Current Affairs General US politics (ie, not POTUS related)
- Thread starter Dylan
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I recall reading that a lot of this job loss was lobbying-threats by big companies including Wal-Mart, Target, McDonalds, etc., saying that if the minimum wage went up to 15$ they would replace their human cashiers with automated checkouts. This would account for a lot of job loss. But obviously, multibillion dollar companies making these threats is not due to their razor-thin profit margins, but pure greed and maintaining steady profits. Certainly, the small business owner who operates on very razor-thin margins might have a legitimate claim about paying their workers more, but I don't think major corporations can easily make that claim.
This is what I could find in the CBO report along those lines (and this is one of many ways job loss could occur, according to the report):
"When the cost of employing low-wage workers goes up, the relative cost of employing higher-wage workers or investing in machines and technology goes down. Some employers would therefore respond to a higher minimum wage by shifting toward those substitutes and reducing their employment of low-wage workers."
And this is what I could find about lower-wage job numbers; fast food workers and cashiers would make up a sizeable chunk of job loss (assuming major companies all switched to machine tellers/checkouts).
carolinablue232
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Yeah, I found similar, and the common theme for the first 3 is they’re low skill, low education positions. Those corporations exist to make money, and they’re beholden to their shareholders to do so as the big ones are largely public and the leaders serve as fiduciaries. Rather than complain about corporations doing what they were created to do, I’d rather we focus on providing better education and skills training for those who would be displaced by this change or those who would otherwise struggle to find work going forward. Teach a man to fish and all that stuff. Our education system is largely a failure given the resources at our disposal, yet I hardly hear it talked about anymore, at least not compared to other issues people focus on.
I agree with this, and I don't have expertise on this topic, nor necessarily a very strong feeling about it (my default position, without knowing all the details is that I'm for a higher minimum wage). But I do think that job training is a big part of it. At the same time, I also feel the corporations could show a bit more social responsibility and compassion, and funnel some profits back to the worker--this only-in-it-for-bottom-line-profit stuff feels so 80s.
carolinablue232
Player Valuation: £70m
Yeah, to this point, I do think we’re seeing a shift, just not for the reasons people want or think. More and more companies are shifting to a socially responsible midnset, but I think they’re doing so out if necessity and PR which in turn leads to more dollars or at least avoiding negative press.
But really, why would I as an investor put money into a company that didn’t prioritize profits?
And I’m far from an expert on the minimum wage stuff. I just don’t think it’s black and white which most seem to think it is and why I brought up the question in the first place. I appreciate the dialogue.
Sassy Colombian
Member: Team PoP
Looks like Manchin is blocking him at every turn. Even the talking filibuster proposal
Sassy Colombian
Member: Team PoP
Yes, Manchin and Sinema have both expressed opposition to the filibuster proposal and it was because of them that McConnell felt confident that Democracts will not be able to pass it. I guess we will have to see what happens with both of them. If they can't come along with their party to change this procedure then that speaks highly of what party they are supporting with such standing.
Sassy Colombian
Member: Team PoP
@verreauxi @carolinablue232 This evening I was listening to the Daily and tonight's episode was about the minimum wage and it make me think about the discussion you two were having about it. During this episode they look at the shifting political and economic arguments surrounding the issue, they also discuss the history of it. Pretty interesting show if you have 30 minutes to spare.
carolinablue232
Player Valuation: £70m
Thanks sassy. Late for me tonight but I’ve got about an hour in the car tomorrow so I’ll give it a listen.
Sassy Colombian
Member: Team PoP
You are welcome! I listened to it last night while cleaning the kitchen, always trying to make the most of my time lol
Sassy Colombian
Member: Team PoP
He definitely is and Republicans in Georgia are going to do everything possible to stop him from getting reelected next year so we are going have to fight harder than them for his candidature.
TN Toffee
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Ugh. Had completely forgotten he was up again next year because of the special election.
Sassy Colombian
Member: Team PoP
It blows that he is going have to make another great effort so soon to win it again but we need him to prevail.
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