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how is the economy effecting you?

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shmokes:

--- Quote from: Ed_McCarron on August 12, 2010, 01:52:02 pm ---I'd like to think there'd be a magic number where labor and management meet in the middle.

--- End quote ---

I'd like to think that unicorns and Jesus are real.

Ed_McCarron:

--- Quote from: shmokes on August 12, 2010, 01:54:20 pm ---
--- Quote from: Ed_McCarron on August 12, 2010, 01:52:02 pm ---I'd like to think there'd be a magic number where labor and management meet in the middle.

--- End quote ---

I'd like to think that unicorns and Jesus are real.

--- End quote ---

The number may not be what you like, and it may not truly be in the middle, but its a number.  Enough people walk away, the number goes up.  Too many people in the field, the number goes down.

Now, go catch me a unicorn.  Their horns are worth real money.

Ed_McCarron:
I'm probably naive, but look at the big picture.  Don't just worry about 'me.'

Everyone across the board in labor takes a 50% pay cut.  All of a sudden, people can't pay for things.  No one buys.  Prices come down.  People can afford things again.

On a big enough scale, works, no?  It hurts, but it works.

I realize I'm not taking into account the high rollers.  Where do they fit in?

Endaar:

--- Quote ---No, if employers could pay whatever they wanted, most of us would be 'serfs' living...
--- End quote ---

Read "Economics in one Lesson" by Henry Hazlitt. It's from the 40s so it's completely devoid of any current political commentary.

Bear in mind too, a very small percentage of workers actually make minimum wage. It disproprtionally affects teens. Overall youth unemployment is currently at 25%, and a whopping 45% for black youths. Youth unemployment has been going down for years and has begun to rise since the increases in minimum wage since 2007. The market for labor works exactly like any other market; as costs go up, demand goes down. And as noted earlier, anyone who is not worth minimum wage to an employer simply won't get hired. [Stats taken from National Review, Aug 16th, 2010]

The same goes by the way for union wages; they guarantee anyone who isn't worth the required union wage won't be able to do that line of work.

I also have to add that I agree 100% with CheffoJeffo. Either you have the self-respect to make your own way in life or you should 'crouch down and lick the hands which feed you,' to quote Sam Adams. The whole 'woe is me' attitude is guaranteed to get you nowhere.

Endaar

saint:
Labor is a supply and demand market like anything else. Unfortunately for the workers, the supply of workers is larger than the demand. There would be a magic number where the meet, but it'd be pretty low.


--- Quote from: shmokes on August 12, 2010, 01:54:20 pm ---
--- Quote from: Ed_McCarron on August 12, 2010, 01:52:02 pm ---I'd like to think there'd be a magic number where labor and management meet in the middle.

--- End quote ---

I'd like to think that unicorns and Jesus are real.

--- End quote ---

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