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McDonalds start wage: $6.75 500 hours -> $6.75 to $8.00 40 hours/week = ish 12.5 weeks, or 3 months. 6.75$ -> $8.00 in 3 months. McDicks = raise every 6 months, minimum at 10cents, maximum at 20cents (Dependent on performance), lets say, so eight raises, 8 x 0.2 = $1.60 $6.75 -> ~$9.60 in 4 years... factor in promotion raises, maybe up to 10$ I know people who work their ass off but don't really get the 20cent raises, 10$ish isn't technically minimum wage but IMO is deserving of what the work people do at McDonalds. And all of the above is considering a person is working FULL TIME, and the odds of starting with 40hours weekly are slim to none. Its gonna be quite interesting what McDonalds is going to do, its quite possible for the back-end to be run via computer/technology but there has to be workers in the front. |
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About 40 years ago, in the USA - which is the most important economic power and the driving engine of the world - tax rates were substantially higher for higher income earners/corporations and President Regans administration introduced massive tax cuts to corporations and the ultra rich. This worked since it allowed businesses to use the "tax savings" to invest in projects etc and thus creates more jobs and further increases GDP and benefits everyone. This is known as "supply" side economics or as you said, "trickle down" theory. The reason it worked back then was because tax rates were super high (I believe around 80%-90% for richies and corporations? ) Since then it has been reduced again and again and it is WAY too low in my opinion. Due to globalization, instead of investing to the "tax savings" in new projects and innovations to benefit the USA, Corporations use the extra money to invest in overseas projects/factories etc. .. so money now goes to investments overseas, or it goes to the Retained Earnings ---> the shareholders. In which most corporations these days are foreign owned, so a large chunk of it goes overseas, no longer trickling down to the american citizens. Quote:
For example, there is a demand for condos that are more earthquake resistant or cause leaks. Then companies would invest in engineers to design such products and invest in the commodities, materials (steel, concrete) or whatever such equipment/machinery that can produce this cheaply and cost-effectively. It drives innovation, and innovation powers growth. Personally I think the answer is somewhere in the middle, but right now I think the economy is too much supply driven than demand driven. |
Valid arguements. I sort of follow your way of thinking. However, minimum wage has no role in your supply/demand side arguments. No, minimum wage is not needed in this country. Minimum labour standards are good enough to control informational issues. Minimum wage increase =/= standard of living increases. As what others stated, real life example given by skiipii. Quote:
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^ If markets were efficient, then no we don't need a min wage. However, markets are inefficient, so we do need to set some sort of minimum wage. There are too many other factors in REAL LIFE that theories and textbooks can't teach us since most concepts there ony assume two or three variables. I think the better way to help families is to decrease income tax for lower income earners imo since they barely contribute to the overall income tax collected anyways. |
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That's why I have been saying minimum labour standards (e.g. safety, hour limits, etc.) are enough. Tax restructuring can be beneficial to the general economy, but I am not entirely familiar with the Canadian income tax system. Can't really comment. |
As of today, the minimum wage in BC is $9.50 :thumbs: ($8.75 for servers in bars etc.). What happens to the wages for those already at or slightly above $9.75/hr, who have reached that amount after say, one year of employment? Would they continue to make that amount, even if its the same as a new hire, or would all wages be scaled higher accordingly, to the new min. wage? |
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But if youre man enough, you will ask for a raise accordingly. |
It's about time they raise the minimum wage, since everything is becoming inflated these days. This doesn't really affect me though, since I'm already making more than "$9.50" :pokerface: |
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On a lighter note, gas prices are down, just a little bit. |
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Bitch all they want-its true and good to separate them. |
really sux for those who made just a bit more than 9.50/hr. |
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also servers never report tax... |
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but sigh i read somehwere min pay to really survive in vancouver is like ... 18$ :( its okay im gonna be dental assistant |
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technically raising the minimum wage is bad for you because stores will only increase prices to compensate for the increase in the cost of wages and thus you who make more than $9.50 will end up having less purchasing power as the other guy below you said. |
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Then seriously threat with full intent of quitting if no raise. Even if you get a 10cent raise every month from now, by May when Min.wage reaches $10.25, your +# of experience will be worth the same as a 'just hired' employee. And if you cant even get a raise now, i doubt youll be getting one when the min wage is even higher and theyll be paying more to everyone and be cheap to save some money. |
bottom line is, if you dont have a good education, you are at the bottom of the food chain. |
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Labour and some trades jobs I'd say are exceptions.. Quite a few people are making ~$40-60k with next to zero post secondary, which is more than what most university grads make in their average first 1-5 years. Window washers, general labourers, warehouse workers, trash haulers, shipyards, railroads, renovations, construction, etc. It's not HUGE money, but definitely not at the bottom. But of course the trade off is the job itself, and lack of advancement opportunity. |
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My brother is a general contractor and makes more than I do as a computer engineer. He didn't even graduate high school, yet has expert knowledge of wood working, cabinetry, plumbing, electrical, ... acquired on the job. He may call me whenever he has a computer question, yet I call him whenever I have a home reno question. Yet getting back on topic, minimum wage jobs typically require little/no education, formal or acquired. |
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I said labour and trades are exceptions to FerrariEnzo's little theory. One of my close friends did a 2-week crash course on carpentry straight out of high school a few years ago, and now he's making upwards of $70k. So if a 2-week course qualifies as "good education" then so be it. |
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