"Wal-Mart earned $27 billion in profit last year. They could afford to pay their bottom million workers $10,000 more a year, raise all of those people out of poverty, cost — save taxpayers billions of dollars, and still earn $17 billion in profit, right? It’s simply nuts that we have allowed this to happen. […] You know, this ridiculous idea that a worker on Wall Street who earns tens of millions of dollars a year securitizing imaginary assets or doing high-frequency trading is worth 1,000 times as much as workers who earn tens of thousands of dollars a year educating our children, growing or serving us our food, throwing themselves into harm’s away to protect our life or property, that this difference reflects the true value or intrinsic worth of these jobs is nonsense."
Good lord, this is the most stark portrayal I’ve seen of this.
Holy crap, over nine years?
[Tweet from Mark Mellman: “Why the poor can have ‘things’ but can’t escape poverty” with a chart showing the decline in cost over time of goods (especially steep for electronics) and the simultaneous increase in cost over time of needs like housing, healthcare, and education.]
Keep telling people not to spend their money on shoes, though. That’ll really help.
This is why it’s entirely reasonable that someone who can’t afford to purchase health insurance or pay college tuition has decent clothing, a “nice” TV (all TVs are “nice” now) or a smartphone. And also why people should stop making presumptions about how other people spend money.