Joe Biden wants to a page out of Henry Ford and Jeff Bezos' playbook

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5/8/2021 3:46:00 PM

Biden's spending plans could lift wages from the bottom up. It's a page out of Jeff Bezos' playbook — or Henry Ford's.

Business Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.

. Biden's infrastructure plan could improve working conditions. The plan is focused not just on job creation via roads-and-bridges investment, but onfunding for care workersand tax incentives for childcare to be provided at American workplaces. It also calls for an end to subminimum wage provisions, where employers can pay disabled workers less than the federal minimum wage.

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By taking a page out of the Ford playbook — and increasingly the Bezos one — Biden could be giving the middle class a much-needed lift.Henry Ford doubled the minimum wage of his time.Getty ImagesFord and Bezos raised wages to increase productivityAmerica's industrial middle class ascended during the last century with the help of a little mass production. In 1914, Ford Motor Co. founder Henry Ford offered factory workers $5 a day for eight hours of work. Equivalent to $120 in 2014 dollars, it was more than double the minimum wage at the time,

NPR's Sarah Cwiek reported. Bob Kreipke, corporate historian for Ford Motor Co., told Cwiek that, in raising the minimum wage, Ford intended to stabilize his workforce after the advent of conveyor belts helped standardize production. The move"raised the bar all over the world," he said.

Turnover waned as productivity accelerated, causing Ford's profits to double in less than two years. Ford later called the wage hike his"best cost-cutting move." It was the beginning of what we know today as efficiency wages — paying above the market rate. This makes a job more desirable, creating a larger talent pool, thereby making employees more replaceable. It incentivizes employees to slack less,

per the Harvard Business Review. Read more: Business Insider »

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SecGranholm It only makes sense! Every time dems in charge economy booms! Republicants it crashes! It’s been an ongoing pattern sense the early 70ies! Over 40 Years of Wage Stagnation The average American family has to be on economic life support while millionaire, billionaire and trillionaire business moguls have to be laughing all the way to the bank.

Over 40 Years of Wage Stagnation The average American family has to be on economic life support while millionaire, billionaire and trilliinaire business moguls have to laughing all the way to the bank. 'The average worker hasn't received a raise since the 1970s, with hourly inflation-adjusted wages only growing by 0.2% a year. The average wage as of 2018 had the same purchasing power as it did 40 years ago, according to Pew.'

He’s a Genius if he pulls this off. Protect the oceans! PoliticsInsider If Biden gets even close to the biggest growth at the bottom in 60 years like Trump had, or the lowest Black unemployment in history like Trump had then start talking. Till then it is just talk. SecGranholm Bezos and Ford? Are you seriously using them as examples bottom up spending?

The absolute best way to lift wages is is from the bottom up. WHCOS 'And, while Ford's wage hike may have boosted a more prosperous middle class, the economy has since changed. University of California, Berkeley, labor economist Harley Shaiken, told NPR that employers now view the lowest wage as the most competitive and that technology has...

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SecGranholm Bezos? FinanceInsider Can Biden do anything by himself without following other people or have in staff members break up the reporters. If he is like his son Hunter whom can't be responsible enough to take of his own kids then as the old saying goes. The Apple doesn't fall far from the tree.

joncoopertweets Well top down doesn't work so... joncoopertweets Just Do It Already 🧐?Minimum Wage Should Be $23.00 An Hour”Not $15.00 Do The Math 🤬”Housing,Car+Health In’s.,Utilizes,Child Care,⛽️4 Car,Groceries,Wk Tax Deductions,And Clothing+Essentials”Do The Math🧐‼️‼️‼️‼️‼️ WHCOS Pay people enough so they can buy your products.

WHCOS If he adds restoring ALL working families tax deductions eliminated under Trump 2017 tax plan, take home pay 4 these blue-collar workers would go through the roof. In addition, he would begin actually closing the wealth inequality gap in America that began w/Reagan 1986 tax law. WHCOS WTF nonsense is this?

WHCOS Inconvenient fact (as a Trump hater this is painful to recognize): the wage increases during DJT’s presidency were astounding. This benefited working people of all backgrounds. You can't generate wealth through government spending. You're just borrowing from future generations aiming at a short-term political gain. It's a inter-generation wealth transfer. Always a disaster.

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From BidenArseInsider. Interesting theory, govt spending, which crowds out private investment will create shifts on the labor demand curve... LOL. No economist in his right mind would agree with this. Govt spending generally curbs job growth, which is deflationary to wage growth. Lol Bezos? Do you think we're stupid

AYA fintech network platform provides proprietary alpha stock return estimates and personal finance tools for U.S. stock market investors and traders. Lol, Ford raised wages because he lost the Union war. Just so you know, Bezos is not a fan of paying his workers. Nor is he a fan of letting them pee while on the job.

good luck

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Biden wants trillions for infrastructure, but a big hurdle will remain: Spending the cashProgressives are optimistic that the administration learned from the struggles of the 2009 stimulus and will be able to move faster. Cash “advance” America needs trillions for infrastructure, my god man some people in America don't have drinking water in their homes. Closer to 100,000 then 1000 bridges are in dire need of rehab. Dams, roads, Gas lines &water pipeline (NOT OIL PIPLINES) ALL are in need to be replaced. I doubt there will be any trouble finding a nee for all this money...

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