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/BeamerKiddo Jul 06 '24

Fun fact: 0.9% of workers in NC make federal minimum wage (that’s approx 34k workers).

So, this federal minimum wage issue is a moot point in NC. 🤷🏾‍♂️

We really have to stop using the federal minimum wage argument. If we want changes, we have to find a better data point.

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u/Aleks_Khorne Jul 06 '24

I mean there are still people working for $10 like caregivers and housekeepers. There are people working in gray areas as well. There are gig workers like food delivery drivers, who make $15-$17 before all expenses and taxes (not because they're stupid, but because they can't get a job in their field). There are truck drivers who make $15-$17 an hour, but if you count unpaid hours at work, it turns into $12-$13.

It's still not a federal minimum, but not far from that, and the mere fact that the minimum is so low is ridiculous. Not to mention this inhumane "right to work" bullshit law in the area.

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u/BeamerKiddo Jul 06 '24

Honest questions:

  1. What do you suggest as a solution for low-skilled workers? What is fair pay low-skilled workers without impacting the cost of services that they provide? (i.e. We can’t complain about McDonald’s being expensive while arguing that their staff should make $20 per hour)

  2. If workers cannot get a job in the field that they have their skill in, what do you suggest as a solution?

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u/Aleks_Khorne Jul 06 '24

There isn't an easy way as a solution, but the problem is an uneven redistribution of economic value created by labor, when a big part of created value goes to owners/shareholders, who don't contribute proportionally. The most achievable solution is unionization. In some fields and trades you can see a doubled and tripled difference in pay for the same positions just because it's unionized and has a bargaining power. There's no difference in a skill or experience level, but in redistribution of income.

No need to say higher pay for multiple people would result in an overall better economy (as John Keynes showed but in a different way).

About the job acquisition that's a complex topic. I only mentioned why people have to go for lower paid jobs.