American Economics Thread


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You literally can not afford to live anywhere in America on minimum wage
That's a pretty high standard to be able to afford a 2-bedroom apartment on under 30% of your income with minimum wage. There's no hunger to climb the ladder in such an easy society. If you need a 2 bedroom, you should have 2 earners at least, maybe a parents room and a kids room. Without kids, 2 earners can share a single or even a studio. A single earner on minimum wage should only be gunning for a studio at best but the more financially responsible way would be to go for a shared apartment. If you're a single parent, then the government will provide some assistance. Let's remember that minimum wage is not the average income; it is the lowest possible income and someone should only be in that situation if s/he is uneducated and new on the job. Even without education, if you work hard and put in your best, you will get raises and promotions in no time even at places like MacDonalds and Walmart just to retain a trained worker.
 

Team Blue

Junior Member
Registered Member
it is the lowest possible income and someone should only be in that situation if s/he is uneducated and new on the job.
Even the lowest wage should provide someone with a livable income. Even single room apartments are too expensive in most of America according to the report.
 
Even the lowest wage should provide someone with a livable income. Even single room apartments are too expensive in most of America according to the report.
The report's metrics clearly show bias. No one should have ever compared whether or not it's possible to afford a 2 bedroom apartment on only 30% income of the lowest grade. That's like saying, "You'd have to work 260 hours a week, an impossible number, as a minimum wage worker just to afford even the cheapest yacht in 10 years." If you are in the lowest wage tier, you should be doing what I suggest, which is getting a shared apartment in a very cheap neighborhood (lowest income goes for cheapest rent, not average rent) if you are single and getting a 1 bedroom or studio if you have a working spouse and kids. You should be shopping at Goodwill for clothes and at the discount section of the supermarket for food. All the while, you should be saving as much as you can while working hard to get promotions, (which come very easily at the minimum wage level) and thinking about going to a trade school some nights after work to become a skilled laborer to drastically increase the value of your work hours. It is neither ideal nor easy but it is a very livable way to go about and you will dig yourself out of the minimum wage hole very quickly. What is causing people to complain is the belief that a single earner working minimum wage for 40 hours a week without ever getting a raise (likely due to poor performance) should be able to afford a 3 bedroom house in an average neighborhood, 2 cars, 2 kids and have his wife stay at home all the while getting whatever he wants at the supermarket without checking the prices and having family restaurant night twice a week.
 
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Hendrik_2000

Lieutenant General
Good op/ed from GT You just can't stop China development the latest economic data prove it
Hard working people, respect for education, relatively effective government, pro growth, investment in infrastructure, social, political stability are all the ingredient for self sustaining growth. The concept is simple but actually doing it is hard Not many countries can do it
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China’s latest GDP figures frustrate US containment: Global Times editorial
By Global TimesPublished: Jul 15, 2021 09:18 PM

Illustration: Chen Xia/GT

Illustration: Chen Xia/GT

China's GDP grew by 7.9 percent in the second quarter of 2021, and expanded 12.7 percent in the first half of the year, according to data the National Bureau of Statistics released on Thursday. The data also shows the country's average two-year GDP growth was 5.3 percent. From the perspective of tendency, the average two-year growth of the year-on-year GDP growth for the first quarter was 5.0 percent, and 5.5 percent for the second quarter. On a quarter-on-quarter basis, GDP growth of the first quarter was 0.6 percent, and 1.3 percent for the second quarter. These figures reflect the steady growth of China's economy, and its prospects are promising.

China's remarkable GDP figures gained unprecedented attention in the past two years. An important factor behind such an achievement is the China-US strategic competition highlighted by Washington. The US has engaged in all-round suppression against China, forming a momentum in which the US leads its allies and part of the Western world to contain China.

However, China's core competitiveness, also something that Washington fears most, is its robust development. As long as China's development dynamic remains undiminished, the US suppression will turn out be a failure.

China's H1 foreign trade data is eye-catching, with a year-on-year increase of 27.1 percent, or 22.8 percent when compared with 2019. The H1 GDP released on Thursday has further demonstrated the panoramic view of China's stable and rapid development. China has clearly told the world that a global crisis like COVID-19 pandemic cannot stop it, and that the US crackdown on China has gained far less than Washington had expected.

Chinese society has realized that China's relations with the US cannot return to old times and its resistance to US containment will be long-term. In addition to keeping political unity, strengthening China's economic capacity and increasing comprehensive national strength is the key to blow US arrogance and its will to confront China.

The US is worried that China's GDP will one day surpass its own. So Washington has taken the strategy of "decoupling" with China - it wants to bring losses to China even at the cost of its own interests.

The brilliance of China is that it does not aim at surpassing the US. Instead, China eyes on solving practical problems and is working hard to promote social equality and the sound development of economy to increase resistance to risks and capabilities of development. Overtaking the US in terms of GDP will be a natural byproduct.

The struggles over the years have proven that the US cannot do much about China. It failed in messing up the minds of Chinese society. Instead, China's political cohesion has grown significantly. The US cannot check the rapid growth of the Chinese economy either.


Judging from the situation of the first half of 2021, one can be sure China's GDP will definitely grow faster than that of the US. And if data from 2021 are included, the growth rate gap between China and the US in the past two years will be even wider than in this year.

It has been over three years since former US president Donald Trump launched a trade war against China, and until now, there is no evidence to show that the US has successfully suppressed China's development. The US is losing quarter by quarter. It is at its wits' end.
 

ansy1968

Major
Registered Member
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@KYli bro I don't get it, why buy it, it had nothing to contribute tech wise to Intel and those equipment may not be advance enough compare to what they are using now. With that kind of investment use those money for R&D , Hiring more competent engineer and buy new EUVL, it need to develop its core competency more instead of adding capacity with different corporate culture. It must prepare for the coming Semiconductor bubble that will affect every FAB in 2024.
 

KYli

Major
@KYli bro I don't get it, why buy it, it had nothing to contribute tech wise to Intel and those equipment may not be advance enough compare to what they are using now. With that kind of investment use those money for R&D , Hiring more competent engineer and buy new EUVL, it need to develop its core competency more instead of adding capacity with different corporate culture. It must prepare for the coming Semiconductor bubble that will affect every FAB in 2024.
I think it is economies of scale calculation. Intel doesn't have much of its own clients and need to absorb all the R&D cost by itself. On the other hand, Global Foundries has given up pursuing anything below 12nm. By buying Global Foundries, Intel gains clients to share its R&D cost.
 

ansy1968

Major
Registered Member
I think it is economies of scale calculation. Intel doesn't have much of its own clients and need to absorb all the R&D cost by itself. On the other hand, Global Foundries has given up pursuing anything below 12nm. By buying Global Foundries, Intel gains clients to share its R&D cost.
@KYli thanks bro for the explanation, I'm still perplexed if they had that kind of money and the purchase did push thru where will they get the additional funds needed for their plan Arizona FAB expansion? from the Federal gov't?
 
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KYli

Major
@KYli thanks bro for the explanation, I'm still perplexed if they had that kind of money and the purchase did push thru where will they get the additional funds needed for their plan Arizona FAB expansion? from the Federal gov't?
I do think Federal government support and debt would be used to fund Intel's expansion and acquisition. It is Intel last ditch effort to remain competitive against TSMC and Samsung. If Intel failed to catch up with TSMC and Samsung soon, it would be in serious trouble.
 

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