Here’s the thing about mentions of “7 million people”(or whatever number it is) are currently employed at the federal minimum wage and would benefit from a boost, it only includes people working at exactly or below the federal minimum wage. It doesn’t include people living in states with their own slightly higher minimum wages or people making 25 cents/hr above the minimum. To show the true extent of the how far wages have sunk and stagnated for people, here’s a graph on what would happen if the minimum was raised to just $9.80 over two years. Almost 30 million people would have their wages boosted just by having their wages rise to $9.80. It’s probably near an even 30 million now as this report was from mid-2012 and a lot of jobs have been added to the economy since then, and they’ve mostly been low wage.(taken from here)
Also, more fun graphs! Almost 1/2 of the people seeing a raise have some college education.
it would disproportionately help women
almost 30% of children would see a parent with a higher income
and a majority of workers are full time, further amplifying any increase in hourly wages
Potential consequences of a default
Someone came up with a succinct example on why a default could be terribleness of mass proportions
Do you have money in a bank account? Your bank uses that money to invest in mortgages and the hedges against losses in that by buying treasuries. If the US does not pay the interest on the bonds your bank holds it may not be able to cover your deposits when you go to buy something.
But, your account is FDIC insured by the full faith and credit of.. OH FUCK.
Everyone always talks about the federal budget, but what’s going on at the state level. Reminder, this is the average of all 50 states, your state may in fact substantially different. Case in point, California now spends more on prisons than it does on higher education, other states have absurdly low Medicaid requirements resulting in lower spending.
It’s 2013, and only men are on banknotes.
Here are the women who should go on America’s money.
How is Susan B Anthony not on the list? Or, even better, to make conservative’s heads explode, Margaret Sanger.
The real question though is why is Andrew Jackson STILL on the the $20. The man was responsible for a literal death march
Someone sent my sister this letter.(this is the front of envelope). All mail should be this colorful.
It’s nerdy as hell, but, I can’t wait to watch the currency markets tomorrow after the debacle of a deal the ECB put onto Cyprus. Good news dollar and pound sterling users! Our buying power is going to increase!
Bill Murray really was the best president looking back on it.
I just can’t……I can’t stop looking at it. It just keeps going up. Have you ever wondered how much money Mitt Romney makes while doing simple tasks such as cooking dinner or washing clothes? Now you can know!
The kicker is at the bottom when it reminds you his effective tax rate was 13%. The best part is the real reason he won’t release his 2009 tax returns is that aside from potentially using the one time amnesty to bring in oddles and noodles of offshore money that he had been hiding, that realistically, Mittens probably paid little to no taxes in 2009. Legally too. Investment losses can be written off and are tax deductible, it’s safe to assume during the market drop of 2008, the value of Mitten’s holdings dropped, dropped enough that it completely offset any taxes he would’ve owed.
Warning, do not leave the page open and walk away for a while, the numbers may startle you when you return.
Please Newt, tell us more about this shocking revelation you can say now that you’re not running with your own personal billionaire backer.
Newt Gingrich said Tuesday that elections are “rigged, frankly, in favor of the wealthy.”
“It is very difficult in America today,” he told MSNBC’s Al Sharpton. “If you look at New York where Mayor Bloomberg spent an extraordinary amount of personal money to buy the mayor’s office for the third time. It is fairly hard to compete with a billionaire if — if they get to spend all the money they want and the middle-class candidate’s raising money in $2,500 units. So I think the current system is rigged, frankly, in favor of the wealthy.”
Gingrich added that election laws “ought to be reformed by saying any American can give any amount of after-tax personal income to the candidate as long as they report it every night on the internet. If you had that kind of a system you would have less negative attack ads because the candidates just simply wouldn’t do it. You would have more accountability and middle-class candidates could balance off rich candidates.”
Sharpton also challenged Gingrich on his comments during the campaign about food stamps, asking the former presidential contender if he was “just playing to the right wing” with “racially tinged language.”
“Well, let me start with my surprise that having a conservative Republican who actually cares that there’s 43 percent black teenage employment, I would think is a good thing,” Gingrich said. “Having a conservative Republican who’s eager to go the NAACP and meet with them and talk about real issues I would think is a good thing. I’d say the same thing about La Raza and my concern for Latinos who are unemployed. It is a fact in America, as you know, and you’ve talked about that when you have hard times, they are harder for ethnic minorities than they are for whites. We need a greater level of concern.”
If you bought stock in Facebook, sell that toxin now.
First let me preface for those that did with “lol”. Now, to the problem at hand, as the good deal of people were assuming, it would in fact appear Facebook has overvalued itself. Here’s how this works, Facebook was already guaranteed a certain sum of money, that is from the stock’s underwriter who agrees to put the cash up front for Facebook to get a preferential price on shares and take the risk on the initial offering, among other deals normally involved. Facebook’s IPO was set at $38 a share. After initially spiking up to $42-43, it began to fall, and as some of you probably know, spent the last three hours or so of the day basically hovering at $38.00 even, at one point I think it fell to $37.98, but mainly kept jumping up a few cents and back down until finally pushing to an end of $38.22. What this was in reality though was the underwriters in fact buying up millions of shares of the stock to try to keep it above that $38 mark. See, during an IPO, if the stock winds up at a lower price on that first day than the initial offering, well that’s just embarrassing and will continue the cycle. The underwriters may continue this for a few days, but if the stock is going to face an inevitable decline eventually they’re going to sell and ease their shares onto the market before the price falls to the preferential price they were given. Basically, Facebook’s stock is going to decline in price, obviously it’s not going to freefall down into the single digits, but it’s still going to fall. So unless you’re in this for the long haul, I’d sell your stock like now. If you’re really into Facebook rebuy some after the stock has had some time to settle down into its true price range.
edit on May 29th
Ha, I hope you people listened to me.
Assumed logic in pictorial form. Damn “big science”, trying to get all their greedy hands on that fabulous research money by making up climate change.