raising the minimum wage is good economics

CEO compensation these days is roughly $7,000 an hour (that is, assuming a 40-hour workweek). In fact, CEO-to-average worker pay has increased by a factor of 15 from the 1960s ratio of 20 to 1 to the present whopping 300 to 1. But in some companies it is astronomical. At Chipotle the ratio is 1,522 to 1. Yes, you read it right. That is not a typo. In some firms, the CEO makes nearly 2,000 times as much as the average worker. At Walmart the ratio is 1,133. Do these CEOs deserve their millions? Not by a long shot. Take the CEO of Coca Cola company. He still pockets $25 million. His rival, the CEO of Pepsico writes a check to himself for $22 million. Yet, I have not heard any of the Republican presidential hopefuls suggest that these millions are hurting our exports. A pittance to the coolies hurts the economy, but the millions to their bosses are quite all right.

https://www.pbs.org/newshour/economy/why-raising-the-minimum-wage-is-good-economics

BritishFailedAesthetic · M Best Comment

"But.... but...... why should a company pay an employee a decent living wage... I don't think a multi billion dollar corporation could afford it"

CrazyMusicLover · 31-35

I don't understand what makes you think that raising minimum wage won't raise the cost of work as well, which will raise the prices of goods and services for everyone. Plus nobody guarantees all employers will actually start paying wages adequate to workers' knowledge and skills. The most probable scenario is that more employers will start to officially hire qualified workers on minimum wage and pay them the rest under the table, which makes them momentarily earn more but get low social insurance for the retirement pension later. Not every business is a big corporation spinning millions every month and this will mostly affect smaller businesses that often actually do it because it's their passion and want to bring something new to people. Higher minimum wage means having to pay higher social insurance and higher healthcare insurance every month.

SatanBurger · 36-40, F

@Aami1 There's economists on both sides of the issue so obviously it's more complicated than even what you make it out to be. I don't think there's harm in talking about an obvious oversight on businesses behalf. I think it's nice to discuss obvious flaws in the system. It's weird how people like you get so so so defensive about discussing issues like it doesn't matter at all. I just find it odd as if it physically hurts you.

I'm sorry you feel insecure though and have to insult my intelligence. I know that comes from a place where you lack control in something. I'm sorry you feel that way about your life and I hope it gets better for you.