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The only ones making millions are the execs at the hollywood & pro athlete unions, so yes, I'm fine with those guys making millions since the people they look out for have the chance to make much more that.
And for the amount of work that union bosses do, the size of their organizations, and the alternative of what workers would get w/o a unionized force -- yes I'm okay with what they get paid.
Perhaps the shareholders of a Fortune 500 are equally happy with their CEO's.
What's the distribution and standard deviation? The heads of the big unions make hefty salaries. The heads of the big F500 do also. Regardless, you are ok with union bosses making millions?
It depends on how they treat their employees and what benefits they receive. If they pass down the wealth then there is nothing wrong with what they make. I'm not sure the big heads do that though. But from a union family I can tell you we have excellent benefits
ContrarianEcon"They got our jobs they should get our pay too."
The "our" before jobs would be "employer's". Employers own the jobs; employees simply fill them during their tenure, but when they leave for any reason, the job continues..as it is the employer's job.
Back in WWII we dropped a lot of bombs on Germany and Japan to disrupt their war effort. Much easier to just undercut their wages and outsource their employment. Our jobs. The nation's.
But if you move the job from here to over there, and you don't move the pay as well, then the world's economy contracts. That contraction is coming. The Great Depression is what happens. Now with QE it will look a bit different but...
We need to up the wages of those foreign workers that got our jobs.
Only they have protectionist regimes who wouldn't allow for a parity of goods to flow in. You'd also increase the cost of a simple product several times over (assuming production cost is 50% labor that would make a $1 item cost $5.50) which would be more then a market could probably bear for a simple $1 widget, thus dis-empowering the poorest to own said widget.
What is more disempowering? Having the cost of stuff go up or no employment? Henry Ford almost doubled the pay of his workers. They bought his cars. The unions made all the car makers pay to the same scale. The compounding effect of that over the next 100 years is what made America so rich. Outsourcing is running the process in reverse. The protectionism doesn't really matter. American companies make stuff their to be sold their. The profits come home and the cheep stuff comes home and our pay is gone. But the debts leveraged against those jobs remain and are a real drag on the economy.
Quote:
Originally Posted by SilverBulletZ06
Middle income is hedged out when the people who are making low-wage in low-jobs suddenly get a fiscal boon that affects only them. Upper wage tiers are set already, but true middle income families who actually need to budget are going to be dragged down. As I told people at work, would you stay in your job in Health Care if you made a few dollars less an hour but had 1/100th the responsibility and no crummy hours while getting $15/hr flipping burgers and subsidized insurance? I'd leave the job and head home to spend time with my kid knowing that I can get a cushy job being a janitor and being home every weekend and when my daughter comes home instead of being gone 14 hour days. As an added bonus I don't need to keep up with CE credits, no maintaining license, no dues, and no liability insurance.
Upward pressure on wages. They would have to pay you more to keep you. Your wages would lag the increase in the minimum wage, and the farther up the scale the more they would lag. The effect long term is to put the squeeze on the top if we keep the minimum wage going up faster than inflation.
I remember when I used to work for a paycheck. The government would say the cost of living went up 3% and I used to wonder who the hell came up with that?
It depends on how they treat their employees and what benefits they receive. If they pass down the wealth then there is nothing wrong with what they make. I'm not sure the big heads do that though. But from a union family I can tell you we have excellent benefits
So the CEO who makes millions and gives you a job and pays the employer copays on your benefits is a greedy SOB. But the union boss who garnishes those wages and makes millions is a real sweetiepie who is responsible for your health benefits.
That's liberals for you, folks. You just can't make this stuff up. Some people seem to just want to bury their heads in the sand.
Wrong, ContrarianEcon, We need to increase our skills. We once ranked 1st globally in college grad % of pop; now last I looked, we're number 12.
On every depth chart of post secondary skills, education, and training, a ranking other than 1st should be unacceptable to us.
That would let us maintain our giant gap b/w US and world median standard of living..by earning it. By being the world's best workforce, we'd take the BEST jobs, and leave the crumbs for the rest.
Wrong, ContrarianEcon, We need to increase our skills. We once ranked 1st globally in college grad % of pop; now last I looked, we're number 12.
On every depth chart of post secondary skills, education, and training, a ranking other than 1st should be unacceptable to us.
That would let us maintain our giant gap b/w US and world median standard of living..by earning it. By being the world's best workforce, we'd take the BEST jobs, and leave the crumbs for the rest.
There are only so many jobs available that require a college degree.
sigh... Why are you posting about economics? Because someone said?
How's Central Planning working out? That'll go over your head.
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