The Stock Market Is Not The Economy Thread II

[kuronosan]

Wages are up too, more than at any point pre-pandemic, just not by enough

https://twitter.com/bencasselman/sta...Uy1Yi6v8w&s=19

Yes, but wages ought to cover inflation not patch up a hemorrhage.

[archibaldcrane]

Lot of people mad at me for correcting a wildly wrong statement, just don't lie next time and you won't have to deal with my corrections

[thetruepandagod]

biden destroyed your $ archi just accept it

[Gadritan]

I more than doubled my income during Covid, so idk what inflation y’all are talking about. Working as intended as proven by my anecdotal evidence.


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[thetruepandagod]

the trick is to tie ur income to inflation via rent

[Andalusian girls]

the other trick is to slang and bang

[Gadritan]

the other trick is to slang and bang

Don’t be putting my keys to success out there


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[thetruepandagod]

woah bro, only 1 trick in the free trial

[Mayareira]

Despite slight decrease in sea freights overall numbers are still very high and transportation companies continue to be very profitable. These high transportation costs have a strong impact on inflation...we are speaking of a 150% increase in the World Container Index in a single year.

It was very difficult for the industry between 2008-2019 though and the underlying reason was a similar to what we are living today (overcapacity from the bull years).

To benefit from the "golden age" of shipping firms are pumping up the capacity, which may have a catastrophic effect on the industry in long term. To avoid such an outcome there is an increasing trend of alliances between the biggest operators and no doubt they will look to control the prices to a certain degree....which would translate into more and worse, persistent, chronic inflation. I expect it to eventually settle at a lower level in medium term though, 8.5% appears to be the peak or somewhere close to it.

Wages are up too, more than at any point pre-pandemic, just not by enough

https://twitter.com/bencasselman/sta...Uy1Yi6v8w&s=19

This is correct, they are going up. Just not as much as the inflation drivers like above.

[Roranora]

average hourly wage, tsk tsk

lemme see that median annual income

[archibaldcrane]

https://twitter.com/NatBullard/statu...2m7w6tPZg&s=19

[Byrthnoth]

I will take "things that should have their magnitude log scaled" for 800, Alec.

[6souls]

https://www.dallasnews.com/food/rest...time-feds-say/

Texas BBQ chain Hard Eight BBQ failed to pay employees $867k in tips and overtime for nearly a three year period which affected 910 people. The chain said because they are not a normal business, they thought they were in a legal gray area.

Hard Eight BBQ, a family-owned and -operated North Texas restaurant, performed “illegal pay practices” and shorted 910 employees $867,572 in tips and overtime pay, according to a report released by the U.S. Department of Labor Thursday.

The restaurant, which has five locations scattered around D-FW, “violated the law by including managers in their tip pool,” the report said. “By doing so, the employer denied tipped workers some of their tips and managers proper overtime wages.”

A spokesperson for the U.S. Department of Labor, Juan Rodriguez, told the The News that illegal pay practices took place at five Hard Eight locations from June 2019 to April 2021.

Matt Perry, Hard Eight’s chief operating officer, told The News that the issue was a misunderstanding of the law.

“Our people are just the most important thing to us, and we thought we were doing the right thing by including our store managers in the tip pool,” he said. “Our restaurant isn’t a normal restaurant with wait staff, and so there was gray area [in the law]. Once we were made aware of the issue, we ceased doing that and have been in compliance since.”

Out of the 910 employees who are owed funds, 219 have been located and paid, Rodriguez said.

[Jaybar]

910 employees, 5 restaurants, 3 years. What kind of turnover is this.

[Mayareira]

“Our people are just the most important thing to us, and we thought we were doing the right thing by including our store managers in the tip pool,” he said. “Our restaurant isn’t a normal restaurant with wait staff, and so there was gray area [in the law]. Once we were made aware of the issue, we ceased doing that and have been in compliance since.”

There was an interesting article on NYT about tipping trends during the pandemic and how they are on course to become overwhelming.

https://www.nytimes.com/2022/04/19/d...staurants.html

Basically it appears that tips are now too lucrative for business owners to ignore and they seek to channel them directly or indirectly to parties other than the service workers.

[Outlaw]

This is why if you get tipped in cash you should pocket that shit and say they didn't tip you.

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[Salodin]

This is why if you get tipped in cash you should pocket that shit and say they didn't tip you.

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This is why you shouldn't be sharing your tips. You keep your tips and pay out the barbacks at the end of the shift. The good waitstaff end up getting a person or two they rely on and they just flip tables all night, works for everyone.

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[Koyangi]

1st their excuse to pay them shit "normal" wages was because they made money in tips, but now they trying to take that too, wtf.

[archibaldcrane]

Ok so who is fucking with government I bonds? You buy them from the treasury, 10k per person max, 7.12% interest rate paid which adjusts every 6 months based on CPI-U inflation (it'll go up for sure in the next 6 month period to over 9%). Minimum 1 year holding, then you can sell at any point but if you sell before 5 years then you lose your last 3 months of interest.

Regardless it's wildly better than holding in cash and usually better than the returns you'd get in equities.

Buy here: https://www.treasurydirect.gov/indiv...res_ibonds.htm

Article here: https://www.forbes.com/sites/robertb...h=5ba0817541a7

[Byrthnoth]

My wife and I got in on them in Jan, no ragerts