The Living Wage Fraud

by
Michael Bond
Founder, Sterling-Bond Escrow Services & Rumbler Cars

Twitter:  @mbprosperity

"All the social, economic and environmental problems facing the world today can be solved,
the problem is that the solutions are not politically-correct."

Michael Bond

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Article: Tuesday the 11th of April, 2017

A little post-truth adjustment to the spinning tales of the Big Brothers and their latest distortion of the reality of economic in the modern world.

Living Wage FRAUD

In the last few years the political campaigns of the factions in Parliament have promoted the concept from a bunch of economists called the Living Wage.

This is supposed to be a wage that people can live on in our austerity crazed times, but I've come to believe it's just another act by the Big Brothers in politics to defraud us of our votes.

If you look at the level of this wage, around £10-11, there is something very suspicious about it - it's reasonably close to the current minimum wage at around £7.00. Yes there is a £4 difference, but there is something else to note about the so-called Living Wage - it's closer to what the minimum wage ought to be if we adjust for real inflation in our economy over the last decade.

In 2005 the minimum wage was set at around £5/hour (for those at and over the age of 22). Since then inflation, the value of the little pound coin in your pocket, has caused price rises and the value of the pound shrank. To keep up with inflation the minimum wage ought to be increased in line with the shrinking pound.

In the last seven years, since the rise of recession and austerity, I've been measuring some inflation rates informally at upto 15% a year. This means that at the very least the value of the pound has halved in that period - you need two pound coins to buy now what you needed only one pound coin seven years ago.

Further inflation traced back to 2005 suggests you might need £2.5 today for every £1 you needed in 2005.

On this informal calculation I suggest that the minimum wage ought to be running at around £10-12/hour.

Amazingly enough this is about what the politicians and economists in London are calling the Living Wage.

In other words, the Living Wage is actually the real Minimum Wage rebranded and spun to win votes by Big Brother in London.

And this is how I claim that the Living Wage is a Fraud, a Scam, a trick to cheat you out of votes.

Have a nice day.

 

Explanation in Detail

The following table illustrates the basic principal of inflation - the shrinking of the currency - and the number of pound coins needed to give a reasonable dignified life in British society.

Living Wage Fraud, illustrating the living wage reality distortion in a nice graph.

As you will see in 2005 you needed about £5 according to the Administration in London.  However, as the value of the pound coin shrank (to that of a threepenny bit) over the last ten years you would need an increase in the number of little coins to match the earlier spending power.

Thus the £5 requirement in 2005 becomes £10-12 in 2017 onwards.

This shrinkage will continue until there is an appropriate adjustment to the political economy in due course and the figures are reset in line with reality.

 

END.


 

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[Key words, etc:  Living wage, minimum wage and Big Brother's post-truth reality of economics.]

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