Watched the Dow plummet 135 points on Friday due to a variety of factors, one of which was fear of inflation due to the dramatic increase in the average hourly wage paid in May -- an increase of 0.5%. The "average hourly wage" is more than three times the "minimum wage" of $5.15 per hour (which Congress refused to increase -- again -- while voting themselves a hefty sum). Didn't catch the exact number quoted for the "average hourly wage", but it was less than $18 per hour.
I'm not a math whiz, but 0.5% of $18 is nine cents. So a whopping nine cents sent the Dow reeling at week's end. Interesting ... I wonder who got the nine cents (72 cents per day), what he or she plans to spend it on, and who will take the blame the problems with the economy (stupid!)
9 years ago