This is actually an intriguing idea that may have some benefit at the local level. I know someone else berated this idea but, consider the source. Local tax rate exemptions or reductions for high performing children could engage parents who may not naturally push their kids to better outcomes. Better performing kids bring better results for us all down the road. Win win.
No, it wouldn't. That was my point. The artificial floor will still be the artificial floor and those making the minimum will still be poor.
Which is why I have to wonder .. . . . .What is the plan? We have more than enough food for everyone but it is not capitalistically viable to give it away . . . .. we HAVE TO let it rot in order to preserve the economy Same with the number of empty houses we have .. . everyone could be sheltered in america but there is not economic incentive to do so For the most part. . it is better to leave the houses empty and left to rot than let someone live in them for free The question is how will he handle the increase in the number of people that are being displaced by machines There are some jobs that will always require humans .. .well for the foreseeable future. Rocket River
I wasn't talking about everyone. I was referring to the ones who have learned to work the system, and know they will get more benefits by not working, than working 8 hours to clear about 45 dollars. I wonder how those voting against raising the wage would feel if they didn't get a raise for 10 years.
Perhaps this best fits here. First, I sure hope I never have to get an ass-kicking like the one Congresswoman Katie Porter gave Chase CEO in this video (wish they'd cut the music though). But IMO this is an effective argument for an increase in the minimum wage...
Just a reminder: US federal minimum wage is 6x that of Mexico, and many times that of other Latin American countries. Y’all say it’s not a livable wage — well, that’s certainly not true of most immigrants. Yet, we have @NewRoxFan pondering why all JP Morgan Chase employees are not paid what their CEO is paid. No wonder these Wall Street types love mass immigration.
@NewRoxFan Do you agree with communal living arrangements for those making under 40k a year who decide to have families? You are a bit too entitled here considering menial wage workers can be easily replaced and do not create the opportunities for others - capitalism. Like I suggested we need large scale communal living with clean areas and no alcoholics or drug users allowed. The rent on these would be much lower than 2, 3 bedroom homes without destabilizing market.
while I agree the JP Morgan post was pointless, so is this one. Cost of living in Mexico is completely different to US, that would be like comparing a Manhattan salary to one in blooming field IL. $15/hr gives you food, a roof and opportunity... do you really need a 4 bedroom house with a fancy lease?
CR's obsession with Mexico results in a bizarre bar setting... should we simply justify all things based on "well, its better than Mexico"? And curious where you come up with "pondering why all Chase employees not paid what their CEO is paid" from the video? Guess that's what you get when you can't present an honest argument...
I admit I don't understand your argument against increasing the minimum wage to allow a teller at a bank ("a menial job"?) a typical one-bedroom apartment. And what is large scale communal living? btw, businesses are already replacing many low-paying jobs through automation (restaurants including fast food using kiosk, replacing receptionists with virtual receptionists). I don't think raising minimum wages will prevent things already being implemented. I also don't think reducing minimum wage (the counter to increasing) will help workers' ability to rent an apartment. So placing yourself in Dimon's chair... why don't you answer the congresswoman's line of questioning... what advice would you give that single mother? Go live in a commune?
I fully expect Banks to replace tellers with machines within the next 10-15 years same as grocery clerks, especially in major cities. 35000 is not really low wage unless you are in California, seriously 1600 for a one bedroom apartment. My mortgage on a 3000 sf house is much less than that. If you have to live in CA on that salary, you have to be living with family members or share apartment with somone, see how people in Hong Kong or many Japanese cities live. We all make choices, she choose to live in one of the most expensive places in the US as a single parent.
My daughter just rented a one-bedroom apartment just outside Austin for $1,000/month. I used to live in California (though not southern California as in the example discussed), and I can easily bet that an apartment there is $1,600. And while the idea of relocating to less expensive areas sounds a "logical" solution (obviously I moved to a less expensive place)... I question how easy it is for anyone, let alone a single parent to do. There may be other family members, or a ex-spouse, or even friends that the single-parent is trying to stay near. There may be other reasons (like better schools). Or even basic human nature (choosing to live somewhere because that's where you were born, or simply where you know and feel comfortable). And even in the example being discussed... would the single parent be in almost as bad a financial situation in the bank in the less expensive state/region offered an even lower wage? Seems to me a reasonable solution would be to raise the salary level... heck, Chase profits ($9.18B off $29.1B in revenues) were up 5% this year, largely on performance in consumer banking. Perhaps sharing some of that with tellers in the consumer banking side of their business would be possible?
Chase is not setting the wage for that type of labor, it is the market. Why would Chase say offer $60k for a bank teller even if it could? Business are not there to make their employees live better for the most part. The question on minimum wage is interesting, there obviously should not be too high or too low, but how much to set is different from region to region. National minimum wage should not be set beyond what is good for the poorest states, states can obviously set higher standards. My understanding is minimum wage is for basic survival, not comfortable living. You should not be factoring in such things as owning a car in deciding what minimum wage should be.
This doesn't appear to be an argument where agreement will result. I actually do think that employers should look at making their employees lives better. Hopefully happier/better employees improved performance, quality of product, and increased business. Since Chase's consumer business appears to have been better than expected, perhaps sharing that with the employees that contributed to the improved performance. I believe tellers contribute to the positive experience I have when I go in my branch (not Chase, but not that it matters). Also disagree with the importance of an automobile, especially for a single mother in southern California (but also true here in Texas). How does the single mother go to work? How does the single mother drop their child(ren) off at day care or school? In the congresswoman's example she drove an old minivan. And in most areas public transportation is unavailable or unrealistic. Again, it will likely be something we agree to disagree on, but have the last word...
Why should local homeowners pay the price for someone else’s bad decisions? $1600 a month is not feasible when you live in a place like Irvine making minimum wage. To overbuild and overdevelop and drive down value is not happening. You want a situation where she is paying $500-700 a month while covering basic human needs. Safety, a roof, food and community. This can be designed in a very inviting way.. all you need is to drop the entitlement. What difference does it make if you make $20 or $16 an hour when you pay that much for a 1 bedroom? Poverty is not the worst thing if you can live a dignified life not surrounded by drink and drugs, I can talk because I grew up in it. Not to mention there are far, far better possibilities than those poor in the 3rd world. Americans need to get this in their head, look at living arrangements in places like Asia, build based on that and drop the whining . This includes public transportation to major work areas to and from these places and a no tolerance policy on any form of abuse, excess drink, drugs. Humans have and can go without it.
Does she choose to live there or does she have a choice? People cannot just pick up and move especially a single parent.
Tough to discuss something when the word "entitlement" and "whining" is thrown out about a single mom working at a typical bank as a teller. The average rent in Irvine is actually $2,000. So a $1,600 per month apartment would have to be quite modest. https://www.rentjungle.com/average-rent-in-irvine-rent-trends/ So how far from work should she live to get a $500-700 apartment. The average rent in San Fernando, Panorama City, and Winnetka (the least expensive areas in Los Angeles county) are between $1,400 and $1,500. That's twice the rent you suggest. That's up to 60 miles away and an hour and a half hour commute. OK, so lets tell her she has to move to somewhere less expensive. Moving isn't cheap, btw. But lets say she has a few thousand to move her and her child(ren). And move her to Houston. Cheaper than California, but the average rent here is $1,000. So Houston is too expensive, so lets keep her moving east to Beaumont, TX. Rents there have to be in your $500-700 rage, correct? Nope, an average one bedroom apartment in Beaumont is $964. So... lets move her to Bent Fork, Tennessee. Rents there *have* to be affordable...
