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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
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SlaveEt · 36-40, F
It seems you and the author of that drivel failed their econ class in high school🤭
SatanBurger · 36-40, F
@SlaveEt Economists are divided about raising minimum wage so I think you're wrong when you present it as one thing. It's more like you're looking at the economy from a conservative standpoint and it's more like where your politics lay in as to what you imagine the solutions to be.

For me, I care only for solutions, I didn't really care about politics, I'll consider both sides but you're not going to tell me that you care for non skilled workers even though COVID actually exposed low skilled or trade workers as far more important than CEOs being paid 3,000 times more than other employees.

Thanks for playing though.
SlaveEt · 36-40, F
@SatanBurger
It matters not how much nor how much more than their entry level employees CEOs are being paid. That smacks of envy and not a reasoned argument.

The entry level janitors, burger flippers and retail workers are great first jobs to get experience and learn a few skills. They are not intended to be careers nor to support a family. Anyone can do them and those in them are replaceable by any Tim , Dick or Harry who wants a job. Very little training is needed and therefore the level of pay reflects that. For skilled labor the pay/cost is more because there are fewer people able to competently perform those jobs.

And it's not a matter of raising minimum wage or not. I don't think there should be a government mandated minimum wage at all. The unions are firmly entrenched and will ensure their workers get what they need. Get rid of the minimum wage and contrary to popular belief things will improve.
basilfawlty89 · 36-40, M
@SlaveEt ah yes, because business owners and shareholders have never exploited employees and paid them crap wages where decent labour laws don't exist...oh wait.
SlaveEt · 36-40, F
@basilfawlty89
Hence the reason the labor unions were created. They are now unnecessary bloat. I say revoke the minimum wage and make them earn their keep.
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SatanBurger · 36-40, F
@SlaveEt The original point you argued was hinting that I didn't go to school for economy but when I mentioned there's other economists who disagree with you, you move the goalpost to giving me a moral lecture about having everyone pay their dues and how people in unskilled labor deserve less pay even though they did studies and found that unskilled labor was more important than people like you who do nothing and are higher paid. That was evidence by COVID just how much unskilled labor vs professional labor measured up, obviously.

Because people like you don't clean your own filth 🏠 🥰

And I'm sorry to tell you but there's people with disabilities, mental health issues, generational poverty, immigration (many immigrants aren't lazy they just don't have opportunities and many often work three jobs just to make ends meet) and other things going on by which a person may be in unskilled labor.

There's many things about our system that is unfixable at this point. Like how we treat felons who are often trapped in poverty as well and never allowed to own up to their mistakes and living on a prison planet. Many people struggle in this life and I can tell you aren't one as you think everything applied to you, applies to everyone else.
SatanBurger · 36-40, F
@basilfawlty89 The solution seems to be battle Royale, free for all. Last man standing wins.
SlaveEt · 36-40, F
@SatanBurger
Lol wow. The number of assumptions you make, especially about me, are shocking. We are not going to change the other's mind and personal attacks, while they can be fun, won't accomplish anything either.
basilfawlty89 · 36-40, M
@SlaveEt you kinda started off the badt with the insults by claiming she doesn't have a clue about economics because she doesn't support tinfoil battery like the Austrian school of economics.
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SatanBurger · 36-40, F
@basilfawlty89
tinfoil battery like the Austrian school of economics.

That's a good way to put it.
SatanBurger · 36-40, F
@SlaveEt So anyways 🤔 back to my original statement, can you debunk the economists in favor of raising the minimum wage or not? I'm just wondering what you're doing here other than needing attention.