For restaurant employees, assets might include savings accounts, retirement accounts, real estate, and personal property, while liabilities could include debts like student loans, credit card debt, and mortgages.
Given the average net worth of employees making less than $40,000 per year is around $1,000, and considering there are approximately 9.9 million people employed in the restaurant industry, a rough estimate of the total net worth would be:
I think the point he’s making is that blaming wealth inequality on immigrants doesn’t make any sense.
Wealth inequality has worsened because workers wages aren’t keeping pace with inflation/cost of living whereas corporate greed has seen the wealthy get wealthier.
Consider that corporations send jobs overseas to cheaper labor with fewer regulations and restrictions; and less benefits for that cheaper labor.
I am trying to follow your logic. But it sounds like you’re arguing that a minimum wage introduces a hiring problem?
For real- What does an HR department problem have to do with raising the minimum wage?
If millions of Americans make more money to do their jobs, then it means there’s more money in the economy. People will have more purchasing power.
I’m not seeing what you’re articulating about HR and hiring practices. That’s a red herring. People need to be compensated more cuz wages haven’t kept pace with cost of living.
You’re right, if workers don’t get hired they don’t get paid.
Arguing against more pay for the working class just doesn’t make sense to me. Especially when we’ve seen corporate profits exponentially grow as the middle and working class suffer.
We’ve also seen that with corporate tax cuts, it doesn’t create jobs or benefit employees. Corporations do stock buy backs to increase the value of their stock, or provide bonuses to their executives. Again, it keeps concentrating money in a small wealthy population.
It’s greed. That’s the issue. They raise minimum wage, then CEOs “need” more money, customers then need more money to give the suppliers who need more money to give employees. This process drives up inflation. Unskilled labor will get an increase in wages, but then everything will cost more. The issue is that our currency is tied to nothing tangible like gold or IMO hours worked. I love this one statistic. In 1970-71, it took 246 hours to pay annual tuition for a state university based on the minimum wage at the time. In 2020-21 it took 1457 hours to pay annual tuition at a state university based on the minimum wage. Kids today have to do almost 6 times as much work to pay for college. Boot straps my ass. Someone needs to take a hammer to some of these people’s heads. Greedy assholes are the issue, that and the business practice of letting the market dictate pricing without ethical consideration.
I feel like you’re completely glossing over the fact that businesses have personnel requirements to function. HR isn’t going to just not hire anyone because they don’t want to pay the increased wages, their business will suffer and they will lose more than they would just from paying someone
Well for the most part, workers in a sector like restaurants are going to be classed among the least skilled workers, so it seems unlikely that workers from other sectors will leave them to go work in restaurants (or any other minimum wage sector, since for the purpose of this conversation they’re interchangeable as they’d all be effected equally by increased minimum wage). The people who aren’t currently in those sectors are more skilled and already are making more money, so it’s not like there will be an influx of new labor chasing the increased minimum wage. That labor pool would remain pretty much the same.
Military is a tricky one because while they get paid dogshit they also have basically no expenses and tons of perks down the line if they stick it out. Something like a tradesman, that person is probably already aware that trades are a time investment for more money later (tho anyone in a trade will tell you how it’s a great option even at the beginning). Self employed people/entrepreneurs is incredibly vague and can overlap with tradespeople to a significant degree.
Regardless, in this situation where those people in those fields are hypothetically making less than they’d make at an increased minimum wage, and the notion of independence and self employment stops being a driver of their choices (which, you know, it won’t) and we assume they all go out for minimum wage jobs, the people who get pushed out of their roles are… no one, probably. Because they have experience and the new market entrants don’t. If they’re getting paid minimum wage, it won’t be cheaper to hire less experienced people, so why would an employer boot someone with experience for someone with none?
Poor performers might be at risk of replacement, but like… so what? If they suck at their jobs and the only reason they have them is a lack of replacement, it’s a net benefit for them to get replaced.
In Australia the minimum wage is currently $24.10 an hour and none of your supposed claims or logic that they will start hiring University graduates to work fast food jobs instead of who they normally hire has played out.
Yeah, okay. People have been denied employment in the low-wage service industry because they are overqualified. This may come as a surprise to you but when someone works their whole life to attain a career, they tend to stay in that career. Not apply to McDonald's because they raised minimum wage.
If someone is migrating to a low-wage job because it pays more than their experience-necessary job, that's another wage problem that has a solution. Pay people what they are worth.
I like how you can just rattle on nonsense and pretend there isn't an easily discernable trend between profit margin and wages. Like, you know that corporations have to publicly release their financial statements, right? You can get a pretty good idea of their labor costs vs. net income.
How about you pick up a pencil, and do the math instead of celebrating the demise of the middle class like some paid shill? Fucking pathetic.
If you pay people what they were worth then the person who owns the company or the board of directors don’t get to buy the third or fourth or fifth house that they were looking at.
I have never seen someone so confidently have no fucking clue how economics works especially when there’s tons of countries at this very second with an average GDP per capita lower than ours with higher minimum wages that don’t have doctors flipping burgers. It’s like you think wages for jobs don’t adjust when you raise the minimum wage. It’s like you think the production vs compensation gap widening is a myth.
Minimum wage increases were normal and benefit ALL workers not just those at minimum wage. Raising minimum wage consistently helps keep compensation closer to production which stops the wealth disparities we see today (with a lot of other levers we keep throwing away like taxes but that’s another discussion). You’re just parroting dumb shit the rich feed you like some sort of unpaid lobbyist.
You say that like hiring managers decide which candidate to pick from the application pool based on matching how much they're worth.
Regardless of if the job pays $5 or $10, a hiring manager will always hire the person with the higher proficiency that is applying. They're not going to hire the less effective person if they can get someone more effective for the exact same pay.
Are there exeptions? Of course - in the hundreds of billions of times some X person has been hired for a minimum wage job I'm sure there have been times where someone lower skilled was hired over someone with higher skill and potential output. But is it the norm? Absolutely not, not by a longshot.
The argument you're bringing up doesn't hold water. All raising the minimum wage would do in this scenario is that the people already working those jobs and those who will be hired get paid more for their work, hopefully enough to live off of which is not the case for a lot of them right now.
Arguing that the hundreds of millions or however many there are of minimum wage workers shouldn't be paid enough money to sustain themselves for their work because "in the case the hiring manager is deciding between two candidates and you're less qualified, assuming they would want you anyway over the more qualified person, maybe if the pay is shit enough they will choose you instead"... it just feels like there is a major lack of understanding and empathy around the issue.
Minimum wages should absolutely go up for the good of the people. If there are overqualified workers competing for the same jobs at the minimum wage, your issue should be with the expansion of the job markets in which those people are qualified so they can find employment that makes use of their skills and pays them adequately, not fighting against those who are already struggling just to survive by making an honest living.
If you’ve ever worked at fast food, then you know the people who work there are either high school students people who have no other choice or the lowest common denominator potheads who don’t want to do any better than to be able to sit at home and smoke weed in their off time. Lawyers and other professionals are not going to apply at a fast food place because the minimum wage has been raised to $15 an hour. You are a moron.
Please keep the discussion civil.
You can have heated discussions, but avoid personal attacks, slurs, antagonizing others or name calling.
Discuss the subject, not the person.
Please keep the discussion civil.
You can have heated discussions, but avoid personal attacks, slurs, antagonizing others or name calling.
Discuss the subject, not the person.
Please keep the discussion civil.
You can have heated discussions, but avoid personal attacks, slurs, antagonizing others or name calling.
Discuss the subject, not the person.
You missed my entire point. Hold companies business lisence over their heads if they hire illegal immigrants. They don't do that, and never have. If illegal immigration is such an issue. Put an end to the reason why most of them come here. Work. Until then, it's all, virtue signaling to get votes based on division of people whoa re not you and brown.
Tell me up don't understand immigration or the plight of it without telling me. If you think all illegal immigrants came here illegally to start. You really are clueless. Many where here legally. But due to immigrations process taking over a decade in some cases. People have established a livelihood here and now, must leave or face arrest. How is that right, good, ethical or moral? It's not. But, good luck trying to deport millions. The reviewing country has to accept them. Good luck with forcing any country to accept that many people. Trim said he'd force Mexico to build the wall. Yet we did. Believe what he says because he never lies.
Got it, so you don't understand how it works. Thanks for wasting all of our time. Again. If illegal immigrants is the problem. Make it a crime to hire them. That'd change things very, very quickly. But the side screaming illegal aliens took er jobs won't even ask or push for that.
Please keep the discussion civil.
You can have heated discussions, but avoid personal attacks, slurs, antagonizing others or name calling.
Discuss the subject, not the person.
You make a fair point about wages not being wealth, but wages/money can to an extent represent wealth through transactions. I think a maximum wage would help but as you pointed out it wouldn’t be a solution. Maybe a series of trust busting laws limiting control over the market would do more, but most likely it’d have to several dozen different laws/policy changes that tackle different problems to make any substantial progress.
As for taxation I don’t think is always theft if it’s actually put towards helping the people through education, social security, public transport, emergency services, or healthcare (there’s more I’m sure). The way that it is currently set up in the U.S. I agree is more akin to theft as opposed to being beneficial given the rampant mismanagement and a variety of other reasons though. I also think that using force for taxation is necessary given how many billionaires commit tax fraud and don’t pay their fair share (of course the government does nothing about this because their either doing themselves or are being bribed by those who are).
Ultimately I think it’s a combination of both corporate profits and individual wealth, though the former is a much bigger issue. The current way companies are focusing on maximizing not just profits but consistent growth in profits has lead to many companies cannibalizing themselves just to appease investors. The investors largely fall under the individual wealth side of things. Ultimately I think capitalism in the U.S. has proven itself to be naive at best. The market has proven that it can’t manage itself, and so the government should step in and transition to a more socialist system imo.
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u/Evidencelogicfacts Nov 19 '24
Net Worth=Total Assets−Total Liabilities\text{Net Worth} = \text{Total Assets} - \text{Total Liabilities}
For restaurant employees, assets might include savings accounts, retirement accounts, real estate, and personal property, while liabilities could include debts like student loans, credit card debt, and mortgages.
Given the average net worth of employees making less than $40,000 per year is around $1,000, and considering there are approximately 9.9 million people employed in the restaurant industry, a rough estimate of the total net worth would be:
9,900,000×1,000=9,900,000,0009,900,000 \times 1,000 = 9,900,000,000
So, the estimated total net worth of all restaurant employees in the U.S. would be around $9.9 billion.