Will the labor shortage now end? Millions of Americans Set to Lose Pandemic Unemployment Benefits Next Week, No Signs of States Extending

[busybee01]

Pay attention. Those tax cuts helped give us the best economy in 50 years. We had a million more jobs than Americans who could do them. Wages were on the rise, and we hit a new record for median household income. Nobody ever said the price of products will decrease because of some tax breaks, but a lot of other great things did take place.

The tax cuts did nothing for the economy. They have increased the income inequality in this country. Wages were not increasing at a rate for people to live. Just to afford housing, you have to be making $25 a hour.
b a hour.

 

[SassyIrishLass]

The tax cuts did nothing for the economy. They have increased the income inequality in this country. Wages were not increasing at a rate for people to live. Just to afford housing, you have to be making $25 a hour.
b a hour.

Nobody will ever pay you 25 a hour. Nope

 

[busybee01]

They aren't working because they are getting paid to sit home. We all know that, even you.

You don't know shit. People are fed up. You robber barons don't give a shit about workers. You want to run a sweatshop but people are sick and tired of it.

 

[busybee01]

Nobody will ever pay you 25 a hour. Nope

The rich will.

 

[initforme]

$25 per hour won't afford you housing today

 

[westwall]

You don't know shit. People are fed up. You robber barons don't give a shit about workers. You want to run a sweatshop but people are sick and tired of it.

So stop importing illegal aliens who keep the wages for everyone low. Dumbass.

 

[initforme]

How about cracking down on ANY emoyer who hires non American citizens, even those jobs Americans won't or shouldn't be doing.

 

[WEATHER53]

A leftist thinks it's up to the employer to make you worth more money. A righty thinks that it's up to the individual to make themselves worth more money.

A leftist thinks it’s a “fundamental human right” that one working person should be able to fully support himself or family with extras included . That’s not the design of employment.

 

[Ray From Cleveland]

How about cracking down on ANY emoyer who hires non American citizens, even those jobs Americans won't or shouldn't be doing.

How about not letting them in by the millions in the first place like Biden is doing today?

 

[Ray From Cleveland]

You don't know shit. People are fed up. You robber barons don't give a shit about workers. You want to run a sweatshop but people are sick and tired of it.

Must not be because we are still buying their products; five-fold for Chinese products that are made in much worse sweatshops.

 

[Ray From Cleveland]

The tax cuts did nothing for the economy. They have increased the income inequality in this country. Wages were not increasing at a rate for people to live. Just to afford housing, you have to be making $25 a hour.
b a hour.

So what's the problem? Make your labor worth $25.00 an hour and buy a house. If you can't make the money you desire, that's not your employers fault, that's your fault.

 

[Dragonlady]

You are totally lost when it comes to business. If your employer gives you a $1.00 raise in pay, it costs the employer much more than that dollar

Your employer has to contribute more to his or her matching SS and Medicare funds. It likely will cost the employer more for unemployment and workman's compensation insurance. It will cost the employer more to pay you when you're not working like holidays and vacations. That $1..00 an hour is just the start of employee costs.

All of which are fully deductible as business expenses and cost the employer a fraction of their dollar value.

Furthermore, studies routinely show that underpaid workers are more stressed, less productive and not really worth the money you pay them, while well paid and well treated employees are more productive, make fewer mistakes, and are worth the extra money expended.

Walmart didn't start raising wages to their workers out of the goodness of their hearts. They did it because market research showed that people HATED shopping at Walmart because the employees all seemed unhappy and miserable, and they were losing market share as a result.

Contrast with Costco where employees are paid $40 per year, and customers report the employees are knowledgeable, helpful and enhance their shopping experience. I much prefer Costco to Walmart, and have noted Costco stores are always packed with people, and Walmart not so much. I never shop of Walmart, but look forward to stocking up at Costco every time I go there.

 

[initforme]

I can live with that Ray, are you on board with harshly punishing businesses that hire cheap labor?

 

[Dragonlady]

Must not be because we are still buying their products; five-fold for Chinese products that are made in much worse sweatshops.

Most of the made in China stuff is no longer being manufactured outside of Asia. You don't have a choice in clothing, and low end toys or electronics.

 

[Winston]

Pay attention. Those tax cuts helped give us the best economy in 50 years. We had a million more jobs than Americans who could do them. Wages were on the rise, and we hit a new record for median household income. Nobody ever said the price of products will decrease because of some tax breaks, but a lot of other great things did take place.

Horseshit. You believe what you want to believe. The highest wage growth since 2006 happened in April of 2020, at the height of the pandemic. Eight percent. Companies finally started to get desperate. The corporate tax cut did not, I repeat, DID NOT, result in higher wages. Covid did.

Two years later, however, business investment is actually declining. Factory closings and mass layoffs have not ended. Wage growth is tepid, despite the continuation of the economic expansion that began 10 years ago, and gross domestic product (GDP) growth is slowing and projected to revert to its long-term trend or below. Meanwhile, budget deficits are higher due to revenue losses—which have largely been triggered by the massive corporate tax cut at the heart of the TCJA

The TCJA 2 Years Later: Corporations, Not Workers, Are the Big Winners

The massive corporate tax cut is costing more than expected and not trickling down to workers.

www.americanprogress.org

The most telling thing, all those bonuses that companies handed out were handed out BEFORE the corporate tax cut went into effect. It was sadistic, and insulting for those of us that actually know something about Economics and Finance. But for me, the big thing, GDP growth, which historically has been INVERSELY related to the corporate tax rate. The real result, and don't tell me that Republicans and Trump didn't know it, was stock buybacks.

For the first three quarters of 2018, buybacks were $583.4 billion (up up 52.6% from 2017).

Why The Tax Cuts And Jobs Act (TCJA) Led To Buybacks Rather Than Investment

In short, the reason the TCJA didn’t increase investment is that most companies are already over-investing.

www.forbes.com

So that stock market Trump bragged about was nothing more than smoke and mirrors, and who benefited? Not the common worker,

84% of stocks in the USA are owned by the Top 10% of households.

Stock Ownership in the USA - The Big Picture

Source: Torsten Sløk, Ph.D., Deutsche Bank Securities Last month, we looked at how the top 1% of wage earners in the USA — they garnered wage gains of 158% since 1979. The bottom 90%? A bit more modest gains — of 23.9%. But that is just income. Let’s consider wealth created by the…Read More

ritholtz.com

You are not in the top ten percent. You have been played.

 

[Winston]

You are totally lost when it comes to business. If your employer gives you a $1.00 raise in pay, it costs the employer much more than that dollar

Your employer has to contribute more to his or her matching SS and Medicare funds. It likely will cost the employer more for unemployment and workman's compensation insurance. It will cost the employer more to pay you when you're not working like holidays and vacations. That $1..00 an hour is just the start of employee costs.

Don't know much about finance do you. If an employer gives a dollar raise, instead of claiming a dollar in profits, it costs LESS than a dollar. In fact, it costs seventy-nine cents, plus a little less than eight cents for the FICA tax. Of course, before the corporate tax cut it only costs sixty-five cents plus the FICA. So, would companies be more apt to hand out those raises before or after the corporate tax cut?

 

[Winston]

Ooof, right in the bread basket

Ooof, totally wrong.

 

[Ray From Cleveland]

All of which are fully deductible as business expenses and cost the employer a fraction of their dollar value.

Furthermore, studies routinely show that underpaid workers are more stressed, less productive and not really worth the money you pay them, while well paid and well treated employees are more productive, make fewer mistakes, and are worth the extra money expended.

Walmart didn't start raising wages to their workers out of the goodness of their hearts. They did it because market research showed that people HATED shopping at Walmart because the employees all seemed unhappy and miserable, and they were losing market share as a result.

Contrast with Costco where employees are paid $40 per year, and customers report the employees are knowledgeable, helpful and enhance their shopping experience. I much prefer Costco to Walmart, and have noted Costco stores are always packed with people, and Walmart not so much. I never shop of Walmart, but look forward to stocking up at Costco every time I go there.

I wouldn't know. Never been to Costco. There aren't many in the area. For every five Walmart's, there is maybe one Costco.

So studies show, huh? Well if that's what those studies show, don't you think all business leaders are quite aware of that? And if they are, why aren't they following that business model?

Towards the end of my working years, several of our customers were replacing their mostly white crew with blacks. Why would they do that? Because blacks are willing to work for less money. Yes, they do lose on better workers, but when all the numbers are run at the end of the month, they make more money using lower wage black employees than higher wage whites. Whites won't work for that kind of money.

I don't think you understand deductions and what they really are. I have over 100 every single year, and it doesn't amount to all that much. If you think it means government reimburses businesses penny for penny, then businesses would be paying all their employees $30.00 an hour. Why not? It's not costing them a dime, right?

 

[Ray From Cleveland]

Horseshit. You believe what you want to believe. The highest wage growth since 2006 happened in April of 2020, at the height of the pandemic. Eight percent. Companies finally started to get desperate. The corporate tax cut did not, I repeat, DID NOT, result in higher wages. Covid did.

Oh quit reading those commie sites like American Progress. They want to try and talk down anything good taking place under a Republican administration. If things were going so bad, we wouldn't have had the economy we did. Yet we had the best economy in 50 years with women and every minority group seeing record low unemployment since records were kept. Everybody benefited from those tax cuts.

 

[Winston]

I wouldn't know. Never been to Costco. There aren't many in the area. For every five Walmart's, there is maybe one Costco.

So studies show, huh? Well if that's what those studies show, don't you think all business leaders are quite aware of that? And if they are, why aren't they following that business model?

Towards the end of my working years, several of our customers were replacing their mostly white crew with blacks. Why would they do that? Because blacks are willing to work for less money. Yes, they do lose on better workers, but when all the numbers are run at the end of the month, they make more money using lower wage black employees than higher wage whites. Whites won't work for that kind of money.

I don't think you understand deductions and what they really are. I have over 100 every single year, and it doesn't amount to all that much. If you think it means government reimburses businesses penny for penny, then businesses would be paying all their employees $30.00 an hour. Why not? It's not costing them a dime, right?

Come on man. You are being disingenuous. You know that for every dollar in deduction you reduce your net income by a dollar. And you also know that the government doesn't reimburse shit. I mean now you are just being silly.