People practice one entry accounting. They pretend every raise they ever got was merited as a real increase, but the nasty financiers and gubmint went and mucked everything up and took half of it back through inflation and what-not. Nobody ever thinks the first part was about as much due to more money sloshing around as to anything they did themselves.
Give me a break. If that were the case, then experienced folks would be paid nearly the same as entry level, as the market would price experience out.
Fact is, the market will set both wage levels. Besides, even if raises are half from increased money supply, the money supply increase not only gives the raise, but takes it away via the dollar being worth less.
Nice try at the sleight of hand, but the fact is, responsible people are forced to pick up the tab for the irresponsible.
i’ve got news for you: American “raises” haven’t been keeping pace with the cost of living anyway.
Very true, they don’t think they did much wrong most of them. But some do understand 15 years of the Efficient Market Hyposis has failed. Firesales are what occur as punishment for bad market behavior but the mix of the twin city empire of NYC and Washington strikes again. The risk to the public was always there, the deflating real-estate asset has simply exposed it for what it is. Some names will remain attached to this massive abomination this time, it’s called a database. Hi Great Depression part 2. Meet the 21st Century socialists and speakeasy crowd. Let’s hope we are called the Greatest Generation part 2 when it is all over like it was in 1946 at the close of WWII.