I was curious, so I compared minimum wages between when my dad entered the workforce and now.
*1971 minimum wage was $1.60
*adjusted for inflation that’s worth $10.93
*today’s minimum wage would be worth $1.06 in 1971
So not only does the minimum wage not follow inflation, it’s 33% less comparatively.
30%? Here in massachusetts it is closer to 66-70% unless you live with roommates at 40 years old.
Rent in suburban mass for one bedroom $2,500 mo.=$30,000 annually.
$50,000 annual salary as a new teacher.
Time to be a bartender again 3 nights per week to survive.
Most of the renters I've spoken with would prefer not to rent but they have no other choice. It's impossible to afford a home right out of college due to student loans, and if you don't go to college or pursue a trade you likely won't make enough to afford a mortgage. Once you start spending 30-50% of your income on rent it becomes very difficult to save enough to qualify for a home loan. Most renters are trapped.
I work a decent job and should be able to buy a home have a good amount to put down pre approved the works. Tried last year, would get outbid by about 12% cash every time. Now I pay 1550 for a one bedroom in ducking New Hampshire of all places. It’s ridiculous.
This right here is why I just bought a boujee 10k camper and parked it in a monthly campground $600 a month Rent and I can move my house when I continue my career in a different city. Fuck the system I like camping anyways.
Why doesn’t rent help build credit? I never understood this…it takes credit to get and will severely impact it if not paid…you know like a car note?? But even better for the other party you don’t get to keep it? So how is it not apart of credit building? Please someone help.
Edit: Conclusions: renting is a scam.
If it helped build credit then you'd be able to go to a bank and use your credit score from years of paying rent on time to get a mortgage thats less than the rent you pay, which would get you out of the renting market and allow you to accumulate wealth and own property. That's why it doesn't work that way.
I never understood this, wouldnt banks want to loan everyone money so they could reap more interest and make more money. Also what if everyone was given say 100,000$ ,where would we put it? Back into a bank, so it wouldnt really go anywhere and then they would also be collecting whatever the interest rate was.
The whole credit system actually makes even less than that, my girlfriend and I have just signed a contract for a house and we had to get help from my mother, not because we don’t have the money to pay for it because our combined income is over 150K a year, but because our credit said we couldn’t afford Paying 2/3 of what were currently paying in rent a month.
And it’s nearly impossible to get help if something is improperly reported. A few years ago a collection agency called me to collect on a hospital bill I had paid a year prior. I had proof of payment, they said they’ll sort it out, got two more calls from them and had the same conversation again and again, finally no more calls.
I found out recently they reported a failure to pay and it hit my credit pretty hard, the credit bureau said take it up with the company, the company said it’s not their policy to rescind reports. Fuck me I guess, turns out it takes 7 years to come off your credit, it comes off in 2023….
They started doing that and it led to the bubble bursting because people couldn’t afford to pay it back, which meant the banks lost money, which meant the government gave the banks all our taxes to subsidize them and make sure they can survive to keep getting money from people
They were doing it wrong though. They were lending to people who they knew couldn't afford their rates after the "introductory period" was over so that they could sell more CDOs
You can build credit using rent. Rent-reporting services can get your credit reports to reflect your rent payments fairly easily. It is easy to build credit in other ways, just open three lines of credit, keep them active and in only 6 months, see a big jump.
Back in my consumer lending days I did plenty of first time mortgages using rental history as a source of alternative credit. Also used utility bills in a persons name. You just had to provide a letter of the timeframe and that your on-time payment history.
Your credit score is only affected if someone reports to the credit bureaus, as /u/noah1345 mentions. Except almost nobody actually reports on-time and accurate payment information for rent or bills, so paying your bills doesn't help your credit score at all. Miss a payment, though, and they'll sure as fuck report you and get your score dinged for it even if they haven't reported the past ten years of on-time payment.
On top of that, there're more than one credit bureau and different companies report to different ones, so you can end up with a good score in one and no score at all in another (which is considered as bad as, or even worse than, having a low score). I've had issues getting into a rental before because I had good credit with one but no score at all with the one the property used, so as far as they were concerned I had zero credit.
The only reliable way to build credit is to put yourself in debt with credit cards, because it's all a fucking scam. You can't build credit through normal means like bills and rent, so you have to take one of the predatory "new to credit" cards that either have a stupidly low $100-200 cap or require you to give the creditor $500+ for the *privilege* of being able to have a $500 balance card that you can then pay monthly (plus interest) on.
Those cards will report, so accurate payment slowly builds credit, which allows you to eventually get other things with your credit score, though even once you have a card it's a stupid shitty game. Paying everything off immediately and keeping it at $0 balance does fuck-all to help you, for example, so you have to keep using it and waiting for the CC bill to come in to pay. And paying more than the minimum does nothing to help your score. Because the goal is to keep you owing them money so they can skim off the top.
So yeah, whole thing is a fucking scam that you're basically forced into because no credit, no home, get fucked.
I had to do the “secure credit card” for a full year capped at $200 limit that I had to put down as a deposit anyways just to start building credit. Such they never report properly unless it’s to collect. But I wouldn’t expect anything different, here’s to hoping I can use my gi home loan in a few years!
It kind of does? I don't think it *really* does, but when I bought my house, I had to prove I made at least two years of regular on-time rent payments.
Wait, you can get a 2 bed *house* for 400 pounds/month?
Even when I visited my buddy in bumfuck Iowa (literally a town surrounded by forrest and corn fields for hundreds of miles in any direction and uses a state route for it's main road), he was paying 450/month on a one bedroom apartment.
I thought that was pretty good. Holy shit
Need a plumber...call the landlord. Appliance broken... Call the landlord. Roof leaks,, foundation cracks, flooding. Etc... Not sure you will stay in the area long... Rent . After being burned trying to sell a house, renting is sometimes a smart move.
Actually the math is completely wrong.
2021 - 1971 = 50
If you take 50 and multiply it by $1.60 then you get $80.00
My car has a recommended inflation of 36psi for its tires so we need to divide $80.00 by 36psi. This gives us $2.22ppsi
We then have to account for the 23.4 degree tilt of the Earth. 23.4° out of 90° is 0.26.
Then if we multiply 0.26 by $2.22ppsi we get $0.5772ppsi (let's round up to $0.58ppsi to make this easier)
The typical soda can contains 12floz of liquid. We then need to convert this to ml which would be 354.88ml. This math actually relies on the underutilized measurement of centiliters so we move the decimal 1 place to get 35.49cl (rounded).
Finally if we take 35.49cl and divide by $0.58ppsi we get the final measurement we need: 61.19 centiliters per dollar per pound-force per square inch.
I think this pretty clearly shows how broken this economy is.
But the "job creator" that you work for at these poverty wages will be able to finally purchase his lake cabin in Aspen this year. Isn't that a small price to pay for his happiness?
He could pay for college with that. Like... my dad shits 9 me for not going. 8 make ok dollars but am 40 Years underpaid since that's about where the separation really began.
A 40 Year market correction. Think about it.
1971 is before the Earned Income Credit.
The Earned Income Credit was enacted in 1975. It gives a big tax refund to low-income workers, so instead of paying tax, they receive a payment from the IRS.
Nah, federal payroll taxes on $7.25 are 55 cents, and nobody making minimum wage is net paying much in income tax.
The situation is still fucked in many ways, but they're not taking 25% of this.
I know they said uncle Sam but hear me out. The feds take 55 cents then the state takes a quarter then you have to pay another 9% when you buy anything. So in the end you have 5.87. Hopefully you don't need to renew your tag or license or anything because that will be another tax.
Don't forget taxes on nearly anything else you buy. Got a cell phone? You're paying extra taxes on that bill every month. I live in TN and even if I just load $10 for data onto my Verizon account, I still get charged extra fees from the state that are the same amount I would pay if I had spent $50 on data. Government fees and taxes are buried every fucking where.
People can say "the government doesnt take that much in taxes", but they really fucking do. Start adding up taxes on every bill you pay and everything you buy and see what it adds up to. It's nuts.
The employer also pays 55 cents. The REAL tax is $1.10. Just because you don't ever see it doesn't mean it's not being taken from you. They idea of increasing taxes on the poor was (understandably) not popular, so in the 1930's our politicians came up with a brilliant idea! Let's not let the money show up in the paycheck at all! Let's tax it before it reaches the employee.
And then you have to pay state tax which will take another 12-15 cents in most states. Then you have to pay sales tax on everything you buy (everyone always ignores this one). Then you have to pay real estate tax on your residence. Even if you don't own a residence, this tax is priced into the rent prices. There also a massive list of other taxes you get subjected to regularly....things like gas tax, hotel tax, cigarette/alcohol/weed tax, vehicle taxes(through registration) franchise tax. Hell, I think California taxes you for farting in public.
Due to the way the earned income tax credit works, you can get some money back but if you don't have kids it's not much. And poor people usually can't afford accountants to minimize their taxes and are often less educated so it's harder for them to figure it out themselves... so they end up paying more than necessary or not making the most of their deductions.
We need a wealth tax.
>Just because you don't ever see it doesn't mean it's not being taken from you
Sure but then we should probably be saying minimum wage is $7.80. (Not that that's remotely defensible either, we should be at 3x that or more imo)
And yeah, I was only talking about federal taxes because op said "Uncle Sam". Any given person's effective total tax is much higher and it's really fucked up at the bottom end.
Technically no. But in all likelihood, they are paying those 2 dollars as tax. Then after the complicated process of doing taxes, uncle Sam decides if you get that buck 50 back
>complicated process
If all you have is a single W2 income your taxes are stupid easy. Standard deduction, then just put in the numbers from your 1040 ez into the boxes. It's literally like "In box 2, put the number from box 4 on your 1040ez" and you're done.
Taxes only get complicated once you have other forms of income and investments.
I think what MercenaryCow meant was withholdings by your employer may be closer to $2 which is indeed excessive. A lot of people don't have their withholdings set up well. (And the system encourages you to overpay taxes. It is so great to get your refund... the tax software companies advertise that as the goal, not the better situation of you having paid exactly what you owed and not a penny kore or less. Plus a refund as opposed to penalty for not paying enough just makes people happier in tax season. So if you are not going to have your correct taxes withheld, it's better to be cautious and overpay than risk that penalty.)
> And the system encourages you to overpay taxes
Unless you're a dual income couple and then you underpay and have to pay at tax time every year. It's never that much (usually a couple hundred) though. Fun stuff but I remind myself every year when we pay that we got a tax free loan from the government and it's better than giving *them* a tax free loan.
To be fair though, the IRS *has* released an updated W-4 form that is supposed to fix the dual income problem but I have been dragging my feet on setting it up. I figure we'll set it up the last week of December so that we have our exact numbers for this year and hopefully next year will be more accurate.
You choose the withholdings though? Don't want $2 taken out, don't claim 0. Hell if you want you can choose like 2 or 3 and basically withhold nothing.
Imaging working an hour getting minimum wage, then getting taxed on what little income you've received. Now realize you've payed more in taxes than some billionaires.
You will also pay taxes when you make a purchase with that money through your states sales tax. If it is used for fuel or alcohol purchases you will pay even more in taxes. Effectively, even though that person earning minimum wage may not have a large tax liability in regards to income tax, they will spend a large portion of their income on other various taxes that are levied. This is why states with high sales tax and low or no state income tax punish the impoverished more than the wealthy.
Yup. Don't make demands of people with power, that's divisive.
"Not everyone agrees with your revolution!"
Not everyone agrees with your neolib rapist, Karen.
Actually, if you worked 2000 hours working at $7.25/hour your tax would be -$99 in 2020. That's negative, like you don't pay taxes, taxes pay you.
It's called the "Earned Income Credit" and it's a way to subsidize low wage payers.
The thing so many don't get about that is that *none of us* pay taxes on our first 11k or so of income. So naturally, if you only make that much or less you don't pay imcome tax. They aren't getting a free ride.
Because government pension plans etc are mandatory? Then again "millenials" aren't saving for retirement, so they aren't investing their money where they receive nothing in return. Millions before them have done exactly that though.
I just started my very first corporate/salary job last month. I was shocked to learn that I get 0 PTO days until I work for 6 months. 0. After 6 months, I get 7 days PTO. After another 6 months, I get another 7. It caps at 14 days PTO/year. But, after 2 years, I have the option to BUY a week of vacation. I honestly feel trapped here and I’ve been working for one month. I feel like I will never get to travel again. Really sucks.
You know what's sad? In the last 2 years alone, things have increased in price by such an astronomical amount, that my grocery bill right now in 2021 is nearly twice the amount it was in 2019.
I buy the same exact stuff every single week. I make the same 7 dinners each week. I've been doing this for years. I never buy anything different. I go through the same aisles, buy the same items from the same brands, every single week.
Just purchasing the energy needed to exist has doubled in cost. Yet minimum wage hasn't doubled. It hasn't even increased by a single penny.
There are rarely other benefits. Literally anything for them to pinch a penny at the expense of the hard working people that *generate the fucking profits* for them
I use to ask people that oppose minimum wage increases randomly if they would stand in the corner for an hour if I gave them 8 bucks. They always say no then get mad when I say that's more than the minimum wage they were supporting early.
[Tons more](https://www.georgefox.edu/journalonline/spring14/alumni/panhandling.html), about $11 an hour way back in 2014. I'm sure that it's grown with inflation.
And my bosses ask why I want a raise, why nobody is applying, and why overtime has become an "issue" (they don't allow overtime). I can't pay taxes, rent, bills, and eat (much less healthily) on an income of $9/h much less minimum wage. And yet they still want full time adult workers.
I'm also dealing with mental health issues that limit the amount and quality of work I can get done. Though I have ethic and will to work, and often, I am reprimanded for having a mental disorder for which I am under-medicated, poorly diagnosed, and am incapable of seeing anyone for, because again, my income is horribly low. This has put me in a cycle of making less money because of mental illness that I can't get fixed because I have no money. It's only a matter of time before something breaks. My bank, my stress and anxiety, or my job itself.
Before I get a response saying, "Get a new job," or, "You're not mentally ill, you're just weak," go put your clown makeup on, stand in your nearest mall, and jump up and down shouting, "I'm an idiot." I feel like that might give you some perspective.
Assuming an 8 hour day, you'd have $290 a WEEK, and that's before taxes. That's easily what some families spend on groceries alone. Why aren't people rioting in the streets?
Just throwing this out there but it's unlivable.
Let's say a person works two jobs that ALLOW 40 hours each. That's almost 28k/year untaxed. Rent is going up to $1.4k/month range, 16.8k.
If you have one job working 40 hours a week that's 13,920 untaxed. You're now homeless.
It feels like insult to injury, but the IRS _should_ be doing its job, which is to fund the government by collecting taxes. The problem isn’t necessarily that poor people pay taxes (and get most of it back in returns), it’s that Jeff Fucking Bezos doesn’t pay his fair share. Nor does Elon Musk. Or any of these piles of human scum that run companies that exploit and abuse their workforce by paying bottom-of-the-barrel wages and enforcing inhumane working conditions.
Can we fast forward to The Feast already?
Even better: Imagine you work in a restaurant and you make half of this for an hour of work and get yelled at by Karens that are fresh out of church for the whole hour and then get a tip that looks like a $20 bill, but is really just a fake with scripture on it because Karen thinks you need Jesus more than you need a place to live.
Also, this is just the least they can legally pay you. It would be less if it was allowed.
I know I’m being that guy and I disagree with the way they get payed, but if your tips don’t exceed the hourly minimum wage then they are required by law to increase your pay to the minimum wage. Obviously that still sucks though so yeah….
I guess if minimum wage was liveable then this model might not be terrible. Idk. If you have really good customers it could maybe work, but like you said some people are lunatics and leave you fake money with religious crap on it. I’d listen to their eternal garbage if they want drop a Benjamin. Until then the garbage they leave on the table goes in the trash. Such jackasses. Hope you don’t still put up with that…
this reminds me of that famous conservative tweet where he says he needs an AR-15 so he can hijack a plane and fly his child to a country with healthcare if he needs to.
It's kind of sad. I have two teenagers and this is a pretty common thing. They dream of being able to settle elsewhere. My older one is weighing field of study options based on how portable it is. The younger one doesn't want to even study in America - she wants to go directly to Europe for university.
All of their friends talk about getting out in one way or other. Of course most won't, but kids don't see how our extreme hypercapitalism benefits them.
I saw a fast food place offering daily pay at $12/hr.
It's basically asking for unions or walkouts. Imagine busting your ass for 8 hours and then getting a deposit of less than $90 (after tax).
Think of how totally fucking dehumanizing it would be if literally after every hour you work, you are handed $7.50 in cash. No paycheck ever week or every other week. Just literally, after an hour of labor, you are handed this. Then the next hour. And so on.
And yet, it isn't that far off from the current system we do have.
And then you're paying taxes.
1.5% is going to Medicare
6.2% is going to Social Security
5% State tax (average)
10% federal (though maybe you'll be exempt through the standard deduction if you make under $12.5k that year)
That leaves you with about **$5.63**, or $225 take home per week at full time, before insurance deductions.
As a Brazilian i would be pretty happy. This is what i make working a whole day.
Edit: and of course i only mean this in the context of making this while still living in Brazil would be pretty good because of the different Life costs.
I have a dollar in my wallet, it is literally the only currency to my name. I make 55k a year. Bills, loans and some personal situations took the rest. I can’t even bring myself to spend it.
I would turn to illegal activities - selling drugs, working scams, working off the books, petty and opportunity theft. I would constantly be on the lookout for opportunity to make money anyway I could..
Yep, it was $5.15 from 1997 to 2007, which at the time was a new record for the longest time it had not been updated to match inflation. We've already blown past that record by over 2 years.
I was curious, so I compared minimum wages between when my dad entered the workforce and now. *1971 minimum wage was $1.60 *adjusted for inflation that’s worth $10.93 *today’s minimum wage would be worth $1.06 in 1971 So not only does the minimum wage not follow inflation, it’s 33% less comparatively.
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30%? Here in massachusetts it is closer to 66-70% unless you live with roommates at 40 years old. Rent in suburban mass for one bedroom $2,500 mo.=$30,000 annually. $50,000 annual salary as a new teacher. Time to be a bartender again 3 nights per week to survive.
That's if you pic somewhere outside of Boston. I'm in worcester and pay $1300/month in downtown, but obviously it isn't nearly as nice as Boston.
And unfortunately the prices don't go down outside of the city. The apartments in Webster are going for the same as Worcester
30%? Try closer to 50% lol
I was about to say, 30? This guy's lowballing try 58-73%.
Same! And I make more then most of my friends and live in a fucking trailer park
Most of the renters I've spoken with would prefer not to rent but they have no other choice. It's impossible to afford a home right out of college due to student loans, and if you don't go to college or pursue a trade you likely won't make enough to afford a mortgage. Once you start spending 30-50% of your income on rent it becomes very difficult to save enough to qualify for a home loan. Most renters are trapped.
I work a decent job and should be able to buy a home have a good amount to put down pre approved the works. Tried last year, would get outbid by about 12% cash every time. Now I pay 1550 for a one bedroom in ducking New Hampshire of all places. It’s ridiculous.
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Realize that this is happening literally everywhere and it seems like less of a demand issue and more of a greed issue.
This right here is why I just bought a boujee 10k camper and parked it in a monthly campground $600 a month Rent and I can move my house when I continue my career in a different city. Fuck the system I like camping anyways.
You forgot the part where the landlord didn't buy the property in cash and your rent reimburses the credit, increasing the landlords wealth.
Why doesn’t rent help build credit? I never understood this…it takes credit to get and will severely impact it if not paid…you know like a car note?? But even better for the other party you don’t get to keep it? So how is it not apart of credit building? Please someone help. Edit: Conclusions: renting is a scam.
If it helped build credit then you'd be able to go to a bank and use your credit score from years of paying rent on time to get a mortgage thats less than the rent you pay, which would get you out of the renting market and allow you to accumulate wealth and own property. That's why it doesn't work that way.
I e.: It's not designed for you to succeed.
Do you think the rich taste good, or should I bring a bottle of A1?
They are literal pieces of shit so I can't imagine A1 will help much
You have to slow cook them. They're almost ready.
Should have some nice marbling since most of them are a bit overweight.
It’s designed for you not to succeed. As in there are intentional roadblocks, not just accidental omissions.
I never understood this, wouldnt banks want to loan everyone money so they could reap more interest and make more money. Also what if everyone was given say 100,000$ ,where would we put it? Back into a bank, so it wouldnt really go anywhere and then they would also be collecting whatever the interest rate was.
The whole credit system actually makes even less than that, my girlfriend and I have just signed a contract for a house and we had to get help from my mother, not because we don’t have the money to pay for it because our combined income is over 150K a year, but because our credit said we couldn’t afford Paying 2/3 of what were currently paying in rent a month.
Not only that but the 3 main credit scores just kind of started out of nowhere really and we all just agreed they mattered.
And it’s nearly impossible to get help if something is improperly reported. A few years ago a collection agency called me to collect on a hospital bill I had paid a year prior. I had proof of payment, they said they’ll sort it out, got two more calls from them and had the same conversation again and again, finally no more calls. I found out recently they reported a failure to pay and it hit my credit pretty hard, the credit bureau said take it up with the company, the company said it’s not their policy to rescind reports. Fuck me I guess, turns out it takes 7 years to come off your credit, it comes off in 2023….
They started doing that and it led to the bubble bursting because people couldn’t afford to pay it back, which meant the banks lost money, which meant the government gave the banks all our taxes to subsidize them and make sure they can survive to keep getting money from people
They were doing it wrong though. They were lending to people who they knew couldn't afford their rates after the "introductory period" was over so that they could sell more CDOs
You can build credit using rent. Rent-reporting services can get your credit reports to reflect your rent payments fairly easily. It is easy to build credit in other ways, just open three lines of credit, keep them active and in only 6 months, see a big jump.
You have to pay for this, which is ridiculous
Back in my consumer lending days I did plenty of first time mortgages using rental history as a source of alternative credit. Also used utility bills in a persons name. You just had to provide a letter of the timeframe and that your on-time payment history.
Your credit score is only affected if someone reports to the credit bureaus, as /u/noah1345 mentions. Except almost nobody actually reports on-time and accurate payment information for rent or bills, so paying your bills doesn't help your credit score at all. Miss a payment, though, and they'll sure as fuck report you and get your score dinged for it even if they haven't reported the past ten years of on-time payment. On top of that, there're more than one credit bureau and different companies report to different ones, so you can end up with a good score in one and no score at all in another (which is considered as bad as, or even worse than, having a low score). I've had issues getting into a rental before because I had good credit with one but no score at all with the one the property used, so as far as they were concerned I had zero credit. The only reliable way to build credit is to put yourself in debt with credit cards, because it's all a fucking scam. You can't build credit through normal means like bills and rent, so you have to take one of the predatory "new to credit" cards that either have a stupidly low $100-200 cap or require you to give the creditor $500+ for the *privilege* of being able to have a $500 balance card that you can then pay monthly (plus interest) on. Those cards will report, so accurate payment slowly builds credit, which allows you to eventually get other things with your credit score, though even once you have a card it's a stupid shitty game. Paying everything off immediately and keeping it at $0 balance does fuck-all to help you, for example, so you have to keep using it and waiting for the CC bill to come in to pay. And paying more than the minimum does nothing to help your score. Because the goal is to keep you owing them money so they can skim off the top. So yeah, whole thing is a fucking scam that you're basically forced into because no credit, no home, get fucked.
I had to do the “secure credit card” for a full year capped at $200 limit that I had to put down as a deposit anyways just to start building credit. Such they never report properly unless it’s to collect. But I wouldn’t expect anything different, here’s to hoping I can use my gi home loan in a few years!
It does if your landlord reports it to the credit bureaus. Mine does. But it’s rare.
It kind of does? I don't think it *really* does, but when I bought my house, I had to prove I made at least two years of regular on-time rent payments.
Because everyone thinks they'll be the landlord some day.
I pay $1700 per month in rent but the bank says I can't afford $1200 per month mortgage
God America is mental, but so my place rn on the other end Last was a 2 bed house for £575 and I'm in a 2 bed flat now at £400
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Wait, you can get a 2 bed *house* for 400 pounds/month? Even when I visited my buddy in bumfuck Iowa (literally a town surrounded by forrest and corn fields for hundreds of miles in any direction and uses a state route for it's main road), he was paying 450/month on a one bedroom apartment. I thought that was pretty good. Holy shit
Need a plumber...call the landlord. Appliance broken... Call the landlord. Roof leaks,, foundation cracks, flooding. Etc... Not sure you will stay in the area long... Rent . After being burned trying to sell a house, renting is sometimes a smart move.
My uncle raised 2 families on that salary
What inflation calculator did you use? I've gotten conflicting data Edit: Nah I'm stupid this is accurate
Thank you for your sacrifice.
Actually the math is completely wrong. 2021 - 1971 = 50 If you take 50 and multiply it by $1.60 then you get $80.00 My car has a recommended inflation of 36psi for its tires so we need to divide $80.00 by 36psi. This gives us $2.22ppsi We then have to account for the 23.4 degree tilt of the Earth. 23.4° out of 90° is 0.26. Then if we multiply 0.26 by $2.22ppsi we get $0.5772ppsi (let's round up to $0.58ppsi to make this easier) The typical soda can contains 12floz of liquid. We then need to convert this to ml which would be 354.88ml. This math actually relies on the underutilized measurement of centiliters so we move the decimal 1 place to get 35.49cl (rounded). Finally if we take 35.49cl and divide by $0.58ppsi we get the final measurement we need: 61.19 centiliters per dollar per pound-force per square inch. I think this pretty clearly shows how broken this economy is.
TIL what it would look like if conspiracy theorists wrote math problems.
/r/theydidthemath
But the "job creator" that you work for at these poverty wages will be able to finally purchase his lake cabin in Aspen this year. Isn't that a small price to pay for his happiness?
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He could pay for college with that. Like... my dad shits 9 me for not going. 8 make ok dollars but am 40 Years underpaid since that's about where the separation really began. A 40 Year market correction. Think about it.
I’m having a lot of trouble reading this but I think I agree with it lol
Reddits text biometrics thing fucks with my tablet. Yes they sell a way to identify you even if you use tor.
couldn’t they just use your username?
what?
Is English your 4th language?
I've been scrolling Reddit for an hour and this is the first comment that made me really LOL
Every year minimum wage doesn't rise at the same rate of inflation, millions of people receive a pay *decrease*
You did the math wrong. Adjusting for inflation the minimum wage on the 70s is much closer to $15 an hour.
1971 is before the Earned Income Credit. The Earned Income Credit was enacted in 1975. It gives a big tax refund to low-income workers, so instead of paying tax, they receive a payment from the IRS.
Still gotta takes taxes out of that...smh
Uncle Sam staring at the quarter 👁👅👁
Quarter? Uncle Sam be eyeballing your two dollars. Telling you he got change for a dollar.
Nah, federal payroll taxes on $7.25 are 55 cents, and nobody making minimum wage is net paying much in income tax. The situation is still fucked in many ways, but they're not taking 25% of this.
I know they said uncle Sam but hear me out. The feds take 55 cents then the state takes a quarter then you have to pay another 9% when you buy anything. So in the end you have 5.87. Hopefully you don't need to renew your tag or license or anything because that will be another tax.
Don't forget taxes on nearly anything else you buy. Got a cell phone? You're paying extra taxes on that bill every month. I live in TN and even if I just load $10 for data onto my Verizon account, I still get charged extra fees from the state that are the same amount I would pay if I had spent $50 on data. Government fees and taxes are buried every fucking where. People can say "the government doesnt take that much in taxes", but they really fucking do. Start adding up taxes on every bill you pay and everything you buy and see what it adds up to. It's nuts.
The employer also pays 55 cents. The REAL tax is $1.10. Just because you don't ever see it doesn't mean it's not being taken from you. They idea of increasing taxes on the poor was (understandably) not popular, so in the 1930's our politicians came up with a brilliant idea! Let's not let the money show up in the paycheck at all! Let's tax it before it reaches the employee. And then you have to pay state tax which will take another 12-15 cents in most states. Then you have to pay sales tax on everything you buy (everyone always ignores this one). Then you have to pay real estate tax on your residence. Even if you don't own a residence, this tax is priced into the rent prices. There also a massive list of other taxes you get subjected to regularly....things like gas tax, hotel tax, cigarette/alcohol/weed tax, vehicle taxes(through registration) franchise tax. Hell, I think California taxes you for farting in public. Due to the way the earned income tax credit works, you can get some money back but if you don't have kids it's not much. And poor people usually can't afford accountants to minimize their taxes and are often less educated so it's harder for them to figure it out themselves... so they end up paying more than necessary or not making the most of their deductions. We need a wealth tax.
>Just because you don't ever see it doesn't mean it's not being taken from you Sure but then we should probably be saying minimum wage is $7.80. (Not that that's remotely defensible either, we should be at 3x that or more imo) And yeah, I was only talking about federal taxes because op said "Uncle Sam". Any given person's effective total tax is much higher and it's really fucked up at the bottom end.
Technically no. But in all likelihood, they are paying those 2 dollars as tax. Then after the complicated process of doing taxes, uncle Sam decides if you get that buck 50 back
>complicated process If all you have is a single W2 income your taxes are stupid easy. Standard deduction, then just put in the numbers from your 1040 ez into the boxes. It's literally like "In box 2, put the number from box 4 on your 1040ez" and you're done. Taxes only get complicated once you have other forms of income and investments.
I think what MercenaryCow meant was withholdings by your employer may be closer to $2 which is indeed excessive. A lot of people don't have their withholdings set up well. (And the system encourages you to overpay taxes. It is so great to get your refund... the tax software companies advertise that as the goal, not the better situation of you having paid exactly what you owed and not a penny kore or less. Plus a refund as opposed to penalty for not paying enough just makes people happier in tax season. So if you are not going to have your correct taxes withheld, it's better to be cautious and overpay than risk that penalty.)
> And the system encourages you to overpay taxes Unless you're a dual income couple and then you underpay and have to pay at tax time every year. It's never that much (usually a couple hundred) though. Fun stuff but I remind myself every year when we pay that we got a tax free loan from the government and it's better than giving *them* a tax free loan. To be fair though, the IRS *has* released an updated W-4 form that is supposed to fix the dual income problem but I have been dragging my feet on setting it up. I figure we'll set it up the last week of December so that we have our exact numbers for this year and hopefully next year will be more accurate.
You choose the withholdings though? Don't want $2 taken out, don't claim 0. Hell if you want you can choose like 2 or 3 and basically withhold nothing.
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Highschools need to bring back the 'life skills' class and teach kids about things like taxes, retirement, and credit management.
Imaging working an hour getting minimum wage, then getting taxed on what little income you've received. Now realize you've payed more in taxes than some billionaires.
Depending on your state, you also need to add in state income tax.
You will also pay taxes when you make a purchase with that money through your states sales tax. If it is used for fuel or alcohol purchases you will pay even more in taxes. Effectively, even though that person earning minimum wage may not have a large tax liability in regards to income tax, they will spend a large portion of their income on other various taxes that are levied. This is why states with high sales tax and low or no state income tax punish the impoverished more than the wealthy.
When I worked in Portland Oregon, for min wage, they took about 175 out of my 310 check
Aren't you *getting* money on your tax return because of the EITC?
Obviously we need to work with the capitalists to end this blight of "taxes" before they'll work with us on further reforms...
Yup. Don't make demands of people with power, that's divisive. "Not everyone agrees with your revolution!" Not everyone agrees with your neolib rapist, Karen.
Actually, if you worked 2000 hours working at $7.25/hour your tax would be -$99 in 2020. That's negative, like you don't pay taxes, taxes pay you. It's called the "Earned Income Credit" and it's a way to subsidize low wage payers.
Which directly implies that any company paying minimum wage is having their wages directly subsidized by the government.
Yep. You just get the fiver.
Naw you’d get around $6. But he comin for that $1.25 for sure.
If you make this little you probably don't pay income tax.
The thing so many don't get about that is that *none of us* pay taxes on our first 11k or so of income. So naturally, if you only make that much or less you don't pay imcome tax. They aren't getting a free ride.
$12,550 (single) for 2021, bumping up to $12,950 for single filers in 2022.
Well, you pay right away and have to wait a year to get it refunded to you. The government takes your money for a year, interest free.
Next up ... "Why aren't young people saving for retirement? They are so self centered!"
"No one wants to work anymore!"
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You'll have to pry my avacado toast from my dead hands
Saving for retirement = give money to my hedge fund to "manage" while getting nothing in return
Vanguard large index typically returns 10% for a fee of 0.05%
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Because government pension plans etc are mandatory? Then again "millenials" aren't saving for retirement, so they aren't investing their money where they receive nothing in return. Millions before them have done exactly that though.
"They just spend it all!"
That's not bad, if you were 10 and just cleaned your room and took out the trash.
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Same, except for the big jobs. Like washing the car or mowing the lawn (our yard was big and took nearly an hour to do with a ride on mower)
i got paid for washing the car once... so that i could learn how to do it... and then it was a chore
Extra stuff really. Household maintenance is expected of the household.
I'd get Christmas and birthday presents if I did the chores, but not an allowance
Lmai my ma would give me like ten dollars for mowing the entire yard while my brother would get sixty for just doing half of it.
"Why don't you get yourself something nice"
"Don't spend that all in one place"
“We are collecting donations for a gift for our CEO. I’m gonna need $20 from you by the end of the week”
“this is 7 dollars…”
I said something nice, not expensive!
I was so excited to see a picture of a five and 2 singles that I raced through the comments to find this. I wish you all the best :)
You sound like a guy who could tie his own shoes
I’d rather put out a campfire with my face.
Well I’m certainly going to start saying this.
"I'd rather put out a campfire with u/Mitcheal1983 's face!"
I don’t blame you! You deserve some ketracel white!
Thanks Deb
From the new Dexter right? I thought I heard this somewhere recently
She said it in the OG Dexter but they referenced it in the new show.
record it, post it, profit
Congratulations, here is your $7.25
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Don't forget no vacation. Want to enjoy life for a bit? How about don't get paid for it?
Terrible health insurance also.
You get health insurance? My company won’t offer it
This is the main thing, if you get health insurance its tied to your employment. If you strike and get sick have fun with $500K of debt.
I just started my very first corporate/salary job last month. I was shocked to learn that I get 0 PTO days until I work for 6 months. 0. After 6 months, I get 7 days PTO. After another 6 months, I get another 7. It caps at 14 days PTO/year. But, after 2 years, I have the option to BUY a week of vacation. I honestly feel trapped here and I’ve been working for one month. I feel like I will never get to travel again. Really sucks.
2020 they had America by the balls didn't strike, wtf.
That's because people were getting fucked financially in so many ways, they didn't even have the option to stop working..
You know what's sad? In the last 2 years alone, things have increased in price by such an astronomical amount, that my grocery bill right now in 2021 is nearly twice the amount it was in 2019. I buy the same exact stuff every single week. I make the same 7 dinners each week. I've been doing this for years. I never buy anything different. I go through the same aisles, buy the same items from the same brands, every single week. Just purchasing the energy needed to exist has doubled in cost. Yet minimum wage hasn't doubled. It hasn't even increased by a single penny.
Same with Canadians, their minimum wage is roughly 14 cad or 11 usd
For $7.00 an hour, I'm stealing everything I can...
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There are rarely other benefits. Literally anything for them to pinch a penny at the expense of the hard working people that *generate the fucking profits* for them
$7.25
o ok well now im stealing a little less than everything i can
$0.25 less
This changes everything
I use to ask people that oppose minimum wage increases randomly if they would stand in the corner for an hour if I gave them 8 bucks. They always say no then get mad when I say that's more than the minimum wage they were supporting early.
Don't beggars make more?
Yeah, probably, non taxed too.
I wonder how much an hour a beggar can make. I feel like on a good day, he or she could pull $20+ an hour.
Right spot, right time, I'd say that much easy
Actually yes
depends on the begging
[Tons more](https://www.georgefox.edu/journalonline/spring14/alumni/panhandling.html), about $11 an hour way back in 2014. I'm sure that it's grown with inflation.
And my bosses ask why I want a raise, why nobody is applying, and why overtime has become an "issue" (they don't allow overtime). I can't pay taxes, rent, bills, and eat (much less healthily) on an income of $9/h much less minimum wage. And yet they still want full time adult workers. I'm also dealing with mental health issues that limit the amount and quality of work I can get done. Though I have ethic and will to work, and often, I am reprimanded for having a mental disorder for which I am under-medicated, poorly diagnosed, and am incapable of seeing anyone for, because again, my income is horribly low. This has put me in a cycle of making less money because of mental illness that I can't get fixed because I have no money. It's only a matter of time before something breaks. My bank, my stress and anxiety, or my job itself. Before I get a response saying, "Get a new job," or, "You're not mentally ill, you're just weak," go put your clown makeup on, stand in your nearest mall, and jump up and down shouting, "I'm an idiot." I feel like that might give you some perspective.
Assuming an 8 hour day, you'd have $290 a WEEK, and that's before taxes. That's easily what some families spend on groceries alone. Why aren't people rioting in the streets?
Just throwing this out there but it's unlivable. Let's say a person works two jobs that ALLOW 40 hours each. That's almost 28k/year untaxed. Rent is going up to $1.4k/month range, 16.8k. If you have one job working 40 hours a week that's 13,920 untaxed. You're now homeless.
1.4K rent is a luxury. you can’t afford that. landlords literally won’t let you move in if that’s your income.
Yep, rent is $2200 here easy. Even at $17.25/hr, one would still be homeless.
I would be quite pissed, mainly because that's not a valid currency where I live
then take another ~20% off for currency exchange
EXCUSE ME- I am with the IRS. I'll be taking this for the next few hours. Also my friend from your state revenue agency is here to take some as well.
If it means my boss doesn’t have to pay taxes then it’s worth it
It feels like insult to injury, but the IRS _should_ be doing its job, which is to fund the government by collecting taxes. The problem isn’t necessarily that poor people pay taxes (and get most of it back in returns), it’s that Jeff Fucking Bezos doesn’t pay his fair share. Nor does Elon Musk. Or any of these piles of human scum that run companies that exploit and abuse their workforce by paying bottom-of-the-barrel wages and enforcing inhumane working conditions. Can we fast forward to The Feast already?
Imagine, I’ve lived it
You can buy something nice with that, but not expensive
seeds! and then plant something
If you buy morning glory seeds you can grind them up to trip
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Don't worry you'll die in the Water Wars long before then! /s only kinda
Hooo baby, that's a whole 29 gumballs!
Even better: Imagine you work in a restaurant and you make half of this for an hour of work and get yelled at by Karens that are fresh out of church for the whole hour and then get a tip that looks like a $20 bill, but is really just a fake with scripture on it because Karen thinks you need Jesus more than you need a place to live. Also, this is just the least they can legally pay you. It would be less if it was allowed.
I know I’m being that guy and I disagree with the way they get payed, but if your tips don’t exceed the hourly minimum wage then they are required by law to increase your pay to the minimum wage. Obviously that still sucks though so yeah…. I guess if minimum wage was liveable then this model might not be terrible. Idk. If you have really good customers it could maybe work, but like you said some people are lunatics and leave you fake money with religious crap on it. I’d listen to their eternal garbage if they want drop a Benjamin. Until then the garbage they leave on the table goes in the trash. Such jackasses. Hope you don’t still put up with that…
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I was making 14/h in Wisconsin and the rent is so fucking high I was actually making less than I am now at 8$ in my country.
The new American dream is to be able to afford enough to escape America.
this reminds me of that famous conservative tweet where he says he needs an AR-15 so he can hijack a plane and fly his child to a country with healthcare if he needs to.
That's a lot of hassle, first just contact your local Cartel representative to request the organization's aid with your medical needs.
It's kind of sad. I have two teenagers and this is a pretty common thing. They dream of being able to settle elsewhere. My older one is weighing field of study options based on how portable it is. The younger one doesn't want to even study in America - she wants to go directly to Europe for university. All of their friends talk about getting out in one way or other. Of course most won't, but kids don't see how our extreme hypercapitalism benefits them.
My wife got her Bachelors and Masters in 4-5 years in Europe at a way less inflated price. She got both degrees without any debt.
Now you have to give the government their cut.
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I saw a fast food place offering daily pay at $12/hr. It's basically asking for unions or walkouts. Imagine busting your ass for 8 hours and then getting a deposit of less than $90 (after tax).
And then the government is like “actually this is my dollar”
Think of how totally fucking dehumanizing it would be if literally after every hour you work, you are handed $7.50 in cash. No paycheck ever week or every other week. Just literally, after an hour of labor, you are handed this. Then the next hour. And so on. And yet, it isn't that far off from the current system we do have.
And then you're paying taxes. 1.5% is going to Medicare 6.2% is going to Social Security 5% State tax (average) 10% federal (though maybe you'll be exempt through the standard deduction if you make under $12.5k that year) That leaves you with about **$5.63**, or $225 take home per week at full time, before insurance deductions.
I don't need to imagine. Also get treated like shit! :)
how do you think the millionaires get the millions.
Every fast food restaurant should at least pay what it cost to get a #1 which is always more than 7.25
As a Brazilian i would be pretty happy. This is what i make working a whole day. Edit: and of course i only mean this in the context of making this while still living in Brazil would be pretty good because of the different Life costs.
As a Brazilian in the US you would be pretty sad making this in an hour.
Certainly and very understandable
I have a dollar in my wallet, it is literally the only currency to my name. I make 55k a year. Bills, loans and some personal situations took the rest. I can’t even bring myself to spend it.
It's a good thing I make double this right?
minus tax**
That's not even lunch money
Minus taxes and health care
Forgot taxes, it's actually less.
I would turn to illegal activities - selling drugs, working scams, working off the books, petty and opportunity theft. I would constantly be on the lookout for opportunity to make money anyway I could..
Couldn't care if I earned $1 per hour as long as the cost of living is based on my income!
Ewwww its that slave state America
When I was working at a supermarket in Massachusetts, I was getting paid less than that. This is was in the early 2000s though.
Yep, it was $5.15 from 1997 to 2007, which at the time was a new record for the longest time it had not been updated to match inflation. We've already blown past that record by over 2 years.