Walmart and McDonald’s are two of the largest businesses in the country. Because of this, they account for a lot of currency circulation, but are they really good for the economy? Some of the fastest growing jobs in the country – fast food, retail, security – are related to these two industries, meaning that they employ a large portion of this country’s workforce. However, wages for these types of jobs have been stagnant for many years, and, because of inflation, these jobs simply don’t pay enough to cover even basic necessities like food, clothing, and housing.
This begs the question, if these stores are charging more for their products, but paying their employees the same wages as before inflation, where is all that extra money going? The answer to this question is simple: the corporate elites. While you have company executives making millions of dollars and giving themselves large bonuses, their workers are left to struggle to pay their bills. For an economy to work correctly, money needs to be circulating; instead, the money is being sent to the top and staying there.
As brought up in my last blog, “A Tale of Recession and Misdirection,” we need to work together as a country to repair our economy. Instead of corporate executives “hoarding” massive amounts of money, they should be putting it back into the economy by “giving it” (if the word “giving” interests you, please check out the word on OBES) to their employees. If the corporate “big wigs” would give themselves pay cuts, they could pay their workers higher wages. If workers were being paid higher wages, they would be able to spend more money. If many employees were spending more money, the economy as a whole would grow. The major problem seems to be corporate greed. Once CEOs and executives stop worrying about only themselves, they will see that we as a nation are one community that needs to help each other out. If we do this, the overall standard of living will vastly improve.
However, it seems unlikely that corporate elites will willingly give themselves pay cuts. Which means, in order to change the wages, the government must step in. This seems like a simple solution, but when politicians get involved, we have another problem – many politicians give in to the demands of the corporations who financially support their campaigns. So even though the government is supposed to be an entity fighting for the public good, they end up doing the bidding of their corporate sponsors (who, again, are the problem in the first place)! This leads us to the only real solution – putting representatives in place who will actually fight for the citizens and not give in to corporate demands. The people are who ultimately elect the officials, but it’s much easier to win an election if you have financial backing which usually comes from corporations. But if enough people get involved in grassroots movements, politicians will know that they have support from the people, even if they don’t get corporate funds to run fancy ad campaigns.
We, as citizens, need to fight for the changes we want and elect representatives who will do the same!