When do you consider someone "wealthy" or "rich"?

Discussion in 'Business & Economics' started by Seattle, Aug 8, 2019.

  1. billvon Valued Senior Member

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    Yes, there are upsides. There are also downsides (over a million people out of work.)

    There is no such thing as a free lunch.
     
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  3. billvon Valued Senior Member

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    I mean in general. A study by the OMB found that increasing the minimum wage by 30% would have almost no effect on unemployment. 60% would have a moderate effect (about 300,000 out of work) and 100% (ie doubling it) would result in 1.3 million out of work.

    That study was in 2018. As time goes on that number will go up, since more jobs can now be automated.
     
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  5. river

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    First Who is OMB ?
     
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  7. billvon Valued Senior Member

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    Office of Management and Budget. A government organization that studies what certain government actions will cost.
     
  8. paddoboy Valued Senior Member

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    Except the Universe.

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  9. Write4U Valued Senior Member

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    OK. Lets start there.
    2.5 % COLA is an insult to the people making $10.00 p/hr

    And end Corporate welfare to the tune of billions of dollars, so that we can have Universal Health insurance!
     
  10. Write4U Valued Senior Member

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    George Carlin had an excellent idea on "balancing the budget"

    warning crude language.
     
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  11. river

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    Not really .
     
  12. Write4U Valued Senior Member

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    I require a reality check now and then.......

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  13. river

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    Don't we all .
     
  14. billvon Valued Senior Member

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    And to some people a 1% COLA would be welcomed. And to other people at 25% COLA would be offensive.

    Can't do anything about what people feel.
    Completely separate argument. Might as well add "crooked politicians" and "evil Chinese" while you're at it.
     
  15. Write4U Valued Senior Member

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    Not logical . If cost of living increases by $500.00, then all people should receive a 500.00 adjustment. That would be fair.
    I bet the ones that receive 1% COLA on a wage of 12.00 p/hr will feel a hell of a lot worse than the the guy who gets a 25% COLA on on a wage of 36.00 p/hr.
    Not at all. We are talking about legal but unequal capital distribution, not about crime.

    I am merely pointing out the inherent advantages rich people have when any cost of living adjustment is made in percentages of income instead of actual adjustment cost in dollars.

    Those advantages are tantamount to corporate welfare.
     
    Last edited: Oct 21, 2020
  16. billvon Valued Senior Member

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    We're not talking about anything logical. You were talking about how people feel.
    Sure, some people might think that. The guy with the family of 8 might not think so. The guy who is independently wealthy might not care at all.
    Meaningless soundbite.
    No. Again you are talking about FEELINGS. You FEEL like Hillary Clinton is a crooked politician even if she hasn't been indicted for any crime (for example.) Someone FEELS like their COLA should be higher than it is. Not logic, legal issues or capital distribution - FEELINGS.
     
    Last edited: Oct 21, 2020
  17. gmilam Valued Senior Member

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    Never seen cost of living increases expressed in flat amounts. That doesn't even make sense.
     
  18. Write4U Valued Senior Member

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    Yes, read the OP question about your "consideration of wealth"
    Especially the guy with the family of 8, who makes 12.00 p/hr and his COLA, calculated as percentage of income, is less than the actual cost of living increase.
    I don't see them refuse the COLA as a percentage of income, do you?
    Do the math.
     
  19. Write4U Valued Senior Member

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    Do the math.
    The current calculation is not a "cost of living" adjustment, it is a cost of "lifestyle adjustment".

    A 12.00 dollar steak costs the same for a poor person as for a rich person. If the price of meat goes up why should the rich person get more money to pay for that increase than the poor person?

    Do the math.
     
  20. Write4U Valued Senior Member

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    How Salary Cost-Of-Living Adjustments Are Calculated
    Do the math.
     
  21. billvon Valued Senior Member

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    Absolutely. And the single guy with few expenses might be even more outraged because he has a new expensive girlfriend who is taking most of his money. He needs MORE money than that family of eight! Is his outrage immaterial to you?

    The other guy who is working this as a second job just for fun might be perfectly happy with no COLA increase at all. Is his happiness immaterial to you?
    You keep saying that, but you provide no math, just feelings.
     
  22. Write4U Valued Senior Member

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    I provided the math in post#456. (Sorry that got all messed up.) I'll repost it now;
    Neat huh?
     
    Last edited: Oct 21, 2020
  23. Seattle Valued Senior Member

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    A person making $20k a year makes much less than a person making $100k a year. Neat huh?

    People on government assistance programs are usually the only ones receiving automatic COLA adjustments as well. They also generally have competitive jobs.
     

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