Comments by "Kim O\x27Brien" (@kimobrien.) on "What's the Right Minimum Wage? | 5 Minute Video" video.

If you can't pay a minimum you don't belong in business.
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@josephwheeler1 The problem develops that as bosses use machines to replaces labor to drive profit in their way the value of the capital rises but the source of the profits is our labor so what happens is the overall rate of profit keeps declining. So the bosses use to issue wage cuts. But now with a fiat currency they can cut wages with inflation by printing more money.
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@AndrewBouchierUK The small boss is always just one step away from being eaten by the bankers or crushed by the price of labor. That's because he doesn't have the protection of being "to big to fail" like the big capitalist who own the politicians and control the money printing at the federal reserve bank.
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Sure they pick something where they are trying to enter a mature market that requires a small initial amount of capital and then try and expand in size by holding down wages so as to be able gain the capital needed to expand. Gates had an initial $1 million dollar trust fund. Sure big business likes to talk about American Dreams while crushing all small business in their pursuit of profit or using contractors to isolate themselves from unions when necessary. My dad founded his business at age 48 did he need everybody to work like a dog for minimum wage? No How did he do it? He understood the business and wasn't trying to become the next GE, GM, Mcdonalds or whatever. He never had more than four employees yet he did quite well for himself. My dad had three giant manufacturing competitors. If they wanted to they could have crushed him like a bug including his former employer who had fired him and latter offered him a bottom level management job which he correctly rejected. His former employer never found his legal source of their equipment and decided to just leave the market in that area. At the end of the day maybe they felt getting into a battle with him wasn't worth it.
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Why is it my responsibility to keep up the illusions of small business owners like the so called American Dream of small business owners? With 8 out of 10 new businesses failing after 18 months shouldn't you be knowledgeable before you enter into the world of small business?
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@doom4067 I hope it doesn't happen but with the capitalist means of production an inflation like that in post WW1 Germany is not an out of the possible. Germany's capitalist economy had workers taking their pay home in wheel barrows filled with Deutsche Marks. Two billion an hour pay for entry level workers might not be out of the question then.
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@nicolasarnold7210 So why do sweatshops exists? Certainly the owner does better in a sweatshop assuming he does not get hit by a strike and union or an excessive rate of worker turnover. The reason is that in any individual negotiation for wages the employer has the upper hand due to unemployment.
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@Junius24 The bosses only want to pay in wages what it costs to reproduce our labor for the next pay period. Our labor produces more than what the pay us which is the origin of all profits and taxes the government collects. They do this in order to maximize profits and pay for the bosses.
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@sosopwsi829Jjw9 The real estate sharks drive up the price of land and housing in the higher wage areas.
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@phanders6236 This is why we need unions to battle the bosses on the job over wages and hours and a labor party based in the unions not the rotten Democrats.
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