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TOPIC: If this is socialism

If this is socialism 3 weeks 1 day ago #3619237

  • KayyGee
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I'm always happy when the extremists at Fox news get their comeuppance:

"Back in 2015, tech entrepreneur Dan Price shocked the business world by slashing his own $1.1 million pay package to help fund a minimum “living wage” of $70,000 for all workers at his credit card processing company Gravity Payments.

Price’s decision led to him being heavily criticized as a “socialist” on Fox News and Fox Business. In addition, some clients dropped Gravity for reasons that included fears the salary hike would cause their rates to rise.

But in the years since, Price has been hailed as a success by Harvard Business School and Inc. magazine, which noted the number of employees at Gravity has doubled while the value of payments that the company processes has gone from $3.8 billion a year to $10.2 billion."


His measure of success:

Since our $70k min wage was announced 6 years ago today:

*Our revenue tripled
*Head count grew 70%
*Customer base doubled
*Babies had by staff grew 10x
*70% of employees paid down debt
*Homes bought by employees grew 10x
*401(k) contributions grew 155%
*Turnover dropped in half


It's nice to see a story where looking after your employees first pays off, it should happen more often.

Huffington Post Story
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Last edit: by KayyGee.

If this is socialism 3 weeks 1 day ago #3619267

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KayyGee wrote: I'm always happy when the extremists at Fox news get their comeuppance:

"Back in 2015, tech entrepreneur Dan Price shocked the business world by slashing his own $1.1 million pay package to help fund a minimum “living wage” of $70,000 for all workers at his credit card processing company Gravity Payments.

Price’s decision led to him being heavily criticized as a “socialist” on Fox News and Fox Business. In addition, some clients dropped Gravity for reasons that included fears the salary hike would cause their rates to rise.

But in the years since, Price has been hailed as a success by Harvard Business School and Inc. magazine, which noted the number of employees at Gravity has doubled while the value of payments that the company processes has gone from $3.8 billion a year to $10.2 billion."


His measure of success:

Since our $70k min wage was announced 6 years ago today:

*Our revenue tripled
*Head count grew 70%
*Customer base doubled
*Babies had by staff grew 10x
*70% of employees paid down debt
*Homes bought by employees grew 10x
*401(k) contributions grew 155%
*Turnover dropped in half


It's nice to see a story where looking after your employees first pays off, it should happen more often.

Huffington Post Story



Employees are a company's most valuable asset, investing in your employees is investing in your company.
When an employee feels he/she is appreciated by their company, you happier workers and less turnover.
Replacing a person is one thing, but replacing their abilities and experience is another.
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If this is socialism 3 weeks 1 day ago #3619268

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Actually it was not a success story. His business is on he cusp of being ruined. He is renting his house out to make ends meet. Nice idea.... but did himself in... so much for socialism. Please check your facts.
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If this is socialism 3 weeks 1 day ago #3619291

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Peeler50 wrote: Actually it was not a success story. His business is on he cusp of being ruined. He is renting his house out to make ends meet. Nice idea.... but did himself in... so much for socialism. Please check your facts.


I'm looking around and it's not "socialism", it's his brother according to Inc. Mag.

Here's What Really Happened at That Company That Set a $70,000 Minimum Wage

Gravity Payments employees volunteer to take pay cut as revenue drops 50% during COVID-19 crisis

Sounds like covid caused the biggest problem, then his unusual solution.
So do you have other facts?
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“Someone has said that it requires less mental effort to condemn than to think.”

If this is socialism 3 weeks 1 day ago #3619381

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Peeler50 wrote: Actually it was not a success story. His business is on he cusp of being ruined. He is renting his house out to make ends meet. Nice idea.... but did himself in... so much for socialism. Please check your facts.



I checked and could find nothing to support this - pleas provide a link if you are refuting the sources which all support Kaygee's post.
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If this is socialism 3 weeks 1 day ago #3619388

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Peeler50 wrote: Actually it was not a success story. His business is on he cusp of being ruined. He is renting his house out to make ends meet. Nice idea.... but did himself in... so much for socialism. Please check your facts.


No his business was on the cusp, as were a lot of others due to the pandemic, not due to his internal policies. As he himself stated if you had read the link, during the downturn his employees agreed to take a pay cut and they made, again, as did other businesses, other adjustments and they are now back above water and all the employees have been paid back their sacrifices.

If this hadn't been the case then the Harvard Business School would hardly hold them up as a case study of success.
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If this is socialism 3 weeks 1 day ago #3619414

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Then I guess it was a success story, through collaboration with employees was able to weather the storm.
The success of this company is not socialism, but smart capitalism. You must supply oil, petro and whatever needs may arise to operate your vehicle, the same with a Company, no investment, no collaboration, no maintenance, no successful company.
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If this is socialism 3 weeks 1 day ago #3619610

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yes, agreed - calling it socialism is stretching the point.

More about responsible or ethical capitalism
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