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Tuesday, July 27, 2021

The United States government has sold the only copy of the Wu-Tang Clan album "Once Upon a Time in Shaolin," which had been seized from convicted pharmaceutical CEO Martin Shkreli after he was sentenced in 2018. read more


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#3

www.techrepublic.com

Article addressing what is causing it. Couple reasons but seems like bottom line is auto chips are low profit and demand elsewhere is high enough the suppliers don't have a motivation to ramp up production.

"I guess you would need to provide an explanation on why minimum wages needed to be increased to maintain the same level of coverage in 1950 as was provided in 1938.
I don't have that answer. Do you?"

I don't you would have to ask the politicians of 1949 why they decided to raise it.

No other commodities are held to that standard.

Yes and no they kind of are as inflation affects commodity prices which, baring significant government interference, float with the market. A gallon of gas 1950 .27 cents in 2021 that would be 3.06 from AAA average cost today is 3.185. Milk and Wheat are both subsidized so they are way different although until about 1970 milk pretty much matched inflation.

Additionally with commodities production efficiencies can keep prices under inflation MadBombers TV example is a good one of this. With labor the production efficiencies also keep prices lower MadBombers widget machine from #57 is an example of this.

The problem with production efficiencies keeping prices lower with regards to labor vs. a TV is the TV doesn't have to buy it's kids food or keep a roof over it's head. Which is why saying labor is a commodity like anything else is not really a realistic view, unless children starving is also acceptable in your view. Good employers understand that employees with starving children aren't going to be doing a great job and so pay more however plenty of employers do view their employees as no different than any other commodity and have no issue throwing away the ones that go bad to stretch a metaphor. Since the government is constitutionally bound to promote the general welfare if employers won't provide for their employees the government has to. A min wage is one way to do that without the entire burden falling on the government.

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