I’ve recently read an article that scares me when contemplating the future and definitely puts things into perspective.
In an article in TRTWORLD, the subheading was: “Supporters of the minimum wage say it will reduce inequality and stimulate economic growth as workers spend more. But critics say it could lead to increased unemployment.”
The African reporter says:
“The current fight for a minimum wage that took place Jan 1 is ensuring workers earn $1.42 an hour in Africa’s most industrialised state.”
So they have mixed reactions in Africa, and the same is happening here in America as we have our own minimum wage battle for $15.00, where the Democratic-led House just passed the bill, but goes to the Senate where many believe it will die.
So let’s recap: Supporters of the minimum wage say it will reduce inequality and stimulate economic growth as workers spend more. I agree but I can’t say most do, the U.S. is divided in some many areas, topics and issues today.
The critics say it could lead to increased unemployment, because some employers won’t be able to afford to pay the minimum wage. There’s a point here too.
Here is the question for you to ponder as Wage/Income Inequality continues to get worse in the U.S.: why do have multi-year long debates over issues that plague the 80% of the lower, middle and slightly upper class’s of American society getting a larger slice of the wealth pie? We do – year in and year out, decade in and decade out, wage increases have barely moved over the course of the past 40 years in the U.S. which gives America one of the largest wealthy inequalities of the developed nations. That said, CEO/Executive compensation has skyrocketed to “other world” proportions where now even leaving a company – including getting fired gives executives Multi-Million dollar LEAVE PACKAGES. That’s right, not even to come to work, but go away! Serious, as I typed this, I started laughing at the insanity of it all.
One of my biggest concerns is that it seems as though we Americans may be in a “checked out” mode, I wonder do we American’s simply no longer care? We watched the Tax Plan give a historic Trillion dollars to corporations and now that the truth has come out a year later, the results are that the vast majority of the stimulus plan never came into the economy; therefore no trickle down effect as was stated would happen. American CEO’s, in fact, opted to buy the shares from 2018-2019 of their own company’s stock back, to the tune of 1.2 Trillion dollars (called stock buy-back) it’s a fact. Guess who gets massive stock packages? Yep…CEO’s. Most Economists around the world knew this, did you?
I pose the question, why don’t we have a fairer wage compensation system? Why does wealth inequality continue to grow larger and mass society just continues to accept it? Since executive compensation grows larger and larger when companies do well, shouldn’t everyone participate in the compensation increase? Yet mass society has stood on the sidelines for about two generations with little to nothing to show by way of wealth increases. The name of the corporate game today is “where can we cut costs and people to boost stock market prices.” I don’t know about you, but to me it doesn’t seem to take great experience and education to fire a bunch of people.
Ask yourself this: Would you find it OK if someone forced you to pay for their family’s meal at a restaurant that you don’t know? It’s not much different when the executives take home lots of extra perks in stock packages and insane bonuses but the workers, who work tirelessly to live paycheck-to-paycheck making the production that generate the revenue get none of the perks that the executives get. Why is that? I’ll tell you why: Because social injustice has grown exponentially.
Let me reiterate: In 2019, America has one of the largest wealth inequalities of all developed nations on earth. If this continues, we’ll see more Americans drop out of the upper class into the middle class, while the middle class steadily moves into lower and poverty levels – THIS IS HAPPENING NOW. Fast forward and in 5 years with the projected number of jobs that will be replaced by automation and robots and you get the picture. Add the current Tax plan to it all, and it has the 0.1% and the 9.9% – the top two American wealth classes – continuing to pull away from the bottom 90%.
THERE ARE WAYS TO REVERSE COMPENSATION INEQUALITY AND STOP CAREER DESTRUCTION WHICH LEADS TO WEALTH INEQUALITY – AMERICA IS IN THE SWEET SPOT OF A TIPPING POINT.
YOUR FUTURE IN PIECES – THE BRUTAL TRUTH: HOW AGEISM AND INCOME INEQUALITY ARE DESTROYING AMERICA is available now on Amazon:
Find my Paperback Edition here at: http://www.amazon.com/dp/1733331204/
Find my E-Book here at: http://www.amazon.com/Rising-Middle-Class-Inequality-Destroying-ebook/dp/B07WV5XG65/
My “Age and Wage” Advocacy website: https://www.risingmiddleclass.com/
The article I cited: https://bit.ly/2MP6YcI