Minimum Wage Propaganda - Why Amazon & Walmart Love the Idea
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What is the purpose of minimum wage? Is it a myth, is it a propaganda, is it a good thing? In this video Patrick Bet-David debunks the topic. Don't forget to subscribe.
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My channel will be documenting my life. Starting from minimum wage to millionaire. it's called the valuetainment challenge and it's on this channel.
If politicians talk about the market value issue they will never get any votes because that discussion will eventually lead to personal responsibility, people don't like that.
No doubt. That’s the issue.
Jordan Peterson made a name for himself selling personal responsibility.
Maybe some politician will try to run on that someday....
I take issue with your argument.
Because yeah, market value definitely is a thing, and personal responsibility definitely is part of that. I agree.
BUT
as Bernie says at 8:05, the point of raising the minimum wage is to get to a living wage. Even Patrick calculated at 2:49 that $15/h gets you *to* (not above!) the poverty level.
I have two points to make. I'll formulate them as questions you should ask yourself.
First point:
-How do people survive on the current minimum wage?
Do you really want people working 40 hours a week (all year, without a single day off, according to Patrick's math) to be below the poverty line? Because that's where people are with the current minimum wage.
Now, I don't know enough about the definition of the poverty line, and where exactly you draw that line and what you base it on is really important. But if people working 40 h/w stay well below the poverty line, then what do you expect is gonna happen to them, and what are the repercussions for society?
Because I can tell you right now that if I worked 40 h/w without a single day off and I'd still really struggle to pay rent and buy nutritious food, turning to crime becomes *REAL* tempting....
What path do those people have to stay out of crime, while staying fed and not-homeless?
Are you willing to help them? (tax rebates, "hand outs," food stamps etc) How many dollars a year can the government spend on them before you think it's too much?
Second:
-How can people work themselves out of minimum wage jobs?
There are lots of people who don't have any real skills. Who don't have the money to invest in a education in trades or something, or who have mental health issues they struggle with and can barely hold the job they have now but cannot afford therapy to get better, or who are single parents who divorced or were widowed or simply woke up alone one day. There's plenty of tragedy that can completely wreck someone's life trajectory, and make it insanely hard to claw your way back out of.
People currently working at Wal-Mart, what promotion options do they have? You need more workers than managers, so you can't promote everyone who's been there for 10 years. There are no shops that need managers but don't have their own employee pool to promote from. So were do these people go? What future do they have? How do they pay their way to get there (if it requires additional education - which also requires extra hours to study)?
There are currently lots of people working two full time jobs who still have to decide between gas and food.
This is not sustainable.
These people will get sick sooner or later because of malnutrition, miss a week at work, then be unable to afford their car repairs, which makes it impossible to show up at their jobs, which gets them fired, leaving them homeless. Once they're in that desperate a situation, it's a very small step to drugs or crime in order to get some money.
And homeless people, or people without health insurance, or inmates... do you know what these people cost our society??
Your health care bills are inflated to cover their ER costs. Your tax dollars are spent on prisons instead of schools.
These people become a massive resource drain on all of us.
So, I agree a minimum wage of $15 across the board for everyone is a bad implementation. But no increase in minimum wage is bad too.
We either need a minimum wage that is set at the living wage, and calculated on a per state and per city/district level. Or we need very very hefty hand outs to everyone working 40 h/w, in the form of food stamps and the like.
But you can't be against both *and* not offer an alternative. That's *far* more expensive.
msec Ses
Yes and no. Ultimately, your pay grade is decided by management. A lot of men experience unfair pay gaps between them and their fellow male co- workers simply because of favoritism.
Depends on the industry but equal work equal pay isn't a guarantee -- whether you're male or female.
Politicians are not our friends.
Since the politicians fell $15 an hour is a living wage, let's pay all of them this living wage.
Stephen Cook Actually this is a GENIUS IDEA!!! However, I really don’t think most of them are worth anywhere near that much!
That is actually a very interesting debate to have, politicians are representatives of the people and their job should to be work for their electorate and not get rich and become multi-millionaires due to their work. If your senators and congressmen are millionaires, it will start attracting all sort of self-interested people who just want to profit from the situation. Then again, it can't be too little otherwise if politicians are 'poor' then some of them may get bribed or coerced financially. There should be some solid salary but in relation to the electorate, if those politicians are all walking of their offices with millions in their pockets then they are probably not working for their electorate.
Why are soooo many of them millionaires or even billionaires? That's what's wrong with this dumb country. All the politicians have huge amounts of money and won't actually do their jobs. If the Purge was real, they'd be swinging from ropes from Washington to Florida.
@Sam Farza thats EXACTLY why they get paid so much. people are corrupt. every one of us would take money for a favor. just has to be the right amount.
@@largol33t1 if the purge was real, you'd probably be swinging too. cuz someone would come and take your stuff. if anything, politicians SHOULD be millionaires BEFORE taking office. that way it would be a sacrifice, as the founding fathers intended.
Videos like this make me wish the internet and youtube existed when I was growing up. There is so much I wish I had been taught.
The entire MGTOW / Red Pill / Manosphere in TH-cam screams the same thing every day - at least once a day
@@edratcliff5873 wtf are you talking about
So say we all.
@@e30lover55 ie, so say we all
There were plenty of books, sad no one read them. Too late now.
I live in Phoenix and work at Amazon, and I can def say the minimum wage boost was great for me. What no one is telling you tho is that Amazon raised the minimum wage at the expense of cutting some benefits
You mention something really important that many might not get. Benefits are usually worth way more than people expect and usually accepting to lose benefits for a wager increase is often a terrible mistake. Having more money in your pocket is not any better if you have more expenses. A little example of it as i didn't understand that either before then. I used to work between 17-20yo in restaurants as cook. My paycheck was bad but i was allowed to eat everything i wanted unlimited in the kitchen everyday. What it meant is i had infinite food, free, everyday. It was so good at some point i managed to get to work 6-7 days a week but 4-6h just so i can go and eat lol. Then i moved to work in a hospital for twice the wage. I was certain my life would greatly improve... I just forgot something: in Canada double wage means 10000x more taxes (as cook i barely paid any but with double wage i would enter a wage that has to pay much more taxes) so half of the wage increase.. gone. Then i realized with my empty fridge that the other half that i had left for me wouldn't even pay for all the food i would eat back in the restaurants. I just didn't think about that before moving. It's such a common mistake that even nurses at the hospital would cry cauz the hospital hired so temporary private nurses to cover some days that had missing staff. The hospital nurses would have 5 weeks paid vacation, full retirement pension, insurances, 13 paid days through the year, 9 sick leave paid days and so on while the private nurses had nothing at all but in exchange had a bigger wage. The hospital nurse would cry and say it's unfair that private nurse are paid so much while in fact if you calculated the value of all their benefits they were paid MORE. People just don't think or see farther than their nose. Truck drivers cry that they are only paid 20$/hr (long distance ones) and cry. BUT, they don't mention that they pay literally no taxes because of all examptions they get so the 20$ is almost clear in their pocket, they would need over 30$/hr if they paid taxes to have same net paycheck. On top, since they are always on the road, the truck is their house and all their meals and expenses are paid usually unless you work for terrible company hehe. So in the end they could be working for 40$+/hr but since on the paycheck it shows 20$ they cry. Never forget to calculate everything. If amazon gave wage increase but cut benefits, i would bet my shirt in the end they don't spend a single extra penny and you guys are just losing. And in case you would go that path as many do, it's not because one or more benefits doesn't apply to you NOW that it means you will never need it otherwise it wouldnt be provided at work nobody would care. Sounds like my brother early 30s saying it's bad to pay so much taxes for universal healthcare since he's not sick lol... he won't be 30 forever and learn.. too. :D
@@angrybird7324 long but worth it lol
@@sarscio Schools lose so much precious time teaching completly useless old things while not teaching about jobs, what to look for etc. I saw so many people do same mistakes over and over. Example, i had a friend cook in the restaurant. We were working in the most crowded most popular restaurant on side of the highway in between the 2 biggest cities in the area so people would stop to eat. But wages were low but the business was going well and we were never worried about being paid. My friend was offered 30% more to go cook for a small new restaurant, relax not many customers.. smooth life. Yeah right. He wouldn't always get his paychecks on time, many hours every week were not paid and gathered in a "time bank". Then one day restaurant closed, bankruptcy. My friend lost his job and the 1000 hours they owed him, byebye.
Also some things (not that crazy but still something to consider) is that when you do a tough job with not so nice paycheck but good benefits if you work there for the long term you will become precious and your boss will allow you much more freedom than any other places. In restaurant they had so many issues with competent staff and students always quitting that me and my friends were literally allowed to smoke weed on work and we were reguarly given beer in the kitchen late evening when we were closing and cleaing up while listening to music and joking around. It was always a party in there. At the hospital i was a number, everyone wanted my job because of the supposedly double pay, the "benefits" etc so my boss wouldn't leave me one bit. He would treat us like shit and ruin our lives saying if you not happy i got 2 pages of people at home on standby waiting to replace you. We had the highest rate of depression in the state. Also, a restaurant, at least the on i was working in, was CLOSED at night lol. An hospital is opened 24/7 and in case of emergency or whatever they can call you on your day off forcing you to come in, cancel your vacations 2 days after you are gone! come back! lol. And one very important thing, at the hospital we were in a union all paid the same so there was no motivation whatsoever to perform. Older staff would literally do nothing and eventually new employees would figure they get same paycheck for doing nothign and hiding so why do all hte work? It was toxic environment while in the restaurant the difference wasn't that big, but because i was working hard i was paid more than others so it was motivating me a lot. Oh and at the hospital we had sick leaves, vacations all the kit.. was fun right.. except the fact they were always denied and they would just pay them all at the end of the year on the last paycheck with taxes taking over half of it... fun. There is no perfect job but people usually pick wrong, they look for big base wage and such and forget to think about the whole thing. I know people that make huge income but live such a horrible shitty life, they are sad and are oppressed by life working 100h a week... big house big car.. for ghosts. Wasted lives while i knew some with low income on the party all year long working with their friends and enjoying life.
When you think about it for a second, what is really the best? Working like crazy in a big company, have a huge house, crazy cars but never anytime to be either in the house or the cars and a wife so lonely.. she end up in the arms of someone else and your kids.. are they yours? Do they even know who you are other than money provider? While i know people that earn about min wage or a bit more but spend afternoons on summer drinking beer and having fun with their wife and kids because they work 35h/week and not 100h. My father is a rich wasted like that. Work hard to get lots of money to end up spending all the money to reward yourself for working so hard and try to forget how you hate everything in your life hehe.
@@angrybird7324 I really enjoyed what you said there mate and completely agree with you. You have to look behind the BS in life to see the true nature of things and then make sure you don,t get screwed in the process.
I worked in a call center not too long ago
walmart and amazon will not pay minimum wage they will automate you right out of a job
They will fire 95% of workers and pay more the few remaining technicians. So technically they are not lying and will pay more.
Lol, Amazon pays 15 right now
@@thorondor4012
You do realize that they slashed paychecks when they did that because the bonuses were worth more right?
@@Delimon007 welcome to the free market, bud. It's why minimum wage mandates are trash.
@Logan Waltz I make 24 cents above minimum wage and I have been there for 4 years. They rip off the workers that have been there for years and give those wages to the new employees. I know employees that were recently hired and work the same position as me and make more than I do. I ain't talking about 1 dollar. I am talking about 2 dollars more than me!!!!! Such bullshit!
I started working at $2.01 hr. I started saving for a new car that was $3,200. We got a minimum wage increase to $2.35 hr. The car went up to $6,000. I couldn't afford it! The last time minimum was raised 11% the bus ticket was raised 35%. That doesn't help the working poor!
In the 1970s , a wave of young liberals. Bill Clinton among them, destroyed the populist Democratic Party they had inherited from the New Dealers of the 1930s. The contours of this ideological fight were complex, but the gist was: Before the 70s, the Democrats were suspicious of big business. They used anti-monopoly policies to fight oligarchy and financial manipulation. Creating competition in open markets, breaking up concentrations of private power, and protecting labor and farmer rights were understood as the essence of ensuring that our commercial society was democratic and protected from big money.
People building those cars were making way, way above minimum wage. The increase in minimum wage isn't why auto prices increased. You can go to a living wage and make it so that prices don't increase. For instance, you can let the employer deduct the wage increase from their corporate income tax and pass the burden of taxation onto the employer.
I started at 25 cents per hr. Min wage went to 62cents; kids then laid off.
Can we get a "Tie Of The Year" Award for this man please?
The increase in minimum wage by 34 cents or less than 18 percent didn't increase the cost of the car you were saving for by 2x. Stop with the BS.
"You like this tiramisu? Let me put it in your mouth!" LOL
It sounds so dirty, doesn't it?
😳😳😳 🤣🤣🤣
Hahaha.😂 Soon as he said that I had to go check the comments!
Lol I laughed too...i was like "wait, what?" 😂
Employers who complain they can't find workers are the the very same employers who dont want to pay good wages.
Bull shit, people are fucking lazy today
@@areeskinwar7274 There are some good workers out there that need little help getting good at working a job, but many businesses are now having to deal with a coddled generation that doesn't fully understand the concept of knuckling down and getting work done, nor the span of time it takes to get reasonably skilled at performing certain jobs. They think they're the best right from the start and expect to be paid as such and anything less is called a "rigged system", "systematic oppression", or any of the many other buzzword bingo words they like to throw out to become the victim or otherwise justify their inadequacies.
It's a harsh reality, but these companies are going to have to work harder to shape workers into what they need to be in order to succeed. That means better or otherwise more "agreeable" teaching/mentoring methods to bring people out of their self-deluded stupor. You have to work with what you got.
@@areeskinwar7274 I disagree. I think these times are just like any other times. You will have lazy people, sure. But you also have a lot of hard workers too. People who are desperate for work so they can feed themselves.
@@CT-yc4gd I have hired and fired over 600 people mostly men, engineers, designers, architects, skilled tradesmen, laborers..........what's your experience?
@@areeskinwar7274 6 years with security. Have armed guard card. Some managerial experience with Lowes as well as a business that my friend and I owned. Unfortunately, it went under as we just couldn't compete with the higher pay outs of near by shops. We ran a Gold n Silver store. Fixing jewelry, buying good from people coming in, reselling. Things of that nature.
In America, wage isn't the problem. We earn a lot, the problem is cost of living.
The problem is money management. Cost of living is only a problem in select areas
@@SpartakMs83 in those areas where the cost of living is low they earn less so it's the same problem.
@@chinaexpat1827 Even if you are extremely poor if you manage your money from a young age you can work your way out of poverty. Discrimination? Low wages? High cost of living? Doesn't matter. if you budget properly, work hard, develop yourself and live within your means you will climb the economic ladder. The real problem is people DO NOT do that because they are never taught the concept. Instead they are taught that the system is rigged, that the wealthy are exploiting them and that they are victims.
@@SpartakMs83 ofcourse the system is rigged and workforces are being exploited by powerfull entities that is a global disease. that doesn´t mean that individuals can´t climb up within the rigged system, but to think that ALL individuals can benefit only if they budget properly, work hard, live within their means etc etc ... is naive. but i agree with you on the "developing yourself" idea
because of regulations that make it difficult for real estate companies to open more housing, and making it difficult for landlords to kick out piece of shit tenants that ruin the place and bring crime.
“Money matters, life is expensive.”
It shouldn't be. There should not be any price on human rights, like water, food, education, medicine. We can do better than this. People are literally dying because they cannot afford these basic essentials.
@@JaseekaRawr you don't like society , try to go live in nature alone...you will run back to civilisation within 3 days and hope to work just in Mcdonalds ,
This makes me not only sad but also mad. I'm a single 52 yr old woman who works full time as a waitress. I lost everything I'd worked my whole life for in 2008/2009 at 40 yrs old(including my husband). I've never been able to bounce back. I moved from Florida,my home state, to Indiana only because I have friends here, my daughter was in college here and the cost of living is low. I pay $450 a month for a 2 bdrm 1 bth 1200 sq ft. rental. It's no palace but it's cute and affordable. I dream of the day I can own my own home again but the way this country is heading, doesn't look like that'll happen any time soon..it's a shame what's happening to America.
Good Luck. I would rather be in Indiana anyway. Florida is a hot humid hell hole. Enjoy the beautiful change of seasons and the good down home conservative Americans. I live in New Jersey. One of my coworkers pays $1800 a month for a one 1 brrm 1 bth rental. My brother lives in Rushville Indiana. I would love to leave this overpriced are and retire there. I agree with you, America is not what it used to be and its going to get worse. Your better of in Indiana....
Your beautiful keep your head up
My mom used to tell me you could buy a car back then for $280 bucks easy. Nowadays not so much...Now they want you to have good credit, insurance, and most of the time they won't try to sell you a car, but have down payments.
450??? Christ. I know that ratio is important when it comes to finances, but that's a quarter, if that, of my income. I can't even get an apartment because I make too little. In CA and not LA, Bay Area, or Sac, and a 1 bed apartment with no animals requires at least 2.5x income.
Min Wage is for teenyboppers entering the workforce. Not for adults with families. Tell your daughters not to do what you did. Do not smoke weed then lay down with weak men. I wish you the very best but you cant make other people pay for your silly mistakes.
You are spot on! Property taxes are increasing at an alarming rate. This is to drive out small real estate investors so big corps can monopolize housing.
YEP
That's a large leap in logic. Yeah, I'm sure people like Bernie advocate for minimum wage increases because he wants monopolies to dominate further. Monopolies are an independent variable that should be dealt with independently from things like minimum wage. Conflating the two like the speaker here did is irresponsible. A minimum wage increase is justified at a certain ratio based on an increase in the GDP. Follow America's minimum wage based on that metric to see when it's justified and when it isn't, you'll see minimum wage workers have been hosed at any ratio you feel is justified. Measure it based on inflation and you'll see minimum wage workers haven't been given a slice of the growing economy since almost the 1960s.
@@Matt-ww9wv I agree it's a leap in logic but not because of the claim that politicians pursue it. It happens to simply turn out that way because half the time, they're ignorant of the intricacies of their policies, but they don't care because they pursue the voter's perception of virtue and nobility. The end result is everything Patrick explains here.
@@SlimNubster If you think this video wasn't at least a little hacky you have to a long way to go. Your claims on politicians were vague too, rather meaningless. Sometimes raising the minimum wage is something a country should do and what I highlighted above suggests when those times exist.
@@Matt-ww9wv Why stick to minimum wage. It would be best if a politician would come with policies that simplify becoming an entrepeneur. Have one or two licenses to run a business not 10 or 20....
13:17 “You like that Tiramisu, put it in her mouth, have some wine, third base.” Excellent timing of the video editing 😂
LOL that was great
I knew someone else picked up on that. LOL
I find it weird that someone who is supposed to be explaining an important issue is making such strange arguments about the issue. He displays no useful evidence for his points and all evidence he makes have no information on the wage increase effects.
VodShod - So do you feel that more serious, dull and/or academic lecturers are always better at delivering important information?
Patrick, this master class of yours needs to be taught to every child in America every year starting grade 7 all the way to grade 12.
Should be taught from 1st grade!
They used to. It was called economics. Hasn't been taught at those schools for the last three decades.
That's cute. It's a masterclass if you don't understand economics and politics
@@noco3126 So good of you to spare us 15 seconds of your time to demonstrate the art of preening your feathers.
@@KimChi-wz7mk Project much?
The purpose of the minimum wage is to guarantee the re-election of politicians who raise it. However, the president cannot raise the minimum wage. That requires an act of Congress.
Share your thoughts with Patrick Bet-David by texting 310.340.1132 or click here my.community.com/patrickbetdavid
Does the $15 an hour have any thing to do with the price of silver amd the gold standard in 1938 vs the price of silver now and the fiat system that generates inflation?2019?
Can I text it from Germany and what does it cost me?
You should become a high school teacher.
This is stupid comparison you're trying to make, ofc $15hr in isn't much in Manhattan but that doesn't matter. Their minimum wage is already higher than that and will probably always be higher than the federal minimum wage. The Fed minimum is just a baseline standard for all states to at least meet, high cost of living states will set their own higher minimum wage accordingly. It's nothing new.
Minimum wage isn’t a reflection of the economy.
This is how they took out the mom & pop gas stations.
The mega gas retailers always undercut the mom & pops prices. Once they wiped them out they controlled gas prices.
consumers should pay higher prices to small companies, in order to spite big companies?
harrison wintergreen
People should love their neighbor as themselves and trade fairly. Greed is the main problem, not scarcity of resources. Jesus will soon rescue His followers, and people who loved sin and rejected the Savior will not escape.
Capitalism naturally leads to monopolization. In the past we've tried to counter that with anti-trust laws, but since the Reagan era they have stopped enforcing them. Which is why we have seen increased consolidation and reduced competition since then.
Those mom & pop service stations should have created more services, clean windows, sell general merchandise, liquor, and offer sales on items, 5 dollar care wash etc. They should have reached out to the community as well.
@@SolidAir54321 yeah, I played the game monopoly
Never seen going from single to broke and divorced with kids summed up so efficiently lol
Por
nofilm
Politicians should only make exactly what the average American is making atm. Then they have a reason to actually pass hood laws.
This is like a more in depth john stossel lol
Roland Kennedy it’s actually not
He failed to consider many other elements that aren’t “math” related
Andrea Mendenhall they don’t . But there’s more to it than math
Andrea Mendenhall I understand
But there are two ways to do that : either this way or by making each state mandate its own min wage.
The latter will create many many problems , although on the long run it may drive a balancing out of cost of living across all states but it’s really not practical
Which leaves the first way: 1 wage across the board. 15 $ is an average between lowest cost of living wage and highest cost of living wage. There’s hardly anything else to be done except if businesses cooperate and I think he’ll will freeze over before we see that
lol
I liked John Stossel’s show.
May Sheqem I don’t think he’s trying to cover every possible, conceivable aspect. Nobody can, but the general concept is very correct.
The gist of it is that people need to take more respond for their lives and careers.
i want patrick to do a video on andrew yang's universal basic income
Yes! Please
Mass inflation and spending all the governments revenue on something useless. That means either skyrocketed national debt or almost 0 governments programs to accommodate for such a thing.
He just did
This is IT --> th-cam.com/video/LM-Fxw8o3Ow/w-d-xo.html&feature=em-uploademail
@@UnathiGX Wow - of course he already made one, why am I surprised?
This video blew my mind! Content was amazing! I usually speed videos up x2 so I can listen to as much information as I can and retain it while I’m driving for work.. but I had to be in the zone and brought it back to normal speed because you deliver so much useful information really quickly. Thank you for your awesomeness, Pat! This one made me realize I’m staying in my city and going to work on building it up
This channel is underrated. I haven't seen an analysis that just addresses the aftereffects of fundamental changes such as this to the standard of living in a long while.
After the minimum wage went up last year, a number of small businesses and some chain locations went out of business. The reason, could not afford the wage increase. Also, the stores that remain decreased staff by 15%-40%. Yet they expect the remaining people to do the work of the people let go, so service suffers.
If your business is unable to produce enough for your employees to afford to live, then your business is shit and doesn't deserve to survive in a truly competitive environment.
"A man produces more than he can consume"(not exact quote, but the message stands).
You know who said that? Ayn Rand herself.
And if you don't like it then, go to Somalia, no roads or barely a central government to speak of, there to impede your progress.
Or realize that this is fault of a system, that allows people to concentrate so much wealth they get a level of power, equivalent to that of the government that allowed them to thrive in the first place.
granudisimo I love your thinking. Shows your lack of education in basic economics. Small businesses can not afford a minimum wage because their profit margins aren’t at a corporate level. The labor cost and risk is not worth the capital gains if the minimum wage increases for your regular small business owner. This disincentivizes the business owner for having a business of his labor cost and risk barely make him a profit.
If McDonalds paid each employee an extra $2.12 per hour, they would make zero profit.
source?
Football Stats Profit & Loss statement is public record.
Fact some companies nowdays would rather lose a great employee than give them a good raise and create a wage gap in the company's employees. And then they complain that all their employees are unskilled
That's weird? Can I see what you got that from
@@dickyboi4956 it's what my old boss told me when I quit
Generally the skilled workers are the older ones. They been around long enough to learn the little tricks to get the job done. Since they been around longer their pay increases added up. The newer hires do start with a higher wage compared to what the older workers started at but less than what the older workers are getting currently. Companies are bottom line thinkers. High wage means less profit for shareholders, so they force retirement or fire the higher wage workers.
@@yagotta1 very good generalization. I have often seen this in practice and the compression of wages isn't very good for company morale either
Employers don't like paying according to your productivity either , especially when you make "too much money " . I have told quite a few to fuck off before I quit for that very reason . They like the work and production but don't like to pay
If minimum wage is increased. There will be mass layoffs and people will be replaced with self checkout machines.
It's already happening. But not yet to the extent you think. CVS started 2 self check out lanes. They had 3 check out lanes. I talked with the employees some. No one was laid off. It was to ease the burden of staff because the store operated on a skeleton crew anyway.
Mcdonalds. There is no one dedicated to a register while doing nothing else when there is no line. They are running food, cleaning up. I have not seen much argument that has come to fruition from what I've seen.
@Immanuel Ntim-Addae the absolute lowest minimum wage in this country is enough for anyone from that area to live on. If you define a “living wage” as having wifi and a tv and a nice apartment and all these cool things that actually aren’t needed. All you need is a rice cooker $20, air fryer $20, a job with overtime hours, an apartment or trailer and running water and heat. That’s all you need buddy.
@Immanuel Ntim-Addae "Decent living" That can be interpreted any number of ways. Honestly who are any of us to decide what a person gets paid? That should be left to the employer and the worker to decide. The last people I trust to come up with such a number are politicians, most of them have never even had a real world job. There should be NO minimum wage.
@Immanuel Ntim-Addae Real world just doesn't work that way.
@Immanuel Ntim-Addae I agree but I think they should go by productivity if you figure it would be more like 20 buck an hour.
I've learned more about money on this channel than I ever did
He is only a libertarian crank much better behaved than glen beck and almost as well mannered as George will but walking around in libertarian twilight zone just the same
@@williamhaines7752 why so triggered
@@omarthescriblomale8279
I do not Like idealism or elitism especially when combined .Pure capitialism which either decays into feudalism. Or faciscism with out checks and balances . The minimum wage is starting point where a person should at.least be able to survive on forty hour week .This starting point has been eroded over
The years and cheered on by corporate shills .
The internet is not for qualitative learning . This same station minimizes the valadity of an actual education ! You have to be very carefully on what web you visit there is a lot tabliod style webpages out there no better than super market tabloids !!
@@williamhaines7752 no you moron, socialism is a facist ideology. Capitalism is the best ideology. The minimum wage creates unemployment he explained that in the video. Quit putting your idealistic nonsense and look at the facts. The small businesses cannot afford a 15 dollar minimum wage amazon walmart and other huge corporations can. Even then there workers are not being exploited, as they dont warrant the skills to earn more. There also is no such thing as a living that idea comes from politicians who are trying to get votes like Sanders, AOC, and Talib.
@@omarthescriblomale8279
Fascism is when corporations control the government. Fox news or praquer university are examples of prpproganda ..Libraries. Are good read once this pandemic is over
Small businesses are screwed either way. If they raise minimum wage they can't afford to operate. If they don't raise minimum wage nobody can make a living working for them and they can't afford to operate.
Imagine if there was no minimum wage and small businesses could hire multiple employees part time without being required to provide benefits at the same cost of one employee. For simple tasks like taping boxes for example. The same part time employees can get additional similar jobs also at lower pay to add up to be enough to pay expenses. It would incentivize more people to start small businesses at the same time with the lower/zero minimum wage and no benefit requirements (employment taxes).
I own a small business. I had to lay off my 8 employees. It’s not just wages, it’s also health ins., vacation days, social security tax, unemployment insurance, workers comp, and liability insurance. I got rid of most of my customers & make more than twice as much working solo.
@@JLK5 I agree.
But in that case you would need the government to protect the health of those workers. Because the way the healthcare is right now, no one can afford it. I know people who self medicated after getting affected with covid because they were afraid of the cost of going to the hospital.
Self medication can work but it can also horribly backfire
@@paraglidersean2698 solo will be the only businesses that will survive.
Can we get a "Tie Of The Year" Award for this man please?
Julio Cesar So?
Your principals on how you treat your employees is just like my dad. Dad took more pride in providing jobs where his employees could own a home and a nice vehicle. He literally could have cared less what he had. Thanks Pat.
couldn't have cared less*
@@SnapThority salty??? Lmao
@@t0xicmaster166 just correcting a grammar error that many people seem to make
@@SnapThority Couldn't? As in his dad could not bare to see his employees doing well?
We've already effectively killed unions in this country. Now they're going after minimum wage. Now, I know you aren't used to it, but think for yourselves. Where is this leading? See a directional pattern?
In the 1970s , a wave of young liberals. Bill Clinton among them, destroyed the populist Democratic Party they had inherited from the New Dealers of the 1930s. The contours of this ideological fight were complex, but the gist was: Before the 70s, the Democrats were suspicious of big business. They used anti-monopoly policies to fight oligarchy and financial manipulation. Creating competition in open markets, breaking up concentrations of private power, and protecting labor and farmer rights were understood as the essence of ensuring that our commercial society was democratic and protected from big money.
unions broke america they dont pay in to penson plans the only people happy with unions are gov and schools but get ready
Are you crazy? Unions are massive basically corporations at this point. Also, they should be going after min wage but I don't see anybody doing it
@@ambulantgaming8483 huh? no trade unions aren't corporations, there's worker groups that gather together to bargain companies to pay better or/and give better benefits. literally the opposite of a corporation
"The real minimum wage is $0 per hour." Thomas Sowell, economist
"We should pay volunteers!!!!" derp
That's dumb. The current federal minimum wage sits at $7.25.
@@gabrielvaldes8509 derp!
Technically the truth
@Zquadfather A Maximum wage would be a Price Ceiling as opposed to a Minimum Wage which is a Price floor. Price Ceilings create shortages. Price ceilings create surpluses.
I'm fascinated how this guy hasn't gotten his suit smeared by the chalkboard.
its not chalk :D
that is amazing
@@DieselRamcharger What is it? I'm curious now.
@@amomasi9909 it's a chalk pen they dry to the touch!
That's not chalk, he's using colored whiteboard markers.
If we had a federal living wage, there would be a different different living wage for every state and the living wage for CA would be $50 an hour for an Adult with 2 kids.
This is probably the single most important video any young person should watch and internalize than write down a plan of action for their lives.. I have never heard this topic broken down into such simplistic actions, loved it!
Couldn’t increasing minimum wage increase cost of living in some areas?
Yeah exactly. How do you think SF and Manhattan got so expensive
@@SpicyElaichi That wasn't it at all. They got expensive because they are desirable places to live, and then inherently they still needed people to do the menial tasks so were forced to pay enough to keep the little people functional, able to come to work every day to serve them.
It will necessarily raise the standard of living some, but those who like to champion that argument usually refuse to consider that usually, the % of wage increase is larger than the cost of living increase, that ultimately people are better off and those who see the least improvement are those earning more than minimum wage, who wind up with less disposable income.
It most definitely does. Like he said small businesses will close and big places like Walmart w will Jack up prices
@@stinkycheese804 manhattan is desirable? no it isnt. except by the rich who need to be there. its expensive because real estate is hard to come by. the island cant expand. thats why the really rich people live on estates in upstate NY. cost of living is so high there because property values are high, so companies have to pay high wages and then mark up the prices on goods to try to make a profit.
I always look forward to your video, it adds so much to my entrepreneurship journey. Thanks, Pat.
Speaking greens
Couldn't have said it better myself...
I think its more of a process.
The whole fear of "raising minimum wage means small business owners go out of business" doesn't really apply.
Everyone ignores the fact that the COSTUMER's wage goes up, which means more consumers and more profit.
You are 100% correct about those 4 categories. When I was at the bottom I was completely at the mercy of what the employer was going to pay. However, after a ton of work, studying, and taking chances I got to a point where I was among 2 or 3 people in the entire region that could do my current job. I walked into that interview in cargo shorts, a T-shirt, and running shoes. Completed the interview and pretty much dictated the terms of my employment. I now get $220K+ a year, nice parking spot (though I now work from home and I'm not going back), a bonus payment based on the up time for the environment (since every minute things are down the company loses a lot of money), and an exit package totaling 50% of my years salary.
Thomas Sowell tackled this issue long time ago!!
So did Milton Friedman before Sowell. Two of the best minds to study.
PBD
Peter Schiff has a great take on it also.
Macio Luko Peter is busy with gold!! But honestly Milton and Sowell destroy all myths
@@Senecamarcus Agreed. I learned a tonne from those two giants. Gold and silver must be bought. Or anything the governments cannot print as currency.
Macio Luko Yep! Fed is market’s bit*h now!!
One thing I’ve learned in my successful entrepreneurial journey is *never stop being willing to learn* great video 👌🏽
Money Growth Academy I’ve noticed that the most successful never put a cap in their willingness to learn. Great channel btw.
It’s so true. I was lucky enough to have mentors that taught me this principle from the very beginning. Even when I’ve hit what I’ve believed to be the pinnacle of success I’ve never stopped being willing to learn from those around me
Thanks! We try to provide some value and knowledge where we can to help others reach financial success :)
The willingness to learn isn't a chore, it's a mindset. Someone who is hungry to learn will always be hungry to learn, if not hungrier day by day.
They just increase the price of everything when it goes up
*_Not exactly._*
A truly free-market economy doesn't need a minimum wage. The problem is that our gov began messing it all up in the 60s, and now it may be too late to correct.
The thing is no Western Nation has a free market; just a mixed market system where the goal is balance in regards to taxation, which we see tipping in the wrong direction. Government and lobbyists have always intervened in making the rules in this type of system, but now do so in favour of a concentrated few instead of the middle and upper middle class. Every economic system has a cost to society even a so called "free market" one, as those that succeed in them control most of the resources. No economic system is escapable from some type of authority be it government or those that control the resources, which is why no pure free market exits.
"You like that Tira Misu? Let me put it in your mouth." I'm using this line the first chance I get. 😂
*tiramisu
@Gordon Payne You need help
@Gordon Payne BTW he makes perfect sense
Love this,
Minimum Wage is a Myth
living wage is Math and
Market Value is a Path.
👊🏼
I would add "Money Matters". I am back in school, and there are so many classmates that think money is not the end goal, and that they should follow their hearts and dreams and passions for their degrees. Its so sad... I try to explain to them that families and kids cost money, that they need to pursue a degree that can make them the most money. Families require Food, shelter (home), sports, health care, college.... it all costs money. $250,000 per kid... does not even include college....
@@TEverettReynolds I disagree. I am in a very well paid job and I am absolutely miserable. Money is not nothing, but it is not everything. There is value is more than just money and if your sole goal is money I can promise you will be missing out on fulfillment and other valuable aspects of a career. You do need to follow your dreams, I can promise you working a job for a paycheque and only a paycheque is a slow slow death and unsustainable.
TEverettReynolds you think you will do well in a job you hate ?
THE path
Patrick should be a guest speaker at every high school to lecture this subject. Great job man!
Got into a conversation with a friend about the minimum wage the other day. Wish I had watched this video last week.
The problem with the world is miseducation. Most people are Misinformed
Like the people watching this video?
Like the speaker in this video.....
I agree with Trump about letting the states decide what min wage for each state instead of the federal minimum wage as each each has different living standards.
Except that would allow a state to have a very low minimum wage, say $2 an hour or maybe even none at all. The federal government imposes a minimum "floor" to protect people from this. But states and cities are free to set a higher minimum wage, as Seattle as done for example. So I agree that states should decide their own minimum wage above the federal minimum.
15 dollars barely can get you by how low do you want your country to go?
@@SolidAir54321 Except Seattle is a city. Cities have much higher living costs than suburbs and rural areas. Then you also have to protect small business. The matter is very nuanced.
@@SolidAir54321 Minimum wage doesn't protect anybody, its a 'feel good' measure with negative consequences. It just prices some people out of the workforce and eliminates their opportunity to take the first step on the ladder.
Does higher minimum wage correlate to higher cost of living in that area?
Oh boy, we need an updated version of this...
On point especially after this pandemic and now small businesses are struggling $15 an hour great news for all these big corporations who just coasted right through Covid
Came across valuetainment 2 weeks ago. It's become my favorite channel on TH-cam in that short time
This is the realists channel on TH-cam hands down.
HE has it all upsidedown.
Now when he says the top 1% will do everything that no one else would do and are good at it.
And they can demand the money they want for the work.
Now reality is market forces dont work like that for most people, its you guys are working for such low reward for the work you do.
In the uk we have a critcle shortage of qualified nurses, the gov stopped burseries for training and the pay is so bad that cleaners/janitors earn just 12% less.
The people who lived in uk all their lives refuse to work in such a industry, so the government imports partly trained nurses who can barely speak english.
Sounds good?
NO NOT IF YOUR A PATIENT!
if the minimum wage increases to 15 per hour in 5 years, in 5 years 15 an hour will be a poverty wage. The marketplace always adjusts itself.
America isn't free land after all.
15/hr would've been great back in 2009.
@@CT-yc4gd I remember my parents paying 600 for rent back then in a nice house. Nowadays where I live it costs around 1500+ Yet some people only make 15 an hour in a full time job. Idk how people can afford it.
@@GunplayIsntGameplay Inflation will always be a thing. But rents have skyrocketed out of control due to a few factors. One being supply and demand obviously. But other issues such as banks buying up a ton of property because they are seeing the prices take off and they want in on that sweet dollar. Most people I know got their own place by having 2 working parties. Bfs and Gfs moving in together while both work. So even at 15/hr that is 30/hr and thus able to handle the insane rents.
If you are by yourself? Especially in CA? Lol Good luck. I've been surviving by renting rooms. 15/hr would've helped tremendously back in, perhaps, 2008 or 09. But now it needs to sit closer to 20/hr.
I just got a pay raise and now am baaaarely able to keep my rent at JUST below 50% with certain apartments. Problem now is the accumulated cost of utilities, water, internet, food, gas, car maintenance etc.
What good is a minimum 15 dollar wage when in and the government will raise taxes to cancel it out. Might as well raise it 20 dollars an hour.
It’s theoretically good for paying off debt that existed before the increase. “Earn more” but debt stays the same (plus interest).
This doesn’t take into account the reduced purchasing power that is passed down the economic cost of business chain. (Businesses have to charge more to stay at the same revenue due to requirement of paying more to workers. And this goes down the chain at every step)
And then there’s decreased purchasing power from printing more and more currency.
The only ones who really ever win are the establishment bankers.
How much is 15 per hour... Yearly
DETROIT , to get the city out of va was paying $ 23 an hour, several years ago. No one showed the effect it did on the city or ever talked about it Fter , so what is up with that .Why offer double instead of just slowly increasing it slowly every year .Too much in one jump now especially coming from millionaires and in an extreme lockdown. AOC can complain with her high salary, does she donate any of her money, does she contribute hours like Bon Jovi to a food bank , all talk
Im liking before watching
LMAO "BOOM 3RD BASE" that editing
👊🏼
the editor went absolutely nuts during that part
Never thought about the small business would bear the cost of that
You can create the program so that doesn't happen. You can let small business owners deduct the pay increase from their corporate income tax but congress doesn't do that.
So Amazon survives because they can raise their price, but the local store can’t compete on price? I missed something on that point. Of course talking about minimum wage earners and the cost of a $100 restaurant meal kinda lost me too.
@@Florida67Riders Amazon makes their money on AWS and other services. They can easily afford to eat costs for their online retail if minimum wage goes up. Small business does not have the luxury of multiple revenue streams like this.
The $100 example makes sense. Restaurants in big coastal cities are expensive as hell. A meal in an unknown part of the country would be cheaper for the same quality of food.
This is the kind of talk that should be taught in high school and several times over. I wish I had had this in the day. Keep on with the good information Pat.
*_This is brainwashing you... The guy's a business owner who's going to tell you the latter so you're content with being broke._*
Government classes were removed from high schools. Why, Political Science teaches students how the Government works/and how to hold politicians accountable.
Very useful information. Tried to absorb and digest as much as I could in one viewing. Love your channel. Thanks for what you do.
They say $15 because the vast majority of entry level jobs pay $9-12.50 per our.
They pitch minimum wage because they have union pressure. Unions base their worker salaries on minimum wages x2
Actually the reason it is $15 is because they figured out that at that level Walmart workers, and the like, would be able to afford those services which we tax payers are now subsidizing. In effect the government has to make up the difference for Walmart pays its employees in order to keep them out of poverty.
@@benrod1 LMAO no. If you raise the min wage x2 the cost of goods will increase x2. and you still won't be able to afford shit. Its about driving out small business and securing market share for big corpo's. Why do you think people like Obama and Clinton get paid hundreds of thousands of dollars BY CORPORATIONS to give "speeches" if they are trying to help the people and not the corporations? You should get an education, or crawl back across the border.
@David Sanchez Notice all the people that are broke as fuck and believe all jobs are low paying have mexican last names. Dumb Fucks.
@@DieselRamcharger
There are large swaths of the country where opportunity is slim to none.
Just because there are opportunities near you doesn't everyone is so lucky
@@DieselRamcharger
I understand the confusion with 2x minimum wage = 2x prices.
What this doesnt account for is that not everyone works minimum wage.
If everyone worked for minimum wage, your math would work out.
However, most people's wages would not double if minimum wage doubled.
They could increase, but they would not come close to doubling.
So in reality, 2x minimum wage /= 2x price, but rather 1.XXX times the price. And given what a minority of the overall economy is minimum wage, that increase in prices will be minimal.
Without seeing the vid I'll say...they like the idea because it will kill competitors
You're smart. You're loyal.
This is all good stuff that people need to hear. It takes a long time for people to realize these rules
I was making, in today's money, the equivalent of about $24/hour when I was 19 years old as an IT staffer. No wonder people are so poor today.
You sounded like and old person,if that the case I am pretty sure there were less IT people that time than now
I know what you mean ad a teenager, I babysat at a rate that was offered to me $10/he. That was in 1997...then as a senior in high school I worked for the city started at 9.50/ hr and 4 years later in 2003 was at $15/hour. Right now, today I in 2021, I earn $16/hour....🤔
@@melissamanzo4667 16 an hour is barely scrapping by in some states. Places like Cali you couldn't live off that.
"Figures don't lie, but liars figure"
This video is the perfect example of that quote.
Care to provide an actual counterargument?
Well said
I don't see why he would lie about this. He's safe ,he is already a millionaire. I think he's sharing his knowledge. Trying to enlighten people to what's going on and how you to,even though your a jerk, can benifit from things he's putting out there. Your choice watch or don't. And if he makes a little more money doing this, more power to him. How much are you worth buddy. Hmmmmm. Are you set for life? Can you afford to leave your job and relax the rest if your life? He can . Because he would know what to do with the money he has to make it grow. But he's to driven to do that.
@@direwolffire1955 You don't expect a millionaire to advocate for unions do you? Do you expect him to tell you the truth about labor history? How in three US cities during the great depression were the centers of General Strikes that complete brought those cities to a stand still? How the UAW was born in a sit down strikes at GM?
@@direwolffire1955 Please explain how everyone in the world can be billionaires and relax the rest of their lives. The word is everyone not just a few.
Great video! I've realized so many things and it also inspires me to continue with my entrepreneurship journey. Keep it up!
When he talked about minimum wage hurting small businesses i can agree with that as a small business owner
That's false. Unless your just starting your business out. I worked for a small company that was making killer money yet would not even give their employees a raise. Small businesses get bullied by the bigger ones which I'm assume your referring to.
@@GunplayIsntGameplay depends on the business you work for, theres always more money in being an owner but theres also way more risk involved too.
@@marioeid930 It's all businesses. Most of them don't wanna pay their employees decent and just exploit them because they can.
@@GunplayIsntGameplaywhy not start a business then? You can choose to help people?
“I’m not telling you anything out of the ordinary it’s just how math works.” Lol I love this TH-cam channel!
I thought a lot of this was common sense regarding finances. However I thought steps 4 - 8 were quite informative.
Thanks much.
The fact that this video is free to watch it's so impressive . Thank you Pat! 👊♥️
Giannis Gkakoudis ❤️ u
He's the best!
I feel like Pat should have paid me to watch it.
He doesn't take into account housing. There is no city in America where a person can afford to rent an apartment on their own on minimum wage.
Then downsize.
Great video editing. Editors deserve more than minimum wage.
Pat, you explained it with sooo much passion and emotions. I guess it is a touchy subject.
Thank you for your videos and interviews. You are the best
Ok but that Rant with the stock photos was HILARIOUS!!
Always with good info! Love it!
Hi Patrick! Thanks for the video. You've briefly mentioned "Passion" and that you apply it within your company. I just wanted to know more about the "Passion Trap" you mentioned in the video and how do you interpret "Passion"?
I think it deserves a separate video.
- How does passion trap you?
- How can you use passion for your own good?
- Why you should not follow your passion (maybe)?
If minimum wage goes up so will cost of living
People are so basic they just don't get it.
Its clear to people that live in Seattle $15.00 minimum wage was a disaster. has brought in a flood of low skilled workers packed in like sardines in houses and apartments. Jobs are hard to get. Especially out of high school. Seeing many of my friends leaving the state.
@Box Top thats a fair arguement, from what I've seen in my experience living in Washington state. Is mostly positive. Till you start looking at who gets hired for those minimum wage jobs. Companies tend to stay away from people like my kids leaving high school with no experience don't need to pay rent or for food. Basically removing that bottom rung on the ladder. Its much harder to get a job to build your resume and those that do work part time. Meanwhile costs for child care go through the roof. Along with housing costs in the slums, gettos, and trailer parks. Keep having to increase taxes to accommodate all the homeless, welfare queens, and illegal immigrants depleting the system. Most adults with families on minimum wage tread that fine line to be sure they get free healthcare, food stamps and other benefits from the state exacerbating the problem.
The cost of living will increase despite if minimum wage rises or not. The cost of living isn't just base on minimum wage but also on how much money the federal reserve prints on their printing press. Just look at Venezuela as an example.
Common sense
Love your content, thank you so much for talking about this issue.
Historically speaking, wages have never kept up with inflation, for inflation is a man-made construct.
That's because Inflation is measured by wage gain, people don't realize that when you hear inflation its not measured by the fact that milk costs 2% more this week.
@@charlesbaldo what?😂🤣 It is in fact measured by the increase in prices of stuff as the milk you mention
Charles uh that’s exactly how inflation is calculated
Cost-push inflation occurs when overall prices increase (inflation) due to increases in the cost of wages and raw materials.
TJ Bates
Thank you
"money matters life is expensive"
a quote I will keep in my brain and a saying I will keep in mind regardless of what anyone says.
money doesn't matter, resources matter. The government can print money just like they did in 2020 and make you poor instantly. The thing they can't print is resources because money is all about sharing resources.
@@shubhamsehgal2336 keep telling yourself that
@@SRTHOOLIGANX Yeh sure, keep spreading misinformation, disinformation. Then you say China is getting ahead. They will get ahead if your attitude is like that.
@@shubhamsehgal2336 ummmm ok, you do realize china is digitizing their currency in hopes of it becoming the next reserve currency right? why do you think they're doing that? you can't get resources without money.
@@SRTHOOLIGANX People give food to homeless people out of courtesy, a husband pays his wives bills out of companionship, a child doesn't earn money, he gets resources from his her parents. Heck, even you could get food, timber from forest. So, your argument is wrong. Hence Proved!
Money is a tool to rule by the elite forces in an area.
About China, are you talking about DCEP? Cause it's just a tool to monitor money in real-time not like cash, hard to monitor. China is becoming reserve currency because it provides cheap goods. A bankrupt state like greece is more likely to buy 100 chinese cables than 1 USA cable. Hence it is important to trade with China than with USA and other countries follow the suit. Hence reserve currency gradually changes :)
Welcome to real economics.
Tip: Biden, Trump, Obama all are China's clowns. The only thing that can save USA domination is the US military that can change the whole dynamics only if rightly used.
The problem isn't, minimum wage the problem is distribution of profits.
@Sean Davis own my own business buddy
@Sean Davis top roof cleaner in my area and rehab houses. So probably more than you ever will.
@Sean Davis I partner with other people in any endeavour I go into. No hourly wage. I pay percentages of jobs to the people who work with me. We grow together.
@Sean Davis partnership, think of it as a co-op. My workers are my partners we grow together. You can agree to any kind of partnership. Expenses a paid on a percentage of earnings. I'd rather be known for making a hundred millionaires then be known for making a billion dollars oh, just me I guess.
@Sean Davis I'll be 55 on Friday, unfortunately. I'm making changes not standing around waiting for capitalism to be fair. Sorry you can't get out of the greed bubble but you just have to take the first step.
Wage inflation is bad, EXCEPT when it goes into the pockets of the rich...
Inflation is bad for the rich, it devalues their money. Learn some basic economics.
Thank you. Validation feels good. I've been telling people it's about bringing value. STOP CHASING MONEY! Money is like a puppy, it loves to run away from those chasing it. Bring value to your community/clients and money will CHASE YOU!
In my country (member of the European Union) we have a minimum wage of 667.72 USD per month before taxes. It is approximately 3.97 USD per hour. And even then, some companies say that it is too much.
“Just have everyone be in the 1%, problem solved”
The elite dont want that, they need slaves to do their pain in the ass work, im a wage slave myself😓
To be in the 1% worldwide you need about 750k in all of your assets. To be in top 10% of the world you need about 70k in all your assets. To be in top 50% you need about 2 grand. So on a world wide basis, the 1% can’t solve shit as that isn’t enough money to do much. And the top 10% would slit your throat before handing over there money. And about 1/2 the US fits into that category. Same as with the top 50%. So the US people in relation to the rest of the world are pretty well off.
Joe Fred right I don’t understand all the constant complaints of Americans..u need 30k year to be in the world top 1% earners.. pretty much every other joe makes that in America.. raising the minimum wage won’t solve their problems ..guess what like Patrick said prices would go up..then they would complain that $15 hour is not enough and so on..it’s a never ending game..they should be grateful to live in one of the best places in the world to make money and realize that not everyone can be millionaire..you need poor ( or in the USA case less rich) to have millionaires..sounds bad but is how it works.. not saying people should not aspire to become millionaires but it’s not gonna happen for 99.9% of them..by the way I’m in Europe and I make pretty much minimum wage on my country I’m not a rich dude
@Sam Vick you are in the 1% in terms of income. Not in the 1% of value for society. Petterson is great but you have to listen very carefully what he is saying.
Congress not the presidents raises the minimum wage.
Did not realize you were in the Dallas area. I knew I liked you.
Great content as always sir.
Best channel I’ve found in a long time. Excellent work sir! You’re a credit to the world.
First - Love the tie - Second - Really great points. I believe it's just as important to have the people above you in the chain love you and your work. If you work hard but they see you as a threat to their job security then expect them to get rid of you no matter how good you are.
this channel is my new college .thank you for all you do and keep the awesome info coming
There wouldn't be a need for the minimum wage if our government didn't manipulate our currency. The video makes good points about big corporations liking the minimum wage increase. Definitely a different perspective on it then what is taught.
$31,200 annually is enough to be in the top 5% of humanity
Not when you consider local prices. Its good for the government tho, way more taxes
@@neopabo true
hands down, best channel of business substance on youtube
"Child Labor laws debunked if kids want to work in sweatshops let them".
There shouldn't be any child labor laws. If children want to work and their parents are happy to let them, then they should be allowed to do so.
@@Monaleenian Love this. Next they will say capitalism will work if you just let monopoly and assassination be Rule of Law. People are blinded by the normalization of extreme income inequality.
@@rajasmasala There already is a territorial monopoly that maintains the "Rule of Law", it's called the STATE. Naturally occurring monopolies are generally fine. You don't seem to understand what capitalism is. It's essentially the name given to a system whereby people are permitted to trade with one another.
@@Monaleenian Pull your head out of the sand. The state just takes orders. Big, green orders.
@@Monaleenian
'naturally occurring'
Wait, what the fuck? Can you honestly name one monopoly that is 'naturally occurring'?
Or are you about to define Amazon as a 'naturally occurring monopoly' saying that even anti-competitive practices are 'naturally occurring'?
In this case, no, natural monopolies are NOT okay. They're a blight upon one of the greatest strengths of the economic systems known as capitalism. Even a 'naturally occurring' one isn't good.
This guy is dropping so much insight. It's like getting an actual high quality business coach for free!
If you ordered a shitty demo copy of a business coach *concern*
This is hands down one of the most important videos here on TH-cam 🙏
The thing you're missing is the cost of living in the "cheapest cities" is cheap because of poverty and austerity. Maybe if they had some form of income they could afford nicer things and the cost of living would increase. Then you factor in the big box stores, factories, and other employers who largely take advantage of local minimums to keep people in poverty conditions.
There's a reason why McDonalds and Walmart informs employees on how to apply for state and federal benefits...
Try telling that to the single mom making $12/hr. Makes a HUGE difference to her
who's on fucking social welfare sucking tax money from my blood. Would've been better if she fucking kept her legs closed, its always single mothers working 12 bucks an hour cause they NEVER think of the consequences of their actions and they rightfully deserve the consequences. Plus your argument is pretty weak because forcing a mandatory 15 dollar minimum wage on all businesses just creates a market monopoly. Only big corporations like Walmart and Amazon can afford to pay vastly more than 15 dollar minimum wage but not small businesses down the street. This is what happened in Seatle and those ignorant fucks deserve what they got, they drove out the small businesses allowed Amazon to have a market monopoly which caused hard workers to lose jobs. Now there is mass unemployment in these places. Second of all when these workers do start earning 15 dollars an hour they earn enough to start paying taxes given the amount of hours they work. So when they reach the first tax bracket they run to their employer to ask to reduce their hours BASICALLY CHEATING THE SYSTEM just so they can still apply for fuckin welfare benefits and do you know how much these benefits cost TRILLIONS OF DOLLARS EVERY YEAR. Furthermore when companies like amazon which have a monopoly whereby law required to pay 15 dollar minimum wage all they did was SUBTRACT ALL THEIR WORKERS BENEFITS TO PAY FOR AN INCREASE IN WAGE WHICH BASICALLY MADE THE WORKERS WORSE OFF. Moreover due to a higher minimum wage fewer businesses were open which meant limited amount of job opportunities open in places like Seatle so you had millions of jobs competing for a tiny amount of jobs relative to the population which caused unemployment to rise. Also to elaborate on why small businesses close when they are required to pay mandatory 15 dollar minimum wage is cause they can't afford the cost and just pass on the cost to the consumer which then doubles the cost of their products making them ineffective in the game of business which causes them to close or suffer debt or worse. Finally to finish off your dumb statement A MINIMUM WAGE JOB ISN'T MEANT FOR A SINGLE MOM ITS MEANT FOR FUCKING 15 YEAR OLDS/ TEENAGERS WHO ARE TRYING TO BUILD A RESUME OR PENETRATE THE WORK FORCE MINIMUM WAGE JOBS ARE ENTRY LEVEL JOBS AND IF YOU'RE A SINGLE MOM AND STILL WORKING IN THIS FIELD YOU ARE NOT GOING TO GET FAR. THE REQUIREMENTS NOW TO LIVE A COMFORTABLE LIFE ARE EITHER LEARN A TRADE, OR GO TO UNIVERSITY LEARN AND FUCKIN GET A USEFUL DEGREE NOT SOME PHILOSOPHY OR GENDER STUDIES DEGREE, THEN LAND A JOB THAT EARNS A MIDDLE CLASS WAGE AND YOU'RE SET. Furthermore according to the brookings institute there are three things you need to do to live a middle income earner life which are easy. 1. Finish School. 2 Dont have children till you're married. 3 Land a JOB and you're okay in life.
random person So, its always single moms working min wage, or teens? It's product prices, or employee wages that cause small businesses to fail? Walmart/Amazon lobby against min wage hikes.
Watch Vox video - how tax brackets work. No one scams taxes cutting hours. That's not a thing. Welfare can b abused, but generally lifts ppl from poverty/starvation. Countless studies say so.
No companies cut benefits to cover wages. That was already done a generation ago. From McDonald's, to Uber - new employees don't get pentions. Or worse, they're "contractors" with 0 benefits. They're already worse off.
The only way to succeed is to take on mountains of student loan debt & land a middle class job? Ppl cant sell things(computers/cars/houses)? Or start their own businesses?
Also... What in the WORLD about a lady working gets u so fired up 😂. Pure comedy bro.
Maybe I'm just being trolled🤔? But u legit sound like u wana annihilate all single mothers.
Watch "Don't panic - truth about population". We kinda need single mothers, sadly. Better than no reproduction at all. That kids gonna grow up & wipe the drool off of ur wheel chair in 50 yrs
Holy shit! How do I share this all over TH-cam? THIS is the best way to o explain EVERYTHING I've been trying to tell people. If you as a business owner WANTS to pay people more I'm all for it, good on you, but the market shouldn't be forced to and this explains exactly why.
Excellent, brought up many points i hadn't considered, TY!!!!!!!