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So what? I am fully in support of increasing minimum wage but I've been seeing articles like this for weeks and it is frankly garbage ragebait that I hesitate t
by BoysenberryPi 6y ago
So what? I am fully in support of increasing minimum wage but I've been seeing articles like this for weeks and it is frankly garbage ragebait that I hesitate to call journalism.
- FranzFerdiNaN 6y agoWhy should Wall Street bonuses grow this much and minimum wage not?
- nostrebored 6y agoMinimum wage increase fuel underemployment and under the table work and wall street bonuses don't?
- kristopolous 6y agoBoth readily addressable issues with legislation that have long ago been addressed in many places.
- imtringued 6y agoThere is a psychological component to minimum wages though. A small increase every year would cause companies to renegotiate salaries frequently. A sudden increase will definitively cause underemployment.
- ReptileMan 6y agoThe self checkouts counters are nice answer. If computers get cheaper than people, people will be replaced. There is serious push in eliminating low skilled labor in a lot of places.
- worker767424 6y agoThey represent different things. They article picked 1985 as the start date. The 80's and 90's saw a hedge fund boom, so it's not surprising that pay followed, and there was a shortage of people able to do that specialized work. Minimum wage is a price floor that mostly applies to unskilled labor. It does point out disparities, but minimum wage not tracking CPI and whether minimum wage is and appropriate and effective policy tool are more interesting discussions. Or on the Wall Street side, does the incentive structure serve shareholders' best interests and the best interest of the financial system. The comparison makes for good rhetoric, but they actual causes are very different, so it just makes intelligent debate harder.
- aaron-santos 6y agoShouldn't c-suite compensation tend toward the minimum it takes to keep c-suite folk alive?
- glitchcrab 6y agoThis is a nice ideal, but it only works if every single business is onboard - otherwise they'll just jump ship to somewhere which pays them more.
- smnrchrds 6y agoSo what? The wealth gap is increasing. Its increase is so huge we need examples like this to just comprehend how bad it's gotten.
- Guthur 6y agoAnd? Gaps are not even remotely what we should be focussed on and are purely based on jealous or indirect aggression. Concentrate on living standards and opportunity that will help far more people than trying pull down a vanishingly small number of people.
- rStar 6y agobillionaires are criminal by definition, and their existence proves the absence of a (econ 101 style) market in whatever industry they came from. we can only fix this problem through efficient regulation of monopolies.
- Guthur 6y agoI wouldn't even know where to start with that, I'm sorry but I must simply say it's utter gibberish.
- speedplane 6y ago> Billionaires are criminal by definition Sadly, billionaires aren’t criminal by definition (no such laws), but the existence of billionaires sure does cut against the idea of a perfect market (in a “perfect” market there cannot be profits).
- rStar 6y agoin a functional market, competition for profit exists. because billionaires exist, we know they control their market, squeezing out competitors through artificial and illegal means.
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- CameronNemo 6y agoI agree with you, but I think your comment could be improved by pointing out the specific issues with the article, e.g. wall street bonuses bring a cherry picked metric that is easy to manipulate.