View Full Version : Who is Doing Well in This Economy or When Was Your Last 20% Raise
:)
Wall Street is doing great during this recovery and yes I know the cost of living is much higher in New York than it is here.
Gee, I wonder how Main Street is coping with having to work multiple part time jobs with no bennies instead of one nice full time job with bennies.
Is the compensation for your labor keeping up with rising food costs?
Goldman Sachs Group Inc. (GS) (http://www.bloomberg.com/quote/GS:US), which cut the portion of revenue set aside for pay the past two years, will increase 2015 salaries for junior employees in the U.S. by about 20 percent, according to a person briefed on the decision.
The raises will apply to employees in all divisions with the title of analyst, typically recent college graduates, said the person, who asked not to be identified speaking on personnel matters. The increase won’t affect bonuses, which are based on the firm’s and employees’ performance.
Goldman Sachs and other Wall Street firms have been cutting hours and attempting to improve working conditions for junior bankers as the companies seek to prevent defections to competitors such as private-equity funds. Investment banks including Credit Suisse Group AG and Bank of America Corp. have encouraged analysts to take time off on weekends.
http://www.bloomberg.com/news/2014-08-20/goldman-sachs-said-to-raise-junior-staff-salaries-20-.html
kidicarus13
08-20-2014, 09:51
Is the compensation for your labor keeping up with rising food costs?
http://www.bloomberg.com/news/2014-08-20/goldman-sachs-said-to-raise-junior-staff-salaries-20-.html
No but I've altered my food related purchase decisions so as not to live above my means. A 20% pay increase? I've never seen it and don't expect I ever will unless I get promoted.
News cast this morning said CO is the top state in the US for economy.
The next bubble is coming, and it's going to make the last one look like a joke...
Teufelhund
08-20-2014, 10:07
The next bubble is coming, and it's going to make the last one look like a joke...
Don't forget it will somehow be Bush's fault.
I lost 20% out of each pay check due to the insurance cost i have this year compared to last year. True story. Really ruined my purchasing power this year. Hoping next year will be better.
Construction and oil field is booming. Workers can demand unreasonable salaries and get them. It's because all the rest of you sophisticated people don't want to get dirty, so there is a lack of skilled labor in tge market. This is also the cause of the illegal immigration.
I managed to get a 4.5% raise. Still 15% down from what I made 7 years ago
BushMasterBoy
08-20-2014, 10:19
I steal from the government...and pass the savings on to you!
News cast this morning said CO is the top state in the US for economy.
I heard that too.
My question is the same, whose personal economy is better? The media can say the economy is better but what does the man on the street say, not some high-flying executive but a worker bee.
My personal economy is better because I'm shopping smarter, no more impulse buying, I drive less, I don't go out to eat that ofter, I don't have cable TV or the latest electronic doo-dad, I'm more frugal with my everyday spending.
Circuits
08-20-2014, 10:35
I've never gotten a 20% raise, though I've switched jobs and gotten more than 20% pay than I had in the position I was leaving. Last time I managed that was in 2011.
ChunkyMonkey
08-20-2014, 10:37
News cast this morning said CO is the top state in the US for economy.
In the real estate, we are feeling it; Mostly from west coaster potheads migrating here. We are already a blue state.
ruthabagah
08-20-2014, 10:38
The economy is overheating here in Denver.... Salary for skilled professionals are going through the roof... The budget i had 2 years ago for an IT project had to be revised twice in the last 6 month because of salary increase and bonuses to keep our best employees until the end of the project. Not a 20% for us, but with bonuses and extra benefits, we are quite happy. Yet, some of my (now) former co worker who jumped ship saw a 25% or more increase in their salary.
Punkface
08-20-2014, 10:49
The school district I work in just gave me a $0.04 raise.
I honestly never felt the bad economy. I have stayed about even with rising costs, doing better actually but barely. I have cut into my toy budget by acquiring a gf... But I've pretty much just been buying nfa toys this year so the waiting has helped...
Does an Xmas bonus count if it was 50% of my yearly?
Sent by a free-range electronic weasel, with no sense of personal space.
tmleadr03
08-20-2014, 11:30
My boss is such a prick he just uppped my hours and laughed at my request for a pay increase.
hollohas
08-20-2014, 11:30
Home prices in the metro have gone up 20% or more this year. And there a lot of jobs especially in construction. Hiring bonuses and unheard of hourly rates are available in construction right now.
On the other hand, inflation is picking up, especially with food. Cost of living is increasing in many other areas as well. Rent is the highest it's ever been.
I'm sure this is a major bubble. My guess, we have about 2 years left...then pop.
My boss is such a prick he just uppped my hours and laughed at my request for a pay increase.
How do you work more than 24 hours in a day?
The school district I work in just gave me a $0.04 raise.
I hear you. I teach in a school and we haven't had a raise in 5 years. But the cost of living sure has risen... But, one doesn't do this profession for the money... unless you're a liberal with an "in" and teach women's studies at a 4th rate University, then you make $80K+ for one class. HA!
ChunkyMonkey
08-20-2014, 11:45
How do you work more than 24 hours in a day?
Time Machine, duh!
I got my first raise in 4 years and it was a whole 1%.
buffalobo
08-20-2014, 11:53
I managed to get a 4.5% raise. Still 15% down from what I made 7 years ago
Same for me.
Personal economy in the toilet due to higher insurance costs and wife's health issues.
Toughest time financially we have ever had. [emoji107]
lobbed from my electronic ball and chain
Got a raise a month ago; 17%. They did it for the whole department to bring us up to the market rate for Denver because our staff was quitting constantly to go elsewhere.
BushMasterBoy
08-20-2014, 11:57
If I only had a small factory making .22LR, I'd be a millionaire. Truth is I'm lucky a sinus infection, hasn't eaten away the rest of my head! I have chronic beryllium disease from classified military equipment and all the money in the world won't make it better. It is going to kill me, like the plutonium that killed my father. A slow agonizing death. If you still have your health, you have everything. Enjoy Colorado because it isn't Detroit.
Zundfolge
08-20-2014, 12:08
About two years ago we all took an across the board 10% pay cut (that we were assured would be temporary and only for 6 months, but aside from the economy the owner of the company I work for is an ass hat).
Add to that increases in insurance (and everything else) and no, my personal economy is not better.
PugnacAutMortem
08-20-2014, 12:21
What's a raise? Is that one of those mythical things where your employer raises your pay commensurate with your experience, performance and or skills?
I heard about those...apparently according to these postings they actually do exist. I hope to see one of those someday. My company is too busy promoting and increasing the salaries of the higher up's kids/brothers/sisters/spouses/suck ups to worry about giving raises to people who perform.
bellavite1
08-20-2014, 12:55
What is this raise thing you speak of?
[hahhah-no]
tmleadr03
08-20-2014, 13:21
What I find interesting is that I have actually handed out two raises with in the last year at my shop. And I pay my apprentice above market average. But then I recognize good work and am willing to pay to keep it.
ETA: I say handed out, but honestly they were earned.
I got back what I lost but not much past that.
I want to clarify something.
I do not hold any animosity towards those bankers and their employees or the fact that they are doing well and getting compensated for doing well. Wall Street laid off or cut back alot of junior people in the last couple of years so it is good that they're rehiring and taking care of their people.
The thing I am concerned about in this thread is the focus by the mainstream media on the stock markets and the assumption that if the stock market is booming then Main Street is booming when there is no correlation between the two except where someone is able to extract their wealth today as a retiree or a smart investor. Our government would do well to start looking at things from the perspective of the regular joe instead of the perspective from their ivory towers.
My company keeps throwing more and more money at me. It sucks. Makes it that much harder to go work somewhere else. Pretty sure my current income kept me from getting a different job I applied for earlier this year. They probably knew they couldn't match what I'm making now.
I've always figured being a hard worker and being damn good at what you do will probably keep a roof over your head and food in your belly.
newracer
08-20-2014, 15:10
I was just told my position is being eliminated in 90-120 days.
Great-Kazoo
08-20-2014, 15:14
I've always figured being a hard worker and being damn good at what you do will probably keep a roof over your head and food in your belly.
For now. That mantra was worth something 30 years ago. The O&G industry / satellite business are doing very well, others so-so. Regarding 20%, never saw a 20% raise anywhere, including .gov time period.
Being on a fixed income, it's been tough for some time. Fortunately our debt is a house, everything else paid for. If we had to walk away from the house. Even in a bad housing market, we'd do good.
I was just told my position is being eliminated in 90-120 days.
Aw crap, sorry to hear that. BTDT a couple of times.
Did they tell you why, are they downsizing to reduce costs, medical costs in particular????
newracer
08-20-2014, 16:53
We were finally totally bought out by our parent company, that company does not want to continue with the type of work I do.
The real wage has been really sad story of this economy. Even gallon of milk went up more than S&P500 average this year.
The next bubble is coming, and it's going to make the last one look like a joke...
It is coming for sure. The question of the decade would be, would it be from:
excessive money supply?
biotech and social medial bubble?
vehicle subprime loan which leads higher default?
It is coming for sure. The question of the decade would be, would it be from:
excessive money supply?
biotech and social medial bubble?
vehicle subprime loan which leads higher default?
Or maybe the zombie apocalypse is finally coming.
The real wage has been really sad story of this economy. Even gallon of milk went up more than S&P500 average this year.
It is coming for sure. The question of the decade would be, would it be from:
excessive money supply?
biotech and social medial bubble?
vehicle subprime loan which leads higher default?
I'd go with excess QE and a student loan bubble bursting.
mightiestmouse
08-20-2014, 17:09
The real wage has been really sad story of this economy. Even gallon of milk went up more than S&P500 average this year.
It is coming for sure. The question of the decade would be, would it be from:
excessive money supply?
biotech and social medial bubble?
vehicle subprime loan which leads higher default?
My guess is student loan debt will be the next big one. The government is already trying to regulate the problems associated with it by capping how much you have to pay per month. The biggest thing is it doesn't go away if you declare bankruptcy, so someone will get their money one way or another.
I also think that with the cost of living - I'm talking in real terms since fuel and food are not taken into account when they publish CPI numbers as they are considered too volatile - that people will struggle with retiring/having to come out of retirement as they didn't save enough. 25-30 years worth of living is hard to judge for by any standard, let alone if you didn't think saving was important or that the government would take care of you. With our healthcare system going the way it is now, someone (working people) will have to pick up the bill of an ageing population as procedures continue to skyrocket in price.
The real wage has been really sad story of this economy. Even gallon of milk went up more than S&P500 average this year.
It is coming for sure. The question of the decade would be, would it be from:
excessive money supply?
biotech and social medial bubble?
vehicle subprime loan which leads higher default?
QE and the return of subprime loans, both consumer/auto and the mortgage industry. Very quietly, the banking industry has reintroduced all of the shit that led to the last bubble, like variable rate mortgages. The construction industry is overheated, and there will come a time when the bottom falls out again.
My guess is student loan debt will be the next big one. The government is already trying to regulate the problems associated with it by capping how much you have to pay per month. The biggest thing is it doesn't go away if you declare bankruptcy, so someone will get their money one way or another.
I also think that with the cost of living - I'm talking in real terms since fuel and food are not taken into account when they publish CPI numbers as they are considered too volatile - that people will struggle with retiring/having to come out of retirement as they didn't save enough. 25-30 years worth of living is hard to judge for by any standard, let alone if you didn't think saving was important or that the government would take care of you. With our healthcare system going the way it is now, someone (working people) will have to pick up the bill of an ageing population as procedures continue to skyrocket in price.
The students are pushing for "free" higher education, meaning that current taxpayers would pay their tuition. I suppose the students want to put all those new Wall Street millionaires on the hook.
Yah, the government will take care of you alright. Witness the purges in Russia, the cultural revolution in China, Pol Pot, Castro, Idi Amin, all those guys took care of their citizens too, just not the way the progressives like to remember.
Got a raise a month ago; 17%. They did it for the whole department to bring us up to the market rate for Denver because our staff was quitting constantly to go elsewhere.
I sure do see it in my monthly bill from you. :D
I honestly don't expect to outlive retirement age, but have planned for it nonetheless. For me, it's just a way to pass off a little something to my kids when I go.
The more liquid assets I have that are not on paper, the better.
I really should get some kind of trust (besides the gun trust) setup so at least they don't get stuck with killer inheritance taxes.
cableguy11
08-20-2014, 17:48
26% when I moved from PA to CO and started with a different company in 2012, then a 11% in 2013. This year will be 2.5%. I consider myself super lucky and thank the Man upstairs on a daily basis!
26% when I moved from PA to CO and started with a different company in 2012, then a 11% in 2013. This year will be 2.5%. I consider myself super lucky and thank the Man upstairs on a daily basis!
Excellent!!
I'm lucky to have my job too. Some people are working 2 or 3 jobs now.
ChunkyMonkey
08-20-2014, 18:01
What I find interesting is that I have actually handed out two raises with in the last year at my shop. And I pay my apprentice above market average. But then I recognize good work and am willing to pay to keep it.
ETA: I say handed out, but honestly they were earned.
You are doing well considering only a couple winter ago, you were mobile :D Congrats
There are people who are STILL waiting for "where is my $200k job which I had on year 1999?"
On top of that, there are people who are waiting for "I use to make 125K around 2007. I am looking for that job"
After next bubble, it will be "I use to make 35k/yr around 2014. I am looking for that job"
:(
Yeah, excessive QE/MS is one, and student loan crisis would be another one to watch. (as people mentioned).
Million dollar question for all type(s) of investors. When is the bubble going to burst?
I believe it will probably happen around early 2Q2015 to 2Q2016. Depends on who becomes a president, it can be delayed to 1Q2017. Just my speculation.
Or maybe the zombie apocalypse is finally coming.
I'd go with excess QE and a student loan bubble bursting.
My guess is student loan debt will be the next big one. The government is already trying to regulate the problems associated with it by capping how much you have to pay per month. The biggest thing is it doesn't go away if you declare bankruptcy, so someone will get their money one way or another.
I also think that with the cost of living - I'm talking in real terms since fuel and food are not taken into account when they publish CPI numbers as they are considered too volatile - that people will struggle with retiring/having to come out of retirement as they didn't save enough. 25-30 years worth of living is hard to judge for by any standard, let alone if you didn't think saving was important or that the government would take care of you. With our healthcare system going the way it is now, someone (working people) will have to pick up the bill of an ageing population as procedures continue to skyrocket in price.
QE and the return of subprime loans, both consumer/auto and the mortgage industry. Very quietly, the banking industry has reintroduced all of the shit that led to the last bubble, like variable rate mortgages. The construction industry is overheated, and there will come a time when the bottom falls out again.
trlcavscout
08-20-2014, 18:35
I haven't gone up 20% in the 8 years I have worked for this company.
wctriumph
08-20-2014, 18:53
Health care insurance is crushing me. We are on a strict budget and this is really affecting my ability to indulge my hobby which must be completely self contained, not one penny of the household money can go towards it. I even have to take gas money from my hobby if I want to go to the range. The economy sucks for the middle class family. I asked for a raise three weeks ago and the boss said no. I haven't had a raise in over two years. I have been talking to recruiters and am actively pursuing other positions.
tmleadr03
08-20-2014, 18:53
You are doing well considering only a couple winter ago, you were mobile :D Congrats
Thank you.
Guy I work with used to live in southern California. His wife wad into every new food trend and eating super healthy. She had to knock it off when they moved here because it cost too much to do here. When food and license plates are more expensive in Colorado than California, maybe we're doing it wrong.
I sure do see it in my monthly bill from you. :D
We keep the guys in the trucks going ;)
Aloha_Shooter
08-20-2014, 19:19
Million dollar question for all type(s) of investors. When is the bubble going to burst?
Obama's supporters at Goldman Sachs and the Fed Reserve will ensure it doesn't burst until at least Feb 2017 and probably try to make it hold off until Fall of 2017 so any blame can be laid squarely on the new President and Republicans in Senate and Congress.
blacklabel
08-20-2014, 20:10
It's taken me three new jobs and 4 years to get 8% above what I was making in 2010. Between insurance costs and other increases in cost of living it doesn't amount to jack. I just started up in a completely new industry after seeing the signs that I was going to be laid off for the third time by the same company. I wasn't waiting around this time to see what happened.
GunsRBadMMMMKay
08-20-2014, 23:53
I got like a 2.5% raise this last time.....about 2 weeks after I started lol :p
But compared to the crap wage I was collecting in Boise, I probably got well over a 100% and maybe closer to 150% increase in salary and benefits by moving back to Killerada. As for inflation, cost of living is going up everywhere that I have been (and I was not impressed in the slightest by areas like Boise's "it cost less to live here" economies.....it really doesn't cost that much less) - but recent inflation may be a bit higher in the metro area lately idk for sure to speak on it.
kawiracer14
08-21-2014, 08:49
I consider myself very lucky as I got into the Health IT field when I graduated from college and that is one of the few fields that has stayed strong even through poor economic times. Thanks to Bush and the ARRA which produced a lot of incentives for healthcare institutions to move away from paper charting and onto the computer I am staying quite busy.
hollohas
08-21-2014, 09:27
I'm certain the economy is much worse than the media or .gov want us to believe. The GDP for 1Q2014 currently sits somewhere around to -2.1%. The worst since 2009. I don't care what the stock market does or .gov tells us, that number is downright scary.
The gov says 2Q2014 GDP is +4% but I say that's BS. They are playing a shell game with the figures and much of that is directly associated with the ACA. We won't see any bump in the GDP from the ACA in the 3Q. And the 2Q GDP will be revised as always. After all, 1Q2014 GDP started at +0.1% and look where is stands now after the revisions. Much of the change came from moving assumed health care numbers from 1Q to 2Q.
However, every trade, every industry has it's ups and downs. Not 5 years ago the construction market was bust. Many people lost jobs, many companies shut down. Right now CO has a construction boom. Any trade or job associated with that in some way should be capitalizing on the increase.
It's important to store away money during the good times to prepare for the bad. Because there will ALWAYS be another bad spell.
Madeinhb
08-21-2014, 10:32
I was laid off in 2009 back in California. Moved here in May 2009 for a job and am making more now than I ever did in California.
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