U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-21-2013, 03:02 PM
 
Location: Los Angeles (Native)
24,252 posts, read 13,743,415 times
Reputation: 11423

Advertisements

It seems like the only solution is to stop buying the stocks of companies that pay their CEOs obcense amounts.

The CEOS get huge bonuses because the people on the Board of Directors approve it ...they approve because they are also rich and view that as an "average salary"
Reply With Quote Quick reply to this message

 
Old 03-21-2013, 03:07 PM
 
Location: Northern Maine
9,525 posts, read 14,317,996 times
Reputation: 9013
If an employee who earned $1.25 an hour kept is first five quarters as a souvenir, those five quarters would be worth $27.15 today. You see, wages and value do not change in real terms. In 1913 you could buy a cow with a $20 gold piece. Today you can buy a cow with that very same gold piece, but a $20 bill won't get you very far down the meat counter. Inflated scrip currency is a tax and an onerous one at that. When Christ walked the earth, you could buy 400 loaves of the finest bread with an ounce of gold. Today you can buy 400 loaves of bread with an ounce of gold. Too few people have any understanding of real value any more. That is why they have bought over $400 trillion in derivatives which have no value.
Reply With Quote Quick reply to this message
 
Old 03-21-2013, 03:12 PM
 
Location: St. Louis, MO
758 posts, read 1,318,826 times
Reputation: 937
Quote:
Originally Posted by No_Recess View Post
If you feel that way than you are useless at your job...a very important and vital job I might add.

Do society a favor and quit so someone who cares can take your spot.
So because I think people should be compensated in a way that reflects education and training, that means that I am useless at my job?

??
Reply With Quote Quick reply to this message
 
Old 03-21-2013, 03:16 PM
 
1,567 posts, read 2,694,826 times
Reputation: 1262
Quote:
Originally Posted by hitman619 View Post
hiring 1 person to do the work of 3,means they will have poor customer service.
Poor customer service means people will stop shopping and eating there.
Company closes it's doors now nobody has a job.
which is why this would be a terrible idea
when you force people to pay a wage that insures they can't turn a profit they go out of business
Reply With Quote Quick reply to this message
 
Old 03-21-2013, 03:23 PM
 
1,567 posts, read 2,694,826 times
Reputation: 1262
Quote:
Originally Posted by NJ Brazen_3133 View Post
You probably cannot even open a new business if all you have to pay people is $7/hr. Unless you hire illegal immigrants whom you can pay less to, or is business that just requires yourself, wife, or kids to handle. Or you yourself, over the years, have been raking in much more than $22/hr and has enough capital for a startup business that can command those kinds of prices and be competitive against corporations. Or you are a plastic surgeon, or some kind of specialty medicine. Wadya call it a chicken or the egg?
way to ramble on and basically say nothing

i didnt say all workers in a new business would make 7 dollars an hour, this really depends on what type of business it is. if you think it's hard to open a business now, imagine opening one where at minimum you have to pay everyone 22 dollars an hour.

but why don't you go start a business with lots of low skill labor (the kind that make minimum wage) pay them 22 dollars an hour and see how that works out for you.

all you would accomplish is drastic price increases, businesses going under and low skilled workers left with no job.

people who magically think you can do things like triple minimum wage and everyone is all of the sudden well paid , never actually think the economics through (usually because they aren't capable of it)
Reply With Quote Quick reply to this message
 
Old 03-21-2013, 03:27 PM
 
4,347 posts, read 4,439,554 times
Reputation: 3323
Quote:
Originally Posted by hodgemo2 View Post
So because I think people should be compensated in a way that reflects education and training, that means that I am useless at my job?

??

I too am confused by his/her statement. If minimum wage becomes 22 dollars it only helps those earning under 22 dollars.

Does it make sense to compensate a burger flipper at around the same rate as a college professor with a PhD (Many at smaller universities start out in the 45-55k range).
Reply With Quote Quick reply to this message
 
Old 03-21-2013, 03:36 PM
 
Location: Central Texas
13,720 posts, read 24,649,142 times
Reputation: 9178
Quote:
Originally Posted by sheena12 View Post
It amazes me that middle class people, and my educated take on CDF members seem to be better educated than average people, can become so terribly concerned about minimum wage workers earning a decent compensation for their labor, but CEOs regularly give themselves outrageous bonuses and earn obscene amounts of money.
It amazes me that you focus on the compensation of CEOs. Some, perhaps many, are overcompensated. Most by the way cannot give themselves bonuses and raises because that is the job of the board of directors of the company.

I think that some on this thread, are giddy at the possibility that they might be able to earn $22/hour for making french fries, cleaning bathrooms, or stocking shelves in a grocery store. It is ridiculous to think that these jobs, which require at most a few hours of training and need no education other than the ability to read, deserve that kind of pay.

If the minimum wage is increased substantially, many other wages would have to go up also. $20/hour is as much as many salaried jobs pay today - many for people with skills or education. So the impact to the economy would be substantial and costly.
Reply With Quote Quick reply to this message
 
Old 03-21-2013, 03:43 PM
 
Location: SGV
21,855 posts, read 8,194,211 times
Reputation: 8777
Quote:
Originally Posted by hodgemo2 View Post
So because I think people should be compensated in a way that reflects education and training, that means that I am useless at my job?

??
You couldn't work at Burger King. And when I say that I really mean you couldn't do the job. Your natural gifts and academic abilities wouldn't jive with the mindset to do the job correctly.

If you don't understand that your personality, intelligence, and ability COMES THRU IN YOUR WORK than you are useless at it. And frankly, your job is quite too important to be left to someone who doesn't understand this.

Life blows sometimes cuz of money, regulations, and stuff being unfair. I work in corrections doing admin work (have done dispatching). It fits my personality and I'm passionate about doing my job well. I could approach your job the same way but here's a news flash for both of us: I'm not as smart as you.I couldn't do your job even with the proper training and education. I could most likely do a better job at Burger King than you based on our current lots in life alone. Wanna work together at one and see how long we last?
Reply With Quote Quick reply to this message
 
Old 03-21-2013, 03:45 PM
 
1,567 posts, read 2,694,826 times
Reputation: 1262
Quote:
Originally Posted by gwynedd1 View Post
The point is the money creation must be sourced to cause inflation.



And in a perfectly stable money supply the price of everything else not dependent on minimum wage labor must fall.



To have inflation, savings must go down, velocity up , or money must be created.
No the prices of other things wouldnt fall at all,the price of everything would increase, many businesses would go under and the majority of current min wage workers would be completely out of a job.

And of course savings would go down when the price of everything drastically increased-people barely have money to save now.

Even in your terrible lawn mowing example, if everyone would just fork over the 20 dollars to have their lawns mowed then you would be charging 20 dollars now instead of 10 so 10 is clearly the fair market rate in your example for getting a lawn mowed. Instead when you double the price a lot of those people who currently pay 10 would start doing it themselves,not get it done at all/a lot more infrequently or pay illegals to do it for a lot cheaper. In the real world when you double the prices for goods or services there are a ton of ramifications- if there werent everyone would just double their prices and make twice as much money!
Reply With Quote Quick reply to this message
 
Old 03-21-2013, 03:51 PM
 
1,567 posts, read 2,694,826 times
Reputation: 1262
Quote:
Originally Posted by No_Recess View Post
You couldn't work at Burger King. And when I say that I really mean you couldn't do the job. Your natural gifts and academic abilities wouldn't jive with the mindset to do the job correctly.

If you don't understand that your personality, intelligence, and ability COMES THRU IN YOUR WORK than you are useless at it. And frankly, your job is quite too important to be left to someone who doesn't understand this.

Life blows sometimes cuz of money, regulations, and stuff being unfair. I work in corrections doing admin work (have done dispatching). It fits my personality and I'm passionate about doing my job well. I could approach your job the same way but here's a news flash for both of us: I'm not as smart as you.I couldn't do your job even with the proper training and education. I could most likely do a better job at Burger King than you based on our current lots in life alone. Wanna work together at one and see how long we last?
it depends on how they were compensated
if you gave me and some idiot desperate for work a job at 7 dollars an hour in BK they would do a much better job bc i wouldnt care at all about the job or have any motivation to do anything, where as the other person would. Now if all the sudden you bumped that up to 100 bucks an hour I would be the much better employee because I would extremely motivated and would have the skills to do things far smarter,faster and more efficiently than the other person no matter how hard they tried.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top