This is what happens when you try to extract more and more value off the top of labor, without any added value other than line must go up. When suppressing wages is the only way to improve corporate profits, profits are capped and stockholders hate this. This is in theory suppose to encourage innovation to increase efficency (without just resorting to skeleton crews or pressuring labor for more output). Monopolies stop innovating due to market control and look at other methods of increasing profits with leverage rather than market competitiveness.
It’s true the biggest issue with capitalism is that it’s ‘not ok’ for that line to go down, ever. It’s ridiculous. A healthy business can ride things out up and down over time if they have good policies and smart planning. Prioritizing shareholders above all is a shell game.
Exploitation is baked in, without it capitalists have nothing
I’m shocked that multi billion dollar corporations would lie, take advantage of their own employees, and act like they’re the victims.
Corporations are big into lobbying. “Studies” like this help them to convince lawmakers to make decisions that benefit them.
In this case, they might not be able to easily lower minimum wage, but they can say that it’s been a burden and try to get a break in other ways.
Edit in response to the edited comment above:
Poe’s Law, should have included a “/s” at least.
https://en.m.wikipedia.org/wiki/Poe’s_law
This would be the same fast-food industry that wants to replace drive-through workers with AI, right?
Can’t forget those shareholders! It really worries me what things are going to look like in 30-50 years time. There’s only so much you can squeeze out of people until there’s nothing left.
