A Quote by Alan Greenspan
At the risk of some oversimplification, if the skill composition of our work force meshed fully with the needs of our increasingly complex capital-stock, wage-skill differentials would be stable, and the percentage changes in wage rates would be the same for all job grades.
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When I was young, you were told that if you had a skill, you would find a job for life and you could bring up a family on the wage.
My mother saved our home with a minimum wage job. But in the 1960s, a minimum wage job would support a family of three above the poverty line. Not today. Not even close. I understood right then that people can work hard, they can play by the rules, and they can still take a hard smack.
In a world where technology and capital are highly transferable, there is a real risk that comparative advantage comes to be defined as whose labor force will work for the lowest wage.
NAFTA recognizes the reality of today's economy - globalization and technology. Our future is not in competing at the low-level wage job; it is in creating high-wage, new technology jobs based on our skills and our productivity.
Minimum wage laws tragically generate unemployment, especially so among the poorest and least skilled or educated workers... Because a minimum wage, of course, does not guarantee any worker's employment; it only prohibits, by force of law, anyone from being hired at the wage which would pay his employer to hire him.
People will say 'how can you have a plane when your workers are on minimum wage?' I said 'but I don't set the minimum wage.' If the minimum wage would be the living wage, then the Government who set the rules should set it at the living wage. That's how I look at it.
In the course of the twenty-first century what may be called the "capital wage" could be added to the labor wage and the social wage, so that middle-class Americans - not merely an affluent minority - might derive income from three sources rather than just two.
Since it is to the advantage of the wage-payer to pay as little as possible, even well-paid labor will have no more than what is regarded in a particular society as the reasonable level of subsistence. The lower ranks of labor will commonly have less, and if public relief were afforded even up to the wage-level of the lowest ranks of labor, that relief would compete in the labor market; check or dry up the supply of wage-labor. It would tend to render the performance of work by the wage-earner redundant.
During Seattle's successful campaign for a $15 an hour minimum wage, our opponents would sometimes roll their eyes and snort, 'If $15 is so good, why not $50?' It was a straw man argument: Nobody was proposing a $50 minimum wage; it would have been too high, and we said so.
[Martin Luther King, Jr.] would want us to celebrate him, his birth, and his legacy by acting upon his agenda, by realizing the dream, by making the minimum wage a living wage, by having not just family and medical leave, but paid sick leave for our workers, [and] by having quality, affordable child care so that our families, the power of women can be unleashed in our economy and in our society.
In my view, we need a massive federal jobs program which puts millions of our people back to work. We must end our disastrous trade policies. We need to raise the minimum wage to a living wage. And we have to fight for pay equity for women.
Firms don't just try to pay as little as possible to get the needed bodies on board; when there is unemployment, they ask themselves how wage cuts would affect the behavior of the employees. Would they quit or feel dissatisfied and work less hard on the firm's behalf if they feel that wage policies are unfair?
Undocumented aliens unfortunately are not protected by the law, and they are tremendously subjected to exploitation. The result is that they would be willing to work for a wage that no person who is welcome in our shores would take.
Undocumented aliens unfortunately are not protected by the law and they are tremendously subjected to exploitation. The result is that they would be willing to work for a wage that no person who is welcome in our shores would take.
The Keynesian prescription for unemployment rests on the persistence of a 'money illusion' among workers, i.e., on the belief that while, through unions and government, they will keep money wage rates from falling, they will also accept a fall in real wage rates via higher prices.
Individual price and wage changes will not be prevented. In the main, price changes will simply be concealed by taking the form of changes in discounts, service, and quality, and wage changes, in overtime, perquisites and so on…. But to whatever extent the freeze is enforced, it will do harm by distorting relative prices.
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