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And I dare say that the good Prof is in amongst that 1% himself, with all the positions he has and has had, not too mention the books and speaking circuits he does.
While the chap has a point, it's kind of like Bono or Beyonce telling us to give money to Africa as they sit on millions in their luxury mansions and not living in the same world as the rest of us.
And it is a little melodramatic to say we're going back to the victorian age (even though that was a golden era for Britain) as society is totally different.
originally posted by: Nechash
a reply to: Shiloh7
If workers accrued ownership instead of being leased at an hourly rate, the need for minimum wages and retirement packages would evaporate over a course of 25 years.
originally posted by: stumason
a reply to: Lyxdeslic
In the UK, the minimum wage for anyone over 21 is £6.50 ($10.52) an hour. For a standard 37.5 hour week this is £243.75. On top of that, you will get tax credits (which can vary depending on your family size etc) and other benefits (housing, child benefit etc) so in reality no one on minimum wage is "starving".
I have just done the HMRC Tax Credits calculator assuming both myself and my partner are on minimum wage, we have two kids, both in school and one of which requires a childminder before and after school for 12 hours a week @ £5 an hour - you can claim an additional £2670 from the Government on top of child benefit etc. So this would mean that two people, doing 37 hour weeks on min wage, would have a combined income of £28,000 (£45312.82) or thereabouts.
Now, I am not saying that is brilliant money or they'd live like Kings, but they certainly wouldn't starve. And if they wanted to improve their skills, there is nothing stopping them getting a Student loan and going back to school - no one has to pay for University up front in the UK - or engaging with their employer to get training to imrpove their skills, prospects and pay.