Hey Jessiemployees
As a salaried worker myself, I know first hand that salaries don't stretch as far as they used to. Even if you are getting inflation-based increases or above that, you're moving into higher tax brackets and having to give more of your disposable income to governments.
The idea of earning more money also doesn't help much when we fall for hedonic adjustments and adaptation encourages us to improve our lifestyle and purchase better or newer goodies with our newly found income.
It can quickly catch up to us, and many of us regardless of how well we live could only be 1, 2 or 3 paycheques from ruin. Living on cash flow and not having savings is a dangerous place to be even in the most stable of times, but when you're earning a currency that is losing value each year, it adds a layer of complexity.
Efficiency deflates wages
Technology is moving at a rapid pace, and each year it gets exponentially better and reducing the need for human labour, machine learning, AI, 3D printing, Computer processing power, internet speeds, IoT, Blockchain and more are all slowly starting to converge and provide levels of efficiency we've never seen before.
This should, in theory, be a good thing; it removes us from doing menial work. It gives us more leisure time and makes miserable jobs easier to deal with as computers take over many rudimentary tasks.
We've lost out on deflationary gains for years
Since we're still very much entrenched in a fiat money system where we measure everything in a currency that loses value, we've lost out on years of deflationary gains. When our labour was worth much more, we cannot enjoy that labour gains since what we were rewarded in, save in and spend in losses its value.
Spreading the gains of technology
Instead of sharing the benefits of technology, the way our monetary system is set up means labour has to compete as we don't live in a savings based world.
As people compete with computers, we find labour becomes redundant, jobs are automated, and the jobs around aren't paying much short of specific niches, like technology or medicine.
The vast majority of industries have been disrupted by the productivity gains of technology. Technology with time may eliminate labour, and we'll have a smaller job market for traditional jobs, and new jobs will have to be created of which many will not be able to adapt to and fall into cracks of soceity.
Money that can be transported through time
One way to solve this issue is to have money transported through time and capture the share of the world's productivity. Money that cannot be debased and provides a way to store unused purchasing power of the past.
Fiat cannot compete with the technological deflation, and eventually, it will break as these two forces collide. This is one of the reasons why I think Bitcoin flourishes in the new world of technology. We need a new form of money for all the productivity we've created.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
Let's connect
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Here in India we pay 30% tax on salaries and above thatis 40% also.
We are paying the tax on salaries and then road tax, service tax, entertainment tax, GST etc etc...
If you're paying all that tax, what is left over for the people to use for the rest of the month? here its 26% but if you earn a lot it can go up to 45%. We also have roadtax but thats added inot the petorl price and then VAT on all purchases.
Can't say I am a fan considering not much of it goes to helping the country but hey its their money, they must do with it what they want, my money is Bitcoin
Here for low income earner its starts from 5% then next slab 20% and third is 30% but its not flat.. means if you are in 30% slab that means for some portion you will pay 5% then for some portion 20% and for rest of portion 30%
And if you are in high earner then it can increase upto 40%...
That's still a pretty big percentage once you start earning a lot, here if you earn less than $430 a month you don't have to pay income tax though, not that you can really live off that
They certainly don't stretch as far as they used to for sure and here in Canada wages are also stagnating while your leadership drags our dollar even lower compared to US dollar, since much of our goods are bought in US dollars, well you know what happens. Rough times we live in but at some point it has to implode it's not sustainable. I like your mindset of storing crypto for future spending power as the fiat currencies continues their tailspin.
Lol both my comments on this one coming from Canadian ladies, clearly there's something in the water there spreading reasonable economic ideas. Has anyone been monitoring how much local goods are going up over the last few years? I did a rough calc and for me, over the last 12 years its been 8 - 20% increase on a range of groceries, for example, bread is the big gainer of 20% increase per day for the last 12 years.
So I'm getting cream'd they forcing me to get thinner, lol, and also save in anything but fiat, our stock market is 230% overvalued so not much going on there worth buying so I'm buying due to lack of options.
Wouldn't some of that inflation be offset with your trade agreements with the US? Thought yall are buddy-buddy, not like us that get rammed every time the dollar spikes up a few percentage points, since we now don't have tourism to offset it, which we counted on as an import of foreign capital.
!BEER
I know eh! We also run in similar circles here on hive ( precious metals enthusiast). Yes indeed the economics have been harsh in the last few years. I haven't been keeping track of all the price gains exactly but trends and the fact that I haven't received a raise in a decade yet considered an essential service with no right to strike...that irks me a little.
When the current leader was voted in power, everyone knew he was anti oil & Alberta oilsands and like it or not it's a cash cow for Canada on different levels in return. As soon as he got voted in, the Canadian dollar dropped 30% so all imported goods became that much more expensive over night but because of lack of jobs, wages are stagnant or going down. Add a year of lockdown light on top with worst employment disruption since the great depression. The exodus of oil sector jobs means 100 000 + 6 figure income jobs were wiped out overnight in Alberta to a total of over 400 000 high paying jobs lost and money not being spent n the economy impacting small local businesses that are now dropping like flies having to seek jobs instead of creating them.
There is also supply/demand issues with pricing, one day you will go in and get your celery for $3 then next thing you know the next week it's $7. The same bag of coffee can be 18.99 on week, 14.99 2 weeks later or 8.99 on another than back up. Same effect on many items, prices are unstable, having gotten used to that fact, I load up when it's cheap. Rent, bills, real estate prices, everything is going up yet we are experiencing one of the highest rates of homelessness despite being the most progressive city in Canada in efforts to tackling the issue. Increased crimes, the signs are there for a bad brew. It just doesn't make sense anymore.
The gov may have backdoor agreements but there was a tariff dispute with JT and Trump, no love there. Customer always pay full price regardless of backdoor deals.
That is nuts, not that I've had a pay rise in years either, but I've only been working 8 years lol, still very much a baby in the working world, so I'm not supposed to expect much of an increase but darn it I would like one. I'm no essential service, but I would imagine if things are mandated you should be compensated accordingly, not as if these politicians are taking salary cuts.
I know it Canada is primarily oil, real estate, a little bit of timber and maple syrup they corner that tiny market which isn't the most diversified in my opinion if SHTF, if oil and real estate go, Im, pretty sure that's half the countries wealth in the pooper
I didn't know the knock-on effects would be that bad, the population is still rather small compared to GDP but I guess on one is safe from lockdowns and years of mismanagement, if anything the Alberta oil profits papered over a lot of the cracks that you're clearly saying is starting to show.
WOW, that's nuts, okay we don't get that kind of price movements, that's nuts lol how would I know how much I need to shop from week to week, especially if I'm living paycheque to paycheque?
!ENGAGE 30
There is a lot more to us. Canadian prairies are the breadbasket of the world with our endless farms with wheat, chick peas, canola alone plus other crap. We are a resource based economy overall so it doesn't do us any favors. Our tech industry is lacking and we can't attract big firms. I'm sure your not far off tho with oil and real estate being big. Oil is going going gone while they import from the saudies for canadian consumption while trash and defund our own.
That's why the cracks are showing now because our industry has been under attack and projects stunted by shitty constantly changing gov regulations (some projects tried for 10 year to comply with regulations to be shut down with new ones once they put shovels in the ground). We have a bunch of half abandoned projects and mines. We are tapped out. We didn't care that they bitched and moaned about us while we footed them with a lofty socialist lifestyle if they left us do our thing but if we are not rolling in the dough, there is nobody paying the tab, just accumulating debt.
The issue with our "budding" real estate market, a lot is from money laundering from massive drug and gambling rings or Chinese or other controversial foreign gang related activities trying to hide assets from their government but nobody ever lives there but it drives up property value pricing out locals meanwhile wages can't even come close to keeping up like Toronto or Vancouver. I think AirBnb has a part to play with that too because now everyone and their grandmas want to be a part time hotel and make more money renting to occasional users than long term tenants driving up prices further for renters.
You don't know how much you need from week to week. There are ways of shopping cheaply if you know the tricks by checking what's cheap where and the miss-shaped produce story is like 1/3 price of the supermarket price most people don't want to do the running around to save. I clued in quick when I saw it started a few years ago. I'm not even sure what causes these price fluctuations besides supply and demand dynamics. I know our currency stinks but it's not all over the map either.
Sadly being commodity rich doesn’t equal wealth like it should, if it did it would be a joy to live in South Africa lol we have gold, diamonds, thoreum, mercury, oil and agriculture but it’s a shit show of note we can’t even keep the power on for a full year without raging black outs, we knee cap any economic potential
I always enjoy your replies gives me so much to think about naturally I didn’t know all these things or how bad it is Canada like anywhere in the west is painted as a panacea compare to where I am and people drink the kool-aid to go take their talents and Elsewhere and become tax payers for another state only to find it’s only a marginal return for uprooting your entire life
We’re also pretty socialist here but we have a bigger population and a smaller GDP so it’s sort of curbed things to an extent from what you saying it’s been allows to prosper there sucking up more of the economy and making it hard for the private sector
Would be interesting to see what’s the percentage of the economy Thats government funded in Canada
Yeah it's sad how is happening in South Africa being ripped from resources and all. The people should benefit from some of that. Obviously resource base doesn't get the recognition it should have. In Canada we do have on our side that we are probably one of the most corrupt in the world on the global stage because of easily manipulated governments and skirting of regulations or accountability. (check out SNC lavalin, the world bank and Libya). Basically 2 major cities in Canada will dictate the fate of an election for an entire country (Toronto, Montreal) with imbalanced amount of representative per capita.
To be honest the former republic of North-west Territories ( Alberta+ Saskatchewan+ the current NWT and sounds like Northern Brittish-Columbia wants in on that too, who ever else wants to tag along) is about to re-glue itself and exit Canada altogether if they keep biting the hand that feeds but they keep laughing at it all except our province has taken steps to take control of police and stuff provincially rather than the standard federal police. Applied to move our National pension contributions to be managed provincially, so steps for separation are taking place in the background. There is a political party being set up as well last I heard but they get media censorship. Right now, it feels like we are stuck in a dictatorship disguising as a democratic system but as long as we are tied to that p**o queen, we get raped as citizens. (ed)
Well that's the thing, I'm sure our lives have many similarities yet can be different all at the same time. I don't know how the rest of the world really see us or have an opinion of the rest of the world since I never travelled but being on hive has opened my eyes many certainly have it way worse that's for sure, it's easy to look like we live in utopia in some regards with quality of life but you have to work much harder and be much smarter than the average immigrant currently coming in. I'm all for helping people but the life changes are are too much to handle once they get here that many don't adapt well and become unhappy and isolated because of it and wish they never came here, we are still a capitalist rat race after all, wanna make it gotta have knowledge, drive, skills or capital. Come in with none of that also most degrees abroad are useless in Canada unless you attended internationally accredited schools so many start from absolutely nothing and will settle for anything below standards and get taken advantage of just to have something or resort to a life of crime.
Yes we have nice apartments with big tv's to live in but it will cost 2k/month + to have or you can pay half a million for a house and a 40 year mortgage in one of the low key cities if your lucky if you don't have that well you can live outside, find a tarp or something, who cares if it's winter, they have shelters, early bird gets the bed, rest of you don't worry we'll open the underground city train stations at night on the colder days! In other words, if you have the tools and creativity to do well, the world is your oyster but If you don't it's a never ending poverty circle and it's not fair but at the same time when you try to direct them into how to thrive but they don't want to give up their old ways and it just doesn't work here but then you have some that take the bull by the horns and implement our way of life with theirs they are familiar with and reach the stars. It's a hard situation to explain. Overall, we probably are one of the better countries to live in on more than one aspect and wouldn't want to go anywhere else but conditions are deteriorating fast and the population needs to step up before it's too late, while we still have the right to do so and that is eroding quickly too.
How is life in Canada? Depends on who's narrative because there is major wealth gaps and inequalities. Life can be a paradise or it can be an absolute never ending nightmare, depends on personal choices and opportunities taken I suppose. I do well enough having a highly sought after and rare skill and education around the world for my industry(visas are easy to get for us too), worse case scenario I can just move for a job if things get too bad as it diversifies into many industries but I came from nothing and it was rough getting here and had to take some pretty bold chances that could have catastrophically blown up in my face (and still could literally and metaphorically). Anyone can have the dream lifestyle but too many assume it's easy or free and that's not the case and the high paying jobs are not always the dream jobs. To have the things others don't have be willing to do the things others wont do but too many just want easy high pay without making the sacrifices or getting the skills required and life will be extremely rough for those out here. They always show the good stuff and Canada is pretty good at keeping it's skeletons in the closet, if you only knew the genocidal shit and human rights disasters that went on here yet most assume we are harmless welcoming peacekeepers including our own citizens.
I enjoy our chats too, I like talking politics and humanity and learning how others are dealing. Especially with the conditions in Venezuela, Africa, and everywhere really because I think it's coming to a neighborhood near anyone that isn't quite under that struggle yet. The more I know the better I can prepare in case it gets really bad.
I don't think all forms of socialism are bad but the communist-socialist agenda isn't my cup of tea. I'm more for a compassionate capitalism social model. You help the lower class that wants to be helped move higher and it pays off in the long run but the system currently supports leeches personal , government and corporate and not everyone can be an entitled leach stripping everything from the hard working middle class. Right now the middle class is tired of getting steamrolled when we foot the bill.
ENGAGEtokens.Sorry, out of BEER, please retry later...
Was just talking to a cousin who graduated recently and his starting salary is about the same as mine when i graduated 15 years ago (similar jobs). Cost of living has gone way up since then of course.
This isn't sustainable and either wages need to catch up or prices need to fall otherwise there's going to be a lot of instability.
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That is insane, 15 years of wage stagflation no one will be able to save and you'll have more working poor and with automation, it's even worse, more jobs get taken away. I did a calculation, my moms, first job with no experience if I price it in gold is double my salary when I had 5 years experience and thats what like a 30 year span
Wow. It certainly is becoming unaffordable. The cost of living from the 80s and early 90s is a distant dream.
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Sadly so, and you'd think with the deflationary gains we get from improved technology and globalisation it help but they seem to be 2 forces competing against one another the deflation of efficiency and the inflationary monetary policy
Yes... a group of folks have captured inflation which is driving inequality. Will be interesting to see how this ends.
Absolutely, people underestimate the power of compounding gains and interest and when you can move capital you move that power too. Since most people deal with absolute numbers they miss out on his sinister wealth transfer
Check this out about the high skill blue collar job situation. It's like that here in Canada too for some trades.
https://www.pbs.org/newshour/show/despite-rising-salaries-the-skilled-labor-shortage-is-getting-worse?fbclid=IwAR1s6xWa3FWRBigiRGaac3FAzdJ9OZJV5xxjNmRLzjkwABrgkd2gdHKJXEQ
It makes sense, trade skills are seen "old" economy job and those people are ageing out and not enough people are taking their place, (which would normally be filled by migration) but from developed to developing nations we were all sold this dream of being office workers and keyboard crusaders of the digital age and have no skills just paper skills.
I do feel that the shortage is only temporary, 3D printing and robotics will gobble up a lot of trade work, no need to pay labour, health, workman's comp, it saves a tonne of money.
So I don't believe this blue-collar job shortage is a viable solution long term. I don't know if you've seen how they automating jobs out of smartphone manufacturers like they literally get engineers to study the engineers building the phone and then build computers and robots to do that complex work.
It's nuts how far we moving with productivity, the fact is technology is eating the world, I can see myself even being in tech could be out of a job in the near future and while i won't mind the leisure time and time to reskill or pursue something else, I'll need a type money that is going to last....
Some jobs you can automate but not all. We are hard to automate yo. Yes no new young blood to replenish the aging skills but that's where priorities come to play. Right now people are crying poverty but looking down at those jobs. Do you want the fancy degree or a degree in what is available and pays well, many of those fancy degrees eventually join us when they are 40 anyway, wouldn't they be better off if they stopped whining in their 20's and just went the "low class" route to begin with making their 6 figures instead of student loans. We have a running joke in among us that we were told if we dropped out of school we would be forced to become dumb tardesmen yet we make sooo much more than a teacher or many other white collar jobs here, that is why these jobs are out of favor. Like the article I posted at the bottom, you pay as much to unclog your toilet as you do to see a doctor. Long term, are toilets going to be technologically advanced to self unclog? Some factory work will use more automation but some jobs you just can't replace.
Tech degrees are fine and we need them for sure but tech doesn't run on pixie dust and unicorn farts. You need energy as long as there are humans. If you want that tech, you need the facilities to process the raw material to make that, someone not a robot has to maintain that so it keeps functioning like a well oiled machine. That's why my job is kinda relevant in many setting, I'm a welding engineer (more complicated than that since I technically work 2 different trades in one as a specialized skill), it doesn't mater what the industry as long as it joins metal in applications that require high pressure requirements. A robot isn't going to build that or build the internals once in place to bring a refinery from a piece of paper to a functioning reality. Realistically, oil, coal , green energy, pixie dust, it requires some form of processing and my job covers just about all that requires metal manipulation cold or hot.
The world is moving fast into automation and high productivity but that will have other social implications with an increasing population and decreasing number of jobs. I bet you see the writing on the wall with blockchain too, that will cut a lot of jobs if implemented large scale. My job staying relevant or not I'm getting older and want to slow down a little in about a decade so it would be nice to have a hobby with a bit of revenue to compensate. Maybe I can eventually do something with my photography as I continue to upgrade my skills on my time off. I could always go teaching in my college when I get too old but I would prefer avoiding that and do something fun if I have to do a full on career switch. Why I'm thinking the nukes then call it a day come back and retire in the mountains. I hear you on a type of money that is going to last, hard to say. I think tangible goods is a way to go too. Why I struggle more with the crypto concept than the rest of you. It is convenient and has it's place for sure but also a lot of uncertainties.
I think we'll all be surprised at how many jobs get taken over by AI, Robotics and machine learning, a few years ago instantly messaging someone around the world and calling him a twat was impossible, now we take it for granted. I'd never bet against humans and their infinite desire for more laziness and enabling that through technology.
Honestly, for me, I don't even see the point of formal education, I would say we should be moving to just have accreditations. So go online learn what you need to learn, then just pay take the tests for your industry and cut out this bullshit of 4 years. If I can do it in 1 year why should I waste 3?
Sure the race is on, we're so energy dependant now we need more forms, be it thorium, nuclear for now, solar and wind still not convinced yet on that but I've seen good progress on things like UV panels and such but I think it's not a silver bullet and will take time to be refined. But yeah energy production and distribution is by no mean efficient and a lot can be done to lose less energy when producing and moving energy to places it's needed.
I am not one of those people that feel my job defines anything in my life, I honestly don't care much for it, I see it as a means to an end, I am contributing to society in my small way but if my entire industry were automated Id low key rejoice lol. I'll just spend time doing other stuff like coding more fun stuff that's not all about how much money it can make!
True for sure, stranger things have happened. I'm no overly stressed about it because by the time it really impacts our industry, I will be aging out of the work force anyway, at least trying to!
The need for formal education, it depends on the occupation, do you want surgery from the guy who watched a few youtube videos? my industry, do that and they will blow up the place or kill someone including themselves by accident. We do have a different program tho, it's not 3 years strait school, it's a well paid apprenticeship that requires 1500 hours of actual work experience and mentorship each year, 2 strait months of school learning all the book portion and the wages increase each competed year. Not too bad of a deal actually. Some degrees I agree is like putting lipstick on a pig and shouldn't be necessary if an individual has good "street skills" in their industry of choice.
Here without the basic first 12 years of grade school is hard to even get a job nowadays just slinging beer and serving tables. You even need an additional course now too. A single mom trying to open a dayhome to care for a few children as income, need school for that too cause raising your own kids isn't enough experience. It's sad really. Knowledge and skills shoud matter more than what school you went to.
I'm 50/50 on mine, not the job I had imagined but it's actually pretty cool some of the projects I get to be a part of, something very few see! But it was means to an end like you. It's what I had to work with because I didn't like the circumstances I was in and wanted to get out. That was my way out. Like any human, I like being lazy and wanted summers off because it's nice and I want to be outside exploring and winters off because I hate the cold and this job gives me that with the high hours. Given when we work it's over 80 hours a week it's like 2 weeks in one so I do all my hours at once and take my summer and winters off rather than the continuous 9-5 5days a week(works out the same amount of hours worked per year in the end)...that is just too unnatural for me to live that way. Not the dream job but gets my dream-ish lifestyle...I say that modestly, like a respectable roof over my head and don't have to pinch pennies when I do groceries on my time off kinda dream.
I agree we need better energy technologies and transportation policies all around, even in manufacturing. I don't think solar or windmills and long lasting lithium batteries is going to solve that.
I think I am in the same boat as you when they've finally made me obsolete, i'll hopefully have scrapped enough pennies together to be a grumpy old man that complains about things like noise in the area and why "insert x" product no longer exists, it was a better time lol
Lol no I wouldn't want surgery from a YouTuber, ill just get it from a vending machine, insert a credit card, and boom, I got my appendix removed.
Yeah, I agree, its like life experience and on-the-job learning isn't a thing, it's all about this piece of paper. If that piece of paper was so valuable wouldn't those teaching it be the wealthiest people on the planet? Last time I checked there were very few teachers pulling in 8 million a year like someone who knows how to kick a ball really well.
Oh, I am well aware my complaints are pretty privileged in nature, its not as if I shrug my shoulders each day with long sighs, I'm just aware that this doesn't define me. It's just what I do due to a series of circumstances I could control and many that I couldn't, I am pretty grateful, don't get me wrong. I just think theres more to this than working coming home, bitching about the boss, cracking a cold one, watching the game and then re-doing that for 40 years and getting a pension.
No disrespect to people who want that, its a behaviour that countries are built on, but I want to learn more about people, the world and get out of the bubble
"I just think there is more to this than working coming home, bitching about the boss, cracking a cold one, watching the game and then re-doing that for 40 years and getting a pension". That's why I hustle now. Also why I work all my hours at once and then take time off, I can't handle the thought of that either, sounds souls sucking. Not looking to get super rich, just enough to retire to my mountain property and sit on the porch to watch the sunset worry free. I didn't go thru all this to a walmart greeter at 70 cause a loaf of bread cost $100 instead of $4 (it used to be like 30 cents when I was a kid).
don't get me wrong, I have my fair share of first world complaints obviously but fix the problem here, fix many problems everywhere. I'm more proactive where I like to solve problems before they get out of hand. I have seen both sides of the equation and pay attention to the deterioration on conditions. We are still a pretty good country for now, just trying to prevent it from becoming a globalist shithole before we reach a point of no return because some parts of my country already are shitholes, just not the one I currently live in. People make assumptions but not everyone in Canada has clean running water or affordable food. The more north you go the worst it gets, housing gets pretty sub par too. I was in the streets because of bad parents in one of the shitholes with not much for social solutions for dumped kids and it left a sour taste in my mouth and I never want to experience it again. I think it traumatized me because I was a kid and there was nothing I could do to help myself without a guardian until a certain age. It really sucked and I hate seeing it's still a problem here and people being pointed in the wrong direction like a never ending loop. I might seem harsh at first glance at times but life is hard, we just pick our hard I guess.
"insert x" product no longer exists - I love doing that and I'm not even that old... or be appalled at what the kids are into these days😁 I like the vending machine surgery, sounds legit. I think the guys kicking a ball are overpaid but that's just my opinion.
I don't really trust most people so I prefer to know less of them, saves on drama and unwanted interference!
Fiat currency is not meant to be a long term storage of wealth but an illusion of wealth that TPTB use to steal the labor from the people.
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If you can tap into the collective savings and productivity of your country at any time, who is not going to abuse that power? But its a two-way street people are allowing themselves to be abused when they don't protest by getting out of local currency. If you don't you say yes to more inflation, more taxes and more welfare programs, of which I am against, so I get out
Here in India we pay 30% tax on salaries and above thatis 40% also.
We are paying the tax on salaries and then road tax, service tax, entertainment tax, GST etc etc...