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Originally Posted by martinguerre
no...min wage is a stopgap measure. it alliviates the problem of the poor not having bargaining power for wages...but doesn't solve the issue. public education needs to aim at creating workers who are more trained and efficient so that real GDP growth can be distributed in to wages.
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Here, we agree. Some workers aren't even worth the minimum due to their lack of education/training. Now, for those that are trapped in goverment school systems and can't get a better education, that's a sad situation. Those that simply choose (or perhaps their parents chose for them early) not to get the education offered, that's not a problem that can be solved.
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that said...executive compensation probably needs attention. In 1988 the average CEO made 46 times what the lowest paid worker...now that figure is more like 476 times. That jump pays a lot of those lower end salaries. Exec's deserve fair pay for their work...but so do the workers on the line.
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I don't want the goverment telling anyone what the most they can make is going to be. What I do want to see is some reforms, maybe at the SEC level, as to corporate board composition. It's the board that sets the compensation packages for the executives, and since it is money that could be paid to the shareholders, that's where the emphasis on reform should be. A company with a whiz executive may well have to pay him/her a high multiple of what the lowest paid worker gets--that's market forces coming to bear--but a board packed with cronies (a la Tyco) that isn't looking out for shareholders should be held liable.