Kingston Vol
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Post-war middle class Americans enjoyed higher pay and less debt than they do today. They work more hours and have been producing more, every year, over the past 40 years, but their wages don't reflect their productivity anymore. Meanwhile, CEO and other executives raise their own salaries tenfold because they're the boss. That is redistribution of wealth.
Wealth isn't finite, but there is only a given sum of it at any given time. Of course it can continue to grow over time as the economy changes. The current amount of wealth in the U.S. is about around 120 trillion and the top 20% of Americans own 85% of it.
I've never suggested that being employed was a right. I've only suggested we try to move forward as a country that invests more in the middle class because it is good for business.
A CEO making 100 million doesn't often spend anymore than one making 10. Most of our nation's wealthy don't "create jobs" with their earnings, they often invest it in the financial market to make themselves more money or they save it. A well paid employee uses a far higher percentage of their yearly pay than either of the above CEOs do. The middle class creates jobs by taking their earnings and boosting the economy with it with consumer spending.
A couple points to add to this:
1) the current amount of direct benefits to the middle class (and lower) is way higher than it was post-war. In effect, the government is subsidizing the growth and standard of living for the middle class today is as high or higher than that of post war america. On a side note, there is more debt today since people buy larger houses, multiple cars, vacations, home furnishings, eat out, etc. etc. Compare the household of the 50s to now and it's night and day how much crap we possess now. That isn't a CEO's fault; it is cultural.
2) I quibble with calling raising CEO pay higher than worker pay as redistribution of wealth; particularly compared to taxation. In the latter, an outside entity (the government) takes wealth from one group under penalty of law and chooses how it will dole it out to others. In the former the company presents an offer to an employee that can be taken or left. The CEO is not taking wealth that the employee had.
The issue here is quite simple and is the primary reason for unions. People with a HS education believe that they deserve equivalent pay to those with advanced degrees and 30-40 years of experience in management. Just because you work hard doesn't mean your work has equivalent value. Someone on the french fry machine working "hard" 40 hours a week does not deserve to live in a $250,000 house, drive a new car every two years, and spend the weekend on the lake in a $30,000 boat. However, such had become the ethic of the American hourly worker. I "work hard" therefore "I deserve". Sorry if this hurts your feelings, but that is my observation from 32 years in all levels of industry.
If his fries are really good, I'd pay for the boat.The issue here is quite simple and is the primary reason for unions. People with a HS education believe that they deserve equivalent pay to those with advanced degrees and 30-40 years of experience in management. Just because you work hard doesn't mean your work has equivalent value. Someone on the french fry machine working "hard" 40 hours a week does not deserve to live in a $250,000 house, drive a new car every two years, and spend the weekend on the lake in a $30,000 boat. However, such had become the ethic of the American hourly worker. I "work hard" therefore "I deserve". Sorry if this hurts your feelings, but that is my observation from 32 years in all levels of industry.
Can you give an example of someone on the french fry machine working "hard" 40 hours a week that lives in a $250,000 house, drive a new car every two years, and spend the weekend on the lake in a $30,000 boat?
I don't think that is possible unless he/she owns the french frying machine and the restaurant it is sitting in.
Can you give an example of someone on the french fry machine working "hard" 40 hours a week that lives in a $250,000 house, drive a new car every two years, and spend the weekend on the lake in a $30,000 boat?
I don't think that is possible unless he/she owns the french frying machine and the restaurant it is sitting in.
Can you give an example of someone on the french fry machine working "hard" 40 hours a week that lives in a $250,000 house, drive a new car every two years, and spend the weekend on the lake in a $30,000 boat?
I don't think that is possible unless he/she owns the french frying machine and the restaurant it is sitting in.
It seems like having a QB who can say all the right things but can't throw the ball..
I don't think anyone is arguing that fast food workers should be paid extravagant wages that afford them the opportunity to buy yachts.
The argument is that there are fewer and fewer low skilled labor jobs available and often the only ones that are available are fast food and temp jobs. Particularly in cities and rural areas. So low skilled workers that depended on their factory jobs for the past few decades are having to take fast food and temp jobs that pay half of what they were making before outsourcing, automation, globalization, etc. picked up.
This wouldn't have been as big of an issue had we invested more in training and/or post secondary school for these workers.
So now we have former low skilled factory workers replacing teens in low skilled fast food positions, and those who run these businesses encouraging their employees to get government assistance to supplement their low wages
McDonald's McResources Hotline Tells Nancy Salgado To Get On Food Stamps - Business Insider
This puts more of a burden on tax payers, while the owners, executives, CEOs are making more than ever.
$10-15 an hour for operating a piece of factory machinery wasn't considered outlandish when my dad was doing it under union support, but we turn our noses at low skilled workers now and scoff at the idea of them unionizing.
If the minimum wage would have at least kept up with inflation, this wouldn't be as big of an issue.
I'd gladly pay an extra $0.17-0.30 every time I visited McDonald's, if it meant their workers were less dependent on government subsidies and more capable of providing for themselves.
What paying fast food workers a living wage would do to the price of a Big Mac - The Washington Post
This is a much bigger problem with the indiviudal if they chose McDonalds are a long term career plan..