Tuesday, August 26, 2008

Buddy, Can You Spare A Bit Of Time?

Once America built a fair economy, made it run, run on a fair and square dime;
Once America built a share and share alike economy, now its gone;
Buddy, can you spare a just a bit of time?

On a 60 minute clock, bottom 20 percentile incomes would represent 1 minute and 20 seconds. Bottom 50 percentile incomes take up all of 8 minutes and 20 seconds. All of which may clear up the mystery of how doubling (!) today's missing-in-action minimum wage could pass potentially unnoticed by those who got neither a minimum ware nor a push up hike. Doubling the minimum wage would shift all of 4.5% income share (3% of GDP cost: about how much the economy grows every few years) to 35% of wage earners -- which would be represented by all of 2 minutes and 45 seconds on an hour clock -- compare to the 20 minutes taken up by
top 5 percentile incomes (up from 12 minutes in 1973).

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