r/SipsTea • u/Icy-Book2999 Fave frog is a swing nose frog • 5d ago

1980 Minimum Wage vs 2024 College Graduate Wait a damn minute!

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From https://youtube.com/shorts/zYp0YVc0c-E?si=ARuvJZuxcYXP6sF1

3.8k Upvotes
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474

u/C6Centenial 5d ago edited 4d ago

We need to raise the minimum wage and prohibit corporations from owning private homes.

143

u/sweetLew2 5d ago

There’s so much noise in my life lately. This is one sentence I’m 100% ready to get behind.

I want this on a shirt, a hat, and a mug.

28

u/Prime_Marci 4d ago

Just ban equity loans using real estate as collateral and now let’s see the market correction afterwards.

10

u/Altruistic_Pear7646 4d ago

Haha, can't hurt those wealthy elites accounts. Silly goose.

5

u/PhthaloVonLangborste 4d ago

I want it on a bill

25

u/MoParNoCaR23 4d ago

Companies just raise prices to cancel out the increase. nobody wins.

8

u/iamwearingashirt 4d ago

You didn't notice that they raised prices anyway?

5

u/PaulblankPF 4d ago

Need a limit put on how much prices are allowed to increase in a year like how a lot of states have rent hike limits and put it so that number can never outpace however much wages go up so that it never inverts like it has these days. It’s not that hard to come up with a way for that to work and this took me one minute with no pre-thought.

4

u/ADFormer 4d ago

I always thought there should be a ceiling of like "something can't cost more than x10 what it cost to produce" or something

6

u/Ladiesman_2117 4d ago

Nobody ever thinks that far ahead, just ask California! More specifically, the McDonald's in San Francisco that just closed their doors for good because they can't afford the recent hike in minimum wage.

11

u/toasted_cracker 4d ago

Oh please. McDonald’s absolutely can afford it. They let their stores close to put out the illusion of not being able to afford it. This way they get people to take their side and they can continue to reap the benefits of having underpaid employees. It’s a win win for them.

0

u/Strange_Purchase3263 3d ago

Absolute bullshit. It was a publicity stunt at the expense of the employees to try shit in the eye of minimum wage proponents.

0

u/SpellFit7018 4d ago

A rational company would understand that the cost of labor is only a portion of the cost of the product, so while they might adjust the cost to account for the increase in wage, a 25% increase in wages would not lead to a 25% increase in the cost of goods produced, so real income would go up.

Of course, firms are NOT rational, and extremely dumb executives will make terrible business decisions, even to the point of losing money. Have you seen CVS putting all the candy behind locked screens? You can't impulse buy candy if you have to find an employee to unlock it for you, and you can't even find an employee because they keep the stores incredibly understaffed to cut labor costs. And then, because it is annoying to shop there, the store becomes unprofitable and they close it all together. Fucking brain geniuses. The incentives are entirely fucked at the c-level, and no one who knows a business is in charge anymore, it's all marketers and finance guys.

-3

u/Verbose_Code 4d ago

This isn’t really true. While raising the minimum wage will increase prices slightly, you will still be earning more purchasing power. We live in a global economy and that has a very important impact on the purchasing power of the dollar

19

u/Prism43_ 4d ago

Raising minimum wage won’t fix the core issue, which is corporate speculation on housing driving up costs.

-1

u/Cranktique 4d ago

Ok, so because a solution only alleviates part of the problem and not all of it it’s not worth doing?

Did you know a seatbelt won’t guarantee you’re protected in a car crash? Why even wear it?

^ this is how stupid your point was.

Many complex problems require complex and multifaceted solutions. In literally everything. Bunch of morons like you think that implementing something that doesn’t fix everything isn’t worth doing. Funny thing is this is the GOP stance on everything. It’s just obstructionist bullshit.

1

u/Prism43_ 4d ago

Raising minimum wage will only exacerbate the problem, you can’t legislate prosperity by artificially forcing wages higher without also increasing the cost of goods and services comparatively.

You should really try researching how minimum wage increases damage economic function before calling other people morons.

4

u/Key_Respond_16 4d ago

The private homes part is huge. But people will still buy tons of homes under their own name. The same people still have the same money. They would just buy it with their name instead.

4

u/Shillandorbot 4d ago

Not to start a whole thing, but those two actions would make little to no difference. As the video pointed out, very very few Americans actually make minimum wage. Corporate ownership of single family residences is a tiny fraction of all homes. More importantly, the only reason it’s profitable for them is that the price of housing has gotten so high and keeps climbing — in other words, saying ‘Blackrocks buying houses is causing the market to spike’ has cause and effect backwards.

So yeah, do those two things, fine, but it won’t fix the problem.

The fundamental issue here is that we’ve made it almost impossible to build housing in most of the places Americans want to live. The only places in the US that are making any progress addressing the cost of housing are those like Austin that have made big structural changes to make it easier to build new homes.

It’s not a popular or catchy answer like ‘private equity did it!’ but fundamentally the reality is that landowners who don’t want their property values to ever stop rising have gotten incredibly good at blocking new housing construction, driving up their own values. Until we fix that everything else is a sideshow.

3

u/Competitive-Tie-7338 4d ago

My mother and I debate how retail/food service jobs aren't specifically made for teenagers so they need to find a way to increase average pay. She claims that those jobs have always been for teenagers.

I was just looking through the "yearbook" pictures of an old department store , no less than 80% of the hundred+ staff looked like they were above the age of 50.

Something clearly went wrong somewhere.

2

u/iamwearingashirt 4d ago

The thing is, I wouldn't even care if teenagers were paid a lot. That just means they'd spend a lot right back into the economy.

0

u/rockthe40__oz 4d ago

Ask her who works the store overnight and In the morning when teenagers are sleeping or at school

2

u/Mooscowsky 4d ago

Aye, to one billion dollars per hour! 

2

u/Mister_Black117 4d ago

We need to ban corporations from doing a lot of things. Too bad they make the laws

2

u/usriusclark 4d ago

AND TAX THE RICH. CEO pay is pure greed and the cost of everything else is the result of corporate greed and corporate welfare.

1

u/BOT_Frasier 3d ago

It's not possible to just raise minimum wage, why the hell would corpo pay you x3 the amount illegal migrants are ready to do the work for. Local politics are not oblivious to that, they won't raise minimum wage to find that (legal) employment drops 10%, it obviously look bad on their management. Think Mark, think

1

u/GrandJuif 4d ago

Dude, each time they raise minimum wage, every companies raise prices of everything. Force them to have fair prices instead.

2

u/C6Centenial 4d ago

Ideally, that would be great. I’m not sure how you would implement that. Congress has never been able to pass any kind of “windfall profits” tax - and then, how do you define “windfall”.

I would love to tie some kind of massive tax based on the disparity between the lowest paid employee and the CEO to discourage these ridiculous compensation packages. And do it in a way that prevents any loopholes.