What is a LIVING WAGE? Representative Katie Porter Stumps JPMorgan Chase’s CEO with question about his own employee's salary

[Indus]

https://www.huffpost.com/entry/katie-porter-jamie-dimon-jpmorgan-chase_n_5cae6b58e4b0308735d4b310 if you care to read but just watch the video!

Seems more and more we're not asking for the moon, we're asking for basics and the wealthy elite and their slaves keep saying we're crazy socialists.

These elites aren't clueless.. they just don't care about everyday Americans!

 

[ivwshane]

She's a student of Elizabeth Warren and I think a rising star in the Democrat party.

 

[Lanyap]

Large Corp CEOs make way too much. They have no idea of the lower employee wage scales.
Starter bank tellers don’t make enough.
Taxes and cost of living are too high in Irvine.
Porter’s numbers don’t add up (do the math - $16.50hr x 40hrs/wk x 52wks = $34,320)

Proposed minimum wage of $15 is not going to be enough to live in high cost of living areas.
HuffPo left out a few details. Her JPMorgan Chase person is hypothetical.
https://www.cnn.com/2019/04/10/politics/katie-porter-jamie-dimon-bank-employees/index.html

.
Porter said Thursday that the bank teller she called "Patricia" during the hearing was actually a hypothetical person representing several stories of which her office had heard.

During the hearing, Porter described a real job listing posted on the job-finding platform Monster.com for a JPMorgan Chase position in Irvine, Califonia, paying $16.50 an hour, saying, "now this bank teller, her name is Patricia. She has one child who's 6 years old."

When asked by CNN's Brooke Baldwin whether the bank teller she described would want to communicate with Dimon, Porter replied, "Patricia is a representative of a number of constituents that we'd heard from."

"So there is no Patricia out there," Porter said, adding, "but in the other way, there are thousands and thousands, and tens of thousands of Patricias out there."

The California Democrat said that she checked apartment listings, the US Department of Agriculture's food cost plan, and a cost of living calculator to estimate the expenses, adding, "I am a single mom in Irvine, I know what it takes to make ends meet there."

Porter added that her office has received feedback from her own district and nationwide saying that the figures were "too conservative."

"I have people calling my office asking if they knew where she rented from, so that they wanted to get a one bedroom apartment for $1,600," she said.

 

[MixMasterTang]

She didnt even address healthcare although with the size of JP Morgan they probably have an affordable health plan. Between healthcare, child care and housing I am surprised the average earner has anything left over!

 

[sportage]

THIS is the reality in America.
While Trump claims everything is WONDERFUL for the middle class, and the markets explode in profits, none of that amounts to anything for most middle class Americans.
After those Trump tax cuts, sure things appear rosy to Donald Trump. To the super wealthy.
Things appear rosy because for them things are quite rosy.
But most Americans are working for a low wage, and for a stagnated wage at that.
Both low wages and without affordable healthcare.
We can't all be like Dick Cheney, where they can afford heart transplant after heart transplant as if this were some K-Mart blue light special.
Most Americans can't afford their medicine let alone afford to see a doctor.
So while the billionaires shove the illusion of a great economy down the throats of the middle class, we know better.
The billionaires think they are fooling people. They are so convinced that their BS is working.
Come 2020 they won't know what hit them.

 

[OILFIELDTRASH]

You can't force these places to pay a living wage. All the living wage is going to do is make these companies outsource overseas or go completely automated even more than they already are. The remaining jobs will go to the most qualified which would probably be someone with a college degree since there will be stiff competition for what's left. Sucks but we aren't going to force these mega corporations to do anything.

 

[Fanatical Meat]

Large Corp CEOs make way too much. They have no idea of the lower employee wage scales.
Starter bank tellers don’t make enough.
Taxes and cost of living are too high in Irvine.
Porter’s numbers don’t add up (do the math - $16.50hr x 40hrs/wk x 52wks = $34,320)

Proposed minimum wage of $15 is not going to be enough to live in high cost of living areas.
HuffPo left out a few details. Her JPMorgan Chase person is hypothetical.
https://www.cnn.com/2019/04/10/politics/katie-porter-jamie-dimon-bank-employees/index.html

**sarcasm alert**

She should own a used car
She shouldn’t spend $100 a week in food
$450 after school care??? kid should just hang out in a park after school
$40 per month for a phone??? I bet she has a new iPhone every year. She should do one of those prepay plans $100 per year max!!!

Conservative guys am I doing it right?

 

[soulcougher73]

You can't force these places to pay a living wage. All the living wage is going to do is make these companies outsource overseas or go completely automated even more than they already are. The remaining jobs will go to the most qualified which would probably be someone with a college degree since there will be stiff competition for what's left. Sucks but we aren't going to force these mega corporations to do anything.

I don't think that is 100% true. There is always things a government CAN do. You could not allow said company to operate within the US. No sales, no physical presence, nothing. And that hole would be replaced by a company that is willing. Obviously this is extreme, but there are things one could do.

We really just need to get away from money somehow. Finally advance to the next stage of evolution that we are smart enough as humans to actually do.

 

[skull]

**sarcasm alert**

She should own a used car
She shouldn’t spend $100 a week in food
$450 after school care??? kid should just hang out in a park after school
$40 per month for a phone??? I bet she has a new iPhone every year. She should do one of those prepay plans $100 per year max!!!

Conservative guys am I doing it right?

Why is she paying $250/month on a 2008 sounds like ridiculous terms she agreed to there.

You left out having a kid as a single mom before you can afford it. Seriously every other mom is single these days and they act like its some kind of badge of honor, no bitch your stupid. Why'd you have a kid you can't afford with a man that won't stick with you and help you take care of it or at least pay child support.

She'd be set here though 1 bedroom is easily found at $600/month.

 

[Fanatical Meat]

Why is she paying $250/month on a 2008 sounds like ridiculous terms she agreed to there.

You left out having a kid as a single mom before you can afford it. Seriously every other mom is single these days and they act like its some kind of badge of honor, no bitch your stupid. Why'd you have a kid you can't afford with a man that won't stick with you and help you take care of it or at least pay child support.

She'd be set here though 1 bedroom is easily found at $600/month.

I’m thinking the car payment includes insurance since that is not listed anywhere else.
Not so sure about that 1BR statement rents vary wildly area to area.

 

[Hayabusa Rider]

You can't force these places to pay a living wage. All the living wage is going to do is make these companies outsource overseas or go completely automated even more than they already are. The remaining jobs will go to the most qualified which would probably be someone with a college degree since there will be stiff competition for what's left. Sucks but we aren't going to force these mega corporations to do anything.

Actually, you can with creative tax incentives in this case a negative one. Corporations that make a "living wage" a priority maintain the status quo. Those who don't are hit with a draconian penalty of many times that difference. As corporations are big dumb predators they will migrate to areas where the "food" of profit exists even if it's a bit less than before. If they outsource or pull other tricks then the same thing.

That also brings into discussion the concept of profits as they exist and the tax laws and how we as a people are harmed by them.

I applaud Porter on this, something that has been done far less than it needs to be.

I'd go further. If violations are found then the board is criminally liable and forfeits all bonuses and compensation to wronged employees, plus fines and ultimately prison time with set minimums.

We need to stop being the prey. and if JP Morgan wants to not participate in the US economy in any way then they can leave but are sanctioned against. I'm sure someone will be glad to step up.

 

[obidamnkenobi]

You can't force these places to pay a living wage. All the living wage is going to do is make these companies outsource overseas or go completely automated even more than they already are. The remaining jobs will go to the most qualified which would probably be someone with a college degree since there will be stiff competition for what's left. Sucks but we aren't going to force these mega corporations to do anything.

The whole reverse side of trickle down, that "increased wages/taxes/regulation = no jobs" has proven to patently untrue, yet they keep bringing it out. Heck, just look to Europe where minimum wages it dozen of countries are higher than in the US. Does nobody in western europe have a job? How is it that supposedly smart people here somehow forgets that the rest of the world exists?! Minimum wage has been increased in several US cities lately and econimist found minimal impact on employment. And there are swaths of service industry jobs with absurdly low wages that cannot be outsourced. How to do send a bank teller job to china? Or a waiter? chef? Mail carrier?

And stiff competition for jobs? Were currently in the opposite scenario; there are too few employees, and companies have staffing problems! So economics say wages should rise until jobs are filled. Why don't they? Because the companies knows the government have their back, so if they just wait it out until we have another crash wages will plumet again, and they can pick off the competition as well. They are waiting for the workers to blink first so they don't have to pay higher wages! (of course for thinking up this brilliant strategy Mr Diamond & co think they deserve $4 Billion/year with 30% raises..)

 

[OILFIELDTRASH]

I agree that these predator corporations are completely disgusting in the way they treat humanity. I also don't see how you can force them to pay the wages you we see as reasonable. Yes the CEO of Chase got 30 million last year but what about the banks that folded last year? The banks that went under clearly couldn't afford to pay a living wage. So how can we demand that all places pay a living wage when some are barely keeping the lights on? You can also forget most mom and pops surviving under the living wage law.

Just curious why we are so against this man making this much money but a professional athlete making just as much is worshipped?

 

[1prophet]

You can't force these places to pay a living wage. All the living wage is going to do is make these companies outsource overseas or go completely automated even more than they already are. The remaining jobs will go to the most qualified which would probably be someone with a college degree since there will be stiff competition for what's left. Sucks but we aren't going to force these mega corporations to do anything.

If the US has no problem applying extraterritorial jurisdiction to foreigners, foreign countries and their respective businesses when it fits their political or corporate interests then it should have no problem requiring outsourced goods and services to comply with environmental, safety, and labor laws if those same companies want to sell those same products in the US,

it's called a level playing field and any capitalist worth their salt should have no problem with it.

 

[sandorski]

But Guys, she could one day have his job, so it's ok.....the fact that she isn't an actual person and is just a composite of many employees of JP Morgan doesn't matter. ;colbert;

 

[SMOGZINN]

I also don't see how you can force them to pay the wages you we see as reasonable.

I don't see how you can't.

Yes the CEO of Chase got 30 million last year but what about the banks that folded last year? The banks that went under clearly couldn't afford to pay a living wage.

Did any banks fold last year? Assuming they did, they obviously can not afford to pay any wages, they folded. Is making banks pay their employees unreasonable then? Capitalism, for it to work, must include losers as well. If they can't afford to pay their employees they can't afford to be in business. We do not owe success to any business. If they can't make it then they don't deserve to exist.

Just curious why we are so against this man making this much money but a professional athlete making just as much is worshipped?

We don't. Maybe you do, but I personally don't worship any athlete.

 

[[DHT]Osiris]

Why is she paying $250/month on a 2008 sounds like ridiculous terms she agreed to there.

My min payments on an '07 Tundra are 300, not counting insurance. I took a short term loan so I didn't get screwed on the interest payments. When late 00's cost $15k you gotta pay for it somehow.

 

[Fenixgoon]

I agree that these predator corporations are completely disgusting in the way they treat humanity. I also don't see how you can force them to pay the wages you we see as reasonable. Yes the CEO of Chase got 30 million last year but what about the banks that folded last year? The banks that went under clearly couldn't afford to pay a living wage. So how can we demand that all places pay a living wage when some are barely keeping the lights on? You can also forget most mom and pops surviving under the living wage law.

Just curious why we are so against this man making this much money but a professional athlete making just as much is worshipped?

well for starters, tom brady and colin kapernick can't instigate an international economic collapse...

 

[Hayabusa Rider]

Just curious why we are so against this man making this much money but a professional athlete making just as much is worshipped?

I'm not against the Morgan guy or a professional athlete making substantial amounts of money. I think there should be increasing rates of tax on increasing income but everyone subject to it, but that is a different issue altogether than a living wage.

In the case of athletes, they do not benefit in creating situations as in the OP illustrates. Corporate boards however live and die financially by being as effectively cruel as possible without causing adverse effects for themselves.

This is also part of the reason that relying on economics and businesses to do what is environmentally necessary is just plain dumb. This Morgan guy cannot comprehend doing anything which does not involve more black ink for the next fiscal quarter. Since catastrophy is further down the road he and his ilk won't act, nor should they be counted upon any more than a lion become a vegan. Like a killer animal they need to be controlled and we be their handlers as prudent.

 

[dainthomas]

She could just move to West Virginia and live in an abandoned mine. Her kid could dig around in the tailings for pieces of coal to burn for heat, and she could catch three-eyed fish in the bright orange creek for dinner. Bootstraps!

 

[mect]

While I agree with her sentiment, I do also think this emphasizes another issues. Cities need to get housing costs under control. A basic one bedroom apartment should be no more than $800 per month. I realize this isn't anywhere close to the current reality, but this is something cities and states should be working to fix.

 

[[DHT]Osiris]

While I agree with her sentiment, I do also think this emphasizes another issues. Cities need to get housing costs under control. A basic one bedroom apartment should be no more than $800 per month. I realize this isn't anywhere close to the current reality, but this is something cities and states should be working to fix.

Welcome to our local little bubble of hell:
https://www.apartments.com/city-centre-ithaca-ithaca-ny/sr36tk4/

 

[SMOGZINN]

Cities need to get housing costs under control. A basic one bedroom apartment should be no more than $800 per month.

We need some method of divesting housing from large investors. That is one of the big problems. These companies drive up housing bubbles, when the bubble pops they gobble up all foreclosures, sit on them to drive the price up, then do it all again.

 

[sandorski]

While I agree with her sentiment, I do also think this emphasizes another issues. Cities need to get housing costs under control. A basic one bedroom apartment should be no more than $800 per month. I realize this isn't anywhere close to the current reality, but this is something cities and states should be working to fix.

We have the same issue up here in the Great White North. In Vancouver, despite constant high rates of construction of new Condos and other Homes, for decades Prices just grew and grew. Some actions have been taken to change the trend and there has been some success with them, but progress is slow.

Government intervention of one type or another is necessary to solve the issue. Up here that's not a problem, we expect Government to address such issues to a certain extent. In much of the US though you may as well propose sending the Wealthy to the Gulag in rags given the non-"Market" nature of most solutions of the problem.

 

[Indus]

We need some method of divesting housing from large investors. That is one of the big problems. These companies drive up housing bubbles, when the bubble pops they gobble up all foreclosures, sit on them to drive the price up, then do it all again.

Or just give tax breaks to first/ primary homes, and increment it so those buying lots of houses to make money off rent will have to pay so much taxes, it's not profitable.

Aka.. the working poor can actually find an affordable home but those like Sean Hannity who have 1500+ homes and are constantly raising rents.. have to pay major penalties.