But this shift has also driven change in the private sector and is helping to establish a new norm: Bank of America, Merrill Lynch and L’Oréal are not public-sector employers yet all pay the Living Wage. We know that change must be incremental for it to be fair – that pulling the rug out from beneath our highest achievers may reduce inequality but will also reduce growth and exile many who contribute highly to our economies. If you want to contribute to this debate and defend this position, do not hesitate to contact us at hello@therift.eu! Because it is not true that the amounts now being paid senior executives simply reflect the market price for their services. Should our societies have a “maximum wage”? 6 Oklahoma . Your email address will not be published. It's scary that about 100 people control more money then The massive 7 billion population. So suppose somebody is currently getting work for $x per day, and we think that’s too much. The federal government set the first minimum wage in 1938 to $.25 per hour. Instead of making economies more vibrant and competitive, they freeze competition, encourage unproductive investments, and ignore the currently wealthy. Once pay is high enough to incentivize maximum effort, extra compensation does nothing. (slavery.) Rather, it impoverishes the future. “I wasn’t joking,” Ellison replied. Interfere with that, and we wind up misallocating our most valuable and critical resources. It is free to read online – please support us so we can keep it that way. Work: Why are there so few decent jobs now? In 2015, Representative Mick Mulvaney – a South Carolina Republican who now serves as the director of Trump’s Office of Management and Budget – proposed a ban on import and export subsidies to any US companies with CEOs making over 100 times their median worker pay. The currently rich already earned a lot of money. (Slavery.) In Cuba, an active law on maximum wage fixes a monthly wage ceiling of 20 U.S. dollars. However, a max wage would help bring about this and it would also, if not too far gapped (i.E. If you cap wages, you eliminate the class of people who can diligently save and bootstrap a new company – and challenge today’s rich. In 1942, as President of the United States, FDR proposed a 100 percent tax on all individual income over $25,000, about $365,000 in today’s dollars. It’s an idea that shouldn’t be entertained. could only be paid, for example, 20x that amount, or $170/hr. We believe it is necessary to voice every opinion without taking sides and that every opinion should be heard. However, there should not be a maximum wage for one reason if not the others specified by those who also agree with me: If I'm an employer, I should have the right to pay my employees as much as I want. Suppose you need a life-saving drug, and Joe Genius tells you he’s got one. I believe passionately in balancing the harm of the action against the harm of interventions. Can men help break Kenyan womens’ exclusion? How much they wish to pay the CEO to manage that business is up to them. The neoliberal view of inequality – rejoicing in it as evidence of meritocracy – and the view articulated by proponents of The Spirit Level1 – that inequality is the main cause of modern social ills – are both inaccurate and unhelpfully dogmatic. Opinions above have 200:1. In this case time and perhaps distaste in doing unpleasant work. Where I work, there is a maximum wage, and many people have hit it. We need to battle for a pre-distributive economy that generates less inequality in the first place. I think most Americans would agree that no enterprise where workers would have to labor over … In my opinion, the world should be as fair as possible for everyone and to do that we need to make sure no one is taking in so much money that the economy is affected by it. What can we do about all this? Yes, fight for greater pay equality. The rich, in other words, would have a vested interest in improving the well-being of the poor. Help us get The Spirit Level film to the finish line. To insist upon a maximum wage is to limit only the incomes of the proletariat, those without access to the capital side of the income generation equation. Excessive pay at the top results in greater inequality and over-consumption that has a cost for all in society. the October 2011 issue A reporter who heard those comments later asked Ellison about this maximum wage “joke” he had made. Id argue no. The federal minimum wage was introduced in 1938 during the Great Depression under President Franklin Delano Roosevelt. If we fire all the workers who earn less than one fifth the CEO’s earnings, does that not achieve our objective of equality?
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