I recall my first job as a teenager…..65 cents an hour at McDonalds….and after a month or so it went up to 75 cents…..
I walk down that memory lane because of something I read the other day…..
It seems that if minimum wage had kept pace with Wall Street bonuses then the minimum would be over $30 an hour…..read the story and listen to the video……
Wall Street employees saw their typical annual bonus slip by 17 percent last year to $153,700, according to new data from the New York State Comptroller. But don’t feel sorry for the banking set just yet — even including down years like 2018, bankers’ bonuses have jumped by 1,000 percent since 1985.
By comparison, the federal minimum wage has increased about 116 percent during the same period, according to an analysis from the Institute for Policy Studies, a left-leaning research center that used the comptroller’s latest data. If the minimum wage had grown at the same pace as Wall Street bonuses, fast-food workers and other low-wage workers would earn a baseline wage of $33.51 an hour, the group said.
Trump has declared a trade war on China (among others) and outcome is benefiting a country that he has used in the past…..Mexico.
Remember Mexico…that country that would pay for his damn silly border wall? They will not!
But since he has seen fit to declare this trade war Mexico will benefit the most.
The Trump Administration’s trade war with China has turned out to be a windfall for another country the president frequently berates: Mexico.
Consider Fuling Global Inc., a Chinese maker of plastic utensils that developed a lucrative business making paper cups and straws for U.S. restaurants. But President Trump upended all that with tariffs on $250 billion worth of Chinese imports, including paper products. So the company found an alternative, opening a $4 million factory in Monterrey, Mexico, that will soon begin shipping millions of paper straws across the border.
“We had to look for other ways to do business,’” said Fuling Chief Financial Officer Gilbert Lee. The move means the Wenling, China-based company will avoid the tariffs and make up for pricier Mexican labor with lower shipping costs. “Mexico is a very logical and advantageous location for us.”
We keep waiting for the return of our manufacturing jobs (that will never return but we were promised) to all that cash that would return from offshore (to be fair some of the cash has come home but not enough)….
Trump’s trade war is not helping Americans in the least…..but Mexico will make out like the bandits they are accused of being (that is sarcasm not a pronouncement).