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If you're in a high CoL area, but you insist on paying a wage that's for other parts of the nation, good luck with that. Unless these people can telecommute from cheaper areas, they'll just work for your competition.
If you're right, then there's no problem... all of the "underpaid" employees will go work somewhere else.
But you're ignoring / forgetting the basic fact that TaxPhd is 100% correct... he offers a job and a salary, and people accept it. At that point, his concern is over with... an agreement has been reached. If the employee later feels that the salary "isn't enough", s/he is free to ask for a raise or to leave. But if they don't, for any reason, they've made their choice. What, exactly, should he do? Pay more, just because?
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Likewise, the really rich are rich because they inherit the money they get from their parents. Not because of any hard work, nor smart decisions they made.
Even if true, and? What's your point? That you, who also did not do the work to earn the money, get to decide what they do with it? If I make some sum of money, how and why am I not free to do with it whatever I want, including leave it to spoiled, worthless heirs? If you receive an inheritance, can someone else claim that you didn't earn it and so shouldn't be allowed to keep it?
This thread has ended up a classic example of reductio ad absurdum focusing on people who earn $7.25 an hour and ignoring the subject of the thread - that you need to make 2.5 times minimum wage to rent an apartment; in most parts of the US that is $18-25 an hour. That's as much as an experienced bookkeeper, a dental assistant or a roofer are paid.
So what's your solution? Pay everyone like an experienced bookkeeper? What happens when that huge influx of money (and where does it come from? Higher prices that everyone pays?) hits the market, and rents go up because more people are able to bid more for the places they want to live?
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And yes of course they can rent a room, unless they happen to be married and have children, and if they do they need gma to live close by or be able to cough up $1,000-$1,500 a month for childcare.
And of course they should have been brilliant like all the CD posters and not have had children until they made their first million but once you have a kid, it's real hard to undo, it's not like returning a sweater that you decided you can't afford.
And? Decisions have consequences. If you drink and drive and kill someone, you can't take that back, either. Once you deal yourself a hand of cards, you get to play that hand out. Where's the problem?
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I would love to have a rational discussion about what happens to the people I described here...what's the solution? Clearly they can't all move to rural Missouri so that they can rent an apartment for $600 there are few jobs there anyway.
True. But "what will they do?" is up to them. Maybe some will choose to work several jobs. Maybe some will choose to sacrifice to go to night school or something to learn a more useful skill. Some will simply provide an object lesson for others. You ask, "What's the solution?", when you're the one who appears to be trying to propose one. My solution is, let the free market work, let those who make choices experience the consequences, let everyone do whatever they feel they want or need to do. What's yours?
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Should the government subsidize housing for working families? Should builders be required to provide a number of units set aside for lower income working families? Should HUD provide vouchers for other than the very poor?
Where does all of that money come from? What do we do with millions of people who decide they no longer need to even try to work, since they now have all of these wonderful "free" housing and medical care and food? What happens when the folks you're trying to help see higher prices for everything, because even if they aren't facing the taxes to pay it, those they're buying things from are?
I’ve seen that government trying to control housing has been a big fail .
In Los Angeles a lot of people making good money paying low rent due to rent control . Now we have a lot of old run down buildings that are inefficient but the city makes it near impossible for these landlords to redevelop their buildings into nicer ones with more units .
Rent control is based on how long someone has lived in the unit rather than income .
So someone can make $1 million a year and pay $800 in rent when the going rate is $2000 for example .
Nonetheless market rents are sky high because rent control limits supply .. It also just seems to be anti American to tell private landlords what they can charge in rent .
I wouldn’t want the government telling people what they can charge for a burger either.
Of course these career politicians rarely have any business experience or understanding of economics .
We can’t House every poor person that wants to live somewhere , the math just doesn’t work.
Also like you said it wouldn’t give anyone motivation to work or improve themselves .
If you're right, then there's no problem... all of the "underpaid" employees will go work somewhere else.
But you're ignoring / forgetting the basic fact that TaxPhd is 100% correct... he offers a job and a salary, and people accept it. At that point, his concern is over with... an agreement has been reached. If the employee later feels that the salary "isn't enough", s/he is free to ask for a raise or to leave. But if they don't, for any reason, they've made their choice. What, exactly, should he do? Pay more, just because?
Even if true, and? What's your point? That you, who also did not do the work to earn the money, get to decide what they do with it? If I make some sum of money, how and why am I not free to do with it whatever I want, including leave it to spoiled, worthless heirs? If you receive an inheritance, can someone else claim that you didn't earn it and so shouldn't be allowed to keep it?
We have a inheritance and the stipulation we have to work for 20 years to get it started, parents made sure we work our way through life instead of just getting rich quick on their deaths. Too bad the others cant seem to figure that out. instead here is your million enjoy, no need to work for it. What are you telling your kids that they dont need to work to earn their way in life and to keep the tradition of just handy down their wealth. we can assume they they would never learn how to mow the grass or change a tire.
I would love to hear how some of the rich earn it without help from their parents in today generation.
I wouldn't say I'm rich, but you probably would. I went to college, worked summers and during he year, got a decent job out of college and advanced my career along the way to a very good job and then saved 15% off my income for about 40 years and put it in the S&P for the last 30. Then I retired at 61.
Any questions? I don't have time for excuses.
I have friends who did the same. Some came from broken homes. Some worked very hard. Some borrowed money for college.
Many people just don't have the discipline or desire to start early and do what I did. Whose fault is that? Mine??
We have a inheritance and the stipulation we have to work for 20 years to get it started, parents made sure we work our way through life instead of just getting rich quick on their deaths. Too bad the others cant seem to figure that out. instead here is your million enjoy, no need to work for it. What are you telling your kids that they dont need to work to earn their way in life and to keep the tradition of just handy down their wealth. we can assume they they would never learn how to mow the grass or change a tire.
This is an interesting twist . You have an inheritance coming yet you said this .
So are your parents greedy and would step on their moms dead body to grab a dollar in the street ?
“As for rich people being greedy, every fn one of them are greedy. They would step on their mom dead body to grab that dollar they see in the street.”
I wouldn't say I'm rich, but you probably would. I went to college, worked summers and during he year, got a decent job out of college and advanced my career along the way to a very good job and then saved 15% off my income for about 40 years and put it in the S&P for the last 30. Then I retired at 61.
Any questions? I don't have time for excuses.
I have friends who did the same. Some came from broken homes. Some worked very hard. Some borrowed money for college.
Many people just don't have the discipline or desire to start early and do what I did. Whose fault is that? Mine??
Yeah it takes a lot of discipline to save and invest , especially in the consumer culture we have .
Most people spend every penny because they feel they “deserve it” . Then they complain they have to work until 70 years old or later because they don’t have any savings .
Just curious what was your average percentage return in S&P over 30 years ?
It seems weird to me that people think it’s impossible for someone that wasn’t born rich to become financially independent or wealthy . I guess I’ve just seen too many examples of it to believe that .
If you're in a high CoL area, but you insist on paying a wage that's for other parts of the nation, good luck with that. Unless these people can telecommute from cheaper areas, they'll just work for your competition.
How did you come to the conclusion that I (or anyone else) would be paying a low col wage in a high col area?
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Likewise, the really rich are rich because they inherit the money they get from their parents. Not because of any hard work, nor smart decisions they made.
Some rich inherit their money, but the majority earn it.
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