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You seem confused. It is much, much better for the world if the money is invested than if it is spent on frivolous personal consumption.
The money went to people who couldn’t afford even their own rent, you rich moron.
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And if you're getting a $365k bonus you are likely already so rich that the money is only going for luxury things while for someone making $7.25 it's quite literally the difference between living in a car or not. I wonder if you could apply this to the rest of American society...
Yeah indeed. I wonder why more rich Americans don’t feel shame and embarrassment at such purchases.
Earlier quoted context omitted.
And if you're getting a $365k bonus you are likely already so rich that the money is only going for luxury things while for someone making $7.25 it's quite literally the difference between living in a car or not. I wonder if you could apply this to the rest of American society...
Yeah indeed. I wonder why more rich Americans don’t feel shame and embarrassment at such purchases.
I was thinking the math didn't work out, but it does. If you ignore taxes and say a raise of +7.50 an hour for a working week comes to around $14500 extra a year, over 500 employees that's about $7.3m. If that were split into 20 executive bonuses, that'd be $365K each.
And if you're getting a $365k bonus you are likely already so rich that the money is only going for luxury things while for someone making $7.25 it's quite literally the difference between living in a car or not. I wonder if you could apply this to the rest of American society...
This is a great insight which unfortunately doesn't get much attention in the inequality debate. I'm now rich enough to be in the top 0.5% of the world. The marginal utility/value of money is so low for me that I've begun valuing my time and optimizing for it.
I, however, do think about it once in a while. I could give away a non-trivial amount of money without getting materially impacted. The same money though will make a massive difference to someone below or around the poverty line. E.g., sponsoring a student, helping a business loan, etc., The capital that's getting accumulated in the richest top 1% people is such a massive waste that could help a huge portion of humanity.
Purely from a utilization (of money), perspective inequality is a suboptimal state, a massive one at that.
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Isn't money used to buy luxury things supposed to stimulate the economy that would then stimulate the job markets and then trickle down to people ? /s edit: forgot the /s
Yes and no. Give someone earning $7.50/hour more money and it gets spent and put back into the economy like you said. Give someone earning a base salary of say 500k more money and it gets put into a bank to earn them even more money, taking it out of the equation.
Invest the money with a payday lender to loan it out to your under-paid employees so you can grab even more of their paycheck!
Buy a block of housing that houses your under-paid employees and raise rents so you can get even more of their paycheck!
Invest in sub-prime auto loans so that your underpaid employees can get to work. Make money on them while the commute! Of course make sure that you diversify if you need to lay them off!
Invest is short term unsecured credit card debt of your under-paid employees. To goose the returns put them on a high deductible health plan and leverage what you lend to them with their own health account savings (free money). If you are generous give them a 401K match (which is required by law if you have the same) and leverage up using that money too!
Many of your underpaid employees will be on food stamps and located in areas without those fancy suburban grocery stores. Invest a quicky-mart and rake in the food stamp money at high margins! Don’t forget the liquor and lotto tickets as income boosters! If you underpaid employees can’t numb at least you can sell them a bit of hope!
Lastly have you thought about the medical field? A lot of your under paid employees are on Medicaid and I’m hearing good things about insulin!
Why does a company with only 500 regular employees even have 20 executives in the upper bracket? Are they just overpaid sales people? If the upper 5% at my company earned enough to double the wages of the other 95%, I'd be pretty damn mad about those leeches. Especially if the company is already struggling.
What they have on the website: * Chief Executive Officer * Chief Medical Officer * Senior Vice President, Human Resources * Chief Customer Officer * Chief Legal & Strategic Solutions Officer * Chief Financial Officer * President and Chief Operating Officer * Chief Compliance Officer * Chief Technology Officer * Chief Growth Officer In addition their board has 8 members.
Earlier quoted context omitted.
You seem confused. It is much, much better for the world if the money is invested than if it is spent on frivolous personal consumption.
The money went to people who couldn’t afford even their own rent, you rich moron.
Earlier quoted context omitted.
Yes and no. Give someone earning $7.50/hour more money and it gets spent and put back into the economy like you said. Give someone earning a base salary of say 500k more money and it gets put into a bank to earn them even more money, taking it out of the equation.
Some ideas for the US investor. Invest the money with a payday lender to loan it out to your under-paid employees so you can grab even more of their paycheck! Buy a block of housing that houses your under-paid employees and raise rents so you can get even more of their paycheck! Invest in sub-prime auto loans so that your underpaid employees can get to work. Make money on them while the commute! Of course make sure t…
I was thinking the math didn't work out, but it does. If you ignore taxes and say a raise of +7.50 an hour for a working week comes to around $14500 extra a year, over 500 employees that's about $7.3m. If that were split into 20 executive bonuses, that'd be $365K each.
But those 20 folks did receive their bonuses (if any). What they missed out on was the inflation adjustment (3-4% I guess). Now the math doesn't check out. If 4% of the wages for those 20 is $7.3M, then the total annual wages for the same people is $182M. I wish he had shared the numbers.
I was thinking the math didn't work out, but it does. If you ignore taxes and say a raise of +7.50 an hour for a working week comes to around $14500 extra a year, over 500 employees that's about $7.3m. If that were split into 20 executive bonuses, that'd be $365K each.
That said, we shouldn't depend on the largesse/good nature/etc of a few rich individuals - if there is sensible minimum wage, sensible labor laws (and enforcement of these laws), sensible housing laws etc, we probably wouldn't be in this situation in the first place.