(Replying to PARENT post)
> enough to live
The term is capitalised because it has an actual defined meaning beyond the etymology derived from its component words. If you think everyone earning just enough to keep themselves physically alive is a sufficient standard to strive to for modern society, then I would question your ethics.
The "living" in the term Living Wage is about being able to actually live a life, not just survive it.
> We should look at things from the other direction...
There is nothing about the Living Wage that precludes doing that: it's a quantitative metric to be accompanied by your qualitative suggestions, not to supplant them.
(Replying to PARENT post)
Having seen both sides of this equation, It's increasingly unclear to me whether wealth inequality has crossed the takeoff threshold where outcomes no longer correlate with Merit. Observationally, I encounter many in high status fields who got their due to familial wealth + guidance on pathway. I worry that we are seeing more people who are wealthy because their parents were wealthy, potentially to the point where labor is no longer required beyond perception maintenance.
Such an arrangement is fundamentally anti-productive to the economy. It removes capital from skilled individuals to support leisure. It reshapes the economy to support the leisurely whims of a few individuals. I don't think its a coincidence that as wages and inflation rose GDP growth rose. It's a reallocation of capital from unproductive sectors to productive sectors.
(Replying to PARENT post)
So you can 'live' below this if for example:
- You work more than 40hr/week, have a second job
- Have no children
- Commute long distance
(Replying to PARENT post)
I'm not defending these mitigating factors as a good solution to people's money problems in NYC, but like you say, "living wage" is a fraught term that conjures up vague and charged imagery inappropriate for a rigorous analysis.
(Replying to PARENT post)
Earning enough to live is a fuzzy idea. I'm not satisfied unless I'm maxing multiple retirement accounts, have a year of saved income, insurance, etc. I think the figure is believable if you're fine with not saving, not having insurance, dodging taxes, etc. An alarming number of people are okay with this.
(Replying to PARENT post)
We should look at things from the other direction... what are people in the city actually earning? How are they living? What trade-offs did they make? Are they satisfied with their life? Which trade offs are they most unhappy about?