index the bastard !

By Owen Paine on Saturday February 4, 2012 08:02 AM

the battle to boost the minimum wage is a state based affair and worth joining
if one is afoot in your state

now we have indexing to attach the min rate to ...but what index

cost of living some how defined seems the usual choice
but i note social security has a de facto superior ..however much it is obscured
the retirement system more or less sets your intial payment at a moving rate
based on hourly average value added
and that is indeed the equitably prefered choice

of course after the initial gearing of your payment you only get a cpi adjustment
and its rigged of course thanx to bill clinton's index reform
a soaring example of the new domocrats compasionate neo liberalism

alas all indxes can be rigged

master of the dance alan greenspan loved indexes and it was surely for that very reason

Comments (2)




productivity = hourly average value added

the notion

on average the gearing sets
one hour's payment now
for one hour's job time then

if its done with average wage then to average wage now
and the share in value adde of wages has gone down ..itsw not so good

yes if the average share in VA of wages is up ...but it isn't up it's down

in fact we just hit the series low for wage and salary share*****

if we used change in median wage rates to set adjustments not average
we'd face the growing
median lag behind the average

median to mean ratio is itself
in record low territory

marxist call this relative immiseration

marx once refered to golden chains as a possible future
well they seem to be reverting to lead eh ?

--***** series began in 1947--

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