US ECONOMY News and Discussion Thread

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Re: US ECONOMY News and Discussion Thread

Postby uscbucsfan » Wed Oct 03, 2018 1:39 pm

I bet many on this board are or are close to the top 10%. Anyone wants to start a poll?
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Re: US ECONOMY News and Discussion Thread

Postby Zarniwoop » Wed Oct 03, 2018 1:45 pm

uscbucsfan wrote:I bet many on this board are or are close to the top 10%. Anyone wants to start a poll?




I don’t think there is any question about that. I’m guessing we are around 50% for the people in the politics forum....particularly those over 35 years old
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Re: US ECONOMY News and Discussion Thread

Postby Deuce » Wed Oct 03, 2018 1:51 pm

Zarniwoop wrote:
uscbucsfan wrote:I bet many on this board are or are close to the top 10%. Anyone wants to start a poll?




I don’t think there is any question about that. I’m guessing we are around 50% for the people in the politics forum....particularly those over 35 years old


Depends on what "many" means. 50% of the board is under 35. But it seems like most of us have 8-5 desk jobs, so we're at a little bit of an advantage.
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Re: US ECONOMY News and Discussion Thread

Postby uscbucsfan » Wed Oct 03, 2018 1:52 pm

Someone at a desk start a poll, let's find out!
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Re: US ECONOMY News and Discussion Thread

Postby Mountaineer Buc » Wed Oct 03, 2018 1:54 pm

uscbucsfan wrote:I bet many on this board are or are close to the top 10%. Anyone wants to start a poll?

I wouldn't expect high participation in a poll like that, but the results would be interesting.
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Re: US ECONOMY News and Discussion Thread

Postby Mountaineer Buc » Wed Oct 03, 2018 1:55 pm

uscbucsfan wrote:Someone at a desk start a poll, let's find out!

I'll do it.
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Re: US ECONOMY News and Discussion Thread

Postby Deuce » Wed Oct 03, 2018 1:56 pm

Mountaineer Buc wrote:
uscbucsfan wrote:Someone at a desk start a poll, let's find out!

I'll do it.


To be fair to myself, I'm 30 and if I made what my direct supervisor makes (and had a partner that did the same), I'd make it. But throw in a "hell no, not close" option for me.
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Re: US ECONOMY News and Discussion Thread

Postby DreadNaught » Wed Oct 03, 2018 1:57 pm

Here is my observable reality.

My wife is a stylist (hairdresser), has been in the industry since HS working at the same boutique salon and now has waiting list to get on her book and is appointment only. She makes about $70k-$75k/yr as HS graduate with vocational training (she's had to pay for).

As most of you know I was in the Navy for 9 years, got out in 2013 (34yrs old) as an E-6 making about $55k. Took a job in software sales where I was initially in lead generation (entry level) before being promoted to Account Manager and am now a Senior Account Manager. Since 2013 my base has gone from $47k to $80k via promotions and hitting performance quotas that allow me to negotiate a bump in my base every year. My compensation is 1:1 of my base so if I hit my annual quota ($950k in software licenses sold) I get and additional $80k in bonuses. I grossed just over $140k last year and our household income is was over $200k (gross). I was 38, my wife was 36.

I got my undergrad while in the Navy via a satellite program through SIU that took 3 semesters to complete (1 calendar year), as I mentioned my wife has no college.

This isn't meant to brag as I have bigger aspirations in the next 5-10 years tbh. But rather to point out that there are opportunities to be had and there is money to be made if you make good decisions and work for it.

I reject this narrative of low expectations that having a household income of $166k is some glass ceiling.
Last edited by DreadNaught on Wed Oct 03, 2018 2:00 pm, edited 3 times in total.
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Re: US ECONOMY News and Discussion Thread

Postby uscbucsfan » Wed Oct 03, 2018 1:57 pm

Just do slaraies in 10 or 20k increments
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Re: US ECONOMY News and Discussion Thread

Postby Zarniwoop » Wed Oct 03, 2018 1:58 pm

Deuce wrote:
Zarniwoop wrote:


I don’t think there is any question about that. I’m guessing we are around 50% for the people in the politics forum....particularly those over 35 years old


Depends on what "many" means. 50% of the board is under 35. But it seems like most of us have 8-5 desk jobs, so we're at a little bit of an advantage.


Not many under 35s will be top 10% particularly if they aren’t married. Prime income earning is between 40-55. I expect many of the younger folks in this forum to get there as they get older.
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Re: US ECONOMY News and Discussion Thread

Postby DreadNaught » Wed Oct 03, 2018 1:59 pm

Zarniwoop wrote:
Deuce wrote:
Depends on what "many" means. 50% of the board is under 35. But it seems like most of us have 8-5 desk jobs, so we're at a little bit of an advantage.


Not many under 35s will be top 10% particularly if they aren’t married. Prime income earning is between 40-55. I expect many of the younger folks in this forum to get there as they get older.


Yup
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Re: US ECONOMY News and Discussion Thread

Postby Zarniwoop » Wed Oct 03, 2018 2:00 pm

uscbucsfan wrote:Just do slaraies in 10 or 20k increments



^


Either individually or household would work. I always like household data better as it’s more of a reflection of standard of living
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Re: US ECONOMY News and Discussion Thread

Postby Deuce » Wed Oct 03, 2018 2:04 pm

Zarniwoop wrote:
Deuce wrote:
Depends on what "many" means. 50% of the board is under 35. But it seems like most of us have 8-5 desk jobs, so we're at a little bit of an advantage.


Not many under 35s will be top 10% particularly if they aren’t married. Prime income earning is between 40-55. I expect many of the younger folks in this forum to get there as they get older.


That was my point.

But thanks for believing in me.

*wipes tear from eye while automatically assuming I'm included*
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Re: US ECONOMY News and Discussion Thread

Postby Zarniwoop » Wed Oct 03, 2018 2:08 pm

Deuce wrote:
Zarniwoop wrote:
Not many under 35s will be top 10% particularly if they aren’t married. Prime income earning is between 40-55. I expect many of the younger folks in this forum to get there as they get older.


That was my point.

But thanks for believing in me.

*wipes tear from eye while automatically assuming I'm included*



Lol. You are indeed one that I had in mind.

In all honesty, for all our shortcomings as a board, with only a few exceptions I think most here are responsible with their careers and work

(Noting the irony of us posting during traditional work hours)
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Re: US ECONOMY News and Discussion Thread

Postby Ken Carson » Wed Oct 03, 2018 2:13 pm

Deuce wrote:
Ken Carson wrote:
Saying they will get there once is not the same as get there and stay for life. And it's not some absurd standard. A GM at a McDonald's makes $55K/year. If that person gets promoted to a District manager, the average salary is $71.5K/year. A public school teacher in Philadelphia ($70K/year) who is married to a District Manager of a McDonald's AoR would earn more than enough to be a top 10% earner in a lot of years. Are you saying that the average household is incapable of getting to those numbers? Store managers at Publix make ~ $82K per year. I could go on and on. There are plenty of career paths to get to the top 10%.


There's a big difference between "incapable of getting to those numbers" and 55% of people making it. For every Publix store manager, there are 99 people working under him, earning less (my store employed around 100 anyway). And according to your own numbers, two Publix store managers would have to be married to hit the 10%.

McDonald's district manager...now you're talking about (I'm guessing) hundreds of stores under that person. Each has a GM, assistant GM, shift supervisors, cooks, dishwashers, etc. So that's like 1 guy out of 2500 (say 100 stores x 25 employees each) that is not even halfway to $166k.

EDIT: I confused the top 5% number with top 10%, but my greater point still stands.


What you might be missing is that the statistic is being a top 10% at some point. The dishwasher at McDonald’s isn’t stuck there for life. He’s a District Manager a few years down the road if he sticks it out and works his way up.
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Re: US ECONOMY News and Discussion Thread

Postby Deuce » Wed Oct 03, 2018 2:15 pm

Zarniwoop wrote:
Deuce wrote:
That was my point.

But thanks for believing in me.

*wipes tear from eye while automatically assuming I'm included*



Lol. You are indeed one that I had in mind.

In all honesty, for all our shortcomings as a board, with only a few exceptions I think most here are responsible with their careers and work

(Noting the irony of us posting during traditional work hours)


Eh, thanks but I was just trying to be funny. I don't see how you'd have enough information to say either way. I am indeed responsible with my career, but I have not picked the most lucrative field.
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Re: US ECONOMY News and Discussion Thread

Postby Deuce » Wed Oct 03, 2018 2:19 pm

Ken Carson wrote:
Deuce wrote:
There's a big difference between "incapable of getting to those numbers" and 55% of people making it. For every Publix store manager, there are 99 people working under him, earning less (my store employed around 100 anyway). And according to your own numbers, two Publix store managers would have to be married to hit the 10%.

McDonald's district manager...now you're talking about (I'm guessing) hundreds of stores under that person. Each has a GM, assistant GM, shift supervisors, cooks, dishwashers, etc. So that's like 1 guy out of 2500 (say 100 stores x 25 employees each) that is not even halfway to $166k.

EDIT: I confused the top 5% number with top 10%, but my greater point still stands.


What you might be missing is that the statistic is being a top 10% at some point. The dishwasher at McDonald’s isn’t stuck there for life. He’s a District Manager a few years down the road if he sticks it out and works his way up.


Now that I know the number is probably around 120k, it seems more possible. But I still think you're using the wrong group of workers. That DM is probably sticking around for a while. I know Publix store managers can be in there 15-20 years. So that dishwasher has to outwork the other 2,499 people (cooks, shift supervisors, etc.) for that position, which is opening up every, let's say, 8 years?
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Re: US ECONOMY News and Discussion Thread

Postby Mountaineer Buc » Wed Oct 03, 2018 2:23 pm

Poll is up.
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Re: US ECONOMY News and Discussion Thread

Postby Ken Carson » Wed Oct 03, 2018 2:27 pm

Deuce wrote:
Ken Carson wrote:
What you might be missing is that the statistic is being a top 10% at some point. The dishwasher at McDonald’s isn’t stuck there for life. He’s a District Manager a few years down the road if he sticks it out and works his way up.


Now that I know the number is probably around 120k, it seems more possible. But I still think you're using the wrong group of workers. That DM is probably sticking around for a while. I know Publix store managers can be in there 15-20 years. So that dishwasher has to outwork the other 2,499 people (cooks, shift supervisors, etc.) for that position, which is opening up every, let's say, 8 years?

Maybe you have different experience with District level employees. Via my company and our partnership with Subaru, I’ve seen that generally District level support is between 12-25 retail outlets. Probably that’s low given the industry, but still I think you are overestimating how much coverage a district has. And again, in my experience, we churn 20% of those jobs every year, most people going to higher paying jobs.

Plus, you even said that you are one level away from being there already, under the age of 35, in what you consider a non lucrative field.
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Re: US ECONOMY News and Discussion Thread

Postby Deuce » Wed Oct 03, 2018 2:53 pm

Ken Carson wrote:
Deuce wrote:
Now that I know the number is probably around 120k, it seems more possible. But I still think you're using the wrong group of workers. That DM is probably sticking around for a while. I know Publix store managers can be in there 15-20 years. So that dishwasher has to outwork the other 2,499 people (cooks, shift supervisors, etc.) for that position, which is opening up every, let's say, 8 years?

Maybe you have different experience with District level employees. Via my company and our partnership with Subaru, I’ve seen that generally District level support is between 12-25 retail outlets. Probably that’s low given the industry, but still I think you are overestimating how much coverage a district has. And again, in my experience, we churn 20% of those jobs every year, most people going to higher paying jobs.

Plus, you even said that you are one level away from being there already, under the age of 35, in what you consider a non lucrative field.


I worked for Pizza Hut in Tallahassee right after college. Our GM got promoted to District Manager and the position was in Jacksonville. So I was going more off of that. Obviously, that would encompass a lot of stores. And being that there is only one at a time, there aren't a ton of dishwashers who get a chance to become the DM. But the real answer is probably somewhere between us.

I also consider myself more fortunate than most. I earned a Bachelor's Degree, got a job with that degree, and have done well in this position. I'd also need a spouse to make up the other half of that.
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Re: US ECONOMY News and Discussion Thread

Postby Mountaineer Buc » Wed Oct 03, 2018 3:14 pm

uscbucsfan wrote:I bet many on this board are or are close to the top 10%. Anyone wants to start a poll?

It would seem that this bet is a winner.

Ya rich bastards.
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Re: US ECONOMY News and Discussion Thread

Postby Buc2 » Wed Oct 03, 2018 3:21 pm

uscbucsfan wrote:I bet many on this board are or are close to the top 10%. Anyone wants to start a poll?

What's the minimum to be included int eh top 10%?
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Re: US ECONOMY News and Discussion Thread

Postby uscbucsfan » Wed Oct 03, 2018 3:22 pm

Buc2 wrote:
uscbucsfan wrote:I bet many on this board are or are close to the top 10%. Anyone wants to start a poll?

What's the minimum to be included int eh top 10%?

viewtopic.php?f=6&t=4659
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Re: US ECONOMY News and Discussion Thread

Postby Buc2 » Wed Oct 03, 2018 3:24 pm

Zarniwoop wrote:
uscbucsfan wrote:Just do slaraies in 10 or 20k increments



^


Either individually or household would work. I always like household data better as it’s more of a reflection of standard of living

You guys will most likely smoke by me then. I'm in a single household. No other wage earners.
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Re: US ECONOMY News and Discussion Thread

Postby Mountaineer Buc » Wed Oct 03, 2018 3:29 pm

Buc2 wrote:
Zarniwoop wrote:

^


Either individually or household would work. I always like household data better as it’s more of a reflection of standard of living

You guys will most likely smoke by me then. I'm in a single household. No other wage earners.

I expected a lot of those, but everyone is above the median so far.
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Re: US ECONOMY News and Discussion Thread

Postby RedLeader » Fri Oct 05, 2018 7:45 am

Unemployment falls to 3.7 percent, the lowest since 1969, dodging blow from Hurricane Florence..

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Re: US ECONOMY News and Discussion Thread

Postby RedLeader » Fri Oct 12, 2018 10:57 am

US prices held steady in September


Consumer prices held steady in September, rising 2.2% from a year earlier, instead of accelerating, as had been expected. Falling prices for used vehicles helped to keep the gauge of underlying inflation in check, the Labor Department said, after rising faster in recent months. Signs of slowing inflation, besides bringing relief to securities markets, had the effect of boosting price-adjusted wages 0.5%, up from a 0.2% increase in August.
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Re: US ECONOMY News and Discussion Thread

Postby Zarniwoop » Fri Oct 12, 2018 11:00 am

RedLeader wrote:US prices held steady in September


Consumer prices held steady in September, rising 2.2% from a year earlier, instead of accelerating, as had been expected. Falling prices for used vehicles helped to keep the gauge of underlying inflation in check, the Labor Department said, after rising faster in recent months. Signs of slowing inflation, besides bringing relief to securities markets, had the effect of boosting price-adjusted wages 0.5%, up from a 0.2% increase in August.



Good news on the wage front....interesting news here given what the FED has been doing.
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Re: US ECONOMY News and Discussion Thread

Postby Zarniwoop » Sat Oct 13, 2018 10:02 am

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Re: US ECONOMY News and Discussion Thread

Postby RedLeader » Tue Oct 16, 2018 11:50 am

Blame your flat pay on 'monopsony'

The dominance of more industries by fewer players — think Apple and Google — along with the use of non-compete agreements that further limit employee options may be behind the underwhelming wage growth of recent years. Monopsony, or dominance by one buyer, means being in a position to hold down price. In the case of labor, the ability to control wages has conspired with the decline of unions to hold back compensation even as unemployment shrinks to historic levels, according to economists cited by Bloomberg.
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