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Man that's awesome, because when I was working in retail in the late 90s in a union shop (nonetheless) I was making minimum wage ($5.15/hr) and I had to pay union dues each week as well, so technically I was making below minimum wage.
When I worked at a chicken processing plant we had a similar issue. Upper management brought in a TON of illegals (even got caught and fined a couple times). We had a union that was composed of people all terrified of being turned over to immigration, so they knew the deal-they voted for whatever the company wanted. We got horrible pay for work that injured a ton of people.
The ONLY thing the union got us was some concessions for safety....but even those often occurred after someone got horrifically injured. I still shudder at some of the injuries I saw.
They can't expand in aggregate unless consumer buying power improves. The corporations getting more money doesn't improve that. Higher real wages are required. Or higher debt, but how far can that go? Simple math.
I could bet a house, that if every business in this country would give every employee a %10 raise Now, without increasing the COL, you will see spending. But we know that wont happen.. To me the goal is Keep COL lower then the average person salaries in the area, promotes buying power.
Wow! I thought this tax cut would lead to businesses investing in their workers! Isn't that what businesses and wealthy individuals do when you give them more money?
Money is not going back to the working population unless businesses expand. Some businesses are expanding. Others are going bankrupt or are cautious about expanding.
Apparently the new tax laws have made it more profitable to go bankrupt. There have been some high profile bankruptcies by profitable companies lately, like Remington and Gibson. People think companies go bankrupt because they are losing money. That is not true. They go bankrupt because they get raided, assume massive debt to enrich the vulture capitalists, then go bankrupt to shed the debt. It's up to the creditors to try to claw back the money, which may not be possible.
Man that's awesome, because when I was working in retail in the late 90s in a union shop (nonetheless) I was making minimum wage ($5.15/hr) and I had to pay union dues each week as well, so technically I was making below minimum wage.
I WAS a department supervisor, crew of 8-10.
It also was in a higher cost living area, during a labor shortage.
Those things may have had something to do with it.
I worked a second job as a cgef (glorified line cook) in a restaurant also, but that was so I could buy toys, go on vacations and save extra for retirement. All of which I actually did.
I could live on my retail supervisor pay, but would have much less for retire ment, taken fewer vacations ( went to Disney World and visited my grandmother in Florida every year) plus a few other vacations, and bought a component stereo system that didn't quit, had a component for everything, and surround sound speaker system before it was popular. Nrw vehicle every 4 years, etc. Like I said TOYS.
BUT I WORKED HARD at two jobs to have my fun and save some comparatively big bucks for retirement.
I also had a 401k, a profit sharing pension account and Company paid for health benefits, 13 paid holidays, 6 paid sick days, 3 personal days, 1 wek paid vacation during my first year, 2 weeks after year 1, 3 weeks paid vacay at 3 years and 4 weeks paid vacation at 5 years. Ah, those were the days.
What happened? The depression of 1990. I had to leave the area when we got cut down to 10 hours per week, had to copay for our health insurance and profit sharing was,stopped.
It's been stagnant wages and wage regression for me from then on.
The real issue was lowering corporate taxes AND taxes on the wealthy. The former was needed for global competitiveness but the latter was extremely foolish. If you to stimulate demand dredge some ports, update and expand flood controls along the coasts and the Mississippi River, build new waste water plants, upgrade our federal aviation systems, etc.
A hit piece by a far left party hack. I would file this under "garbage".
This same guy predicted a huge market crash if Trump won.
You can't believe everything you read, even in the NYT which recently has come to resemble some kind of tabloid rather than the great news organization it once was.
Folks, the proof's in the pudding. Record stock market, record low unemployment, historic return of manufacturing and repatriation of dollars, finally fixing the trade deals, massive business hiring and expansion plans, and rising wages.
The tax reform act was not a "giveback for the rich", though that slogan plays well with the ignorant. It's a stimulus to crank up our economy to a level not seen since the 1940s.
If conditions hold, we may be seeing growth rates in the 4 and 5 percent range in a year or two. Pretty amazing.
The real issue was lowering corporate taxes AND taxes on the wealthy. The former was needed for global competitiveness but the latter was extremely foolish. If you to stimulate demand dredge some ports, update and expand flood controls along the coasts and the Mississippi River, build new waste water plants, upgrade our federal aviation systems, etc.
I mostly agree, with a couple caveats.
1) We blew a once-in-a-generation chance to simplify the tax code.
2) For some affluent individuals in high state tax states, the tax reform results in higher total income tax obligations.
But your fundamental message is correct. We should have both lowered corporate income taxes and raised personal income tax rates so that the net receipts to treasury would go UP.
You can't believe everything you read, even in the NYT which recently has come to resemble some kind of tabloid rather than the great news organization it once was.
For at least the last 50 years, the NYT has been the nation's fish-wrap of record.
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