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But isn't that's how the free market supposed to work?
Part of the supply and demand equation is "supply"
The wealthy have the wealth, what are the poor people going to legally do to "demand" the wealth from them?
Change the laws.
As one of our nation's Founders, 2nd president of the United States John Adams eloquently stated:
"Government is instituted for the common good; for the protection, safety, prosperity, and happiness of the people; and not for the profit, honor, or private interest of any one man, family, or class of men; therefore, the people alone have an incontestable, unalienable, and indefeasible right to institute government; and to reform, alter, or totally change the same, when their protection, safety, prosperity, and happiness require it."
Exactly how do you know that raising the minimum wage will drive some companies out of business? Do you suppose it would run McDonalds out of business? How about WalMart? It may cause very small businesses to have less employees, but it's not going to cause a huge dent in the economy because the biggest offenders are making FAR FAR TOO MUCH MONEY to close down simply because they have to do without an extra yacht for some of the CEOs in order to pay a living wage to the people who make the money for them. Once they pay their employees a living wage, then their employees will have more money to spend, which will help their businesses.
McDonalds is a franchise. Someone buys the rights to purchase the McDonald's logo, and McDonald's food and sell it from their store. This is why the quality and cleanliness of McDonalds varies widely. So while raising the minimum wage might not make McDonalds go out of business, there definitely will be less McDonald stores.
That's simple economics for you. I don't believe in a minimum wage but I believe in a government safety net. If someone cannot make ends meet for food, shelter and medical expenses is when the government comes in and lends a helping hand.
Another thorn in the economy is that Wall St. is completely broken. I recently heard and interview with John Bogle founder of The Vanguard Group who confirmed a long standing belief that I've held since my days as a labor relations student.
The traditional purpose of the stock market was for companies to issue stock inorder to produce products, expand their production and invest in research and development. Today the stock market is nothing more than another profit center where companies financially engineer their accounts to benefit corporate management and their share holders.
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Originally Posted by HappyTexan
It depends where the profits are made. If the profits aren't coming from the US then the reinvestment of those profits won't be made in the US either.
Many of these companies are reinvesting in overseas operations and opening stores and building local manufacturing there.
In the case of McDonald's, European countries are it's big profit maker.
i could have sworn the US consumption of McDonalds products were still more than the combination of Euro nations.
Status:
"everybody getting reported now.."
(set 24 days ago)
Location: Pine Grove,AL
29,560 posts, read 16,548,014 times
Reputation: 6042
Quote:
Originally Posted by zombieApocExtraordinaire
McDonalds is a franchise. Someone buys the rights to purchase the McDonald's logo, and McDonald's food and sell it from their store. This is why the quality and cleanliness of McDonalds varies widely. So while raising the minimum wage might not make McDonalds go out of business, there definitely will be less McDonald stores.
That's simple economics for you.
Economics is not simple in the least, what you are arguing is something that COULD happen and not something that WILL. definitely is the wrong word to use as you couldnt possibly know it as a fact.
Market data is also used to increase individual salaries to ensure the pay is meted out fairly as per state and federal standards.
In short for a large and growing sector of the economy, just how much at or above minimum wage can we get away with paying.
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If one company didn't pay enough a person has the freedom to leave and find a better paying job.
Freedom to be unemployed or to find another minimum wage job with a boss who is less of an a**hole.
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It is not in the business plan to pay according to social justice as no business could be successful and exist to pay wages and give benefits without relating to their bottom line.
Well that is historically counterfactual. Back in the day when CEO's were the actual founders of their companies paying a fair and socially justifiable wage was important (there are even a few examples today also see George F. Johnson, Henry B. Endicott, Henry Ford and William E. Boeing).
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As jobs become scare, due to faulty ecomnomic strategy of the Obama administration,
Memes, have no place in a discussion about economic trends that have been taking place for 40 years. so please spare us.
Economics is not simple in the least, what you are arguing is something that COULD happen and not something that WILL. definitely is the wrong word to use as you couldnt possibly know it as a fact.
Let's just say that using common sense and what's happened elsewhere, I put the probability at 99% that by raising the minimum wage will mean less jobs.
While the Waltons increase their personal wealth, this is what they are doing to America:
Quote:
✔ Walmart’s intentionally low wages force employees to need approximately $420,000 per year, per store, totaling $2.66 BILLION annually in food stamps and other taxpayer assistance…to survive.
✔ Walmart’s intentionally low wages cost the country HUNDREDS OF MILLIONS of dollars in payroll tax deductions for Federal, State, and Local taxes.
✔ Walmart’s intentionally low wages cost our communities the ability to hire and retain important public service workers like firefighters, police officers, maintenance workers, and teachers.
✔ Walmart’s intentionally low wages cost our communities with their increased need for those same public services they are underfunding.
✔ Walmart’s intentionally low wages and lack of covered benefits cost taxpayers over $1.02 BILLION a year in healthcare costs.
✔ Walmart’s intentionally low wages cost taxpayers as much as $225 MILLION in free and reduced price lunches for school-age children.
✔ Walmart’s intentionally low wages cost taxpayers over $780 MILLION in tax deductions for low-income families.
WalMart also is the ONLY company to use this pay scale!
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