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Not all corporations are public. Many are privately owned, and their Boards of Directors are made up by other CEOs, banking firms, accounting firms, or other institutions, profit and non-profit. The owners can ask anyone they choose to be on their Board, and do. Oftentimes, the other private stockholders in the company comprise the Board.
As often as not, they hold a quarterly meeting just to pick up their dividend checks and convene, leaving the operations to the CEO, the guy who owns the most shares of all.
I cannot wait till the dems get a "living wage" established. I really want to have all my needs taken care of from a job at mcdonalds, I could really go for a low stress job that does not require much in the way of critical thinking skills or talent.
I keep seeing the argument that minimum wage was never meant to be a living wage. So I researched it some. I've come to the decision that they are in fact wrong. In fact it was meant to be more then poverty wages....at a time when only one person was working in a family!
“No business which depends for existence on paying less than living wages to its workers has any right to continue in this country”
FDR
So I was worried...what if it was out of context? So I found what it was part of, heres a more complete qoute:
"In my Inaugural I laid down the simple proposition that nobody is going to starve in this country. It seems to me to be equally plain that no business which depends for existence on paying less than living wages to its workers has any right to continue in this country. By "business" I mean the whole of commerce as well as the whole of industry; by workers I mean all workers, the white collar class as well as the men in overalls; and by living wages I mean more than a bare subsistence level-I mean the wages of decent living."
Thank you so much for this Original Post, greywar. You have vividly demonstrated the folly of the minimum wage: it helped make FDR's Great Depression deeper, and longer, than it would have been.
When you raise the cost of any good or service, including labor, less will be demanded by the market. FDR raised the cost of labor, and succeeded in pushing the unemployment rate north of 25%.
No doubt FDR had good intentions, and no doubt you have good intentions, too. Those are what the road to hell is paved with.
If your so concerned about this stuff , just donate money from your paycheck to the people that need it OR find a better paying job. Simple
Seems like the people so concerned about this min wage are people that are probably making min wage. I have never in my life STARTED a job at min wage , and that would be in a field i had no knowledge of too .
All the philosophizing aside . . . here's the scoop, folks.
The jobs that pay minimum wage are service jobs, for the most part.
The only reason the pay is as high as it is (dismal though it may be) is because those jobs can't be offshored.
We are in a global economy. When goods can be produced for pennies on the dollar and wages are a pittance of a percentage of this country's minimum wage . . . how long can our salaries remain WHERE THEY ARE?
They have to necessarily decline when the jobs that we once depended on (manufacturing especially) no longer even EXIST here . . . as the factories have moved to other countries that pay $3/hour, 12 hour work days.
As China's economy and middleclass grows, ours declines.
THe economic crisis of 2008 has already proven that salaries and wages are going DOWN. People are finding they could not/cannot replace the jobs they once had and when they do replace a job, they are willing to take lower wages.
The middle class is sliding into financial stress and the working poor cannot find jobs, even one at minimum wage (and are settling for part time jobs out of desperation) or have ended up on government subsidies.
Until we get our manufacturing base back (and how are we going to do that? companies have planted themselves in China, Malaysia) . . . things are only going to get worse.
Yep we keep raising min wage to guarantee the continuing of offshoring
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