this post was submitted on 15 Nov 2023
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But what is profits don't go up that same 3.5%?
If the company isn't growing at the rate of inflation and they have to pay the workers more, they have to cut something to grant that pay increase.
So, I'd ask do you want layoffs for some and the cost of living increase for the rest or no raise?
If the business cannot afford to operate, then they shouldn't. Full stop.
So, yes. Gimme those sweet, sweet layoffs. Let's watch the whole business implode while we're at it.
I put to you that minimum wage should be the minimum amount people need to live and that companies that can't cope with that overhead should go out of business or adjust their business plan accordingly because otherwise they are causing harm to their employees.
I do understand that will indeed increase unemployment for a time, but there are many major corporations with record profits whose bottom tier employees are already subsidized by the government because they can't afford to live.
I think we do need a better support structure to help people who are unemployed for any reason. I get that this all puts stress on companies, but in 2023 companies need to face more pressure to care for the people who make their profit possible, IMO.
Minimum wage needs to be tied to inflation because otherwise it is divorced of meaning and no longer keeps our fellow citizens alive.
Neither. There is absolutely no excuse for the obscene compensation that CEOs and other executives receive. Quit letting the most sociopathic members of society (who, in all honesty, do not benefit society as a whole - they have a unquestionably negative effect on the lives of those around them) exploit the very people their company relies on to even exist. Give the bloody profit to those that, you know, ACTUALLY EARNED IT. And while we're at it, the function of CEOs have actually been rendered irrelevant due to utterly corrupt rulings by our Supreme Court, so get rid of them. Since they are now required to only ever choose profit, their entire role can very easily be automated.
In short, your entire argument is specious.