And we could add to that, "draw food stamps and Medicaid." Is that all changing? This week, business writer Al Lewis investigates the strange and unexpected support of a hike in the minimum wage by retail behemoth, Walmart.
But for low-wage retail king Walmart, it's not so simple. Corporate America, and many in the top 2%, have never seemed to understand that America is a demand driven economy, with consumer spending accounting for nearly three-quarters of the economy. Thus, if the bulk of workers don't have money to spend, corporate earnings will have to go down. And, while the top tier has been able to exploit and profit from low wages for decades, it may have reached the breaking point.
And, of course, this has huge implications for the education world as well. For, as schools and business leaders continue to promote a "College for all" mentality, voices are beginning to counter that "wisdom." Millenial writer and social critic Matt Saccaro recommends that young people "not go to college," because the debt is not worth the payback. The argument for college has always been that college grads make more money.
So, perhaps the discussion should be about wages .... and not educational credentials.