On the high paid CEO subject I see one big problem on a lot of them. Over here many of the top bank executives earn wages like $12,000,000 a year, with bonuses that double that. Ok they think they are worth it. I think BS and think I could do their jobs.

Why?
Everytime you hear some sort of news about these people it is when they have hired this consultant or that consultant. Basially they really do bugger all except hire experts in particular fields to advise them what to do.

A good example recently was a government employee was paid a $3,000,000 bonus for doing a report on subject X. It then came out in the news that this employee paid an external company $1,000,000 of government money to get the study done and the report published. So why does he deserve $3,000,000 for doing nothing but making a few calls?

The minimum wage is basically irrelevant. As some have mentioned, the de facto minimum wage has increased substantially beyond the gov't-imposed one. So why not just drop it and let the market continue to take care of itself?

Besides, the minimum wage is a socialistic policy. I abhor socialism.

As far as the labor unions needing a "yardstick" to determine wages... why don't they perform a market analysis, and adjust wages accordingly? Maybe that's too much work?

quote Originally posted by AquaHusky: Well, the way I see it, if you take the minimum wage of the early 80s and add inflation to it, it would be about $9 in today's money. So, inflation has gone up, but the minimum wage has not kept up. .

Actually, you have that 100% backwards. Since 1980 the minimum wage went from $3.10 hour to $7.25 in two years from now or a 133% increase. Inflation averages less than 3% per year or about 87% over the same time. That is on the Federal level. Some states enforce even HIGHER rates. New Mexico is $9.50/hour!

Now if you want to discuss inflation versus the value of the dollar overseas I'm with ya!

But try to keep one thing in mind when thinking about the value of minimum wage, if you had a choice to buy a brand new 2007 Honda or a brand new 1980 Honda (both in mint condition with that new car smell) which would you buy? Duh, the 2007. Why? better value! better safety features, better power, better longevity, more comfort, nice stereo, the list of reasons is endless. Hence, the value of a car THEN is not the same as it is NOW because of technological advances in both quality and features.

Any economic discussion of minimum wage has to take this into account. Another example, a PC cost about $2000 fully loaded in the early 80's. Same today. Which would you rather have for your $2000? Your wages may not be huge but they buy MUCH more than they did back then on most consumer goods. OK, so a loaf of bread is not much different and costs much more. These items are more expensive for one reason....because the minimum wage has gone up!

quote Originally posted by Formula88: Imagine everyone gets to decide what they get paid. How much would YOU get paid then? If everyone got paid what they "want" how long do you think the businesses would stay in business?

Congress has been in business for quite awhile.

A quick analysis:

If raising the minimum wage is a good idea, why not make it $50 or $100 per hour? Well, you might say not everybody is worth that much. Think about that.

The sad fact is that some people are not worth $7.25 an hour, although they might be employable at $5 an hour. If you price the min wage too high, the people who need an entry level job to acquire skills will have fewer opportunities to get them. Some people need to learn the importance of just showing up on time and being reliable. This is why there are so many self service gas stations, it's not worth paying a teenager to sit there. When the min wage is raised, more entry level jobs will be phased out.

quote Originally posted by cliffw: Congress has been in business for quite awhile.

Congress isn't a business.

Yes, you are right. I had realized that when I posted. I thought it was funny in an ironic sense.

quote Originally posted by AusFiero: On the high paid CEO subject I see one big problem on a lot of them. Over here many of the top bank executives earn wages like $12,000,000 a year, with bonuses that double that. Ok they think they are worth it. I think BS and think I could do their jobs. Why? Everytime you hear some sort of news about these people it is when they have hired this consultant or that consultant. Basially they really do bugger all except hire experts in particular fields to advise them what to do. A good example recently was a government employee was paid a $3,000,000 bonus for doing a report on subject X. It then came out in the news that this employee paid an external company $1,000,000 of government money to get the study done and the report published. So why does he deserve $3,000,000 for doing nothing but making a few calls?

a common cry -
but, the truth is - the economy NEEDS rich people. they are who hire poeple & pay people. jobs dont have a magic money fountain attached to them. you have a job, because there is someone somewhere who wants you to do that job for them. that person will pay some other person xxx dollars to do yyy, because they dont want to do it, or know how to do it themselves. thats also why I mentioned at the very beginning of this thread - if you are punching a clock - you are not going far. not saying you wont be happy. most people are in fact happy punching the clock. just saying - you are one side of the tracks. this probably fits most of us, being we drive Fieros....

now that is has come to pass......and next step is in 8 months.....
how y'all feeling about this?

http://www.laborlawcenter.c...ral-minimum-wage.asp

I always thought raising the minimum wage is part of why everything else went up. Its like setting teh bar and all retailers and services just go up with it.

[This message has been edited by 2.5 (edited 12-06-2007).]

quote Originally posted by 2.5: BOON, you should get into politics, I think most of America knows these things but doesn't know how to do anything about it. It seems like you care alot and would be a good cantidate to get in there and knock some heads (mentally). For real.

I can't, becouse I would become corrupted.
If I refused, the temptors would dig into my past and find that in a 20 year period, I did every drug on the planet.
And that would be that.
It's not about what you think.
It's about who you are.

Cult Of Personality:

Look into my eyes, what do you see?
Cult of personality
I know your anger, I know your dreams
Ive been everything you want to be
Im the cult of personality
Like mussolini and kennedy
Im the cult of personality
Cult of personality
Cult of personality

Neon lights, a nobel prize
The mirror speaks, the reflection lies
You dont have to follow me
Only you can set me free
I sell the things you need to be
Im the smiling face on your t.v.
Im the cult of personality
I exploit you still you love me
I tell you one and one makes three
Im the cult of personality
Like joseph stalin and gandi
Im the cult of personality
Cult of personality
Cult of personality

Neon lights a nobel prize
A leader speaks, that leader dies
You dont have to follow me
Only you can set you free

You gave me fortune
You gave me fame
You gave me power in your gods name
Im every person you need to be
Im the cult of personality
Look into my eyes, what do you see?
Cult of personality

[This message has been edited by Boondawg (edited 12-06-2007).]

I'm against it boon...

The reason is simple. It allows the government to glean more tax dollars for the same work YOU do.You may get a dollar an hour increase but then your wealthy uncle gets a larger slice of your pie too.

Ya, the media trumps the government. Sad but true.

[This message has been edited by 2.5 (edited 12-07-2007).]