10 ms·

The politicians are paid by the capitalists to keep minimum wages low.

astrange 2y ago
Capitalists (large business owners) generally pay higher wages than the alternative, small/family business owners. Eg Walmart/Amazon have better benefits than an equivalent small business, unless you're the owner of that small business. But also, wages generally go up: https://fred.stlouisfed.org/series/MEPAINUSA646N https://fred.stlouisfed.org/series/MEPAINUSA646N (This is "income", which is a superset of wages. I didn't link wages because those are confusing, average wages go up during recessions because the lower earning people get laid off.)
- readyman 2y ago
  >Capitalists (large business owners) You don't know what a capitalist is and that's on you. Regardless, benefits and job security are abysmal at small businesses so even if you were right, the aggregate effect is the same. Productivity goes up and wages don't. >But also, wages generally go up Just utter nonsense. Accounting for COL, wages more often remain stagnant in the US over the past 50 years.
  - astrange 2y ago
    > You don't know what a capitalist is and that's on you. Are you going to provide a definition? I think it's people who own and trade capital. > Regardless, benefits and job security are abysmal at small businesses so even if you were right You're agreeing with me and then doing "even if you were right"? Also, this is pretty much out of Marx - capitalism was better for workers than the preceding stage. Small businesses are the preceding stage. > Accounting for COL, wages more often remain stagnant in the US over the past 50 years. You said wages don't go up, which means nominal wages don't go up. If you wanted to say real wages don't go up that's a different question. And it's true because our response to the 2008 recession was bad. But not our response to the 2020 one! They're way up now! It's great. https://www.nber.org/papers/w31010 https://www.nber.org/papers/w31010 Note, it's difficult for them to go too far up because of "wage-price spirals", and also generally because voters hate it when prices go up.
    - readyman 2y ago
      a capitalist is an owner of capital >Also, this is pretty much out of Marx - capitalism was better for workers than the preceding stage. Marx also showed that workers didn't choose capitalism, and why it was not an option but a force of history. I'm gonna need a wage to continue this conversation. It's too boring and unfruitful for my interest.
Aunche 2y ago
This is neither how economics nor politics works. For one, Amazon actually advocates for a higher minimum wage. https://www.aboutamazon.com/impact/economy/15-minimum-wage https://www.aboutamazon.com/impact/economy/15-minimum-wage

Capitalists (large business owners) generally pay higher wages than the alternative, small/family business owners. Eg Walmart/Amazon have better benefits than an equivalent small business, unless you're the owner of that small business. But also, wages generally go up: https://fred.stlouisfed.org/series/MEPAINUSA646N https://fred.stlouisfed.org/series/MEPAINUSA646N (This is "income", which is a superset of wages. I didn't link wages because those are confusing, average wages go up during recessions because the lower earning people get laid off.)

readyman 2y ago
>Capitalists (large business owners) You don't know what a capitalist is and that's on you. Regardless, benefits and job security are abysmal at small businesses so even if you were right, the aggregate effect is the same. Productivity goes up and wages don't. >But also, wages generally go up Just utter nonsense. Accounting for COL, wages more often remain stagnant in the US over the past 50 years.
- astrange 2y ago
  > You don't know what a capitalist is and that's on you. Are you going to provide a definition? I think it's people who own and trade capital. > Regardless, benefits and job security are abysmal at small businesses so even if you were right You're agreeing with me and then doing "even if you were right"? Also, this is pretty much out of Marx - capitalism was better for workers than the preceding stage. Small businesses are the preceding stage. > Accounting for COL, wages more often remain stagnant in the US over the past 50 years. You said wages don't go up, which means nominal wages don't go up. If you wanted to say real wages don't go up that's a different question. And it's true because our response to the 2008 recession was bad. But not our response to the 2020 one! They're way up now! It's great. https://www.nber.org/papers/w31010 https://www.nber.org/papers/w31010 Note, it's difficult for them to go too far up because of "wage-price spirals", and also generally because voters hate it when prices go up.
  - readyman 2y ago
    a capitalist is an owner of capital >Also, this is pretty much out of Marx - capitalism was better for workers than the preceding stage. Marx also showed that workers didn't choose capitalism, and why it was not an option but a force of history. I'm gonna need a wage to continue this conversation. It's too boring and unfruitful for my interest.

Aunche 2y ago

This is neither how economics nor politics works. For one, Amazon actually advocates for a higher minimum wage. https://www.aboutamazon.com/impact/economy/15-minimum-wage https://www.aboutamazon.com/impact/economy/15-minimum-wage