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Wed Dec 4, 2013, 10:36 AM

Low bank wages costing the public millions, report says

Source: Washington Post

Almost a third of the country’s half-million bank tellers rely on some form of public assistance to get by, according to a report due out Wednesday.

Researchers say taxpayers are doling out nearly $900 million a year to supplement the wages of bank tellers, which amounts to a public subsidy for multibillion-dollar banks. The workers collect $105 million in food stamps, $250 million through the earned income tax credit and $534 million by way of Medicaid and the Children’s Health Insurance Program, according to the University of California at Berkeley’s Labor Center.

The center provided the data to the Committee for Better Banks, a coalition of labor advocacy groups that published the broader study, to be released Wednesday, on the conditions of bank workers in the heart of the financial industry, New York. In the that state alone, 39 percent of tellers and their family members are enrolled in some form of public assistance program, the data show.

“This is the wealthiest and most powerful industry in the world, and it’s substantially subsidized by our tax dollars, money that we could be spending on child care or pre-K,” said Deborah Axt, co-executive director at Make the Road New York, one of four coalition members.



Read more: http://m.washingtonpost.com/business/economy/low-bank-wages-costing-the-public-millions-report-says/2013/12/03/21a932ee-5bb0-11e3-bf7e-f567ee61ae21_story.html

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Reply Low bank wages costing the public millions, report says (Original post)
Redfairen Dec 2013 OP
brewens Dec 2013 #1
mountain grammy Dec 2013 #2
cstanleytech Dec 2013 #3
mountain grammy Dec 2013 #4
MindPilot Dec 2013 #5
mountain grammy Dec 2013 #12
cstanleytech Dec 2013 #6
Gormy Cuss Dec 2013 #7
cstanleytech Dec 2013 #8
Gormy Cuss Dec 2013 #9
cstanleytech Dec 2013 #19
Gormy Cuss Dec 2013 #20
cstanleytech Dec 2013 #22
Ace Acme Dec 2013 #11
KamaAina Dec 2013 #21
rainy Dec 2013 #13
Fla Dem Dec 2013 #15
geek tragedy Dec 2013 #18
glowing Dec 2013 #16
geek tragedy Dec 2013 #17
Psephos Jan 2014 #27
olddad56 Jan 2014 #25
Kingofalldems Dec 2013 #10
citizen blues Dec 2013 #14
Pterodactyl Jan 2014 #23
Lars39 Jan 2014 #24
Warpy Jan 2014 #26

Response to Redfairen (Original post)

Wed Dec 4, 2013, 10:55 AM

1. You'd think my local credit union would pay pretty well but there is a never ending

parade of new faces so that must not be the case. It didn't used to be that way. For years you could count on seeing the same people working there.

One thing is that now I don't go there much and they have branches all over the place. It could be I'm not seeing where the longer employed people are ending up. Maybe it's not as bad as it appears just going into the main branch once a month or less.

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Response to Redfairen (Original post)

Wed Dec 4, 2013, 11:01 AM

2. Are we finally ready to raise the minimum wage and put an end to this nonsense?

No less than $15/hr. There would be some inflation, but the economy would boom. I have friends driving cars that should be crushed, but don't have that extra money for a car payment.

Redistribute the wealth to the rich and they hoard it; everyone else suffers. Redistribute to the poor and they spend it; everyone benefits. Must have been quite the actor to make people believe otherwise.

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Response to mountain grammy (Reply #2)

Wed Dec 4, 2013, 11:09 AM

3. Raising the mininuim wage isnt the problem its

that companies have an incentive not to pay better because they know the government will pick up the slack and they even encourage their employees to seek assistance rather than pay them a livable wage.
No, what needs to be changed is to start deducting the cost of the public assistance from the companies themselves rather than from the taxpayers.

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Response to cstanleytech (Reply #3)

Wed Dec 4, 2013, 11:15 AM

4. the "incentive not to pay better" IS the minimum wage!

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Response to mountain grammy (Reply #4)

Wed Dec 4, 2013, 11:31 AM

5. minimum wage is just your boss's way of saying,

"if I could pay you less, I would."

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Response to MindPilot (Reply #5)

Wed Dec 4, 2013, 12:30 PM

12. Yes, exactly!

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Response to mountain grammy (Reply #4)

Wed Dec 4, 2013, 11:32 AM

6. No, the incentive to pay better is to start taking the cost

of providing things like food stamps out of the corporate profits.

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Response to cstanleytech (Reply #6)

Wed Dec 4, 2013, 11:38 AM

7. No, raising the minimum wage is the solution.

Trying to assess corporate profits for the cost of social safety net programs is more complex and provides yet another incentive for companies to use accounting tricks to minimize "profits."

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Response to Gormy Cuss (Reply #7)

Wed Dec 4, 2013, 11:46 AM

8. Uh huh and that will address the problem of

companies paying their employees so little that they have to apply for food stamps how?

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Response to cstanleytech (Reply #8)

Wed Dec 4, 2013, 11:52 AM

9. Fifteen dollars/hour will catapult most full time employees out of eligibility,

That's how.

eta: even for part time workers raising the minimum wage to that level would greatly reduce eligibility.

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Response to Gormy Cuss (Reply #9)

Wed Dec 4, 2013, 01:50 PM

19. As a short term fix sure but what about long term?

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Response to cstanleytech (Reply #19)

Wed Dec 4, 2013, 02:19 PM

20. Continue raising the minimum wage every few years

rather than letting it stagnate well below the average rate of increase in all wages.

One principle goal of business is to minimize cost and maximize profits. Without a bit of strong-arming from the government the majority of employers will pay as little as possible for the employees outside of the ownership/corporate management level.

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Response to Gormy Cuss (Reply #20)

Wed Dec 4, 2013, 06:01 PM

22. Yes but right now if they just raise it without

anything built in so that it adjusts automatically every few years we will just end up right back where we are now.

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