Posts filed under “Wages & Income”
Last month, we discussed in this space McDonalds and Wal-Mart as America’s biggest welfare queens. As it turns out, both retail giants are the beneficiaries of a surprising amount of Federal aid: Their employee’s receive an inordinate amount of Medicaid, food stamps and other public assistance. This allows them to maintain very low wages, and keep profits relatively robust.
I wondered aloud at why profitable, publicly traded private sector firms were receiving so much taxpayer largesse. With these corporations having their full time employees’ paychecks effectively subsidized by taxpayers, I decided to do a little do more digging. What I found about minimum wages in the United States surprised me. I suspect it will surprise you, too.
We begin with a little minimum wage background: In the US, it is currently pegged at $7.25 per hour. The law mandating these wages began post-depression in 1938 at 25 cents per hour. (New Zealand beat us by 40 years). Individual states have the option to mandate a higher minimum wage, and about half of them do with Washington State requiring the highest pay at $9.19/hour. Amongst developed economies, Australia and Luxembourg have the highest minimum wages ($15.75 and $14.21 respectively) while the other end of the scale includes Korea ($3.90), Poland ($2.69) and Hungary ($2.24), according to OECD. The United States sits in the middle of the range.
The Surprising Impact of High School Math on Job Market Outcomes Jon James Federal Reserve Bank of Cleveland 11.01.13 The economic returns to education are well documented. It is also well-known that college graduates with certain majors will earn more than others and find it easier to land a job. But surprisingly, the…Read More
Technology is advancing in leaps and bounds — and so is economic inequality, says writer Chrystia Freeland. In an impassioned talk, she charts the rise of a new class of plutocrats (those who are extremely powerful because they are extremely wealthy), and suggests that globalization and new technology are actually fueling, rather than closing, the global income gap. Freeland lays out three problems with plutocracy … and one glimmer of hope.
TEDTalks is a daily video podcast of the best talks and performances from the TED Conference, where the world’s leading thinkers and doers give the talk of their lives in 18 minutes (or less). Look for talks on Technology, Entertainment and Design — plus science, business, global issues, the arts and much more.
Hat tip Panskeptic
Click to enlarge Source: Merrill Lynch I meant to get to this last week but travel (a/k/a Nasdaq Freeze) got in the way “After collapsing in 2008-10, net worth is booming again and has now surpassed the 2007 peak. A generous take on this is that the dollar value of wealth has now fully…Read More
In 2011, I posed the question “Is McKinsey & Co. the Root of All Evil ?” This was not a tongue-in-cheek query, but rather, a look at how so many recent disasters traced their origins back to McKinsey & Co. Which brings us to the latest issue negatively affecting the United States, skyrocketing CEO pay…Read More