Re: OT slighly,,,economy is up?

Posted by oldtanker on June 09, 2018 at 09:52:14 from (66.228.255.59):

In Reply to: OT slighly,,,economy is up? posted by dennis min on June 09, 2018 at 08:43:52:

The economy is not measured in the price of a car. Nor is it measured in wages.

"The Gross Domestic Product measures the value of economic activity within a country. Strictly defined, GDP is the sum of the market values, or prices, of all final goods and services produced in an economy during a period of time."

If the GDP is up the economy is up, pretty simple.

I know a lot of guys working construction who are very happy with what they are making.

I know some are in favor of minimum wages set around 15 an hour. So to keep this simple if Minimum wage is 7.50 and you raise it to 15 that's a 100% increase. So Fred who's been working the line in production for 25 years and is making 13 an hour cause he's been there that long? You think he's gonna be OK with new hires getting as much as him? Or he going to demand, and get that same 100% raise? Now lets say that the company is making an item that sells in a store for 3 bucks. Now it cost a buck to make with wages being .50 cents. Well now it cost a buck just for labor. Plus the cost of materials are going to go up along with the store's cost too. So end result is a 100% increase in prices. It's called inflation and it normally goes up the same percentage point that wages do every time there is a minimum wage hike.

Now we all know the farm economy is not directly tied to the economy. Just like it isn't tied to an individual business. A farm or business can fail without effecting the overall economy.

So don't mistake what the economy is doing because you don't like the current administration. In all honesty the economy is doing great. But you are not going to be able to sustain paying someone who is only worth minimum wage as much as people think they should be paid.

OK the CEO of WalMart total compensation package last year including bonuses was just north of 22 million dollars. So people are going to say cut that and give the workers a raise. Well WalMart employs about 2.1 million people. Do the math. If the CEO worked for free and they used that to give each employee an equal share it would come to about $10.50 a year. That's right, 10 dollars and 50 cents or so for the entire year. That's one heck of a raise!

Rick

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