▲ 540 ▼ McDonald’s CEO is grappling with a ‘two-tier economy’ as he slashes prices on value meals—and signals backing for a minimum wage increase (fortune.com) submitted 11 months ago by return2ozma@lemmy.world to c/workreform@lemmy.world 137 comments fedilink hide all child comments
[+] kelpie_returns@lemmy.world 264 points 11 months ago* (last edited 6 months ago) (3 children) [deleted] permalink fedilink source hideshow 6 child comments replies: [–] rocket_dragon@lemmy.dbzer0.com 107 points 11 months ago (1 child) This reads like the wealthy realizing, in real-time, that the poor can't spend money they don't have, more than anything else. If only someone warned them about this! permalink fedilink source parent hideshow 2 child comments replies: [–] TheLeadenSea@sh.itjust.works 31 points 11 months ago (2 children) Yeah, that's like, the most classic of Marxism permalink fedilink source parent hideshow 4 child comments replies: [–] Revan343@lemmy.ca 21 points 11 months ago (3 children) Pretty sure Adam Smith and Karl Marx both understood that one permalink fedilink source parent hideshow 6 child comments replies: [–] InternetCitizen2@lemmy.world 33 points 11 months ago permalink fedilink source parent [–] PapaStevesy@lemmy.world 26 points 11 months ago (1 child) Even Henry fucking Ford understood that permalink fedilink source parent hideshow 2 child comments replies: [–] Nougat@fedia.io 7 points 11 months ago And he was a goddamned Nazi. permalink fedilink source parent [–] SabinStargem@lemmy.today 4 points 11 months ago I think a lot of capitalists would believe the two to be mortal enemies. I suspect that they would enjoy debating their ideas over a cup of joe and tea. permalink fedilink source parent [–] gloktawasright@lemmy.world 6 points 11 months ago Gone are the days of well educated elites. Now we have the scourge that is the putrified remains of ruling class’s shit. Enlightened self interest? How about unchecked greed and moral bankruptcy instead? permalink fedilink source parent [–] Cethin@lemmy.zip 38 points 11 months ago (1 child) Yeah, Ford was horrible, but that's one thing that's reasonable about Fordism. He knew that if he payed his employees well enough then they'd have money to spend. I don't know how the idiots who are wealthy today don't get that, but they assume their wealth is infinite and comes from nothing. permalink fedilink source parent hideshow 2 child comments replies: [–] SoftestSapphic@lemmy.world 9 points 11 months ago (1 child) Seriously, this is Economics 101 shit and everyone in a position of power just pretends it doesn't apply for some dumb ass excuse. The more money people have, the more they will spend. The more money spent in an economy, the more things are bought, the more opportunities for others to start businesses and make profit present themselves. The system works better for everyone when money keeps circulating. That's why UBI is becoming a popular solution to this problem. The majority of money is stagnant in the US. It has been siphoned from the working class and is currently kept in the assets of the rich. And it needs to be redistributed for the system to work well again. permalink fedilink source parent hideshow 2 child comments replies: [–] goatmeal@midwest.social 2 points 11 months ago It's like the prisoners dilemma. We were top left. Some companies thought they could pay less and still reap the benefits of other employers paying well, now everyone does that we're bottom right permalink fedilink source parent [–] DrFistington@lemmy.world 8 points 11 months ago Hey let's spend 20 million to market a 'deal' that will actually end up making us $100 million due to the increase in patronage. Remember, we can't survive as a company if we don't double shareholder earnings every fucking year in perpetuity permalink fedilink source parent
[–] rocket_dragon@lemmy.dbzer0.com 107 points 11 months ago (1 child) This reads like the wealthy realizing, in real-time, that the poor can't spend money they don't have, more than anything else. If only someone warned them about this! permalink fedilink source parent hideshow 2 child comments replies: [–] TheLeadenSea@sh.itjust.works 31 points 11 months ago (2 children) Yeah, that's like, the most classic of Marxism permalink fedilink source parent hideshow 4 child comments replies: [–] Revan343@lemmy.ca 21 points 11 months ago (3 children) Pretty sure Adam Smith and Karl Marx both understood that one permalink fedilink source parent hideshow 6 child comments replies: [–] InternetCitizen2@lemmy.world 33 points 11 months ago permalink fedilink source parent [–] PapaStevesy@lemmy.world 26 points 11 months ago (1 child) Even Henry fucking Ford understood that permalink fedilink source parent hideshow 2 child comments replies: [–] Nougat@fedia.io 7 points 11 months ago And he was a goddamned Nazi. permalink fedilink source parent [–] SabinStargem@lemmy.today 4 points 11 months ago I think a lot of capitalists would believe the two to be mortal enemies. I suspect that they would enjoy debating their ideas over a cup of joe and tea. permalink fedilink source parent [–] gloktawasright@lemmy.world 6 points 11 months ago Gone are the days of well educated elites. Now we have the scourge that is the putrified remains of ruling class’s shit. Enlightened self interest? How about unchecked greed and moral bankruptcy instead? permalink fedilink source parent
[–] TheLeadenSea@sh.itjust.works 31 points 11 months ago (2 children) Yeah, that's like, the most classic of Marxism permalink fedilink source parent hideshow 4 child comments replies: [–] Revan343@lemmy.ca 21 points 11 months ago (3 children) Pretty sure Adam Smith and Karl Marx both understood that one permalink fedilink source parent hideshow 6 child comments replies: [–] InternetCitizen2@lemmy.world 33 points 11 months ago permalink fedilink source parent [–] PapaStevesy@lemmy.world 26 points 11 months ago (1 child) Even Henry fucking Ford understood that permalink fedilink source parent hideshow 2 child comments replies: [–] Nougat@fedia.io 7 points 11 months ago And he was a goddamned Nazi. permalink fedilink source parent [–] SabinStargem@lemmy.today 4 points 11 months ago I think a lot of capitalists would believe the two to be mortal enemies. I suspect that they would enjoy debating their ideas over a cup of joe and tea. permalink fedilink source parent [–] gloktawasright@lemmy.world 6 points 11 months ago Gone are the days of well educated elites. Now we have the scourge that is the putrified remains of ruling class’s shit. Enlightened self interest? How about unchecked greed and moral bankruptcy instead? permalink fedilink source parent
[–] Revan343@lemmy.ca 21 points 11 months ago (3 children) Pretty sure Adam Smith and Karl Marx both understood that one permalink fedilink source parent hideshow 6 child comments replies: [–] InternetCitizen2@lemmy.world 33 points 11 months ago permalink fedilink source parent [–] PapaStevesy@lemmy.world 26 points 11 months ago (1 child) Even Henry fucking Ford understood that permalink fedilink source parent hideshow 2 child comments replies: [–] Nougat@fedia.io 7 points 11 months ago And he was a goddamned Nazi. permalink fedilink source parent [–] SabinStargem@lemmy.today 4 points 11 months ago I think a lot of capitalists would believe the two to be mortal enemies. I suspect that they would enjoy debating their ideas over a cup of joe and tea. permalink fedilink source parent
[–] PapaStevesy@lemmy.world 26 points 11 months ago (1 child) Even Henry fucking Ford understood that permalink fedilink source parent hideshow 2 child comments replies: [–] Nougat@fedia.io 7 points 11 months ago And he was a goddamned Nazi. permalink fedilink source parent
[–] Nougat@fedia.io 7 points 11 months ago And he was a goddamned Nazi. permalink fedilink source parent
[–] SabinStargem@lemmy.today 4 points 11 months ago I think a lot of capitalists would believe the two to be mortal enemies. I suspect that they would enjoy debating their ideas over a cup of joe and tea. permalink fedilink source parent
[–] gloktawasright@lemmy.world 6 points 11 months ago Gone are the days of well educated elites. Now we have the scourge that is the putrified remains of ruling class’s shit. Enlightened self interest? How about unchecked greed and moral bankruptcy instead? permalink fedilink source parent
[–] Cethin@lemmy.zip 38 points 11 months ago (1 child) Yeah, Ford was horrible, but that's one thing that's reasonable about Fordism. He knew that if he payed his employees well enough then they'd have money to spend. I don't know how the idiots who are wealthy today don't get that, but they assume their wealth is infinite and comes from nothing. permalink fedilink source parent hideshow 2 child comments replies: [–] SoftestSapphic@lemmy.world 9 points 11 months ago (1 child) Seriously, this is Economics 101 shit and everyone in a position of power just pretends it doesn't apply for some dumb ass excuse. The more money people have, the more they will spend. The more money spent in an economy, the more things are bought, the more opportunities for others to start businesses and make profit present themselves. The system works better for everyone when money keeps circulating. That's why UBI is becoming a popular solution to this problem. The majority of money is stagnant in the US. It has been siphoned from the working class and is currently kept in the assets of the rich. And it needs to be redistributed for the system to work well again. permalink fedilink source parent hideshow 2 child comments replies: [–] goatmeal@midwest.social 2 points 11 months ago It's like the prisoners dilemma. We were top left. Some companies thought they could pay less and still reap the benefits of other employers paying well, now everyone does that we're bottom right permalink fedilink source parent
[–] SoftestSapphic@lemmy.world 9 points 11 months ago (1 child) Seriously, this is Economics 101 shit and everyone in a position of power just pretends it doesn't apply for some dumb ass excuse. The more money people have, the more they will spend. The more money spent in an economy, the more things are bought, the more opportunities for others to start businesses and make profit present themselves. The system works better for everyone when money keeps circulating. That's why UBI is becoming a popular solution to this problem. The majority of money is stagnant in the US. It has been siphoned from the working class and is currently kept in the assets of the rich. And it needs to be redistributed for the system to work well again. permalink fedilink source parent hideshow 2 child comments replies: [–] goatmeal@midwest.social 2 points 11 months ago It's like the prisoners dilemma. We were top left. Some companies thought they could pay less and still reap the benefits of other employers paying well, now everyone does that we're bottom right permalink fedilink source parent
[–] goatmeal@midwest.social 2 points 11 months ago It's like the prisoners dilemma. We were top left. Some companies thought they could pay less and still reap the benefits of other employers paying well, now everyone does that we're bottom right permalink fedilink source parent
[–] DrFistington@lemmy.world 8 points 11 months ago Hey let's spend 20 million to market a 'deal' that will actually end up making us $100 million due to the increase in patronage. Remember, we can't survive as a company if we don't double shareholder earnings every fucking year in perpetuity permalink fedilink source parent