On average most businesses have 10-15% labor costs – outliers run from 7% for Walmart to 25% for fast food. Ergo, average doubling labor’s wages should average add 12.5% to consumer prices. Cab driver guess work: leading to 10% loss of original customers’ sales. But, across the board wage hikes for bottom 40% of workforce should add a lot of sales – at businesses bottom 40% earners patronize.
All the while, average doubling (!) bottom 40% percent wages.
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When Congress first laid down the legal blueprint for organizing labor -- it could never have anticipated today's well oiled anti-union machinery stamping (stomping!) out unions until they are virtually all gone -- 6.5% in private (non gov) occupations should be seen as virtually gone.
Card check in today's toxic, 93.5% union free labor market; raising the minimum wage from the 1956 level ($7.25) to what bottom pay earners could probably collectively negotiate for themselves ($15), EITC that transfers 2% of income, while 40%* earn less than what we think the minimum wage could be -- are just adding life boats to America labor's Titanic. We need something real – something to restore collective bargaining for real:
https://onlabor.org/why-not-hold-union-representation-elections-on-a-regular-schedule/
* http://fortune.com/2015/04/13/who-makes-15-per-hour/ (2015 -- gated -- but best story)
Barak Obama and Hillary Clinton never nearly fathomed (pun intended) American labor's going-down-for- the-third-time desperation – which is why Alfred E. Trump populates the White House today. Nuff said?
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