Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (300905)	8/21/2006 2:13:49 PM
From: TimF	Respond to of 1590507

In most families, only the husband worked, and 40 hours a week would support a family. Typical real wages were not higher in the 60's and 70's. A major difference back then was the typical expectations of what it takes to support a family. Multiple cars for a family, each kid having his or her own bedroom, a large amount of money spent on electronics, cable, internet etc., eating out regularly, periodic expensive vacations, paid for organized activities for the children etc. where less common in the past. Now, in the lowest 20% of the workforce, both Ma and Pa have to work and if they have 3 kids it's still a struggle to get by. For the poorest 20% its always been a struggle to get by. re: So are you asserting that say a $15 an hour minimum wage wouldn't put a lot of people out of work? If so that's a rather extreme statement. Phase it in, let the economy adjust to the reality. Maybe companies have to lower salaries of high salaried employees? Phasing it in might reduce the harm but not eliminate it. The main reaction wouldn't be to lower the salaries of high salaried employees, but rather to end the salaries of low paying employees. Productive people, who make multiples of the new $15 min. wage might even see their salaries go up, as companies who previously had gotten by on relatively unproductive employees, look to use fewer more productive employees. Can Walmart function with 20% fewer employees? McDonald's? No. Increase the minimum wage to $15/hour and they will find a way. Of course in many cases that way will be to close some of their locations, but that won't be the only change. For example some fast food places have already tried out the idea of having the drive through window answered by people at a remote location. Instead of one employee per location taking the orders, you have a smaller number of employees taking the orders for multiple locations.