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Citigroup Inc. Message Board

  • longpickuptruck longpickuptruck Sep 15, 2013 9:45 AM Flag

    When will the Minimum wage be $1,000/hour?

    Believe me it will be, but when. It depends on the inflation rate and gov't interference. This rate could be reached between 75 and 100 years.
    Any one in the bank loan department can make this computation.
    You laugh at this but it will happen.

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    • skinz numbers. Using his numbers, the rate of growth of the minimum wage has been 4.6% per year for the past 75 years. At this rate 4.6% we will be at $1,000 per hour in 110 years.. Any accountant in the bank can compute this for you if you think I am wrong..
      The accountant can put it in his computer and tell you instantly. I worked the math problem. All you need to do is solve the equation: 7.25(1.046) to the x power = 1,000. x = the number of years for MW to reach $1,000..
      Idiot reps and economists.

    • If you're thinking $100/hour you might eventually be right, but I think it'll take a lot longer than 100 years to get there. Long before it gets to $1000, there will be a Turkey-style reverse valuation of the US$. They simply dropped 6 zeros so that 1,000,000 of the old Turkish lira which became 1 lira after 2005. (They continued using both currencies for several years which was enormously confusing, especially to tourists.) In 1966 the exchange rate was 9₮ to 1US$. By 2001, the rate was 1,650,000₮ to 1US$. Be careful what you wish for!!!
      Roughly speaking, a $1000/hr minimum wage would put the price of gold somewhere around $185,000 per ounce.

 
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