|This morning I was startled by the morning news.|
Some big-time Mexican Billionaire really had the gall to suggest that people should only work 3 days a week. Now I’m not sure what he was thinking IF he was thinking at all.
Let me just put out something which comes to mind immediately. While working only 3 days a week might be great for the rich man (if he gives me a couple of millions I even might go along with it..) I can see a few minor problems for the average Canadian and American being on the customary low wage end of things. Minimum wage in Canada is $10/hr. Even working 40 hours a week would make for barely $1,600/month before deductions. A person with that kind of income would not be able to even pay the rent in most bigger Canadian cities, not speaking of other costs of living. With only 3 days of work this person’s income would be reduced to crumbs of under $750/month. Millions of people throughout North America are working at 2 or more jobs already to make ends meet.
Needless to say it would also make for a lousy market economy. But I can see why this would be great for employers as the employees would not be eligible for receiving benefits ever. Even in a country like Germany employers conveniently have moved to employing more and more part time workers, all supported by government programs.
But the writing is on the wall in big letters. Taking away reasonable income will turn a former consumer into a social client with extremely limited possibilities to make purchases, which, and this really is a no-brainer, substantially reduces the volume of any market economy. And as an unwanted side effect it will increase the crime rate. Every poor country in the world is dealing with the very same problem. But it seems that big employers like f.ex. Wal-Mart refuse to see this.
But one day this development will bite them in their behind. It might be hard to reverse then.
Naturally, a Mexican Billionaire hasn’t thought of this either.
Thanks for stopping by.
Monday, July 28, 2014
Short Or Longer?
Compiled by: Peter at 9:57 AM