It’s not even about wages. The precision tooling and engineering equipment would probably take a decade of development to get the US equivalent with China. We just don’t have it here.
And it’s not about rising wages with productivity. Americans by and large don’t want to work in factories or manufacturing. The pay would have to be astronomical to fill the needed positions.
The sheer amount of money being removed by the 1 percent is regoddamndiculous. It’s something like 45 trillion dollars since wages diverged from productivity in 1975.
In a “frictionless vacuum”, yes. Real world economics is much more complex however and higher wages = higher product prices doesn’t quite hold true. Read productivity-pay gap.
What really needs to stop is the obscene bonus culture.
It is quite disgusting to keep reading a company needs to lay off 500 people only to then give some CEO a bonus of 15million.
Or banks running a deep 9 digit number loss in a year but still the higher ups get a bonus for some reason or a vague years old contractual promise.
The top should feel loss first before it “trickles down”, and honest pay for honest work should include the top as well.
And while I am at it, senseless management jobs should be allowed to be contested, no more “manager toiletpaper” who only shows up once a week to make an order, yet makes 5x the wages of people under him.
Maybe if wages actually rose with productivity, Americans could actually afford goods made within the United States.
It’s not even about wages. The precision tooling and engineering equipment would probably take a decade of development to get the US equivalent with China. We just don’t have it here.
And it’s not about rising wages with productivity. Americans by and large don’t want to work in factories or manufacturing. The pay would have to be astronomical to fill the needed positions.
wouldn’t higher wages make stuff cost more? I’m kinda confused
The sheer amount of money being removed by the 1 percent is regoddamndiculous. It’s something like 45 trillion dollars since wages diverged from productivity in 1975.
In a “frictionless vacuum”, yes. Real world economics is much more complex however and higher wages = higher product prices doesn’t quite hold true. Read productivity-pay gap.
That’s one of the issues with how we’ve (most western capitalist countries) been doing this.
People are struggling for money so minimum wage goes up. Labour to create things is now more expensive and prices go up.
There is only one solution and that’s to theoretically (or technically) eating the rich that are hoarding all of the wealth.
What really needs to stop is the obscene bonus culture. It is quite disgusting to keep reading a company needs to lay off 500 people only to then give some CEO a bonus of 15million. Or banks running a deep 9 digit number loss in a year but still the higher ups get a bonus for some reason or a vague years old contractual promise. The top should feel loss first before it “trickles down”, and honest pay for honest work should include the top as well.
And while I am at it, senseless management jobs should be allowed to be contested, no more “manager toiletpaper” who only shows up once a week to make an order, yet makes 5x the wages of people under him.
That would be one step in the theoretical eating of the rich, yes.