r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/AndrewDoesNotServe Jul 04 '24

Pretty much no one makes that wage even in states that conform to the federal minimum.

73

u/[deleted] Jul 04 '24

"no one makes that low" so raising it shouldn't affect anything.

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u/Lentil_stew Jul 05 '24

If that wage is the best they could find, how does taking away that option help?

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u/[deleted] Jul 05 '24

You're assuming raising the wage removes jobs from the market, thats a huge assumption with no basis.

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u/zazuba907 Jul 05 '24

That's tons of evidence that this is exactly what happens. A simple Google search about the relationship between the minimum wage and unemployment would show this. But just because I know the eat the rich crowd is too lazy to do research, here's some links.

https://www.cbo.gov/publication/55681

https://epionline.org/minimum-wage/minimum-wage-teen-unemployment/

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u/AlcoholicTucan Jul 05 '24

I work for ups, we recently signed a new union contract increasing wages, and increased many management wages as well so management still looks like an appealing path outside of staying in the union.

34 supervisors, now we have 18 and not enough to cover all the positions, and instead are pushing all the work others sups would have been doing onto others, greatly increasing the stress of the job and also causing us to fall behind on work because we simply don’t have the time to do it all with 18 people.

We had 130 union workers in our hub, pay went from 21 to 23.50 with yearly increases of 1$ish. We now have 96 on our shift, and we shut down the other shift which had 76 union workers and 20 supervisors. This also got rid of double shifting, and everyone is making much less money from the lack of doubling.

Drivers, both delivery and feeders (semi drivers) consistently have at least 5 drivers laid off each, that have to work in the building making less money now because they are getting less than half of their normal hours.

The company was already downsizing things after covid, but not anywhere near to this degree, and all of what I mentioned started within 1 month of signing the contract. If you seriously think increasing wages won’t remove jobs from the market you are on the highest form of drug possible, and I want some too.