re: Bank Of America - Minimum Wage to be $25 hr/50K yr

5-6 years ago, Wells Fargo tellers were leaving to go work at Walmart stocking shelves because the salary/benefits were better.

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I’m convinced at least 7 posters in here just read the word minimum wage and rushed to comment. Lol.

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Seems like a safe bet. At least some of them don't seem to understand this is for bank of America employees only.

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5-6 years ago, Wells Fargo tellers were leaving to go work at Walmart stocking shelves because the salary/benefits were better.

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Stocking shelves at walmart is also a more demanding job

That wasn’t BofA that was Jamie with JPM. He wasn’t shamed, dude knows wtf he’s talking about and should be president.

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I can't imagine trying to build a life and raise a family on $50k today.

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Well that would be the lowest end of jobs. So you and your spouse would be way above that unless you both were fry cooks.

But you’d be fry cooks with a combined 100k a year.

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Automation and AI will be taking on the responsibility and tasks that would normally be performed by people making less than $50,000/year. For other things, they will outsource to a company willing to provide people/services for less than $25/hr

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Chase already started doing this. My old office used to be near a Chase that was the standard Chase bank. It eventually got converted into a giant ATM with one or two employees that work inside solely to set up new accounts. Nothing else.

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Hence no real world gain for anybody. Workers make more, but everything will cost more so they'll still be poor.

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The issue here is that prices of everything have gone up a lot just in the past few years, but wages have not, so at some point you have to pay people more if you want to continue to have customers.

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Truth be told 80% of those employees will be replaced by AI anyway.

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Seems like they keep building new brick and mortar banks in response to people preferring human interactions.

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It's a pie in the sky dream - if you increase the minimum wage, then minimum prices for EVERYTHING will increase. If the worker now make $25/hour to make my hamburger - My hamburger will now cost like $10 so that the company can still profit. Hence no real world gain for anybody. Workers make more, but everything will cost more so they'll still be poor.

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To an extent you are right.

But the fact remains that it is empirical fact that a higher portion of wealth is being funneled to the the top 5% than the past 70 years.

It’s a fact that an incredibly high portion of folks who do everything “they are supposed to” struggle to make ends meet.

It’s a fact that the same negative outcome you fearmonger hasn’t been replicated in other countries.

I’m a homeowner now, but if I was renting looking to buy, I don’t know if I could do it, in spite of earning nearly twice of the median household income by myself.

im conservative as fast close but something is fricking broken.

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is that supposed to be a lot?

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It's a hell of a lot better than the six cents an hour you made stamping license plates.