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Thread: WAL-MART CEO: Things Aren't Getting Better For America's Middle Class

  1. #121
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    Re: WAL-MART CEO: Things Aren't Getting Better For America's Middle Class

    Quote Originally Posted by rabbitcaebannog View Post
    I didn't say it was set thirty years ago. I said for thirty years, people making minimum wage could afford such basic things as food, rent and gas. That of course is no longer true.
    This was not at all the case for 30 years while the minimum wage was set in place. It needs to be corrected for inflation.
    I read too fast and read the "while" as a "when". Mea Culpa.

    However, I admit to being astonished. I wonder how all these minimum wage earners are surviving when they cannot eat or live protected from the elements?

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    Re: WAL-MART CEO: Things Aren't Getting Better For America's Middle Class

    Quote Originally Posted by Helix View Post
    Not every wage can be a living wage, but there should be better opportunity for promotion and continuing education. If you start out with a lousy wage, there should be a clear path forward to promotion with hard work. There should be job security and better control of schedule, also. You should know when you're going to work, and have some input.
    If you don't, you can't retain workers that require that.

    If places like Walmart don't agree to some simple and basic improvements like that, then it's time for unions.

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    Re: WAL-MART CEO: Things Aren't Getting Better For America's Middle Class

    Quote Originally Posted by Helix View Post
    Not every wage can be a living wage, but there should be better opportunity for promotion and continuing education. If you start out with a lousy wage, there should be a clear path forward to promotion with hard work.
    Well, that would be Walmart. They tend to promote from within; the vast majority of management were former associates.

    If places like Walmart don't agree to some simple and basic improvements like that, then it's time for unions.
    Yeah. Because Walmart clearly needs an economic model so successful that it gave us Detroit.

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    Re: WAL-MART CEO: Things Aren't Getting Better For America's Middle Class

    Quote Originally Posted by j-mac View Post
    Although PEW studies agree with your assessment that the MW has decreased in overall buying power, by some 5.8% it also reveals that less than 20% of the workforce made MW. The breakdowns are here:

    5 facts about the minimum wage | Pew Research Center

    I think a majority of people actually can support a MW increase as long as it is not ridiculous in scope, ie; $15 per hour for fast food workers.

    typically younger people in the workforce, or transitional persons slightly older as second jobs are the MW workforce. So this hyperbole about supporting families on MW while does happen in some circumstances, is NOT the norm.
    I feel bad for young people making that wage. When I was young, I took a minimum wage job to pay for my post secondary education. While it didn't pay the full cost, it covered a substantial amount and I paid per semester. Kids now a days probably can't afford books and other fees on minimum wage never mind tuition. The cost of everything has skyrocketed. Since we are talking statistics, 5% of individuals make over $100K while 20% of household income (more than one person) make that amount.
    It would take $279,900 to have the same purchasing power in 2012 compared to $100,000 in 1980. Gulp.

    Info from:
    Read more: $100,000 Income: No Big Deal Anymore | Bankrate.com
    Follow us: @Bankrate on Twitter | Bankrate on Facebook

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    Re: WAL-MART CEO: Things Aren't Getting Better For America's Middle Class

    Quote Originally Posted by cpwill View Post
    I read too fast and read the "while" as a "when". Mea Culpa.

    However, I admit to being astonished. I wonder how all these minimum wage earners are surviving when they cannot eat or live protected from the elements?
    Easy enough error to make. I've done it myself.

    I believe they survive via government handouts.

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    Re: WAL-MART CEO: Things Aren't Getting Better For America's Middle Class

    Quote Originally Posted by rabbitcaebannog View Post
    Easy enough error to make. I've done it myself.
    Gracias por Graciousness.

    I believe they survive via government handouts.
    well then there they are . looks like we can safely stop worrying about them.

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    Re: WAL-MART CEO: Things Aren't Getting Better For America's Middle Class

    Quote Originally Posted by cpwill View Post
    Gracias por Graciousness.



    well then there they are . looks like we can safely stop worrying about them.
    I just don't think it is our responsibility to make up for lost inflation. I'm glad minimum wage is going up. That means some of that responsibility goes to employers.

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    Re: WAL-MART CEO: Things Aren't Getting Better For America's Middle Class

    Quote Originally Posted by rabbitcaebannog View Post
    I just don't think it is our responsibility to make up for lost inflation. I'm glad minimum wage is going up. That means some of that responsibility goes to employers.
    Oh. You think we should instead get these people fired, and then make up for their unemployment?

    Why should employers be responsible for the value of other people's labor? That's like saying it's my job as a driver to ensure that Ford doesn't charge less than $30K for it's models.

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    Re: WAL-MART CEO: Things Aren't Getting Better For America's Middle Class

    Quote Originally Posted by cpwill View Post
    Oh. You think we should instead get these people fired, and then make up for their unemployment?

    Why should employers be responsible for the value of other people's labor? That's like saying it's my job as a driver to ensure that Ford doesn't charge less than $30K for it's models.
    Snip-
    The general purpose of a minimum wage law is to guarantee a living wage to all workers who work a standard period of time, whatever that may be. In theory, any laborer who works 40 hours a week on minimum wage should be at or above the poverty line. However, the minimum wage has not kept pace with inflation and cost of living increases, and is now well behind that standard.

    Read more : What Is the Purpose of Minimum Wage? | eHow

    There is no research that proves less people will have jobs if wages are kept low. Keynes actually argues the opposite which is more disposable income will increases GDP therefore making way to new jobs.

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    Re: WAL-MART CEO: Things Aren't Getting Better For America's Middle Class

    Quote Originally Posted by rabbitcaebannog View Post
    Snip-
    The general purpose of a minimum wage law is to guarantee a living wage to all workers who work a standard period of time, whatever that may be. In theory, any laborer who works 40 hours a week on minimum wage should be at or above the poverty line. However, the minimum wage has not kept pace with inflation and cost of living increases, and is now well behind that standard.

    Read more : What Is the Purpose of Minimum Wage? | eHow
    Actually the original purpose of the minimum wage was to price black and asian workers out of the market, and prop up "decent white workers" who were trying to raise "decent white families." The theory was that by raising the price floor, you could artificially decrease the demand for low-value labor; and they were (unfortunately) correct.

    There is no research that proves less people will have jobs if wages are kept low. Keynes actually argues the opposite which is more disposable income will increases GDP therefore making way to new jobs.
    Actually Keynes did not, since his solution to sticky wages was inflation, which decreases real wages. The process that you are complaining about WRT minimum wage? Keynes would have considered that a win.

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