Debt Rattle May 7 2015


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    Unknown General Patrick’s headquarters, City Point, Virginia 1865 • 21 Countries Where a 40-Hour Work Week Still Keeps Families Poor (Bloomberg) • Cen
    [See the full post at: Debt Rattle May 7 2015]

    Robert Holland

    Voting Day in the UK
    (Image or for those who don’t subscribe)
    Same story outside my polling station: a blue badge conservative leafeting right on the door step. Checked with the Electoral Commission: they’re not allowed inside the station but its up to the discretion of the polling station officer whether its okay to loiter outside like that. Crazy.
    SS style intimidation and desperation.


    The chart of minimum wage doesn’t say anything. The countries at each end of the chart are an uncorrelated mix of equal and unequal places. Czechoslovakia, supposedly at the ‘bad’ end of the chart, doesn’t have a wide division. Britain, supposedly at the ‘good’ end, does have a wide disparity.

    The real problem has nothing to do with legal minimum wage. The real problem is TYPICAL wage for a low-skilled worker. In the US during its 50 years of industrialized equality, it was possible for an ordinary man to make 3 x minimum. That was enough to support a wife and kids decently. Now the ordinary man, if he’s working at all, makes 2 x minimum. Not enough to support a family.

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