It’s not even about wages. The precision tooling and engineering equipment would probably take a decade of development to get the US equivalent with China. We just don’t have it here.
And it’s not about rising wages with productivity. Americans by and large don’t want to work in factories or manufacturing. The pay would have to be astronomical to fill the needed positions.
TriflingToad@sh.itjust.works 1 week ago
wouldn’t higher wages make stuff cost more? I’m kinda confused
Maggoty@lemmy.world 1 week ago
The sheer amount of money being removed by the 1 percent is regoddamndiculius. It’s something like 45 trillion dollars since wages diverged from productivity in 1975.
CalipherJones@lemmy.world 6 days ago
And it’s only speeding up now that we have a cabinet of billionaires for billionaires.
Perhapsjustsniffit@lemmy.ca 6 days ago
And they’re pumping and dumping the market every single day.
Pilferjinx@lemmy.world 1 week ago
CEO pay can mitigate that if they’re willing to make less.
SouthEndSunset@lemm.ee 1 week ago
But then how would they afford multiple cars, planes, and houses?
/s
Dragomus@lemmy.world 1 week ago
Hahaha
This whole presidency is raised for maximizing CEO income and no taxes for everyone at the top.
It will be interesting if Trump actually manages to pull it off, because he’ll make the US swap places with China:
No one trusts the country anymore, but if it has low enough wages and proper production capability it will produce everything cheaply just to export it all overseas where the luxury goods will be sold. Of course all profits will be made overseas, not in the US because hardly anyone can afford the luxury items no more.
Meanwhile the production states will get deep smog clouds and intense small coal particle pollution in return. And the need for face masks will be back…
sfu@lemm.ee 1 week ago
That the real issue right there. But that’s why all the manufacturing went out of the country in the first place. Often because businesses were sold, or passed on to their children. Then the new owners were only doing it for the money.
jerkface@lemmy.ca 6 days ago
As opposed to what reason for owning a factory??
deepfuckingdumb@lemmy.world 1 week ago
In a “frictionless vacuum”, yes. Real world economics is much more complex however and higher wages = higher product prices doesn’t quite hold true. Read productivity-pay gap.
MrScottyTay@sh.itjust.works 1 week ago
That’s one of the issues with how we’ve (most western capitalist countries) been doing this.
People are struggling for money so minimum wage goes up. Labour to create things is now more expensive and prices go up.
There is only one solution and that’s to theoretically (or technically) eating the rich that are hoarding all of the wealth.
Dragomus@lemmy.world 1 week ago
What really needs to stop is the obscene bonus culture. It is quite disgusting to keep reading a company needs to lay off 500 people only to then give some CEO a bonus of 15million. Or banks running a deep 9 digit number loss in a year but still the higher ups get a bonus for some reason or a vague years old contractual promise. The top should feel loss first before it “trickles down”, and honest pay for honest work should include the top as well.
And while I am at it, senseless management jobs should be allowed to be contested, no more “manager toiletpaper” who only shows up once a week to make an order, yet makes 5x the wages of people under him.
MrScottyTay@sh.itjust.works 1 week ago
That would be one step in the theoretical eating of the rich, yes.
sfu@lemm.ee 1 week ago
Yeah, like a couple years ago, the CEO of Sanford Health hospitals quit / retired, and when he left gave himself a 17 million dollar bonus. No wonder medical bills are so high. Gotta have that needless bonus.