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Old Jun 18, 2014, 10:20 AM   #1
G51989
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America slammed for low wages and lack of infrastructure invesment by the IMF.

http://www.huffingtonpost.com/2014/0...ushpmg00000063

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America is treating its low-wage workers so badly that it's starting to get shamed by the rest of the world.

The International Monetary Fund on Monday cut its forecast for U.S. economic growth this year, warned of sluggish growth for years to come, and made a bunch of suggestions for getting America's economic house in order -- including raising the abysmally low federal minimum wage of $7.25 an hour.

"[G]iven its current low level (compared both to U.S. history and international standards), the minimum wage should be increased," the global financial-stability group wrote in its annual assessment of state of the U.S. economy. "This would help raise incomes for millions of working poor and (help) ensure a meaningful increase in after-tax earnings for the nation’s poorest households."

The IMF didn't say how much it thought the minimum wage should be, exactly. President Barack Obama has proposed an increase to $10.10 an hour. If the minimum wage had been adjusted for inflation regularly, it would be at least $10.68, according to the National Employment Law Project. Many fast-food workers would prefer $15 an hour. If wage floors had been raised to keep up with productivity, then they would be closer to $22 an hour.

However you figure it, the wage is too low, and one of the lowest among the world's developed economies.

The point is moot at the moment, because Republicans in Congress want nothing to do with a higher minimum wage. States and cities are starting to take matters into their own hands, led by Seattle, which recently raised its minimum wage to a highest-in-the-nation $15.

In fact, Republicans in Congress oppose many of the suggestions the IMF made for getting U.S. economic growth moving again, including infrastructure investment and immigration reform. Without such things, the IMF said, it expects U.S. gross domestic product growth to average 2 percent a year for "the next several years," below its historic average of more than 3 percent. The IMF also cut its forecast for growth this year to 2 percent from an earlier estimate of 2.8 percent.

Then again, the IMF also called for the U.S. to "fundamentally reform" Social Security, so there's stuff in this report for Americans on the left to hate, too.
Thoughts?

This does make a good point, the US of A is one of the few developed countries with such a low wage for its working class citizens, the report also points that America is one of the only developed countries that does not invest in infrastructure either.

You also need to take into account that in many of those countries, citizens do not need to worry about massive student or medical debt.

But we to rank number 1 in random meaningless wars, military spending, and mass incarceration! And violence in the developed world! Go USA!
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Old Jun 18, 2014, 10:34 AM   #2
jnpy!$4g3cwk
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Thoughts?
To top it off, we also depend upon the labor of illegal immigrants to pick our fresh fruits and vegetables. The following documentary is available on Netflix:

http://www.imdb.com/title/tt1981703/?ref_=fn_al_tt_1

Oh, by the way, this is not some anti-Mexican rant. As everyone should know, their illegal status is a necessary part of the current system.
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Old Jun 18, 2014, 11:13 AM   #3
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Oh, by the way, this is not some anti-Mexican rant. As everyone should know, their illegal status is a necessary part of the current system.
People know, but they turn a blind eye because people would rather buy a pound of strawberry for $1.50 instead of $3.00. Pretty much the same reason most of the stuff sold in the US is made in China. Here in 'Muerica the bottom line is the bottom line.

Maybe if everyone had more disposable income, they would to spend extra for better quality. I know folks on this forum would, after all, we pay a premium for products.
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Old Jun 18, 2014, 01:07 PM   #4
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Unless you pay the workers a living wage in your country, you are not creating consumers, but an underclass.
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Old Jun 18, 2014, 01:08 PM   #5
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Unless you pay the workers a living wage in your country, you are not creating consumers, but an underclass.
That is pretty much is what happened, 40% of Americans make under 10 dollars an hour. That only covers the basics, nothing else. They are slaves.

In America, the working class and poor are demonized, and some people in America want them put to death via removing safety nets.

And the elite and big business are worshiped like gods.

Last edited by G51989; Jun 18, 2014 at 01:16 PM.
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Old Jun 18, 2014, 01:21 PM   #6
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Originally Posted by Happybunny View Post
Unless you pay the workers a living wage in your country, you are not creating consumers, but an underclass.
Exactly. Excellent point and post.

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Originally Posted by G51989 View Post
That is pretty much is what happened, 40% of Americans make under 10 dollars an hour. That only covers the basics, nothing else. They are slaves.
And, again, I'm in complete agreement with you.

A form of capitalism that creates wealth (by manufacturing, innovation, export), needs to ensure that its own workers can afford to buy its products. Therefore, it makes sense to ensure that enough is paid to ensure that those who actually produce can afford to consume. Each section benefits - to some extent - from ensuring the welfare - or continued existence in relative comfort - of the other.

However, the version of capitalism that actually is completely indifferent to the idea of creating/crafting/manufacturing goods - but instead, prefers a model of rentier or speculative capitalism - has no need of a consumer class, as money, profits, and economic activity are all more or less a virtual and difficult to detect activity. Not only are they indifferent to consumer satisfaction, they are hostile to a minimum wage, or any wage. For some, the ideal is a zero hour contract (where there are little or no obligations), or, better still what is coyly termed 'an internship' which basically means that you get to 'work' for no wages whatsoever but try to justify it on the grounds of 'gaining experience'.

Indeed, perhaps the only thing that seems to matter to such people is either share-holder dividends, (because they risk being voted out of office) or the size of director or CEO bonuses. Unfortunately, the work force is utterly expendable in pursuit of profit.
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Old Jun 18, 2014, 01:34 PM   #7
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Exactly. Excellent point and post.
And, again, I'm in complete agreement with you.
:

Indeed, perhaps the only thing that seems to matter to such people is either share-holder dividends, (because they risk being voted out of office) or the size of director or CEO bonuses. Unfortunately, the work force is utterly expendable in pursuit of profit.
If only. That is, if only they would at least protect long-term shareholder dividends. I've posted examples in the past of leveraged buyout shenanigans that only enrich top management, at the expense of shareholders.

I'm not a tax expert/corporate finance type, but, there ought to be some way to change the tax laws to favor long-term dividends instead of short-term shell games.
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Old Jun 18, 2014, 07:55 PM   #8
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/sarcastic rant

Stupid foreigners don't know what they're talkin' 'bout! 'Murica! Land of the free, home of the brave! #1!

/rant over
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Old Jun 18, 2014, 08:03 PM   #9
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It's all a matter of perspective...

Everyone else's CEO's are underpaid. Why this unfairness toward CEO pay in other nations? They have to eat too!

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Old Jun 18, 2014, 08:28 PM   #10
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It's all a matter of perspective...

Everyone else's CEO's are underpaid. Why this unfairness toward CEO pay in other nations? They have to eat too!

Image
All this does is prove that CEOs in the US are 9.5 times as valuable as any other nations' CEOs. I mean, you just can't find anyone in the world like them! I mean, we're obviously 40 times smarter than Japan and Germany!
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Old Jun 19, 2014, 02:25 AM   #11
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That is pretty much is what happened, 40% of Americans make under 10 dollars an hour. That only covers the basics, nothing else. They are slaves.
To put that into perspective 40% of Americans make less than the minimum wage here as our minimum wage is over $10/hour. You almost certainly get at least some of your rent covered on minimum wage here.

And here even some conservatives think £6.31/hour is too low.
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Old Jun 19, 2014, 08:14 PM   #12
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When the IMF and "job creators" abandon the GOP, whose left but the uneducated, programmed, ill-informed, FUX NEWS watchers?

FUX NEWS may win the Nielsen ratings, however, I do not believe they can carry a national election.
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Old Jun 22, 2014, 01:34 PM   #13
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When the IMF and "job creators" abandon the GOP
Interesting read:

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Robert Reich: Why Even Business Leaders Now Realize Widening Inequality is a Terrible Problem

Some business titans lament the declining middle class, a.k.a., "our customers."

June 19, 2014

A few weeks ago I was visited in my office by the chairman of one of the country’s biggest high-tech firms who wanted to talk about the causes and consequences of widening inequality and the shrinking middle class, and what to do about it.

I asked him why he was concerned. “Because the American middle class is the core of our customer base,” he said. “If they can’t afford our products in the years ahead, we’re in deep trouble.”
I might even go so far as to say democracy itself is very difficult without a dominant middle class.
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Old Jun 22, 2014, 03:31 PM   #14
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It's all a matter of perspective...

Everyone else's CEO's are underpaid. Why this unfairness toward CEO pay in other nations? They have to eat too!

Image
What you don't understand is our CEO are all worth 296 average workers in the US. That's why out of the top 10 business in terms of gross income, 2 of them are in the US and 3 of them are state run companies in China.

Wait ....

Edit: Found a more recent number

http://money.cnn.com/2014/06/12/news...pay/index.html

It also tells how the average CEO is worth 750 minimum wage workers!
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Old Jun 22, 2014, 04:17 PM   #15
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To put that into perspective 40% of Americans make less than the minimum wage here as our minimum wage is over $10/hour. You almost certainly get at least some of your rent covered on minimum wage here.

And here even some conservatives think £6.31/hour is too low.
Can't disagree.

The difference is, Americans generally dislike the working class, and consider people working two full time jobs hardly able to make ends meet as " takers and leeches and entitled "
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Old Jun 22, 2014, 04:22 PM   #16
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Can't disagree.

The difference is, Americans generally dislike the working class, and consider people working two full time jobs hardly able to make ends meet as " takers and leeches and entitled "
Let's be fair, all Americans don't think this way, just the right wing politicians and their followers who don't think for themselves.

It's encouraging to see that some people are finally waking up to the fact that Reaganomics are a complete load of ******** and are the main reason of the recent recession and our struggling economy.

We need to go back to many of the economic policies of the 50s.
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Old Jun 23, 2014, 01:55 AM   #17
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Can't disagree.

The difference is, Americans generally dislike the working class, and consider people working two full time jobs hardly able to make ends meet as " takers and leeches and entitled "
I'm sure Daily Mail readers think the same here.
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Old Jun 23, 2014, 05:53 AM   #18
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Can't disagree.

The difference is, Americans generally dislike the working class, and consider people working two full time jobs hardly able to make ends meet as " takers and leeches and entitled "
Erm... that is not my experience. Where I grew up in the US people who worked hard were respected. When I go back to the States it doesn't seem to have changed much. The only ones who seem to attack the working class are crotchety old retirees who resent paying taxes and tips.
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Old Jun 25, 2014, 05:53 AM   #19
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To put that into perspective 40% of Americans make less than the minimum wage here as our minimum wage is over $10/hour. You almost certainly get at least some of your rent covered on minimum wage here.

And here even some conservatives think £6.31/hour is too low.
It's relative to the cost of living in your region though. Here is Australia our min wage is $17 an hour, but our cost of living (in the major cities anyway) is one of the highest in the world. The min wage in the U.S is $10 less than here, but the cost of living is also a lot lower.

A lot of the time a high min wage and a high cost of living go hand in hand, as artificially inflated wages push up the prices of many goods and services.
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Old Jun 25, 2014, 06:25 AM   #20
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Yeah I wouldn't bother getting up out of bed in the morning if I worked a minimum wage job in America. Not even worth it.
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Old Jun 25, 2014, 06:30 AM   #21
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It's relative to the cost of living in your region though. Here is Australia our min wage is $17 an hour, but our cost of living (in the major cities anyway) is one of the highest in the world. The min wage in the U.S is $10 less than here, but the cost of living is also a lot lower.

A lot of the time a high min wage and a high cost of living go hand in hand, as artificially inflated wages push up the prices of many goods and services.
If you want to correct for that use PPP dollars .
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Old Jun 25, 2014, 08:05 AM   #22
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The US should divert all IMF funding dollars to infrastructure.
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Old Jun 25, 2014, 10:16 AM   #23
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The US should divert all IMF funding dollars to infrastructure.
That won't fix anything. Drop in the bucket, the US of A needs trillions upon trillions to fix what we have, let alone upgrade anything.

Also needs to up the min wage.
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Old Jun 25, 2014, 10:18 AM   #24
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Unless you pay the workers a living wage in your country, you are not creating consumers, but an underclass.
what is a "living" wage?
I know guys on minimum wage that are living here.
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Old Jun 25, 2014, 10:27 AM   #25
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what is a "living" wage?
I know guys on minimum wage that are living here.
livingwage.mit.edu

Essentially a living wage is the wage required to pay your basic life expenses... shelter, food, clothing, utilities, medical costs, and transportation to work.
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