Congress is going to legislate wage hikes. Senate says an additional P100.00 in daily wage for all workers. The Lower House says bring up the minimum wage to P750.00 a day.
Businessmen are asking their lawyers, “Prepare to protect my personal funds when my business goes belly up.”
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Simple minds go for simple solutions and increasing family income is surely a simple solution to woes of families trying to survive the effects of inflation.
Does increasing salaries really solve food hunger? This formula had been tried several times before, it also being a good political move, but no, it did not solve the problem. Instead, it triggered price increases.
Worst, those in the informal sector got deeper into the hole.
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Cost of labor will simply be passed on to consumers for those businesses that survive. So it’s zero-sum for wage earners. The increased take-home pay is easily gobbled up by increased cost of goods and services.
To those families without wages, there is no zero-sum. There is only double zero.
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Economists and economists, we have aplenty, still Filipinos are poor dirty.
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If Sec. Ben Diokno and Sec. Purisima, our “top” finance brains took a boat ride and the boat capsized, who would be saved?
Answer: The Republic of the Philippines and the Filipinos.
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An engineer, an accountant, and an economist were out in the field. Feeling tired, got to a small inn in the countryside. “I’ve only got two rooms, so one of you will sleep in the barn,” says the innkeeper.
The engineer volunteers and goes direct to the barn. In a short while, he was knocking at the door. He says, “There is a cow in the barn, I’m a Hindu and it is against my beliefs to sleep next to a sacred cow.”
So the accountant stood up, “Ok, I’ll sleep in the barn.” In a little while, there was a knock on the door, the accountant saying, “There is a pig in the barn. I’m a Jew and cannot sleep next to an unclean animal.”
Then the economist walked to the barn. Soon after, there was an even louder knock on the door. The two opened the door to see the cow and the pig.
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Is it true Pres. BBM is looking for an economist with one hand?
According to the report, the President was tired of economists saying “On one hand….. but on the other hand….”
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Have you heard, Congress is diverting funds from building schools to improving jails?
I’m not surprised, many of our solons, when their term ends, they won’t be going to school.