to the latest COVID relief bill, the American Rscue Plan, lawmakers say they have not given up in hiking the $7.25 an hour wage floor. But the proposal to hike the minimum to $15 an hour is not the solution — it is too broad and generalized to solve our country's collective financial insecurity. We are, once again, taking the easiest, most universally understood policy solution, rather than the right one.
So if a national minimum wage isn't the solution to America's poverty crisis, what is? A few practices can — and should — be adopted by profitable companies in America, above and beyond living wages.First, we should require an equitable distribution of profit to employees — at least 25% of profit should go to employees before any dividend is distributed to shareholders. This will ensure that employees are rewarded based on what they bring to the company.
Stock ownership also needs to be made available to all employees, not just a few select employees at the top. There is no valid material and moral argument that only a few employees at the top deserve stock options. Instead of buying back shares, companies need to distribute shares to the employees as direct grants and offer them to employees at a discounted share price.
These solutions are tools that we as consumers can and should expect companies to employ — but they are insufficient unless they are enforced. We as a society ought to guarantee that each person working 40 hours a week should receive a living wage.
dhaka57 No, its time for companies to move their operations to another country like Ford has recently said it would do. The other option, roll out the robotics, AI, and automation and make humans completely obsolete.
dhaka57 Why not ask government to cut taxes, deregulate and spend tax money wisely?