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Response to NNN0LHI (Original post)

Mon Dec 26, 2011, 05:20 PM

60. They are being paid what the market will allow

Last edited Mon Dec 26, 2011, 06:00 PM - Edit history (2)

and what their employer values. No more. No employer will pay more than what they feel an employee is worth.

But no, it doesn't take $150,000 a year to support a family of four. This is just plain bullshit - and that's even in high cost of living places like northern CA and NYC. A majority of people make nowhere near that as a combined family/joint income, except in a few of the wealthiest counties in the US. Either way, I don't find working 12/7 (84 hours a week!) particularly appealing. That means basically not having a life. But what doesn't appeal to me, may to someone else.

The real problem is that we're not extracting the revenue needed from those not doing any real work. Sitting and watching investments grow isn't real work. And by these I mean the hedge fund managers, investment bankers, CEOs, and other executives primarily in the financial sector, and particularly on Wall Street. Much of what goes on in the financial sector isn't value added with no tangible goods or services being produced.

That's basically what Buffet has mentioned - for those at the very top, a lot of wealth is derived not from income but capital gains. That coupled with their access to those making laws, corrupts and subverts the democratic process. I'd actually support cutting corporate taxes if loopholes were removed, with modest gains on income (and only at the top brackets), but with higher rates on capital gains, and inheritance.

As for the wages you mention, there aren't many "laborers" making that. First of all, that sort of overtime is quite rare and for a few select positions and hard to find skill sets. It usually takes several years of experience with some educational credentials/qualifications, if not a four year degree or higher.

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