Posted on 09/06/2021 6:21:50 AM PDT by Oldeconomybuyer
Minimum wage should be $0.00 an hour
The type of work matters. A surgeon might be more productive because technology allows some surgeries that were not possible before and other surgeries can be done quicker. An accountant now has calculators, computers and spreadsheets. A pilot can do the work of a pilot, navigator, and flight engineer. A factory worker uses robots. But for the less skilled, manual labor jobs, technology has had less of a productivity boost, although it has eliminated some jobs.
You are 100% right, of course. This article is just red meat for the mouth-breathers.
Also the impact of more women in the job market further depressed wages.
Back when women stayed home, the supply of labor was less, which put higher pressure on wages, and also given the fact that people needed less “stuff” then, was why a family could survive on one salary.
And the thing is, when you take into account all of the extra expenses you occur to have both parents working, unless that second salary is six-figures, it really isn’t all that beneficial to have both parents working.
The top chart is misleading. How much of that gap is consumed by payroll taxes, regulation and inflation?
Globalism, unlimited immigration, and printed money - all benefit government, their cronies and Wall Street.
Exactly. Very insightful comment.
Not all sectors of the economy have grown at the rate suggested. Some sectors have seen very little increaes in productivity, fast food industries, room cleaning positions etc. So those wages would be less than $26.00 per hour.
Minimum wage: if you can’t produce enough, you’re not allowed to produce at all.
It SHOULD be determined by the labor market.
The problem is flooding the labor market with cheap and illegal laborers, as it imposes slave wages on minority and legal immigrant workers.
The market will determine the worth of labor, it's called supply and demand, and it works every time {if the political pricks stay out of the mix}.
The pols get involved because of pay offs {and they don't care who carries the paper bag full of cash}.
“Why not $260 per hour? “
That’s what people a little higher up the chain will make. They won’t want the extra headaches for just minimum wage.
Stop flooding the country with low skill labor maybe that would have helped with wages. Also completely getting off the gold standard probably was a mistake.
Minimum wage isn’t the minim required to be paid, it is the minimum job allowed to be paid.
It’s not 1966 grandpa, and society doesn’t reward hard work anymore.
How many H1-B’s did you compete against?
How many women and blacks got promotions for being under qualified but minorities?
How globalized was the US economy?
How white was the US when you were born?
Be happy you came up when you did, you were lucky it wasn’t like now.
If the union guy gets $20 hour and the Minimum Wage to raised from $8 to $15 hour, then the Union guy gets the difference added, or $27 hour for the same job and hours of work.
One of the wealthiest people I know owns five McDonald’s franchises. He is a multimillionaire. He also happens to be an African American.
He began working for McDonalds as a teenager at minimum wage. He excelled in performance and was rewarded with supervisory and management positions at higher pay, eventually managing a company owned store. He lived frugally, saved his money and by the age of 30 had purchased his first franchise. He continued to work hard, increased the performance of that franchise and used the cash flow to purchase a second, then a third, fourth, and fifth. He is married and has two wonderful children.
I know others who started the same way in a number of industries. None stayed at minimum wage pay long. Their performance was well above “average” and they were quickly rewarded with more responsibility and pay. All moved into middle class roles and some became quite wealthy after being promoted to executive positions or moving on to start and successfully run their own businesses. I know a welder who started as an apprentice earning minimum wage at 18. Today he is a multimillionaire owning two extraordinarily successful businesses.
Pay for performance still exists. The labor shortage is real and companies will reward entry level employees who demonstrate initiative, enthusiasm, honesty and superior performance in a minimum wage job.
The way wokeism is eventually going to disappear from universities will be that universities will disappear.
Society just needs to move past “credentialitis” and start asking the tough questions—”Why are we doing this?”.
In the age of the Internet, almost all university studies will flunk that test.
That is exactly right. We had a guy in my group that kept complaining about income inequality and that it was unfair you had to work a full week to get a full week's wages. He wanted a huge increase in minimum wage because it was fair. After getting caught padding his timecard twice, he found minimum wage was zero. Did he learn from that experience, no one bit. You can not pay employees more than they can produce. The company will eventually die.
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