Biden to Urge Federal Reserve to Take on Racial Wealth Gap

[RGLD]

Yes, but he referenced statistics. Oh and by the way, when it comes to white people we are consistently blamed for what 1% of white people have done. Not so with any other race. Also, according to Wikipedia we are the only race not allowed to have pride in our race. Somehow having pride in all of the technological advancements white people have helped bring to civilization is also having pride in what less than 1% of the population did over 150 years ago.

Ya know white people are pretty generic since you're all group in as Europeans and that's only the west. You don't consider Russians, Polish or any eastern Europeans part of this group do you? Also sometimes Jewish people get called white, they correct you right away though.

 

[Tsing Tao]

Sorry to take so long to get back to you. Been super busy. Earlier I just did a quick estimate in my head using only the difference in wages and came up with~20%. At breakfast I got out my 60 year old Hewlett Packard reverse polish calculator, and with the payroll taxes included its a ~26% increase in price that restaurant will need. A 9 buck meal goes to 11.34. No problem at all when everyone plays by the same rules. And definitely the way to go! I have never been in the food business, so I just assume your example is realistic. It looks pretty good to me, but your in a racket where you'd have a better idea whats reasonable for a restaurant operation than I would, I would guess. Assuming the owner is the manager, she could make a fair living if she wasn't in San Francisco! But as an investment at 6% no.

We are nationally on an unsustainable path, got to pay people a living wage and stop redistribution of wealth by all kinds of hidden subsidies. Let's have an honest economy.

Thanks for looking up these example numbers.

First, as I asked you before, please share your math that comes up with a 26% increase.

Second, you say "as long as everyone plays by the rules", by which I assume you mean as long as everyone takes a price increase. This isn't likely to happen as due to competition, some places will be able to compress margin better than others. Compression of margin could be going from 20 FTEs to 15, which removes 5 HC from your model and essentially is what opponents of a higher minimum wage claim will happen.

 

[piezoe]

First, as I asked you before, please share your math that comes up with a 26% increase.

Second, you say "as long as everyone plays by the rules", by which I assume you mean as long as everyone takes a price increase. This isn't likely to happen as due to competition, some places will be able to compress margin better than others. Compression of margin could be going from 20 FTEs to 15, which removes 5 HC from your model and essentially is what opponents of a higher minimum wage claim will happen.

No problem. I subtracted 40310 from 71790 and divided the result by 119,950 (GS). since that part of payroll taxes due to management salaries and managements' salaries are constant on both sides these amounts cancel out.

I agree some restaurants would be able to compress margin, i.e., absorb the increase in operating cost, to a greater extent than others. When there is free competition and incentive it's amazing to see how flexible and creative management can become.

We already have Social Security, are we now suggesting we should have Social Fast Food?

"Competition is a sin" --John D. Rockefeller

 

[Tsing Tao]

No problem. I subtracted 40310 from 71790 and divided the result by 119,950 (GS). since that part of payroll taxes due to management salaries and managements' salaries are constant on both sides these amounts cancel out.

I agree some restaurants would be able to compress margin, i.e., absorb the increase in operating cost, to a greater extent than others. When there is free competition and incentive it's amazing to see how flexible and creative management can become.

We already have Social Security, are we now suggesting we should have Social Fast Food?

"Competition is a sin" --John D. Rockefeller

Thank you for sharing your math in the first question.

I'm also glad you agree on margin compression. So what happens when you are the restaurant owner who is not able to compress margins, and you realize that you would have to price yourself at a rate that is approximately 20-30% higher than the place across the street?

How would we convince you that you need to pay your employees a much higher wage than they do, and to not let some folks go as a result?

 

[murray t turtle]

May I just take a moment to say that this should have been our first black President. He is worth more than Obama and the previous 5+ before him.

%%
Good.
He also wrote articles in Investors Business Daily.

 

[ironchef]

Sorry to take so long to get back to you. Been super busy. Earlier I just did a quick estimate in my head using only the difference in wages and came up with~20%. At breakfast I got out my 60 year old Hewlett Packard reverse polish calculator, and with the payroll taxes included its a ~26% increase in price that restaurant will need. A 9 buck meal goes to 11.34. No problem at all when everyone plays by the same rules. And definitely the way to go! I have never been in the food business, so I just assume your example is realistic. It looks pretty good to me, but your in a racket where you'd have a better idea whats reasonable for a restaurant operation than I would, I would guess. Assuming the owner is the manager, she could make a fair living if she wasn't in San Francisco! But as an investment at 6% no.

We are nationally on an unsustainable path, got to pay people a living wage and stop redistribution of wealth by all kinds of hidden subsidies. Let's have an honest economy.

Thanks for looking up these example numbers.

I like your attitude.

 

[easymon1]

Piece of Cake, Fed On!

“The U.S. now has about $154 trillion of unfunded promises to pay. 7.5 times GDP.

If you decide to fund these, we do it over 75 years.

You would have to take 10% of GDP and set it aside.”

https://www.investmentwatchblog.com...ide-to-fund-these-we-do-it-over-75-years-you/

 

[newwurldmn]

That's a nice assumption based on my background story. I actually have close to $40,000 in my brokerage. About half of it was saved by purposely driving a shitty 20 year old clunker and maintaining years of little to no debt while saving my money and studying and working thousands of hours of overtime. The other half I earned in the market as a result of my studying. I'm glad you can contribute to charity. I suppose according to liberals I shouldn't be where I am because it doesn't correlate with the struggles I've lived through, as you yourself have demonstrated by assuming I didn't have enough to PDT with nothing more than an assumption. How could I have made it without them standing and lifting me up on their shoulders. People such as I are incapable of making it without the help of wealthy white liberals. Except that's not how it works. A series of personal choices are why I am where I am.

while your life is hard, a black person who made the same choices as you in their youth would have had a much harder life.

blacks go to prison longer for the same crimes as whites.

blacks have a tougher time finding a job than whites who are comparable.

blacks have a tougher time getting a loan than whites.

there are studies that show this over and over again.

Any study that is posted, you will claim is biased. But you will not recognize that there are thousands of these studies.

 

[easymon1]

blacks have a tougher time

mr newwurldmn, What To Do?

 

[easymon1]

maybe these types could reflect their 'good fortune' to the sources from which it flows. Governments do not produce a product. Nada. Nothing. Zilch.
So where does the high dollar bounty come from?
Makers.
any black makers? Damn Skippy there are, were, and will be.
So hey joe, talk to those like yourself and peel off a healthy chunk of that green for the next 400 years and this will be all forgiven after a couple dozen lashes with a vintage bullwhip each.
We'll be holding our breath.