A Handsome Wage

One of the reasons I love Naked Capitalism is that Yves Smith keeps posting on scenes from a recognizable life, like this post.  The post is more of a re-post of a re-post, and so on.  The core of the post are some figures put out by the National Low Income Housing Coalition.  The following borrows from the aforementioned links.

Assuming that one should not spend more than 30% of their income on rent, a renter and full-time worker making the Federal Minimum Wage can afford rent of $377 per month.  To afford a one-bedroom apartment at the national mean level and only spend 30% of income on rent, so that someone can also contribute to their Health Savings Account, their IRA and go to the dentist, they need to make $15.06 an hour.  Holy Kshama Sawant!  Don’t you need to wear tweed to make $15.06 an hour these days?

It is not hard to imagine that small business owners feel screwed by high wages and bitch to their golf buddies venemously about having to pay some nerd $18.79 an hour.  That nerd can actually afford a two bedroom apartment!  The nerve of these greedy workers.

The links above have even more interesting analysis.  Needless to say, the values of developers these days do not skew to delivering low income housing to a desperate population.  In fact, low income housing is becoming more scarce.  Charming, these 1 percenters.

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One thought on “A Handsome Wage

  1. radical firebrands like business insider are jumping into the fray…

    99 percent getting screwed

    Right now, companies are so focused on cutting wages — by paying their employees as little as possible and replacing them with technology whenever possible — that wages as a percent of the economy are now near an all-time low. And this weakness in wages is the big reason demand in the economy is so weak.

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