relevant metrics.
    [​IMG]Since 1987, real median household income (adjusted for inflation) went from $56,261 to $68,703, a 22% increase in real terms.
    https://fred.stlouisfed.org/series/MEHOINUSA672N
    [​IMG]In 1987, the median weekly income for full-time wage and salary workers was $373 ($877 in 2021 dollars). It was $1,047 as of January, a 19% rise in real terms.
    https://babel.hathitrust.org/cgi/pt...
    https://www.bls.gov/news.release/empsit.t19.htm
    [​IMG]Total net worth held by the bottom 50% went from $741B at the end of 1989 ($1.6T in 2021 dollars) to $2.5T at the end of 2020, a 56% increase in real terms. (Note: the St. Louis Fed chart for this only goes back to 1989)
    https://fred.stlouisfed.org/series/WFRBLB5010
    [​IMG]To be fair, wealth for the top 1% went up even more. From $4.9T in 1989 ($10.6T in 2021) to $38.6T in 2020, a nearly 4 fold increase. But both the rich and the working class made gains.
    https://fred.stlouisfed.org/series/WFRBLT01026
    [​IMG]Using the federal minimum wage as a gauge for workers is useless because almost no one earns it. Just 1% of part-time workers and 0.1% of full-time hourly workers make it. Thus it’s a red herring used to mislead those who don’t understand this context.
    https://www.bls.gov/opub/reports/minimum-wage/2020/home.htm
    Support:
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    [​IMG]
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    =AZX_awPt2BeEZPx6mpzjSR-Xh7KDBb0qBgLoW0nL0Xj_QpcgXQd99pxCDbTTuwHXxJ9Lg2kHr8XITw4uQRYlXdrsu3qJ8nBHnQk62SzssFnBfGLdMgmnWWCo0_ZYaYcruu3McPrkkBw-4oyLACr-LU3i&__tn__=EH-R']=AZX_awPt2BeEZPx6mpzjSR-Xh7KDBb0qBgLoW0nL0Xj_QpcgXQd99pxCDbTTuwHXxJ9Lg2kHr8XITw4uQRYlXdrsu3qJ8nBHnQk62SzssFnBfGLdMgmnWWCo0_ZYaYcruu3McPrkkBw-4oyLACr-LU3i&__tn__=EH-R']
     
    CrownoftheValley likes this.
  2. FIGHTON!

    FIGHTON! Junior Member


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    Apr 16, 2021
    I live in Austin. The hospital numbers as of 4/16 are 2931. The media must be held accountable!

    Fight On! Beat the Spartans! Fight On!
     
    Troken and Jim McNeil like this.
  3. CrownoftheValley

    CrownoftheValley Junior Member


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    Apr 16, 2021
    and in California there are only 2,215 hospitalized, 510 of these are in ICU

    and as of today's numbers released...
    2,186 hospitalized, 476 of these in ICU
     
    Last edited: Apr 16, 2021

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