Ideas can change economic disparity
The main reason why we have so much economic disparity is greed. There are far too many people who think of other people as less than them. We have a false value system on what ”deserves” a decent wage.
Corporate America also treats people like widgets. They use the economic law of ”supply and demand” to determine what they will pay a worker. This is a false and immoral law when it comes to people and jobs. A job’s pay should be, and really is determined, by how much profit is made from doing it.
Instead companies say, if there are more workers who can do the job to take your place the so-called ”competition” drives the price of the job down that the company will pay. This is exploitation.
Exploitation is not capitalism. Dividing that profit up the way we do is where economic disparity comes from. To prove the theory wrong, you need only look at the NFL.
There are 32 teams with 45-man rosters. That is 1,440 jobs. That’s it, and there are at least 140,000 people who want and are qualified for those jobs. This would seem to make being an NFL player a low-paying job, but it’s not.
Why? Two reasons:
1. The profit created from playing football is staggeringly huge.
2. The players formed a union that created the wage to go up to where it is now.
Some are paid more because they are more talented, but that does not always produce the results wanted. They are paid well anyway. Even paying these huge salaries, the owners are still making lots of money.
Corporate America employs 75 percent of the workers on minimum wage. These are profitable companies making many millionaires while keeping down the workers actually creating the wealth. Companies making $5 billion a year while employing most of its work force at minimum wage is wrong.
Workers are not part of a company, they work for the company. They are a cost and expense on the balance sheet. Therein lies the injustice.
Few companies doing well pay what they should and treat their workers well. There are a few things the government can do to correct this.
Recently the Swedish government took up legislation to do something I suggested in my book. It passed a law requiring that no one in a company can be paid more than 10 times that of the lowest- paid worker. I have also been advocating for a minimum profit-sharing law.
The law would only kick in when companies become profitable enough. When a company makes $10 million a year in profit, it would begin a minimum of 10 percent profit sharing back to the hourly work force that is creating the wealth.
This will end economic disparity and create huge economic growth that will not stop.
Leif P. Damstoft Sr.