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CSX Corp. Message Board

  • marathonrunnnerinvestor marathonrunnnerinvestor Jul 27, 2013 12:15 AM Flag

    Everybody loves Money

    I agree with the President's speech this past week. It is time to raise the minimum wage here in the USA!

    It is long overdue to raise the minimum wage. I think it should be over $12.00 like it is it is in Ireland and other countries in the world. Why is the USA so far behind in minimum wages?

    FYI...
    Did you know that the minimum wage in Mexico is .58 cents per hour?????

    Hold

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    • Doubling the minimum wage would more than double the price of chicken.

    • sollid_companiess_only sollid_companiess_only Jul 30, 2013 12:02 PM Flag

      People at the lower end of the wage spectrum need to take the responsibility upon themselves to improve their pay and job prospects by improving their skills, rather than depending on the government to raise the minimum wage. If a person has no skills, they are pretty much worthless in the marketplace. If a person has no skills, they best go out and develop/learn some.

      Yeah, there's a million reasons why a person can't develop new skills, don't have time, can't afford necessary education, too satisfied with the status quo/lazy; but the person who wants to dig his/her way out of a minimum wage job will do whatever is necessary, if they are determined. If they aren't determined, tough luck. Personal responsibility is the key, not government intervention.

    • If you raise the minimun wage to $12.00 per hour. What happen to the person that has been a hard working loyal employee and making $11.00 per hour. Do you raise their wage to $12.00 per hour. Sorry, we can't raise your wage more than a dollar. Even though you have been a hard working and loyal employee. The people the improved their work skills get screwed and the let the government take care of me, makes out like a bandit.

      If a person can't budget their money and live with in their means at less than $12.00 per hour tough.

    • The minimum wage is really irrelevant. What's important is the 'buying power' one has with their wages. In 1967 I was in high school and worked part time, washing dishes for the minimum wage of $1 an hour. But think about the purchasing power I had with that $1. I could buy four or five gallons of gas, or four packs of cigarettes. As $1 an hour part time dishwasher, I had the equivalent buying power in today's dollars of between $16 and $25 an hour.

      The short order grill cook that I worked with earned $2 an hour. Not only was that enough to enable him to get married, but he was also able to purchase/finance a respectable 3 bedroom house for his new family. What short order cook can do that today?

      And it's not just inflation that's causing the problem, it's an erosion of the value of unskilled workers. Business just doesn't need them anymore. Business can get unskilled labor much cheaper in foreign countries. Unskilled workers need to improve their own lot/value by becoming skilled/education, rather than hoping the government will raise the minimum wage. Anyone can improve their own skill sets if they are really determined to.

      The minimum wage is irrelevant, if you raise it to $12 an hour, prices will also rise accordingly, reducing and eroding purchasing power. I'm not saying that things were great in the sixties, but I am saying that I got a lot of buying power for an hour's work and a rise in the minimum wage won't really bring any buying power to the employees.

      • 2 Replies to save_n_investte
      • [ I'm not saying that things were great in the sixties, but I am saying that I got a lot of buying power for an hour's work...]

        The real average hourly earnings decline since the mid-1960s tracks increased financialization of the US economy. Increased Financialization has helped corporate executives and Wall Street elite. Their buying power for an hour's work has risen dramatically.

        "From 1973 to 1985, the financial sector earned less than 16 percent of domestic corporate profits. In the 1990s, it oscillated between 21 percent and 30 percent, higher than it had ever been in the postwar period. This decade, it reached 41 percent. in the 1960s, finance and insurance accounted for only 4% of GDP, whereas in 2007 finance and insurance accounted for 8% of GDP."

      • The primary reason that a boost in the minimum wage, to $12 an hour won't work is that it guarantees that U.S. businesses will just ship more jobs down to Mexico/China/India where they are happy/thankful to work for less than $1 an hour.

        That's the primary reason, the expansion of the world economy/competition, that the standard of living has decreased for the U.S. middle class while, at the same time risen dramatically for new middle classes in emerging countries.

 
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