How many hours does it take to make rent at the minimum wage? The National Low Income Housing Coalition looked at the number of hours minimum-wage employees have to work per week in each state just to rent an apartment and survive financially. Their headline conclusion is there is no state where a minimum wage worker can earn enough to make the fair market rent for a two-bedroom place on 40 hours a week. West Virginia tallied the fewest hours at 63 to make the average fair market rent. Hawaii was 175 hours. California, Maryland, New Jersey, New York and Washington, DC were all over 130 hours. So, no chance to get an average place for a family while working 40 hours. Here is a chart from their report:
The Wrongologist would have preferred if the study had used median rents rather than average rents. The red bars show the gap in hourly wages between the state’s minimum wage and the cost of an average two bedroom place. This is another artifact of the Great Recession. Let’s recap what has happened since it ended:
• The percentage of people employed in the US has never recovered
• All income gains went to the top 1%
• There has been a huge bull market in stocks, despite stagnant income for all but the top few
If we don’t wake up, America will be a banana republic, with the emphasis on the “banana”, since the “republic” is already dying. The US will be small enclaves of massive wealth run by a few oligarchs. Think of it as Manhattan, a few square miles where the Corporations and their top employees reside, surrounded by a sea of low wage cast-offs.
None of this is inevitable. We could increase wages, we could rebuild our decaying infrastructure. This approach is dismissed as “Keynesian” by our right-wing brothers. The only kind of Keynesian stimulus they will accept is military Keynesianism. It’s not that peaceful Keynesian stimulus doesn’t work, it’s just that they won’t benefit from it. They see war as prosperity. China is next in their battle sights.
Wake up America, time is running out to keep us on a course that avoids our demise as a middle class economy. The next election may be the most important in our lifetimes. Here is today’s wake-up call, Amy Speace, a folk singer featured in a NYT Money section article. Here is her song, “Spent,” about trying to make rent:
Sample lyric:
We’re head over heels,
In over our heads,
We borrow and steal
To pay the rent.
How are we gonna save any money
When it’s already spent?
For those who read the Wrongologist in email, you can see the video here.
Today’s breakfast links:
Study shows human attention span now lags that of a goldfish. Who is behind the study? Microsoft, who wants to learn how modern technology impacts the attention span of people who use it. (Insert your own joke here)
Sudden loss of ice in Antarctica was large enough to affect Earth’s gravity. The ice loss causes small changes in the gravity field of the Earth, which were detected by a satellite mission, the Gravity Recovery and Climate Experiment (GRACE).
What do you get if you take the blades off a wind turbine? A better wind turbine. This new turbine is a hollow straw that sticks up 40 feet up in the air and vibrates like a guitar string when the wind blows. Its 50% cheaper than blade turbines, and while it is also 30% less efficient at capturing energy, a wind farm can double the number of bladeless turbines that occupy a given area. That’s a net energy gain of 40%. The company is Vortex Turbines. Invest at your own risk.
A new salt reactor will use spent nuclear fuel to make energy. This nuclear reactor generates 75 times the electricity per ton of uranium compared to today’s light-water nuclear reactors, since it burns 96% of its fuel, compared with only 4% in light-water reactors. The company is the venture-funded Transatomic Power. They hope to build a 20-megawatt demonstration reactor by 2020. With nearly 80,000 tons of radioactive waste in the US (and with 2,000 tons added every year), it could turn something toxic into something useful. Invest at your own risk. With this being said, it could be as simple as doing some research into something like uranium mining stocks and finding out about this sector in this particular industry. The more people know about investing, hopefully, the more clued up they will become and potentially make better decisions.
A PA newspaper published a letter calling for President Obama to be executed, but now they’re apologizing. The paper says: “We will strive to do better in the future.” Another example of our media’s inexorable descent. They are only sorry they got caught.
Here is a list of Zagat’s best brunches in Manhattan.
