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I was told 3 yrs ago by a retired Financial Invester from Scottsdale, AZ....
"Buy McDonald's"...as the economy goes south , it won't be going anywhere,
hang onto it.
Well, I made a drop...then MY guy said,' Sell, now, bec he didnt know
a drought was going to happen!' Got rid of it all last month.
Also, dumped IBM.
Didn't lose, but didn't earn much!
??? Is it better to subsidize low income workers than to subsidize low income non-workers?
The long term trend is that low paid service work will amount to nearly 50% of all jobs within the next 5 years.
Even raising min wage to $15/hour for p/t workers will not "lift them out of poverty".
The US standard of living is in decline.
And rather than adjust and adapt, people are fighting.
We have morphed into a 2 class system as these min wage workers are being referred to as the "struggling middle class".
It amazes me what the Obama spin masters have done to the sheep. The only jobs this economy has been able to muster are minimum wage jobs. So, what is the solution? Raise the minimum wage??? <shakes head>
The fact that none of the proponents of raising the min wage to $15 tell workers that there ARE jobs paying $15 an hour tells me this is purely political. The Democrat base can never be told to do something for themselves.
However, I still think there should be a modest increase in the minimum wage. I 'd increase it immediately to about $9 an hour with a further increase to $10 in probably eighteen months. I'm skeptical that a modest increase in the minimum wage would have much affect on employment.
There are a number of issues that are involved in the minimum wage. What society does with the minimum wage must be considered in connection with other laws that regulate maximum hours, demand payment for overtime, and require safe working conditions. All these laws impose costs or burdens on employers and probably do--on some level--reduce the number of workers hired.
Yet, we have these laws because we are saying that employment that doesn't meet these minimal conditions is not employment we find desirable. Its a threat particularly to employees with higher wages and safe working conditions who may become subject to more pressure from their employer.
In effect, we communicate that if there is someone who cannot be profitably employed at the legal minimums that person needs to seek more in the way of job skills or education. In the alternative, public assistance is an option for that person.
What gets me is 30 years ago these people would be working in places like Johnson Controls, Eveready Battery, Stanley Tools, etc manufacturing a product. They would be paid a good, living wage with benefits and a retirement (yes, don't tell me no, been there, done that). Now those same jobs are being done by people in Mexico/China/Taiwan/3rd world people. And they are being paid low wages, probably no or little benefits and the same for retirement. I am pleased to see the people in China now complaining/demonstrating for higher wages. And truth eb told, their product probably costs the same to the consumer as if it were made right here. Thus you have the unskilled here in the USA grovelling for the remaining service jobs and trying to support a family. You say, "why don't they go to college and get a usable skill"? To which I say "who wants to incur the thousands in debt when there is no guarantee one will get a job. And then there you are, thousands in debt but now with no job. And still a family to feed and rent to pay. Not everyone can or wants to go to college and yet wants to be self-sufficient. I know, it's not 30 years ago. But still I think the situation stinks. So much for your "Global Economy". It's only good for the multinational (global) interests.
For working in Seattle, $15 an hour is not so outrageous given the cost of living. Jobs for people with 1 year of experience and a high school diploma are about $14-$20 per hour.
In certain cities, I can see $15 being something that would provide more of an actual living wage.
Where I live, entry level positions are around $10-$11 per hour, so fast food workers (non management) would be earning MORE than college grads.
Perhaps if Johnson Controls, Eveready and Stanley didn't have to pay exhorbitant wages and benefits to their unskilled labor force they would still be around.
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