Max King of the Wild said:
darkknightkryta said:
Max King of the Wild said:
| most business men either don't know what they're doing, or are under too much pressure from investors. The short sightedness of cutting wages/jobs just to make more money (despite the fact that hundreds of millions of dollars of profits are being made) |
Holy shit businesses make hundreds of millions of dollars in profits? why havent I opened up a local gyro/hot dog/taco place yet...
PS. My post is obvious sarcasim. You are severly overestimating businesses.
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Not big ones. Though I'm not sure what a company like Best Buy make at this time, since as I said, retailers are feeling the pressures of poor economies. But I'll give you another example. Rogers Communications up here in Canada, their net income is 1.56 billion. Guess how many people they cut yearly? This past march they let 300 people go. I can assure you, they could have kept those 300 people and hired another 300 and it wouldn't have put a huge dent into their profits. But since they're used to making 1.56 billion dollars annually investors are gonna freak out if they don't make that, or get it higher. So what's the CEO supposed to do? Do what's best for the economy and keep people employed? Or cut jobs since that's the fastest way to get profits up? Sure ain't keeping people employed. And then people wonder why economies are bad.
Edit: Just looked up Best Buy's net income, they're profiting 1.23 billion dollars, yet they're closing stores and making people unemployed.
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Best buy already pays higher than min wage so this won't effect them in any way... not imagine if they did pay minimum wage and they got the news they would need to increase their wage by a dollar and a half to each of their 80-200 (Taking these numbers from Target. I don't know what BB employees on hand are like) employees in each of their stores. Can you imagine how many stores they would close then?
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What does it matter? They're closing stores anyways. Making a billion dollars in profits isn't enough. One of the points I was trying to make is that business men don't do what's right for the economy. They're making disgusting profits, but they always need a little more, which in turn causes jobs to be lost or outsourced since the easiest way to get more money is to get rid of more employees. Economies were flourishing when businessmen did their part, kept people employed, gave them a decent wage. Things are only going to get worse until the business start sucking it up and keeping people employed. There's a whole causality to economies: people spend money, economies go up. People don't have money, people don't spend money, economies go down. Which is why raising minimum wage doesn't work and just makes the middle class poor. Like Sales mentioned minimum wage in my province is over 10 dollars. Full time wage is 16. Almost 10 years ago minimum wage used to be 6.50. Full time wage was 16, see what happened? Middle wages didn't go up with minimum wage so all that did is make middle class poor. Tiered wages is the only real solution, but businesses are just gonna cut jobs anyways since, a billion dollars in profits isn't enough apparently.