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World's Richest Woman Makes Case for $2-a-Day Pay: Should We End Minimum Wage?

Fef 2012/09/06 18:00:00
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Gina Rinehart can offend people without fear. The world's richest woman told those who envy the rich to drink less and work harder. Ms. Rinehart has another suggestion that may offend some people. Ms. Rinehart wants to end minimum wage laws in her country to make it more competitive. "The evidence is inarguable that Australia is becoming too expensive and too uncompetitive to do export-oriented business," Rinehart said at the Sydney Mining Club.

Minimum wage laws often hurt those it intends to help the most -- the poor. Certainly, nobody will get wealthy on minimum wage. But families can barely live on that low of an hourly wage. The law makes it hard for employers, which directly hurt consumers and employees. What good do minimum wage laws serve if they hurt employees and don't pay enough for families? Should we raise the wage? How much? How about $20 per hour? Why not $50 per hour?

LATIMES.COM reports:
Australian mining tycoon Gina Rinehart, the world's richest woman, says her country's businesses can't compete with places that pay as little as $2 a day to workers.
worlds richest woman countrys businesses compete places pay 2 workers

Read More: http://www.latimes.com/business/money/la-fi-mo-ric...

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Top Opinion

  • DJPanicDC 2012/09/05 23:02:26
    No, keep minimum wage!
    DJPanicDC
    +41
    big surprise the richest woman in the world wants more and she wants it from the workers
    That's why we need a maximum wage

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  • Bryan L... Mike 2012/09/27 02:24:44
    Bryan Longworth
    I don't have time to watch a 30 minute video. If you are not capable of presenting an argument, just say so.
  • Mike Bryan L... 2012/09/27 05:57:15
    Mike
    +1
    if you have no time, then you have lost already . because if i cannot make you believe and you refuse to see, were done.
  • Bryan L... Mike 2012/10/04 03:50:37
    Bryan Longworth
    I didn't say I don't have any time. I am not going to sit through a 30 minute propaganda video to get a point across that you apparently are incapable of conveying.
  • Realistic Bryan L... 2012/10/08 00:52:10
    Realistic
    Bryan, please watch the video.
  • Bryan L... Realistic 2012/10/17 02:58:26
    Bryan Longworth
    Please make your argument yourself.
  • Roy Bryan L... 2012/09/12 06:28:24
  • Jkirk3279 2012/09/11 01:07:42
    No, keep minimum wage!
    Jkirk3279
    +2
    This woman was born rich, and has never worked a day in her life.

    She's certifiable.

    If American Wages had merely kept pace with the increase in Productivity and Corporate Profits, the Middle Class would be healthy and the taxes paid to Social Security and Medicare would have those funds overflowing with cash.

    Instead, a concerted effort was made to bust Unions and lower wages. And it worked.

    The first time the planet Earth saw a Middle Class was probably right after the Black Plague.

    One out of three people died.

    The orchards, vineyards, herds, and fields were all still there, but now there wasn't enough people to work them.

    So employers started feverishly competing for labor, bidding up wages from dirt-poor to comfortable.

    Those survivors were working long hours to keep up, but they were getting PAID.

    That wealth, transferred from the Rich to the Poor, created a Middle Class.

    Before the Black Plague, the Merchant Class was tiny; only the Butcher, the Baker, and the Doctors qualified.

    But afterward, people were making enough money to get an education for their children, and they started to move out of poverty.

    There was a brief summer of Prosperity that lasted a generation.

    The large Middle Class bought STUFF with their wages. Bread, Meat, Wine, educat...





















    This woman was born rich, and has never worked a day in her life.

    She's certifiable.

    If American Wages had merely kept pace with the increase in Productivity and Corporate Profits, the Middle Class would be healthy and the taxes paid to Social Security and Medicare would have those funds overflowing with cash.

    Instead, a concerted effort was made to bust Unions and lower wages. And it worked.

    The first time the planet Earth saw a Middle Class was probably right after the Black Plague.

    One out of three people died.

    The orchards, vineyards, herds, and fields were all still there, but now there wasn't enough people to work them.

    So employers started feverishly competing for labor, bidding up wages from dirt-poor to comfortable.

    Those survivors were working long hours to keep up, but they were getting PAID.

    That wealth, transferred from the Rich to the Poor, created a Middle Class.

    Before the Black Plague, the Merchant Class was tiny; only the Butcher, the Baker, and the Doctors qualified.

    But afterward, people were making enough money to get an education for their children, and they started to move out of poverty.

    There was a brief summer of Prosperity that lasted a generation.

    The large Middle Class bought STUFF with their wages. Bread, Meat, Wine, education for their kids, clothes instead of cast-off rags...

    And the Butchers, the Bakers, and the Doctors prospered from selling to the Middle Class; they became Merchant Princes.

    Ah, but the survivors of the Plague had kids. And the labor shortage was resolved.

    Employers immediately began throttling back on wages. They wanted all the profit for THEMSELVES.

    So the Middle Class began to shrink.

    Less wages meant less opportunity. Less education too.

    And finally, it was back to the Wealthy 1%, a tiny Merchant Class that sold meat and bread to the Wealthy, and a vast class of the Working Poor.

    Sound familiar?

    It's happening again here in America; in Europe they have laws that protect the workers.

    The Minimum Wage in Denmark is about $18 an hour. And the average German employee at BMW makes over $50 an hour.

    See, Corporations make TONS of money. And they pay very little in taxes. So all that money goes to Shareholders in the 1%.

    Not to workers. And the Middle Class shrinks.
    (more)
  • Lady Wh... Jkirk3279 2012/09/11 15:19:41
    Lady Whitewolf
    Well said.
  • Odinsown 2012/09/11 00:50:54
    Yes, end minimum wage!
    Odinsown
    +2
    Interesting fact when minimum wage law was first introduced it was low income minorities who protested it the hardest, many claiming that it would limit the employment opportunities for the youth and unskilled, not only were they right we successfully invented our very own magic inflation machine!
  • bags the Indigenous Guru 2012/09/11 00:17:05
    No, keep minimum wage!
    bags the Indigenous Guru
    +1
    Let her show us all how to survive on $2 a day by showing us how she lives on $2 a day.
  • Odinsown bags th... 2012/09/11 00:54:21
    Odinsown
    Actually without the minimum wage many people survived on less, our dollars were worth more. I read a study that stated that minimum wage has no effect on living standard, only an open market system and healthy economy can effect that, it merely devalued the currency and was a feel good patch for wealthy politicians.
  • bags th... Odinsown 2012/09/11 01:03:32
    bags the Indigenous Guru
    +2
    I'm glad you believe that. I, however, don't.
  • Odinsown bags th... 2012/09/11 01:43:59
  • Jkirk3279 Odinsown 2012/09/11 01:09:47
    Jkirk3279
    A study no doubt put out by the Heritage Foundation.

    It's easy, you just throw money at some dipstick that can't even count, and he gives you a study saying just what you wanted.
  • Odinsown Jkirk3279 2012/09/11 01:44:46
    Odinsown
    Actually I do believe it was done by the reason foundation. Either them or Cato.
  • FanOreilly 2012/09/11 00:03:27
    Yes, end minimum wage!
    FanOreilly
    +3
    The minimum wage keeps the poor, poor.
  • Z-Wolf 2012/09/10 23:33:55
    No, keep minimum wage!
    Z-Wolf
    +2
    I can't in good conscience say that they should end minimum wage. This problem has more parts to it then we are acknowledging.

    The point of minimum wage is so you can't pay $4 an hour to a worker and hire as many as you need. I know that some people think that businesses would hire less workers because they have to pay more, but that's better than them paying way more workers less than that worker can live on. That's completely unfair. They want a company to have as many workers as they need, while the worker has to work for them and several other people to make ends meet.

    The way to fix that is to make more jobs. The more jobs available the more people that can be hired. minimum wage wouldn't matter if there were enough jobs for people. That's the real issue. Minimum wage was never and is not the problem.
  • L K 2012/09/10 23:06:54
    No, keep minimum wage!
    L K
    +3
    Tell her to donate her money to the poor and to go on a diet. What an idiot she is!
  • Grizzle 2012/09/10 22:24:16
    Yes, end minimum wage!
    Grizzle
  • CAptain... Grizzle 2012/09/10 23:16:20 (edited)
    CAptain Morgan
    +3
    your observations seems pretty believable , but corporations do not value employees they see them all as a burden because they have to pay them and their main focus is profit so as a result they will pay as little as they can no matter if you black, yellow or green or even studied at the best university money can buy.if they can get away with paying you one penny they will.its all about profit and that's the bottom line.
  • Grizzle CAptain... 2012/09/11 12:20:33 (edited)
    Grizzle
    double face palm

    As a business owner and a corporation I can say with 100% certainty that you are wrong...Communist Manefesto 10 planks are almost complete, funny how the elites tell us exactly what they are going to do years in advance and then do it with support of a free people.

    http://www.libertyzone.com/Co...
  • Realistic Grizzle 2012/09/26 14:16:31
    Realistic
    Grizzle, stop arguing with an intelligent man. I guess your idea of Communism is to not allow the ones with more to take more while sacrificing the ones who have less. The Bible teaches about people like you. I guarantee you that you wil not be able to take your money with you when you leave this Earth. If someone gets up and goes to work everyday why should that worker get $2 per hour while the boss and shareholders take millions. What kind of morality and sound judgement is that? It is your type of irrational and downright evil economic reasoning why our economy is in such devastation. When there is such a gigantic disparity between the wealthy and the poor, 99% vs 1%, there is a poisonous epidemic of uneven distribution of wealth.
  • CAptain... Grizzle 2012/09/26 20:52:15
    CAptain Morgan
    if what you say is true then how come so many valuable employees got laid off during the past 5 to 15 years and had their jobs shipped overseas? , they are hardly any manufacturing jobs unless you consider flipping a burger "manufacturing" . corporate greed has set the standards if a rich guy gets a huge tax cut its okay because hes a job creator yet when the average joe looses his job and gets food stamps he is a parasite, sss
  • Preside... CAptain... 2012/09/11 16:33:31
    President Camacho
    Corporations pay more to people who work hard and make them money.
  • CAptain... Preside... 2012/09/27 03:31:54 (edited)
    CAptain Morgan
    Government Spends More on Corporate Welfare Subsidies than Social Welfare Programs(here is the news article w facts http://thinkbynumbers.org/gov...
  • Realistic Grizzle 2012/09/26 14:06:33
    Realistic
    Racist!
  • Gary 2012/09/10 21:54:47
    No, keep minimum wage!
    Gary
    +2
    If you get rid of the minimum wage then you're going to be in the situation where employers are going to get greedy and start to pay their employees less money and expect them to do more work. When this happens, the workers are the ones that'll suffer as they won't be able to afford to pay their bills because they work for a greedy corporation that want to get richer at the expense of others. What then happens is that the workers can't afford to live due to there being no minimum wage and employers lowering their wages under the pretence that they're not obligated to pay a minimum amount. When your workers can't afford to live off their wages, they need to get outside help- logically this would be in the form of welfare payouts. Therefore you would actually see the economy decline as money would start circulating- people pay taxes on their wages, which goes to other people in the form of payouts, which goes back to the corporations in the form of paying bills, which goes back to the workers in wages, ad infinitum.

    With a minimum wage your workers can at least budget themselves as they can get an idea of how much money they're going to be earning BEFORE they start working. A lot of employers don't give out details on pay structure due to the potential for rival companies getti...
    If you get rid of the minimum wage then you're going to be in the situation where employers are going to get greedy and start to pay their employees less money and expect them to do more work. When this happens, the workers are the ones that'll suffer as they won't be able to afford to pay their bills because they work for a greedy corporation that want to get richer at the expense of others. What then happens is that the workers can't afford to live due to there being no minimum wage and employers lowering their wages under the pretence that they're not obligated to pay a minimum amount. When your workers can't afford to live off their wages, they need to get outside help- logically this would be in the form of welfare payouts. Therefore you would actually see the economy decline as money would start circulating- people pay taxes on their wages, which goes to other people in the form of payouts, which goes back to the corporations in the form of paying bills, which goes back to the workers in wages, ad infinitum.

    With a minimum wage your workers can at least budget themselves as they can get an idea of how much money they're going to be earning BEFORE they start working. A lot of employers don't give out details on pay structure due to the potential for rival companies getting wind of it and making a more attractive pay offer. In this scenario, with no minimum wage your potential workers won't know what they're getting themselves into until it's too late. With a minimum wage at least people can work out if they can afford to live before taking a job, and let's face it, the right to be able to live comfortably is a right we all have.
    (more)
  • Navin Johnson (The Jerk) 2012/09/10 21:22:17
    Yes, end minimum wage!
    Navin Johnson (The Jerk)
    +1
    some seem to think that people should be able to make a living on minimum wage,i disagree. how much do they want it to be? minimum wage is for low skilled workers and teenagers
  • Gary Navin J... 2012/09/10 21:58:37
    Gary
    +2
    Everyone has the right to make a living, regardless of what work you do. Minimum wage is for entry level positions, not just low skilled and teenage workers. I work with people near retirement age that are on minimum wage doing a job that requires a lot of skill and effort. I'm not saying that minimum wage should be an extortionate amount, but it should be at least enough to be able to live off.
  • bags th... Gary 2012/09/11 00:20:52
    bags the Indigenous Guru
    +1
    Precisely. Minimum wage should be (actually) a minimum Living Wage. If someone works 40 hour a week, they should be able to heat, eat, shelter, clothe...meet the necessities for life.
  • Navin J... Gary 2012/09/11 00:33:32
    Navin Johnson (The Jerk)
    that probably explains my terrible low raises....20 cents a year,and i've been at my skilled job for 11 years and never call in,that's a minimum wage type of raise and i'm sure it's because they were forced to raise minimum.
  • Curmudgeon Gary 2012/09/11 03:58:57 (edited)
    Curmudgeon
    A problem that always emerges as one makes a promise that living wage is waiting for people whatever they do is people abuse the system.

    For some, the idea that they can earn a set amount and not really have to do all that much to improve themselves is VERY appealing. I am not saying everyone does this, but I see it WAY too often.
  • red 2012/09/10 19:55:58
    No, keep minimum wage!
    red
    +2
    I marked no, because there was no box for "undecided".
  • red red 2012/09/10 21:08:23
    red
    +1
    I looked it up, and Australia pays it's workers about $15 an hour.
    How are they doing in Australia?

    In June, Australia's unemployment rate for workers age 15 to 19 was 16.5%.

    Last December, 63% of all jobs lost were jobs for young, unskilled Australians.

    It's simple: when the price of something goes up, people buy less. So when the price of labor goes up, employers hire less.

    Read more: http://www.foxbusiness.com/on...
  • william keegan 2012/09/10 18:59:31
    Yes, end minimum wage!
    william keegan
    +3
    I cannot understand the rationalization behind the government passing a minimum wage law. In the first place what a person's wage rate is a subject for the employer and the employee to agree upon. Having the government impose itself between the employer and employee is an overreach and should not be allowed. I just reread the COTUS and I could find no thing in it that authorizes the federal government to determine the wage level of private industry.
  • joe hea... william... 2012/09/10 21:29:44
    joe heasley
    +2
    Your logic is nearly as flawed as your use of our language. If it is an imposition of the government to moderate wages, a step that protects damages to people who have needs that are 'minimum, then it is also an imposition for 'government' to protect the population in its care from anarchists, thieves, rapists etc. . You Billy are overstepping yourself.
  • william... joe hea... 2012/09/11 10:46:37
    william keegan
    Excuse me!!! The purpose of government is to protect the people from anarchists, thieves, rapists etc. The government has no authority to tell me as a worker how much I value my labor or to tell me as an employer how much value the labor to produce a widget should be. The business of government is to govern. The business of business is business!
  • DutchHeretic Native non-Ame... 2012/09/10 18:33:39
  • Cat 1017 2012/09/10 17:25:02 (edited)
    No, keep minimum wage!
    Cat 1017
    +2
    This woman and many business people like her are prime examples why there should be a minimum wage...They would re enforce SLAVE labor if they could...Thats why so MANY greedy business are out sourcing jobs over seas....Showing many that the trickle down theory is a myth....
  • Joshua Mathews 2012/09/10 16:30:52
    No, keep minimum wage!
    Joshua Mathews
    +1
    Problem is that the concept of ending the minimum wage so that more people can get work ignores the possibility of employers acting selfishly. Ms. Rinehart would earn more money if she continued to employ the same number of people but didn't have to pay them as much. It's not difficult to see why someone in her position might be biased.

    I'm not sure she herself believes what she's saying. In all likelihood she just wants more money and doesn't really care about the truth.

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