Posted on 11/14/2014 2:47:04 PM PST by Biggirl
grandson is gettin picked up in a minute but got my eyes opened on minimum wage....will share the story shortly
I have often heard it said that if you collected all the “money” in the world and distributed it equally among the population, that it would only be a matter of a few years that the people that had the most money in the first place would have it all back again.
Short answer: NO ONE really knows.
“no one really knows”...and that’s the truth!
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I suppose it would be sort of like what happens if you or I were to default...
if it was secured debt, or unsecured debt...
(I think the U.S. debt is “unsecured”)
Defaulting on a secured debt, like a car payment or a house payment,
means you lose your car or you lose your house.
Defaulting on an unsecured debt, like your visa or mastercard,
means the lender bites the bullet, but nobody wants to loan you money anymore.
get this............a few weeks ago local am radio interviewed a culinary chef for the Biltmore here.....now this chef is supposedly the best in town
so the issue was minimum wage
the radidio host ax’d how much a culinary grad can expect to make to start
answer...8.50 an hour til ya advance to veggie preparer which pays 9 an hour
then watched and successful, you advance to sauces and it pays 10 an hour
when ya finally get a shift able to prepare all orders ya get 14 an hour
the chef said if minimum goes to 15 per
he would lose help for the obvious reason flippin burgers pays more than a workin culinary degree
No, wages would reflect proper evaluated value. That is, a person would get paid what they are worth to the employer.
As disgruntled employees left, the value of employees would increase.
Just because a job requires minimal low skill to do an accepted job, a chief producer would be more valued. IE: burger flipper. As a burger flipper, I might be able to cook 20 burgers every half hour. But, say Clint N Suhks can cook 40burgers in 30 minutes...but not onlynthat, he can cook all of them without burning or dropping any, where I might drop a couple and burn a few. He would be worth more than I am.
As for people who make more than minimum, the dollar they earn would be worth more.
With the price of McDonalds burgers being affected by labor costs, let’s say aa burger costs $1.00 right now. If you made $20 per hour, that means you can work an hour to buy 20 burgers.
But, say burgers drop to $0.50 due to lower labor costs. You can now buy 40 burgers for the same hour of work.
So, with lower costs for products, your buying power increases.
A person’s labor (what they do or what they know) has some natural economic “value”.
Minimum wage laws create an unnatural condition on the supply vs. demand equation of labor.
It has always struck me as bizarre that if you thought it was worth $3/hour
to keep the floors or the parking lot of your store clean,
and I was willing and able to do perform that task for $3/hour,
that it is against federal freekin’ law for you and I to come to that agreement.
Good food for thought.
see 47
$400 trillion dollars.
Many would begin buying luxuries, and indulgences. The demand of those things would cause the price of those things to increase. Manufacturers would move from making what they do, to making the things in demand, seeing the profitability. But, because the money used is not a representation of one’s labor, the value ofnthe dollar would decrease and inflation would skyrocket. It would be similar to what Germany saw just before Hitler came to power.
Some, instead of being shortsighted, would invest in durable needed goods. Then, when the money runs out, and the splurgers are in need, they will make the government take those needed things from the wise buyers and give to the splurgers in need.
My advice is, when you see give aways become too great, buy enough needed things to survive, then spend like wild before inflation hits.
...sorta kinda related to the topic...
I have a niece that owns/runs a tiny convenience store out in the country.
She hired several people part time to work for her so she could have a break during the day and on weekends.
Without exception,
they all were fired for stealing, it just took some longer than others to get caught.
I asked her why she didn’t pay more money and get a higher quality employee.
She said she tried that and came to the conclusion that they were all stealing,
it just took the smarter ones longer to get caught,
so she was better off with paying the minimum,
with the expectation that they would get caught sooner.
Very strange...
We’d be relegated to second world status for a while, but that would change after SHTF and CW3 are over. Heh.
Invest in the manufacturers of toilet paper.
Nobody can do without it.
The kicker...the employer has to pay 15% of what you make into unemployment. So, though you are paid $3/hour, the employer pays $0.45 more to the government. Which, if he did not have to pay, he could pay you $0.45 more...an additional $900.00+ more annually.
Nd, let’s say you work diligently for 30 years before losing your job. Your employer paid $30, 000.00 to the government, in the name of giving to you should you be unemployed. BUT, if you are unemployed because you got fed up and quit, you get none of it.
And, if you are deemed worthy to receive the money, you get $10, 000.00 per year, and evn nowmwith 2 years of pay, you get 66% of what was paid in for you.
If they gave you the lump sum of what your employer put in, you could start your own business and employ others.
The mafia moved from places like Chicago and New York to Las Vegas,
after that, they moved to Washington, D.C.
They valued the payoff of risking getting caught more than they valued the punishment of getting caught. She has already established that the punishment was only that they lost a job that didn’t pay enough to fear losing it.
All employment is, is a contract for one to provide labor in exchange for a tender that allows them to get what they desire. It is a measure of character for an employee tomfulfill their side of themcontract. Unfortunately, with the environment of employers being seen as evil rich people taking advantage of the good employee, it is easy for immoral workers to justify with a clear conscience, the failure to fulfill their contract.
Go to youtube and watch the Friedman series of videos. You will learn a lot from a master of economics. His story of the making of a pencil is awesome.
Later all!
Yes, I guess, if you go to the extreme side of the equation...
Suppose I am paying you $10 hour
and you think you can supplement that by stealing another $10/hour, effectively taking home $20/hour...
Her point to me was that if she paid you $20/hour, that you would still steal $10/hour,
and her effective cost would then be $30/hour instead of the original $10+$10.
Now, I suppose, what you are saying is that if she paid even more $/hour,
that eventually you arrive at a point where the value of the job exceeds the value of stealing.
Where is that point? ... $20/hour...$30/hour?...$100K/year?
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Some of her ex-employed workers fared better than others...
most just lost their jobs, but a few went to jail.
Especially the one that stole $20,000 worth of lottery tickets!
The State of Georgia came after her ass, and she was also a relative of the family.
In about a dozen states, owner-employers of seasonal businesses can’t collect UE, because they’re 1) officers of the corp, 2) own stock in the corp, 3) control day-to-day operations. I went thru it for 22+ years, while fully-paying into UE and taking a monthly check. Only after I closed my business, resigned corp position, sold my stock back to corp for $1 and relinquished day-to-day control, and became an ‘employee’, could I apply for a final 6mos of UE benefits. If I’d had all that pay-in money invested at 5-8%, I’d have had a nice return after those 22+ yrs.
Where’d everyone go?
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