If politicians talk about the market value issue they will never get any votes because that discussion will eventually lead to personal responsibility, people don't like that.
I take issue with your argument. Because yeah, market value definitely is a thing, and personal responsibility definitely is part of that. I agree. BUT as Bernie says at 8:05, the point of raising the minimum wage is to get to a living wage. Even Patrick calculated at 2:49 that $15/h gets you *to* (not above!) the poverty level. I have two points to make. I'll formulate them as questions you should ask yourself. First point: -How do people survive on the current minimum wage? Do you really want people working 40 hours a week (all year, without a single day off, according to Patrick's math) to be below the poverty line? Because that's where people are with the current minimum wage. Now, I don't know enough about the definition of the poverty line, and where exactly you draw that line and what you base it on is really important. But if people working 40 h/w stay well below the poverty line, then what do you expect is gonna happen to them, and what are the repercussions for society? Because I can tell you right now that if I worked 40 h/w without a single day off and I'd still really struggle to pay rent and buy nutritious food, turning to crime becomes *REAL* tempting.... What path do those people have to stay out of crime, while staying fed and not-homeless? Are you willing to help them? (tax rebates, "hand outs," food stamps etc) How many dollars a year can the government spend on them before you think it's too much? Second: -How can people work themselves out of minimum wage jobs? There are lots of people who don't have any real skills. Who don't have the money to invest in a education in trades or something, or who have mental health issues they struggle with and can barely hold the job they have now but cannot afford therapy to get better, or who are single parents who divorced or were widowed or simply woke up alone one day. There's plenty of tragedy that can completely wreck someone's life trajectory, and make it insanely hard to claw your way back out of. People currently working at Wal-Mart, what promotion options do they have? You need more workers than managers, so you can't promote everyone who's been there for 10 years. There are no shops that need managers but don't have their own employee pool to promote from. So were do these people go? What future do they have? How do they pay their way to get there (if it requires additional education - which also requires extra hours to study)? There are currently lots of people working two full time jobs who still have to decide between gas and food. This is not sustainable. These people will get sick sooner or later because of malnutrition, miss a week at work, then be unable to afford their car repairs, which makes it impossible to show up at their jobs, which gets them fired, leaving them homeless. Once they're in that desperate a situation, it's a very small step to drugs or crime in order to get some money. And homeless people, or people without health insurance, or inmates... do you know what these people cost our society?? Your health care bills are inflated to cover their ER costs. Your tax dollars are spent on prisons instead of schools. These people become a massive resource drain on all of us. So, I agree a minimum wage of $15 across the board for everyone is a bad implementation. But no increase in minimum wage is bad too. We either need a minimum wage that is set at the living wage, and calculated on a per state and per city/district level. Or we need very very hefty hand outs to everyone working 40 h/w, in the form of food stamps and the like. But you can't be against both *and* not offer an alternative. That's *far* more expensive.
msec Ses Yes and no. Ultimately, your pay grade is decided by management. A lot of men experience unfair pay gaps between them and their fellow male co- workers simply because of favoritism. Depends on the industry but equal work equal pay isn't a guarantee -- whether you're male or female.
I live in Phoenix and work at Amazon, and I can def say the minimum wage boost was great for me. What no one is telling you tho is that Amazon raised the minimum wage at the expense of cutting some benefits
You mention something really important that many might not get. Benefits are usually worth way more than people expect and usually accepting to lose benefits for a wager increase is often a terrible mistake. Having more money in your pocket is not any better if you have more expenses. A little example of it as i didn't understand that either before then. I used to work between 17-20yo in restaurants as cook. My paycheck was bad but i was allowed to eat everything i wanted unlimited in the kitchen everyday. What it meant is i had infinite food, free, everyday. It was so good at some point i managed to get to work 6-7 days a week but 4-6h just so i can go and eat lol. Then i moved to work in a hospital for twice the wage. I was certain my life would greatly improve... I just forgot something: in Canada double wage means 10000x more taxes (as cook i barely paid any but with double wage i would enter a wage that has to pay much more taxes) so half of the wage increase.. gone. Then i realized with my empty fridge that the other half that i had left for me wouldn't even pay for all the food i would eat back in the restaurants. I just didn't think about that before moving. It's such a common mistake that even nurses at the hospital would cry cauz the hospital hired so temporary private nurses to cover some days that had missing staff. The hospital nurses would have 5 weeks paid vacation, full retirement pension, insurances, 13 paid days through the year, 9 sick leave paid days and so on while the private nurses had nothing at all but in exchange had a bigger wage. The hospital nurse would cry and say it's unfair that private nurse are paid so much while in fact if you calculated the value of all their benefits they were paid MORE. People just don't think or see farther than their nose. Truck drivers cry that they are only paid 20$/hr (long distance ones) and cry. BUT, they don't mention that they pay literally no taxes because of all examptions they get so the 20$ is almost clear in their pocket, they would need over 30$/hr if they paid taxes to have same net paycheck. On top, since they are always on the road, the truck is their house and all their meals and expenses are paid usually unless you work for terrible company hehe. So in the end they could be working for 40$+/hr but since on the paycheck it shows 20$ they cry. Never forget to calculate everything. If amazon gave wage increase but cut benefits, i would bet my shirt in the end they don't spend a single extra penny and you guys are just losing. And in case you would go that path as many do, it's not because one or more benefits doesn't apply to you NOW that it means you will never need it otherwise it wouldnt be provided at work nobody would care. Sounds like my brother early 30s saying it's bad to pay so much taxes for universal healthcare since he's not sick lol... he won't be 30 forever and learn.. too. :D
@@sarscio Schools lose so much precious time teaching completly useless old things while not teaching about jobs, what to look for etc. I saw so many people do same mistakes over and over. Example, i had a friend cook in the restaurant. We were working in the most crowded most popular restaurant on side of the highway in between the 2 biggest cities in the area so people would stop to eat. But wages were low but the business was going well and we were never worried about being paid. My friend was offered 30% more to go cook for a small new restaurant, relax not many customers.. smooth life. Yeah right. He wouldn't always get his paychecks on time, many hours every week were not paid and gathered in a "time bank". Then one day restaurant closed, bankruptcy. My friend lost his job and the 1000 hours they owed him, byebye. Also some things (not that crazy but still something to consider) is that when you do a tough job with not so nice paycheck but good benefits if you work there for the long term you will become precious and your boss will allow you much more freedom than any other places. In restaurant they had so many issues with competent staff and students always quitting that me and my friends were literally allowed to smoke weed on work and we were reguarly given beer in the kitchen late evening when we were closing and cleaing up while listening to music and joking around. It was always a party in there. At the hospital i was a number, everyone wanted my job because of the supposedly double pay, the "benefits" etc so my boss wouldn't leave me one bit. He would treat us like shit and ruin our lives saying if you not happy i got 2 pages of people at home on standby waiting to replace you. We had the highest rate of depression in the state. Also, a restaurant, at least the on i was working in, was CLOSED at night lol. An hospital is opened 24/7 and in case of emergency or whatever they can call you on your day off forcing you to come in, cancel your vacations 2 days after you are gone! come back! lol. And one very important thing, at the hospital we were in a union all paid the same so there was no motivation whatsoever to perform. Older staff would literally do nothing and eventually new employees would figure they get same paycheck for doing nothign and hiding so why do all hte work? It was toxic environment while in the restaurant the difference wasn't that big, but because i was working hard i was paid more than others so it was motivating me a lot. Oh and at the hospital we had sick leaves, vacations all the kit.. was fun right.. except the fact they were always denied and they would just pay them all at the end of the year on the last paycheck with taxes taking over half of it... fun. There is no perfect job but people usually pick wrong, they look for big base wage and such and forget to think about the whole thing. I know people that make huge income but live such a horrible shitty life, they are sad and are oppressed by life working 100h a week... big house big car.. for ghosts. Wasted lives while i knew some with low income on the party all year long working with their friends and enjoying life. When you think about it for a second, what is really the best? Working like crazy in a big company, have a huge house, crazy cars but never anytime to be either in the house or the cars and a wife so lonely.. she end up in the arms of someone else and your kids.. are they yours? Do they even know who you are other than money provider? While i know people that earn about min wage or a bit more but spend afternoons on summer drinking beer and having fun with their wife and kids because they work 35h/week and not 100h. My father is a rich wasted like that. Work hard to get lots of money to end up spending all the money to reward yourself for working so hard and try to forget how you hate everything in your life hehe.
@@angrybird7324 I really enjoyed what you said there mate and completely agree with you. You have to look behind the BS in life to see the true nature of things and then make sure you don,t get screwed in the process.
That is actually a very interesting debate to have, politicians are representatives of the people and their job should to be work for their electorate and not get rich and become multi-millionaires due to their work. If your senators and congressmen are millionaires, it will start attracting all sort of self-interested people who just want to profit from the situation. Then again, it can't be too little otherwise if politicians are 'poor' then some of them may get bribed or coerced financially. There should be some solid salary but in relation to the electorate, if those politicians are all walking of their offices with millions in their pockets then they are probably not working for their electorate.
Why are soooo many of them millionaires or even billionaires? That's what's wrong with this dumb country. All the politicians have huge amounts of money and won't actually do their jobs. If the Purge was real, they'd be swinging from ropes from Washington to Florida.
@@largol33t1 if the purge was real, you'd probably be swinging too. cuz someone would come and take your stuff. if anything, politicians SHOULD be millionaires BEFORE taking office. that way it would be a sacrifice, as the founding fathers intended.
I find it weird that someone who is supposed to be explaining an important issue is making such strange arguments about the issue. He displays no useful evidence for his points and all evidence he makes have no information on the wage increase effects.
@@areeskinwar7274 There are some good workers out there that need little help getting good at working a job, but many businesses are now having to deal with a coddled generation that doesn't fully understand the concept of knuckling down and getting work done, nor the span of time it takes to get reasonably skilled at performing certain jobs. They think they're the best right from the start and expect to be paid as such and anything less is called a "rigged system", "systematic oppression", or any of the many other buzzword bingo words they like to throw out to become the victim or otherwise justify their inadequacies. It's a harsh reality, but these companies are going to have to work harder to shape workers into what they need to be in order to succeed. That means better or otherwise more "agreeable" teaching/mentoring methods to bring people out of their self-deluded stupor. You have to work with what you got.
@@areeskinwar7274 I disagree. I think these times are just like any other times. You will have lazy people, sure. But you also have a lot of hard workers too. People who are desperate for work so they can feed themselves.
@@CT-yc4gd I have hired and fired over 600 people mostly men, engineers, designers, architects, skilled tradesmen, laborers..........what's your experience?
@@areeskinwar7274 6 years with security. Have armed guard card. Some managerial experience with Lowes as well as a business that my friend and I owned. Unfortunately, it went under as we just couldn't compete with the higher pay outs of near by shops. We ran a Gold n Silver store. Fixing jewelry, buying good from people coming in, reselling. Things of that nature.
@Logan Waltz I make 24 cents above minimum wage and I have been there for 4 years. They rip off the workers that have been there for years and give those wages to the new employees. I know employees that were recently hired and work the same position as me and make more than I do. I ain't talking about 1 dollar. I am talking about 2 dollars more than me!!!!! Such bullshit!
I started working at $2.01 hr. I started saving for a new car that was $3,200. We got a minimum wage increase to $2.35 hr. The car went up to $6,000. I couldn't afford it! The last time minimum was raised 11% the bus ticket was raised 35%. That doesn't help the working poor!
In the 1970s , a wave of young liberals. Bill Clinton among them, destroyed the populist Democratic Party they had inherited from the New Dealers of the 1930s. The contours of this ideological fight were complex, but the gist was: Before the 70s, the Democrats were suspicious of big business. They used anti-monopoly policies to fight oligarchy and financial manipulation. Creating competition in open markets, breaking up concentrations of private power, and protecting labor and farmer rights were understood as the essence of ensuring that our commercial society was democratic and protected from big money.
People building those cars were making way, way above minimum wage. The increase in minimum wage isn't why auto prices increased. You can go to a living wage and make it so that prices don't increase. For instance, you can let the employer deduct the wage increase from their corporate income tax and pass the burden of taxation onto the employer.
You are spot on! Property taxes are increasing at an alarming rate. This is to drive out small real estate investors so big corps can monopolize housing.
That's a large leap in logic. Yeah, I'm sure people like Bernie advocate for minimum wage increases because he wants monopolies to dominate further. Monopolies are an independent variable that should be dealt with independently from things like minimum wage. Conflating the two like the speaker here did is irresponsible. A minimum wage increase is justified at a certain ratio based on an increase in the GDP. Follow America's minimum wage based on that metric to see when it's justified and when it isn't, you'll see minimum wage workers have been hosed at any ratio you feel is justified. Measure it based on inflation and you'll see minimum wage workers haven't been given a slice of the growing economy since almost the 1960s.
@@Matt-ww9wv I agree it's a leap in logic but not because of the claim that politicians pursue it. It happens to simply turn out that way because half the time, they're ignorant of the intricacies of their policies, but they don't care because they pursue the voter's perception of virtue and nobility. The end result is everything Patrick explains here.
@@SlimNubster If you think this video wasn't at least a little hacky you have to a long way to go. Your claims on politicians were vague too, rather meaningless. Sometimes raising the minimum wage is something a country should do and what I highlighted above suggests when those times exist.
@@Matt-ww9wv Why stick to minimum wage. It would be best if a politician would come with policies that simplify becoming an entrepeneur. Have one or two licenses to run a business not 10 or 20....
@@chinaexpat1827 Even if you are extremely poor if you manage your money from a young age you can work your way out of poverty. Discrimination? Low wages? High cost of living? Doesn't matter. if you budget properly, work hard, develop yourself and live within your means you will climb the economic ladder. The real problem is people DO NOT do that because they are never taught the concept. Instead they are taught that the system is rigged, that the wealthy are exploiting them and that they are victims.
@@SpartakMs83 ofcourse the system is rigged and workforces are being exploited by powerfull entities that is a global disease. that doesn´t mean that individuals can´t climb up within the rigged system, but to think that ALL individuals can benefit only if they budget properly, work hard, live within their means etc etc ... is naive. but i agree with you on the "developing yourself" idea
because of regulations that make it difficult for real estate companies to open more housing, and making it difficult for landlords to kick out piece of shit tenants that ruin the place and bring crime.
Does the $15 an hour have any thing to do with the price of silver amd the gold standard in 1938 vs the price of silver now and the fiat system that generates inflation?2019?
This is stupid comparison you're trying to make, ofc $15hr in isn't much in Manhattan but that doesn't matter. Their minimum wage is already higher than that and will probably always be higher than the federal minimum wage. The Fed minimum is just a baseline standard for all states to at least meet, high cost of living states will set their own higher minimum wage accordingly. It's nothing new.
The purpose of the minimum wage is to guarantee the re-election of politicians who raise it. However, the president cannot raise the minimum wage. That requires an act of Congress.
After the minimum wage went up last year, a number of small businesses and some chain locations went out of business. The reason, could not afford the wage increase. Also, the stores that remain decreased staff by 15%-40%. Yet they expect the remaining people to do the work of the people let go, so service suffers.
If your business is unable to produce enough for your employees to afford to live, then your business is shit and doesn't deserve to survive in a truly competitive environment. "A man produces more than he can consume"(not exact quote, but the message stands). You know who said that? Ayn Rand herself. And if you don't like it then, go to Somalia, no roads or barely a central government to speak of, there to impede your progress. Or realize that this is fault of a system, that allows people to concentrate so much wealth they get a level of power, equivalent to that of the government that allowed them to thrive in the first place.
granudisimo I love your thinking. Shows your lack of education in basic economics. Small businesses can not afford a minimum wage because their profit margins aren’t at a corporate level. The labor cost and risk is not worth the capital gains if the minimum wage increases for your regular small business owner. This disincentivizes the business owner for having a business of his labor cost and risk barely make him a profit.
@Zquadfather A Maximum wage would be a Price Ceiling as opposed to a Minimum Wage which is a Price floor. Price Ceilings create shortages. Price ceilings create surpluses.
This is how they took out the mom & pop gas stations. The mega gas retailers always undercut the mom & pops prices. Once they wiped them out they controlled gas prices.
harrison wintergreen People should love their neighbor as themselves and trade fairly. Greed is the main problem, not scarcity of resources. Jesus will soon rescue His followers, and people who loved sin and rejected the Savior will not escape.
Capitalism naturally leads to monopolization. In the past we've tried to counter that with anti-trust laws, but since the Reagan era they have stopped enforcing them. Which is why we have seen increased consolidation and reduced competition since then.
Those mom & pop service stations should have created more services, clean windows, sell general merchandise, liquor, and offer sales on items, 5 dollar care wash etc. They should have reached out to the community as well.
Small businesses are screwed either way. If they raise minimum wage they can't afford to operate. If they don't raise minimum wage nobody can make a living working for them and they can't afford to operate.
Imagine if there was no minimum wage and small businesses could hire multiple employees part time without being required to provide benefits at the same cost of one employee. For simple tasks like taping boxes for example. The same part time employees can get additional similar jobs also at lower pay to add up to be enough to pay expenses. It would incentivize more people to start small businesses at the same time with the lower/zero minimum wage and no benefit requirements (employment taxes).
I own a small business. I had to lay off my 8 employees. It’s not just wages, it’s also health ins., vacation days, social security tax, unemployment insurance, workers comp, and liability insurance. I got rid of most of my customers & make more than twice as much working solo.
@@JLK5 I agree. But in that case you would need the government to protect the health of those workers. Because the way the healthcare is right now, no one can afford it. I know people who self medicated after getting affected with covid because they were afraid of the cost of going to the hospital. Self medication can work but it can also horribly backfire
It shouldn't be. There should not be any price on human rights, like water, food, education, medicine. We can do better than this. People are literally dying because they cannot afford these basic essentials.
@@JaseekaRawr you don't like society , try to go live in nature alone...you will run back to civilisation within 3 days and hope to work just in Mcdonalds ,
It's already happening. But not yet to the extent you think. CVS started 2 self check out lanes. They had 3 check out lanes. I talked with the employees some. No one was laid off. It was to ease the burden of staff because the store operated on a skeleton crew anyway. Mcdonalds. There is no one dedicated to a register while doing nothing else when there is no line. They are running food, cleaning up. I have not seen much argument that has come to fruition from what I've seen.
@Immanuel Ntim-Addae the absolute lowest minimum wage in this country is enough for anyone from that area to live on. If you define a “living wage” as having wifi and a tv and a nice apartment and all these cool things that actually aren’t needed. All you need is a rice cooker $20, air fryer $20, a job with overtime hours, an apartment or trailer and running water and heat. That’s all you need buddy.
@Immanuel Ntim-Addae "Decent living" That can be interpreted any number of ways. Honestly who are any of us to decide what a person gets paid? That should be left to the employer and the worker to decide. The last people I trust to come up with such a number are politicians, most of them have never even had a real world job. There should be NO minimum wage.
Mass inflation and spending all the governments revenue on something useless. That means either skyrocketed national debt or almost 0 governments programs to accommodate for such a thing.
This video blew my mind! Content was amazing! I usually speed videos up x2 so I can listen to as much information as I can and retain it while I’m driving for work.. but I had to be in the zone and brought it back to normal speed because you deliver so much useful information really quickly. Thank you for your awesomeness, Pat! This one made me realize I’m staying in my city and going to work on building it up
Fact some companies nowdays would rather lose a great employee than give them a good raise and create a wage gap in the company's employees. And then they complain that all their employees are unskilled
Generally the skilled workers are the older ones. They been around long enough to learn the little tricks to get the job done. Since they been around longer their pay increases added up. The newer hires do start with a higher wage compared to what the older workers started at but less than what the older workers are getting currently. Companies are bottom line thinkers. High wage means less profit for shareholders, so they force retirement or fire the higher wage workers.
Employers don't like paying according to your productivity either , especially when you make "too much money " . I have told quite a few to fuck off before I quit for that very reason . They like the work and production but don't like to pay
I would add "Money Matters". I am back in school, and there are so many classmates that think money is not the end goal, and that they should follow their hearts and dreams and passions for their degrees. Its so sad... I try to explain to them that families and kids cost money, that they need to pursue a degree that can make them the most money. Families require Food, shelter (home), sports, health care, college.... it all costs money. $250,000 per kid... does not even include college....
@@TEverettReynolds I disagree. I am in a very well paid job and I am absolutely miserable. Money is not nothing, but it is not everything. There is value is more than just money and if your sole goal is money I can promise you will be missing out on fulfillment and other valuable aspects of a career. You do need to follow your dreams, I can promise you working a job for a paycheque and only a paycheque is a slow slow death and unsustainable.
Andrea Mendenhall I understand But there are two ways to do that : either this way or by making each state mandate its own min wage. The latter will create many many problems , although on the long run it may drive a balancing out of cost of living across all states but it’s really not practical Which leaves the first way: 1 wage across the board. 15 $ is an average between lowest cost of living wage and highest cost of living wage. There’s hardly anything else to be done except if businesses cooperate and I think he’ll will freeze over before we see that
May Sheqem I don’t think he’s trying to cover every possible, conceivable aspect. Nobody can, but the general concept is very correct. The gist of it is that people need to take more respond for their lives and careers.
The whole fear of "raising minimum wage means small business owners go out of business" doesn't really apply. Everyone ignores the fact that the COSTUMER's wage goes up, which means more consumers and more profit.
It’s so true. I was lucky enough to have mentors that taught me this principle from the very beginning. Even when I’ve hit what I’ve believed to be the pinnacle of success I’ve never stopped being willing to learn from those around me
If we had a federal living wage, there would be a different different living wage for every state and the living wage for CA would be $50 an hour for an Adult with 2 kids.
The minimum wage number of 15 was not pulled out of nowhere. The number was calculated based on speculative economics by taking the purchasing power of the dollar itself and adjusting minimum wage for inflation. 7.25 years ago is worth roughly 15 today. Also, the purchasing power of 15 minimum wage in most areas of the country works out to be a reasonable living wage. Of course if you live in Manhattan you end up paying exorbitantly more, but the secret is that nobody actually lives there. Manhattan is mostly commercial space and a commuter city.
@@SpicyElaichi That wasn't it at all. They got expensive because they are desirable places to live, and then inherently they still needed people to do the menial tasks so were forced to pay enough to keep the little people functional, able to come to work every day to serve them.
It will necessarily raise the standard of living some, but those who like to champion that argument usually refuse to consider that usually, the % of wage increase is larger than the cost of living increase, that ultimately people are better off and those who see the least improvement are those earning more than minimum wage, who wind up with less disposable income.
@@stinkycheese804 manhattan is desirable? no it isnt. except by the rich who need to be there. its expensive because real estate is hard to come by. the island cant expand. thats why the really rich people live on estates in upstate NY. cost of living is so high there because property values are high, so companies have to pay high wages and then mark up the prices on goods to try to make a profit.
This makes me not only sad but also mad. I'm a single 52 yr old woman who works full time as a waitress. I lost everything I'd worked my whole life for in 2008/2009 at 40 yrs old(including my husband). I've never been able to bounce back. I moved from Florida,my home state, to Indiana only because I have friends here, my daughter was in college here and the cost of living is low. I pay $450 a month for a 2 bdrm 1 bth 1200 sq ft. rental. It's no palace but it's cute and affordable. I dream of the day I can own my own home again but the way this country is heading, doesn't look like that'll happen any time soon..it's a shame what's happening to America.
HE has it all upsidedown. Now when he says the top 1% will do everything that no one else would do and are good at it. And they can demand the money they want for the work. Now reality is market forces dont work like that for most people, its you guys are working for such low reward for the work you do. In the uk we have a critcle shortage of qualified nurses, the gov stopped burseries for training and the pay is so bad that cleaners/janitors earn just 12% less. The people who lived in uk all their lives refuse to work in such a industry, so the government imports partly trained nurses who can barely speak english. Sounds good? NO NOT IF YOUR A PATIENT!
who's on fucking social welfare sucking tax money from my blood. Would've been better if she fucking kept her legs closed, its always single mothers working 12 bucks an hour cause they NEVER think of the consequences of their actions and they rightfully deserve the consequences. Plus your argument is pretty weak because forcing a mandatory 15 dollar minimum wage on all businesses just creates a market monopoly. Only big corporations like Walmart and Amazon can afford to pay vastly more than 15 dollar minimum wage but not small businesses down the street. This is what happened in Seatle and those ignorant fucks deserve what they got, they drove out the small businesses allowed Amazon to have a market monopoly which caused hard workers to lose jobs. Now there is mass unemployment in these places. Second of all when these workers do start earning 15 dollars an hour they earn enough to start paying taxes given the amount of hours they work. So when they reach the first tax bracket they run to their employer to ask to reduce their hours BASICALLY CHEATING THE SYSTEM just so they can still apply for fuckin welfare benefits and do you know how much these benefits cost TRILLIONS OF DOLLARS EVERY YEAR. Furthermore when companies like amazon which have a monopoly whereby law required to pay 15 dollar minimum wage all they did was SUBTRACT ALL THEIR WORKERS BENEFITS TO PAY FOR AN INCREASE IN WAGE WHICH BASICALLY MADE THE WORKERS WORSE OFF. Moreover due to a higher minimum wage fewer businesses were open which meant limited amount of job opportunities open in places like Seatle so you had millions of jobs competing for a tiny amount of jobs relative to the population which caused unemployment to rise. Also to elaborate on why small businesses close when they are required to pay mandatory 15 dollar minimum wage is cause they can't afford the cost and just pass on the cost to the consumer which then doubles the cost of their products making them ineffective in the game of business which causes them to close or suffer debt or worse. Finally to finish off your dumb statement A MINIMUM WAGE JOB ISN'T MEANT FOR A SINGLE MOM ITS MEANT FOR FUCKING 15 YEAR OLDS/ TEENAGERS WHO ARE TRYING TO BUILD A RESUME OR PENETRATE THE WORK FORCE MINIMUM WAGE JOBS ARE ENTRY LEVEL JOBS AND IF YOU'RE A SINGLE MOM AND STILL WORKING IN THIS FIELD YOU ARE NOT GOING TO GET FAR. THE REQUIREMENTS NOW TO LIVE A COMFORTABLE LIFE ARE EITHER LEARN A TRADE, OR GO TO UNIVERSITY LEARN AND FUCKIN GET A USEFUL DEGREE NOT SOME PHILOSOPHY OR GENDER STUDIES DEGREE, THEN LAND A JOB THAT EARNS A MIDDLE CLASS WAGE AND YOU'RE SET. Furthermore according to the brookings institute there are three things you need to do to live a middle income earner life which are easy. 1. Finish School. 2 Dont have children till you're married. 3 Land a JOB and you're okay in life.
random person So, its always single moms working min wage, or teens? It's product prices, or employee wages that cause small businesses to fail? Walmart/Amazon lobby against min wage hikes. Watch Vox video - how tax brackets work. No one scams taxes cutting hours. That's not a thing. Welfare can b abused, but generally lifts ppl from poverty/starvation. Countless studies say so. No companies cut benefits to cover wages. That was already done a generation ago. From McDonald's, to Uber - new employees don't get pentions. Or worse, they're "contractors" with 0 benefits. They're already worse off. The only way to succeed is to take on mountains of student loan debt & land a middle class job? Ppl cant sell things(computers/cars/houses)? Or start their own businesses? Also... What in the WORLD about a lady working gets u so fired up 😂. Pure comedy bro. Maybe I'm just being trolled🤔? But u legit sound like u wana annihilate all single mothers. Watch "Don't panic - truth about population". We kinda need single mothers, sadly. Better than no reproduction at all. That kids gonna grow up & wipe the drool off of ur wheel chair in 50 yrs
@Sean Davis I partner with other people in any endeavour I go into. No hourly wage. I pay percentages of jobs to the people who work with me. We grow together.
@Sean Davis partnership, think of it as a co-op. My workers are my partners we grow together. You can agree to any kind of partnership. Expenses a paid on a percentage of earnings. I'd rather be known for making a hundred millionaires then be known for making a billion dollars oh, just me I guess.
@Sean Davis I'll be 55 on Friday, unfortunately. I'm making changes not standing around waiting for capitalism to be fair. Sorry you can't get out of the greed bubble but you just have to take the first step.
This channel is underrated. I haven't seen an analysis that just addresses the aftereffects of fundamental changes such as this to the standard of living in a long while.
Your principals on how you treat your employees is just like my dad. Dad took more pride in providing jobs where his employees could own a home and a nice vehicle. He literally could have cared less what he had. Thanks Pat.
I run a start up and don't even pay myself $15/hr an hour. I pay my #1 guy $16/hr because he's that valuable to me. If I had to pay everyone $15/hr I would have to lay of half of everyone I employ. He's 100% right.
No one owes you a business. If you can't stay profitable that's on you. I shouldn't have to work and make you a profit and at the same time have the government subsidize me because you are a cheap fuck. My dad owns a business and he splits the profits with his workers 50/50. Figure it out.
@@gninja92 if the OT split his profits 50/50 they would be earning below minmum wage and it would be illegal. Sounds like your dad has a very profitable business. Most small businessee have small margins.
A truly free-market economy doesn't need a minimum wage. The problem is that our gov began messing it all up in the 60s, and now it may be too late to correct.
The thing is no Western Nation has a free market; just a mixed market system where the goal is balance in regards to taxation, which we see tipping in the wrong direction. Government and lobbyists have always intervened in making the rules in this type of system, but now do so in favour of a concentrated few instead of the middle and upper middle class. Every economic system has a cost to society even a so called "free market" one, as those that succeed in them control most of the resources. No economic system is escapable from some type of authority be it government or those that control the resources, which is why no pure free market exits.
I don't see why he would lie about this. He's safe ,he is already a millionaire. I think he's sharing his knowledge. Trying to enlighten people to what's going on and how you to,even though your a jerk, can benifit from things he's putting out there. Your choice watch or don't. And if he makes a little more money doing this, more power to him. How much are you worth buddy. Hmmmmm. Are you set for life? Can you afford to leave your job and relax the rest if your life? He can . Because he would know what to do with the money he has to make it grow. But he's to driven to do that.
@@direwolffire1955 You don't expect a millionaire to advocate for unions do you? Do you expect him to tell you the truth about labor history? How in three US cities during the great depression were the centers of General Strikes that complete brought those cities to a stand still? How the UAW was born in a sit down strikes at GM?
@@direwolffire1955 Please explain how everyone in the world can be billionaires and relax the rest of their lives. The word is everyone not just a few.
Its clear to people that live in Seattle $15.00 minimum wage was a disaster. has brought in a flood of low skilled workers packed in like sardines in houses and apartments. Jobs are hard to get. Especially out of high school. Seeing many of my friends leaving the state.
@Box Top thats a fair arguement, from what I've seen in my experience living in Washington state. Is mostly positive. Till you start looking at who gets hired for those minimum wage jobs. Companies tend to stay away from people like my kids leaving high school with no experience don't need to pay rent or for food. Basically removing that bottom rung on the ladder. Its much harder to get a job to build your resume and those that do work part time. Meanwhile costs for child care go through the roof. Along with housing costs in the slums, gettos, and trailer parks. Keep having to increase taxes to accommodate all the homeless, welfare queens, and illegal immigrants depleting the system. Most adults with families on minimum wage tread that fine line to be sure they get free healthcare, food stamps and other benefits from the state exacerbating the problem.
The cost of living will increase despite if minimum wage rises or not. The cost of living isn't just base on minimum wage but also on how much money the federal reserve prints on their printing press. Just look at Venezuela as an example.
@@CT-yc4gd I remember my parents paying 600 for rent back then in a nice house. Nowadays where I live it costs around 1500+ Yet some people only make 15 an hour in a full time job. Idk how people can afford it.
@@GunplayIsntGameplay Inflation will always be a thing. But rents have skyrocketed out of control due to a few factors. One being supply and demand obviously. But other issues such as banks buying up a ton of property because they are seeing the prices take off and they want in on that sweet dollar. Most people I know got their own place by having 2 working parties. Bfs and Gfs moving in together while both work. So even at 15/hr that is 30/hr and thus able to handle the insane rents. If you are by yourself? Especially in CA? Lol Good luck. I've been surviving by renting rooms. 15/hr would've helped tremendously back in, perhaps, 2008 or 09. But now it needs to sit closer to 20/hr. I just got a pay raise and now am baaaarely able to keep my rent at JUST below 50% with certain apartments. Problem now is the accumulated cost of utilities, water, internet, food, gas, car maintenance etc.
He is only a libertarian crank much better behaved than glen beck and almost as well mannered as George will but walking around in libertarian twilight zone just the same
@@omarthescriblomale8279 I do not Like idealism or elitism especially when combined .Pure capitialism which either decays into feudalism. Or faciscism with out checks and balances . The minimum wage is starting point where a person should at.least be able to survive on forty hour week .This starting point has been eroded over The years and cheered on by corporate shills . The internet is not for qualitative learning . This same station minimizes the valadity of an actual education ! You have to be very carefully on what web you visit there is a lot tabliod style webpages out there no better than super market tabloids !!
@@williamhaines7752 no you moron, socialism is a facist ideology. Capitalism is the best ideology. The minimum wage creates unemployment he explained that in the video. Quit putting your idealistic nonsense and look at the facts. The small businesses cannot afford a 15 dollar minimum wage amazon walmart and other huge corporations can. Even then there workers are not being exploited, as they dont warrant the skills to earn more. There also is no such thing as a living that idea comes from politicians who are trying to get votes like Sanders, AOC, and Talib.
@@omarthescriblomale8279 Fascism is when corporations control the government. Fox news or praquer university are examples of prpproganda ..Libraries. Are good read once this pandemic is over
I know what you mean ad a teenager, I babysat at a rate that was offered to me $10/he. That was in 1997...then as a senior in high school I worked for the city started at 9.50/ hr and 4 years later in 2003 was at $15/hour. Right now, today I in 2021, I earn $16/hour....🤔
They say $15 because the vast majority of entry level jobs pay $9-12.50 per our. They pitch minimum wage because they have union pressure. Unions base their worker salaries on minimum wages x2
Actually the reason it is $15 is because they figured out that at that level Walmart workers, and the like, would be able to afford those services which we tax payers are now subsidizing. In effect the government has to make up the difference for Walmart pays its employees in order to keep them out of poverty.
@@benrod1 LMAO no. If you raise the min wage x2 the cost of goods will increase x2. and you still won't be able to afford shit. Its about driving out small business and securing market share for big corpo's. Why do you think people like Obama and Clinton get paid hundreds of thousands of dollars BY CORPORATIONS to give "speeches" if they are trying to help the people and not the corporations? You should get an education, or crawl back across the border.
@@DieselRamcharger There are large swaths of the country where opportunity is slim to none. Just because there are opportunities near you doesn't everyone is so lucky
@@DieselRamcharger I understand the confusion with 2x minimum wage = 2x prices. What this doesnt account for is that not everyone works minimum wage. If everyone worked for minimum wage, your math would work out. However, most people's wages would not double if minimum wage doubled. They could increase, but they would not come close to doubling. So in reality, 2x minimum wage /= 2x price, but rather 1.XXX times the price. And given what a minority of the overall economy is minimum wage, that increase in prices will be minimal.
You can create the program so that doesn't happen. You can let small business owners deduct the pay increase from their corporate income tax but congress doesn't do that.
So Amazon survives because they can raise their price, but the local store can’t compete on price? I missed something on that point. Of course talking about minimum wage earners and the cost of a $100 restaurant meal kinda lost me too.
@@Florida67Riders Amazon makes their money on AWS and other services. They can easily afford to eat costs for their online retail if minimum wage goes up. Small business does not have the luxury of multiple revenue streams like this. The $100 example makes sense. Restaurants in big coastal cities are expensive as hell. A meal in an unknown part of the country would be cheaper for the same quality of food.
@@Monaleenian Love this. Next they will say capitalism will work if you just let monopoly and assassination be Rule of Law. People are blinded by the normalization of extreme income inequality.
@@rajasmasala There already is a territorial monopoly that maintains the "Rule of Law", it's called the STATE. Naturally occurring monopolies are generally fine. You don't seem to understand what capitalism is. It's essentially the name given to a system whereby people are permitted to trade with one another.
@@Monaleenian 'naturally occurring' Wait, what the fuck? Can you honestly name one monopoly that is 'naturally occurring'? Or are you about to define Amazon as a 'naturally occurring monopoly' saying that even anti-competitive practices are 'naturally occurring'? In this case, no, natural monopolies are NOT okay. They're a blight upon one of the greatest strengths of the economic systems known as capitalism. Even a 'naturally occurring' one isn't good.
I retired in my early 30,s...no alarm clock. .no time clock..no boss..dont worry about stock maket or anything.....freedom 24-7 ..yes it is the good life.
@@ellieamanders7970 I didnt and dont invest.why allow wallstreet banks and millionaires the free use of my money with the hopes of a dividend just to pay taxes on and fees? . I ALREADY have more than i will ever use. The biggest con job ever done was getting average joes to put their own money from their alread paltry wages into a 401k or invest in wallstreet.. Companies should have been fined by the government and Patriots took to the streets and politicians screaming in the tv's when Companies stopped doing emploee pensions. Im not talking about government workers bilking the taxpayer, but Private Companies. The blood sweat and tears..the loyalty of a worker wearing their body out making companies rich was at one time rewarded with a fair wage free healthcare and Company pension .A person didnt necessarily have to be in a union to get a pension.Wallstreet bankers and othet vile creatures have dumbed down the thinking of younger generations to accept a meager wage with NO company paid pension. Meanwhile the few at the top GET the majority of the fruit of the workers labors... The stock market now for decades keep setting record breaking profits... fatcats CEO,s are making HISTORY BREAKING disproportionate amounts over their workers. Let them have it worry and stress for more and more HAHAHA...Meanwhile im enjoying life carefree.
We've already effectively killed unions in this country. Now they're going after minimum wage. Now, I know you aren't used to it, but think for yourselves. Where is this leading? See a directional pattern?
In the 1970s , a wave of young liberals. Bill Clinton among them, destroyed the populist Democratic Party they had inherited from the New Dealers of the 1930s. The contours of this ideological fight were complex, but the gist was: Before the 70s, the Democrats were suspicious of big business. They used anti-monopoly policies to fight oligarchy and financial manipulation. Creating competition in open markets, breaking up concentrations of private power, and protecting labor and farmer rights were understood as the essence of ensuring that our commercial society was democratic and protected from big money.
@@ambulantgaming8483 huh? no trade unions aren't corporations, there's worker groups that gather together to bargain companies to pay better or/and give better benefits. literally the opposite of a corporation
@@ryangoepfert9112 If you can only get a job that pays minimum wage, it is only your fault and you should probably learn to provide something useful instead of crying about it.
The thing you're missing is the cost of living in the "cheapest cities" is cheap because of poverty and austerity. Maybe if they had some form of income they could afford nicer things and the cost of living would increase. Then you factor in the big box stores, factories, and other employers who largely take advantage of local minimums to keep people in poverty conditions. There's a reason why McDonalds and Walmart informs employees on how to apply for state and federal benefits...
Raising minimum wages only increases the number of unemployable people. I’ve argued for years that any minimum wage laws should be state by state due to cost of living. excellent video.
Some pretty sneaky switch and bait. Bernie's speech about "minimum wage" is in reference to it needing to a be a living wage, it's not some made up number based on no math. Also all of this is based on old economic ideas where most workers had a more defined base value as they were only ever competing against other humans and they were required for any type of expansion. Now people are competing against machines more and more often, if you let market values be the only decider in wages in an economy that machines are increasingly becoming more automated, as technology continues to improve and the initial investment goes down for that technology the only possible end result will be human workers being pushed into poverty trying to compete with increasingly efficient machines.
Technology actually increases the number of jobs. Yes some jobs might be entirely automated, but the increased productivity from technologies like deep machine learning has been increasing markets and niches in a very similar effect that online video has had on the tv and film industry.
@@gljames24 In some aspects you are right, technology creates jobs. However, it does not always create more jobs than it destroys. Theoretically, there is no job that cannot be automated. And very few if any that couldn't be automated cheaper than human labour. In fact, low-skill low-pay work is more resistant to automation than medium skill work and some high skill work. This is because they are less expensive, and as such incentivize automation less than their more expensive counterparts. In fact, if your job isn't directly talking with a consumer, odds are you are next on the chopping block. Socializing is difficult for current AI, but making reports, doing taxes, managing schedules, etc are easy.
@@nathanielpoulter603 No, minimum wage increases alone will not solve automation taking jobs. The point is that automation is going to push down wages for everyone except the people who own the machines and there will be a point where competition for labor is literally creating starvation wages. If you let the the market be completely "free" in terms of wages, this is the logical natural outcome of humans with a more or less static productivity level competing against technology with an exponentially increasing productivity level.
@@JohnDoe-gc1kt @merlinious01 @Nathaniel Poulter I'm not worried until true artificial intelligence on the scale of human consciousness exists. // Increased minimum wage decreases low skill jobs, but can actually increase the number of high skilled jobs.// www.sciencedirect.com/science/article/abs/pii/S0927537118300228 //The average potential for automatability in the job market is 9%// www.oecd-ilibrary.org/social-issues-migration-health/the-risk-of-automation-for-jobs-in-oecd-countries_5jlz9h56dvq7-en //Blender Guru explains the potential of machine learning and its role in society as a tool and not a replacement for humans.// www.google.com/url?sa=t&source=web&rct=j&url=%23&ved=2ahUKEwjzmpzr_LLhAhVqIDQIHVZODuIQwqsBMAB6BAgDEAU&usg=AOvVaw0VTJzWxrN8ZFOD4xbU2nov //While many parts of a job can be automatable, machine learning can't replace a human 1to1 and will likely just be used to make jobs easier and more efficient like any other software, but the economic effects aren't foreseeable yet.// science.sciencemag.org/content/358/6370/1530.summary Neural networks and deep machine learning aren't magic, they're software and if you've ever heard anything about the content id system on RU-vid, you've already seen billions of dollars spent in research and development into automation, and it fucking sucks. So yeah, I'm an idiot for thinking the increase of small scale manufacturing, opensource software, and access to technology will lead to more jobs and should follow all the guys who think technology can just replace human, intention, design and interaction. Yeah, a lot of low skilled work will die out, just like the steady decline of farming, but in complete antithesis to Cgpgrey's video, humans do apply, and they apply hard. I might be wrong, but I'm an electronics engineer, so I'll be the one making the robots anyway.
That's false. Unless your just starting your business out. I worked for a small company that was making killer money yet would not even give their employees a raise. Small businesses get bullied by the bigger ones which I'm assume your referring to.
I am a 47-year-old male, single, never married, no kids, no mortgage and when you make GREAT CHOICES like I have then MONEY does NOT MATTER!!! It all comes down to making the TOUGH CHOICES that NO ONE else wants to make to get to the point where you can say "MONEY DOES NOT MATTER"!!!
+Dean Trayne "If Walmart wants a higher minimum wage, why do the Walton's lobby against it?" Walmart's chief competitor is Amazon. Amazon employs far fewer people and has much less overhead (less buildings, wages, etc). Thus, the hit to Walmart's bottom line would be much greater than the hit to Amazon's bottom line. When minimum wage goes up, the cost is passed along to the end product. Walmart would have to raise it's prices more than Amazon and would therefore, be less competitive. Walmart was also hugely in favor of Obamacare because they wanted to force as many of their employees onto government healthcare as possible. Basically, tax payers at large would be subsidizing Walmart and any of their competitors who didn't follow suit wouldn't be able to compete on price. There are many reasons big corporations are largely leftist these days. The government is interfering in the free market and big corporations have the funds to buy the government interference they choose.
@@yoshimurahirihito Back in 1968, but it was actually $10.86, sorry about that. That was the highest it's ever been when adjusted for inflation, ie today's money. money.cnn.com/interactive/economy/minimum-wage-since-1938/index.html
@@NoRecourse1785 I don't think I'm following you, so lets start from the beginning. Does Walmart want the minimum wage to go up? If so, why would they lobby against raising the minimum wage?
It’s theoretically good for paying off debt that existed before the increase. “Earn more” but debt stays the same (plus interest). This doesn’t take into account the reduced purchasing power that is passed down the economic cost of business chain. (Businesses have to charge more to stay at the same revenue due to requirement of paying more to workers. And this goes down the chain at every step) And then there’s decreased purchasing power from printing more and more currency. The only ones who really ever win are the establishment bankers.
DETROIT , to get the city out of va was paying $ 23 an hour, several years ago. No one showed the effect it did on the city or ever talked about it Fter , so what is up with that .Why offer double instead of just slowly increasing it slowly every year .Too much in one jump now especially coming from millionaires and in an extreme lockdown. AOC can complain with her high salary, does she donate any of her money, does she contribute hours like Bon Jovi to a food bank , all talk
I don't know what kind of fantasy land the OP is living in where all these employers WANT to give raises to good employees. Yes there are good bosses out there who reward the effort, but you're incredibly naive if you think major corporations, who are taking over everything, operate that way. Most of them have levels of pay that are solely dictated by job title alone. In those situations you are paid the same as all of your coworkers of the same position regardless of who works harder or who accomplishes more. Dude that busts his ass all day gets paid the same as the a-hole who's on his cell all day long. Go ask for a raise at one of these corporations, I won't hold my breath.
This is laughably naive. Massive corporations know they have a lot of their employees by the balls and can easily replace or eliminate them with technology or other desperate employees, and do so with minimal negative consequences. If you think companies like Time Warner or Amazon give a fuck about their workers at the bottom of their corporate hierarchy, you're delusional.
You are 100% correct about those 4 categories. When I was at the bottom I was completely at the mercy of what the employer was going to pay. However, after a ton of work, studying, and taking chances I got to a point where I was among 2 or 3 people in the entire region that could do my current job. I walked into that interview in cargo shorts, a T-shirt, and running shoes. Completed the interview and pretty much dictated the terms of my employment. I now get $220K+ a year, nice parking spot (though I now work from home and I'm not going back), a bonus payment based on the up time for the environment (since every minute things are down the company loses a lot of money), and an exit package totaling 50% of my years salary.
To be in the 1% worldwide you need about 750k in all of your assets. To be in top 10% of the world you need about 70k in all your assets. To be in top 50% you need about 2 grand. So on a world wide basis, the 1% can’t solve shit as that isn’t enough money to do much. And the top 10% would slit your throat before handing over there money. And about 1/2 the US fits into that category. Same as with the top 50%. So the US people in relation to the rest of the world are pretty well off.
Joe Fred right I don’t understand all the constant complaints of Americans..u need 30k year to be in the world top 1% earners.. pretty much every other joe makes that in America.. raising the minimum wage won’t solve their problems ..guess what like Patrick said prices would go up..then they would complain that $15 hour is not enough and so on..it’s a never ending game..they should be grateful to live in one of the best places in the world to make money and realize that not everyone can be millionaire..you need poor ( or in the USA case less rich) to have millionaires..sounds bad but is how it works.. not saying people should not aspire to become millionaires but it’s not gonna happen for 99.9% of them..by the way I’m in Europe and I make pretty much minimum wage on my country I’m not a rich dude
@Sam Vick you are in the 1% in terms of income. Not in the 1% of value for society. Petterson is great but you have to listen very carefully what he is saying.
There wouldn't be a need for the minimum wage if our government didn't manipulate our currency. The video makes good points about big corporations liking the minimum wage increase. Definitely a different perspective on it then what is taught.
Min wage is not really a myth. They started off with a ridiculously low wage and try pushing up from there. Each increase needs justification and convincing so you can only have so much of an increase until it is now finally $15/hr. It's the struggle to lift it as much as you can but with limiting success
Perhaps, then be entrepreneurial and start a business. Then you become the boss and get richer. It's nice to bitch at those who started businesses. Where were you whe guys like Steve Jobs or Sam Walton were hustling building their business?
@Shawn Li And what's your solution? Confiscate everything from those who produce? Thos was tried in the Soviet Union. It got them nowhere. I do however agree that some assholes get rich thru connections. But that's cronyism. And that's how you survive in a socialist system.
The problem is, we don't want the US to have 320 million companies with 320 million bosses. So just saying "if you don't like it start your own company" isn't an answer.
@@SolidAir54321 a monopoly isnt an answer either. but that wasnt my point. to understand you can check out a video of robert kiyosaki on london reel. btw, all companies have bosses, all companies do, on thing working for them and another working for your self.
@@bmw803 i wasnt born yet. gates said it him self, he NEVER expected such success, and i dont see steve jobs as a mastermind. he didnt even graduate from college, his employees was his success. he was no scientist or a person with crazy iq. he should be thanking bill gates for saving his ass and his marketing department. remember, check out when apple was founded and how long it took them to reach the top, which was about mid 2000s, i would say 2008 onwards, thats 32 years.
This is the kind of talk that should be taught in high school and several times over. I wish I had had this in the day. Keep on with the good information Pat.
Government classes were removed from high schools. Why, Political Science teaches students how the Government works/and how to hold politicians accountable.
Because increasing the minimum wage brings about the illusion that people are making more money so they spend more money. People don’t take into account inflation of products and services. Wages have and will always remain the same in the sense that it will always have less and less buying power.
Most would monetize content like this in the form of classes, subscriptions, etc...but Pat really cares that is why I watch your channel everyday. VALUABLE FREE CONTENT!
It’s easy ... if you up minimum wage , companies still have to make money so they up prices and if you do the math the up on minimum wage doesn’t cover the up the companies will up their product . Period.
Most corporations hire the absolute cheapest labor possible internationally to increase profit margins. Sweatshops still exist. Harsh manufacturing labor for pennies still exists. Child labor exists. The average wage across the world is $1.90 thanks to Neoliberalism propaganda packaged as Capitalism in the United States which is indoctrinated from cradle to grave as the only viable economic system. It’s a lie. It’s destructive. It’s disgusting.
@@ligerllama This is why outsourcing is a terrible idea. Not only does the company take domestic jobs and give them to foreigners, it also enslaves the latter who could instead work more efficiently in their home nation. Neoliberalism is indeed toxic to its fullest extent.
That's a nice logical fallacy you've got there. Just because min wage isn't a solution doesn't mean there isn't a heavily lopsided compensation problem.
If big corporations liked the idea of a minimum or living wage, they would lobby Congress in support of it. Needless to say, they don't. But yes, we absolutely should be following the EPI's data to make sure no one working full time is at or below the poverty line.
They actually do. When amazon rised their minumum wage to $15 they changed the sides and started lobbying for minimum wage $15. Because they know that at the end it will kill out their competitors and they can get political credit for rising minimum wage....
Vojtěch Tranta Or they just did it because Bernie Sanders had been shaming them for their low wages and they realised they could totally afford it. Walmart still isn't pushing for 15, and does everything it can to prevent people from unionising. Why? Because these corporations want to maintain their ridiculous margins and don't care about paying people a decent salary, and they know unions result in just that. If there was strategic interest in paying decent wages, they would have done it long ago, and no one would lobby against worker rights/minimum wage increases, etc. That isn't the reality.
Yes they Fucking do. Amazon was pressing for a 15$ minimum wage while at the same time leading the way with automization that will replace workers. You are flat out wrong.
Good video. I also think discipline is key. I am a minimalist now. It is a sacrifice but I like watching money grow rather than spend it. I have found and I have been guilty of this that many people buy things that they really do not need. I believe a person should ask themself if they " want " or " need " what they are buying. It has worked for me and as I said , I watch it grow through well thought out investing.
Be careful about saving too much and watching it grow. Just when you are looking forward to use your hard earned money you drop dead and others (ex wife, asshole cousin) end up spending it.
money doesn't matter, resources matter. The government can print money just like they did in 2020 and make you poor instantly. The thing they can't print is resources because money is all about sharing resources.
@@SRTHOOLIGANX Yeh sure, keep spreading misinformation, disinformation. Then you say China is getting ahead. They will get ahead if your attitude is like that.
@@shubhamsehgal2336 ummmm ok, you do realize china is digitizing their currency in hopes of it becoming the next reserve currency right? why do you think they're doing that? you can't get resources without money.
@@SRTHOOLIGANX People give food to homeless people out of courtesy, a husband pays his wives bills out of companionship, a child doesn't earn money, he gets resources from his her parents. Heck, even you could get food, timber from forest. So, your argument is wrong. Hence Proved! Money is a tool to rule by the elite forces in an area. About China, are you talking about DCEP? Cause it's just a tool to monitor money in real-time not like cash, hard to monitor. China is becoming reserve currency because it provides cheap goods. A bankrupt state like greece is more likely to buy 100 chinese cables than 1 USA cable. Hence it is important to trade with China than with USA and other countries follow the suit. Hence reserve currency gradually changes :) Welcome to real economics. Tip: Biden, Trump, Obama all are China's clowns. The only thing that can save USA domination is the US military that can change the whole dynamics only if rightly used.
Walmart and Amazon might raise there prices but they don't have to ! I'm a capitalist but I still respect the principle of not being very very overly greedy about sharing the "profit pie" Walmart doesn't do that, I think executives can handle making 12 million a year instead of 22 mil in order for employees to make 15/ hr.
I agree, I believe that people need to focus more on how they manage their money over how much they make. This works for people on all ends of the money making spectrum. Our world would be better for all that way, even if only a little better.
More often than not though the CEO wage is only a small fraction of the total amount of all employee wages., if you divided the total CEO's wage amongst the rest of the workforce you barely get the raise that you claim.
Example, Walmart has total 2.2 million employees worldwide, 1.5 million in US, and CEO salary is near 20 million, you divide 20m/1.5m, you get barely 14 bucks for entire year. Even less if you use the international figure.
shoust I don't know how big the profit pie at Walmart is but in a lot big biznesses a lot more could be shared with lower employees. Walmart has a lot of highly paid people besides the CEO where money can be shared from
In my country (member of the European Union) we have a minimum wage of 667.72 USD per month before taxes. It is approximately 3.97 USD per hour. And even then, some companies say that it is too much.
On point especially after this pandemic and now small businesses are struggling $15 an hour great news for all these big corporations who just coasted right through Covid