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What happens when private industry colludes to decide what "market" wages are? This has literally happened even in Big Tech, leading to lawsuits within the las
by harshalizee 8mo ago
What happens when private industry colludes to decide what "market" wages are?
This has literally happened even in Big Tech, leading to lawsuits within the last decade.
If a business can't pay a person working full time to satisfy their basic needs, their business model is not viable. If they can and don't pay so, it's plain exploitation.
Ex. Walmart employees can't support themselves and rely on social services despite having a full time job.
- raw_anon_1111 8mo agoDo you feel the same way about all of the companies that are not profitable and only are in business because they have a website with “.ai” and they can get funding from YC? While the first generation American has to scrounge up for a franchise that only nets $70K a year?
- harshalizee 8mo agoThat's comparing Apples to tortoises. If an investor wants to invest/gamble on a startup, it's their prerogative. Same as if Bob's uncle wants to give him a small loan to buy into a franchise. I still expect both of them to pay rightful living wages to their employees. Owner's business problems are not the employees problem
- raw_anon_1111 8mo agoNo it’s the same thing, no one is going to invest in a company losing millions a year to start a McDonalds franchise - certainly not YC. Bobs uncle doesn’t have the kind of money that YC has. It’s the ultimate hypocrisy and “let them eat cake” kind of talk.