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The Economy

Discussion in 'Sports and News' started by TigerVols, May 14, 2020.

Page 260 of 455
  1. Azrael

    Azrael Well-Known Member

    insufficient "compensation" perhaps

     
    Azrael, Jul 5, 2023
    #3109
  2. The Big Ragu

    The Big Ragu Moderator Staff Member

    Not sure why you posted that. But try this one. ...

    Medical care price inflation, 1935→2023

    156 million people have their health insurance covered in some part as an employment benefit. ... which means that employers in the aggregate have felt a significant portion of the sting of a $100 medical bill in 1950 costing more than $3,600 today as premiums have risen in conjunction (and that is only if you use the everchanging CPI as the gauge).

    If I was looking at a supposed wage-productivity gap, before I even tried to come up with an methodology for quantifying it, that would be one of the first things I considered (considering that the rise in costs have greatly exceeded the CPI as a whole).

    Not that EPI piece, you linked to.
     
    The Big Ragu, Jul 5, 2023
    #3110
  3. Driftwood

    Driftwood Well-Known Member

    The head of a company shouldn’t make more in a week than the average employee makes in a year. Whatever they do, it’s not that much important than the person doing the work. A CEO’s only real skill seems to be maximizing profits for the shareholders on the backs of the workers.
     
    Driftwood, Jul 5, 2023
    #3111
    Inky_Wretch likes this.
  4. Azrael

    Azrael Well-Known Member

    Azrael, Jul 5, 2023
    #3112
  5. Azrael

    Azrael Well-Known Member

    If employers were covering anything close to 100% of employee health care costs across the entire job landscape, I'd agree.

    But they don't.
     
    Azrael, Jul 5, 2023
    #3113
    OscarMadison and 2muchcoffeeman like this.
  6. The Big Ragu

    The Big Ragu Moderator Staff Member

    Benefits are a part of compensation. To an extent they just weren't in 1948. If benefits are the equivalent of $2 an hour in wages (and the real number is much higher than that in the aggregate), but you deem that insufficient (using the vaunted "fair" standard). ... you can't then point to a study that just ignores the $2 an hour (again, that is a hypothetical number) to make a supposed productivity-wage gap feed a narrative.

    You only agree if they are covering 100 percent of medical expenses. If they don't do that. ... the expense of the portion they do cover doesn't exist?
     
    The Big Ragu, Jul 5, 2023
    #3114
  7. The Big Ragu

    The Big Ragu Moderator Staff Member

    According to the BLS itself, benefits are actually 30 percent of compensation for private industry workers. It's closer to 40 percent according to benefits administrators like ADP.
     
    The Big Ragu, Jul 5, 2023
    #3115
  8. Twirling Time

    Twirling Time Well-Known Member

    A lot of that shipping business will go to the Postal Service, FedEx, DHL, etc. so hopefully it won't be a complete showstopper for the economy. But it could slow things down, especially if this drags on into the holiday season.
     
    Twirling Time, Jul 5, 2023
    #3116
  9. Azrael

    Azrael Well-Known Member

    Employers in some - not all - cases pay for health insurance.

    And while the cost of health care and health insurance have risen, many employers have simply lowered their contributions to employee coverage.

    And those plans pay for less and less and less.

    And in the gig economy, many companies have stopped offering health insurance altogether.
     
    Azrael, Jul 5, 2023
    #3117
  10. Azrael

    Azrael Well-Known Member


    In 1948, there's a good chance I'd have had a company pension. Or a union pension.

    Now those companies pay a small percentage match into my 401K or betterment account.

    Better? Worse? The same?
     
    Azrael, Jul 5, 2023
    #3118
    Inky_Wretch likes this.
  11. The Big Ragu

    The Big Ragu Moderator Staff Member

    It's not just health insurance (which is way more expensive as a benefit than I think you realize; employer-sponsored health insurance covers less and less, but the cost of what it does cover has skyrocketed, which is a big part of why they cover less and less).

    I'll just stick with the BLS survey.

    https://www.bls.gov/news.release/pdf/ecec.pdf

    Average hourly compensation = $43.07.
    Average wages = $29.70
    Average benefits = $13.36

    Once again. ... What you linked to was telling me that that 30 percent of average compensation doesn't exist. I was just pointing out that that compensation most certainly does exist.

    What's more, it has grown substantially, and actually has been taking off recently. According to a 2022 Paychex survey. ... employers had increased benefits offerings by 22 percent relative to before the pandemic (not inflation adjusted, but as much as inflation took off, it was not up 22 percent over that time period).
     
    Last edited: Jul 5, 2023
    The Big Ragu, Jul 5, 2023
    #3119
  12. Azrael

    Azrael Well-Known Member

    I wonder what that kid's "compensation" package looked like at the sawmill.
     
    Azrael, Jul 5, 2023
    #3120
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