Disputes between capitalists over the Ontario governments proposed minimum-wage hikes are too stupid to be taken seriously therefore are good for a laugh. The Toronto-Dominion Bank and the Ontario Chamber of Commerce are outraged at the thought of workers getting paid at least $14 bucks an hour next year and $15 in 2019.
The ''worthies'' at the chamber, which is heavily dominated by Progressive Conservatives, (an oxy-moron), claim if this is allowed to go through, 185,000 jobs will be at risk. The TD Bank's economists said 50,000 to 150,000 jobs will be lost by the end of the decade. Now isn't it touching(?), those dudes are all heart, they'd be so much happier if workers struggled along at the present $11.40 an hour. They would probably argue the costs of products would increase to a point that people won't buy and companies would go bankrupt, whereas research has shown that the impact of wage hikes has never seriously damaged an economy. If wage hikes could have it would already have happened, especially when one considers the fat salaries and bonuses many of the complainers pay themselves.
A recent report by professional economists said that recent wage hikes in the US showed, ''There is no credible evidence that this clear trend in labour policy is hurting job creation''. Employers who pay high wages benefit from reduced turnover, lower recruitment costs and greater productivity. Insofar as it concerns manufacture, a survey conducted some years ago revealed that only 7 per cent of the cost of a product, on average, went on wages. The plain fact of the matter is that in a world without money we could all think of the above nonsense and laugh.
For socialism,
Steve, Mehmet, John & all contributing members of the SPC.
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