Comments by "Curious Crow" (@CuriousCrow-mp4cx) on "Holy Sh*t! This Was the Final Straw in the Job Market" video.

  1. Why not? Thats less than an auto worker earns in a year. America was created to be "a factory that turned suffering into gold." When did it become a charity?
    1
  2. No: Look at Gross Domestic Income (GDI), which is the money actually earned for the stuff produced in GDP. Its that what is available to pay wages, and returns for investors. GDP is an accounting estimated value of economic output; GDI is the money that is actually got for the goods and setvices. GDP should equal GDI, but as an estimate ahead of being paid, it often doesn't. GDI measures what's actually in the till to spend. Hence all the revisions of GDP, because it takes longer to get the GDI figure. Likewise, look up the Labor Share of GDP, which again is an estimate of how much economic output value is spent on paying workers. The US IRS doesnt have a real time payroll tracker yet, and relies on surveys so payroll data eventually has to revise this figure further down the line. And you might notice the slice of GDP paid to Labor as a percentage has been shrinking for decades. These statistics explain why America can grow Billionaires, faster than wages. And why Consumerism and financialisation may have to die as as ways to sustainably develop economies. Along with the old model and the expectations it created, there is a change coming, as American oligarchs try to deal with the mistakes they made over several decades. And its ordinary people who is footing the bill for that. Magical Market Thinking - the real MMT you should be worried about - of the last 5 decades or so has had unforeseen consequences. Certain chickens are coming home to roost, because the US being the global Lender of Last Resort to keep the US dollar King of The Hill is becoming unsustainable for the US, mainly because it entails issuing debt. And they can't afford to do so anymore, because there is more competition, and financial institutions aren't immune to greed or folly. Why? Because they're made up of people. And rich people aren't public intellectuals or philosopher kings. They're people who are good at making money and hoarding it, but not much else. And that has economic, political, and social consequences for everyone else on the planet. Things are changing because of these. Like having toothache, there are only two ways to treat it - with anaesthetic or without. But it's still going to hurt some, because of correcting the greedy and the foolish amongst us. Such is Life.
    1