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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TurtlePink

There is a starting wage and there is a minimum wage. I don’t know of anyone who is getting paid minimum wage these days. Maybe 15 year olds. In the south, minimum wage is at 7.25 but if you go on Indeed.com the starting wage for entry level jobs is like 13-15 an hour so I don’t know if companies even pay minimum wage.

SatanBurger · 36-40, F

@TurtlePink I define minimum wage as 15 though because if you think about it, not even 15 is enough to pay rent. 15 is the thing you make when you live with someone else and don't have to pay rent but maybe go to school or are retired and don't need money.

Because they've done the math and found that now, people have to make exactly 36% more than what they did in other years just to pay rent. So if you look at cost of living and have to wonder about that 36% more stat then 15 is minimum wage.

SatanBurger · 36-40, F

@TurtlePink And professional jobs are now paying less than trade jobs too that's another thing. Many are finding that PhDs are now the same price as working at McDonald's or they just don't find a job.

TurtlePink

@SatanBurger right it’s crazy! And then they wonder why people do prostitution. Who wants to go through all that knowing that you can be paid $300 an hour if you take your clothes off.

SatanBurger · 36-40, F

@TurtlePink Oh yeah, there's people who paid off their college loans by doing sex work. Many turn to sex work for specifically that reason. I mean why work at a job that you won't have any work life balance in and they'll practically demand sacrifices to be in when you can pay off an entire college loan with doing sex work. I mean if you're not shy at least lol, like me.