eliminate minimum wage and MAYBE 3 million immediately employed!

[editec]

Hmm, let's see. If you lower the price of something, do you sell more or less of it?

If you lower your price of production you continue to sell it for the as much as you can based on consumer demand, and pocket the savings.

So you think companies just take the extra money and, what? Throw it in the president's office? Bury it in the backyard?
Or invest in more production. Or lower prices to gain market share. Or return the money to shareholders.
But that is a dodge.
If you lower the price of something, you sell more of it. Lower the price of labor and you will sell more of it, i.e. more employment. This is Econ 101, which many of you obviously failed.

Veblen goods are a group of commodities for which people's preference for buying them increases as a direct function of their price, as greater price confers greater status, instead of decreasing according to the law of demand. A Veblen good is often also a positional good. The Veblen effect is named after economist Thorstein Veblen, who first pointed out the concepts of conspicuous consumption and status-seeking.[1]

Example? GOLD

a Giffen good is one which people paradoxically consume more of as the price rises, violating the law of demand. In normal situations, as the price of a good rises, the substitution effect causes consumers to purchase less of it and more of substitute goods. In the Giffen good situation the income effect dominates, leading people to buy more of the good, even as its price rises.

Example?

OATMEAL

 

[The Rabbi]

You've managed to find two possible exceptions in the galaxy of goods. I've already shown companies lowering prices to gain market share. So your post pretty much is worthless for this discussion.

 

[Chris]

Lowering the minimum wage, getting rid of Social Security and Medicare, killing off the unions, eliminating the EPA, reducing taxes for the wealthy, the oil companies and Wall Street, etc...

The Republican Party is always looking out for the middle class....

 

[J.E.D]

eliminate minimum wage and MAYBE 3 million immediately employed!

​

​

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[francoHFW]

eliminate minimum wage and MAYBE 3 million immediately employed!

all illegal aliens!

 

[NYcarbineer]

Vermont's minimum wage is 8.15, 90 cents higher than the federal minimum wage,

and has an unemployment rate of 5.6%.

 

[Photonic]

Vermont's minimum wage is 8.15, 90 cents higher than the federal minimum wage,

and has an unemployment rate of 5.6%.

They won't care for facts like that. It hurts their partisan brain.

 

[FactFinder]

eliminate minimum wage and MAYBE 3 million immediately employed!

Yeah we'll give you 50 cent or wahtever is 5 cent less than the Chinese laborers make.

Oh you can't make a go of that? Tuff luck. Someone has to pay up to make our derivatives worthwhile.

 

[Katzndogz]

You've managed to find two possible exceptions in the galaxy of goods. I've already shown companies lowering prices to gain market share. So your post pretty much is worthless for this discussion.

Isn't that the WalMart model? Lower prices and seize the competition's customers.

I used it when I opened a new business a few years ago. I canvassed similar businesses, cut my prices to way below theirs and had to prop the door open for their customers. In six months I had a thriving business. It works every time.

 

[Katzndogz]

Vermont's minimum wage is 8.15, 90 cents higher than the federal minimum wage,

and has an unemployment rate of 5.6%.

They won't care for facts like that. It hurts their partisan brain.

Los Angeles has a living wage law. Minimum wage in the city is $10.70 an hour with a 12.2% unemployment rate.

L.A.

 

[FactFinder]

You've managed to find two possible exceptions in the galaxy of goods. I've already shown companies lowering prices to gain market share. So your post pretty much is worthless for this discussion.

Isn't that the WalMart model? Lower prices and seize the competition's customers.

I used it when I opened a new business a few years ago. I canvassed similar businesses, cut my prices to way below theirs and had to prop the door open for their customers. In six months I had a thriving business. It works every time.

Market share and profit margins are 2 different beasts. To lower prices by too much means you need slave labor at some point in the chain if not most of them. So who gains? Just a few greedy bastards. All the rest in the chain suffer.

 

[FactFinder]

Cheap shit doesn't help anyone. I would rather pay more for a quality item. I don't need a household full of crap like a hoarder to have a sense of satisfaction. My true needs are really pretty simple. But what I do have I want to be well made.

 

[Katzndogz]

You've managed to find two possible exceptions in the galaxy of goods. I've already shown companies lowering prices to gain market share. So your post pretty much is worthless for this discussion.

Isn't that the WalMart model? Lower prices and seize the competition's customers.

I used it when I opened a new business a few years ago. I canvassed similar businesses, cut my prices to way below theirs and had to prop the door open for their customers. In six months I had a thriving business. It works every time.

Market share and profit margins are 2 different beasts. To lower prices by too much means you need slave labor at some point in the chain if not most of them. So who gains? Just a few greedy bastards. All the rest in the chain suffer.

I reduced my profit margin to gain market share, and incidentally put a few competitors out of business. Once I had a comfortable market based largely on the customers I got from the businesses I put under, I slowly raised prices to just a shade under my existing competition.

Slave labor presupposes that I purchased people to own and work for me. Well, no I didn't buy a soul. I did however hire people needing work and we negotiated a fair price for both of us.

How about someone just to mop up? You can hire someone for a messy and complicated process or wait until someone comes through the door and asks to work. I'll give you $20.00, sweep, mop and clean the windows. Easy, everyone happy. Oh, you wanna come back next week, great, see ya around.

 

[NYcarbineer]

Vermont's minimum wage is 8.15, 90 cents higher than the federal minimum wage,

and has an unemployment rate of 5.6%.

They won't care for facts like that. It hurts their partisan brain.

Los Angeles has a living wage law. Minimum wage in the city is $10.70 an hour with a 12.2% unemployment rate.

L.A.

The Miami/Dade County unemployment rate is 13.9%, the minimum wage is 7.31.

How long do you suppose we'll have to go back and forth before you'll admit that there is no discernible, meaningful correlation between UE and minimum wage?

 

[NYcarbineer]

So which is better..
Having maybe 3 million or more employed people paying Medicare/SS or
3 million people receiving $250/week in unemployment benefits?

By eliminating minimum wage
In 2010 Among those paid by the hour, 1.8 million earned exactly the prevailing Federal minimum wage of $7.25 per hour. About 2.5 million had wages below the minimum.2 Together, these 4.4 million workers with wages at or below the Federal minimum made up 6.0 percent of all hourly-paid workers.

Minimum wage workers tend to be young. Although workers under age 25 represented only about one-fifth of hourly-paid workers, they made up about half of those paid the Federal minimum wage or less. Among employed teenagers paid by the hour, about 25 percent earned the minimum wage or less, compared with about 4 percent of workers age 25 and over. (See table 1 and table 7.)

Now there are 27.1 million teenagers from 15 to 19 that are unemployed!

Easily 3 million or more jobs would be open if the minimum wage was competitively based.. i.e would you work for $1/hour.. $3/hour???
Let the market set the wages...

All of a sudden businesses especially minimum wages could lower THEIR prices and economy begins to grow and those out of work.. paying in!

Which is better then paying OUT or 3 million more paying in???

Because there are lots of 15 year olds unemployed you want to lower the minimum wage? You're an idiot.

 

[Seawytch]

So which is better..
Having maybe 3 million or more employed people paying Medicare/SS or
3 million people receiving $250/week in unemployment benefits?

By eliminating minimum wage
In 2010 Among those paid by the hour, 1.8 million earned exactly the prevailing Federal minimum wage of $7.25 per hour. About 2.5 million had wages below the minimum.2 Together, these 4.4 million workers with wages at or below the Federal minimum made up 6.0 percent of all hourly-paid workers.

Minimum wage workers tend to be young. Although workers under age 25 represented only about one-fifth of hourly-paid workers, they made up about half of those paid the Federal minimum wage or less. Among employed teenagers paid by the hour, about 25 percent earned the minimum wage or less, compared with about 4 percent of workers age 25 and over. (See table 1 and table 7.)

Now there are 27.1 million teenagers from 15 to 19 that are unemployed!

Easily 3 million or more jobs would be open if the minimum wage was competitively based.. i.e would you work for $1/hour.. $3/hour???
Let the market set the wages...

All of a sudden businesses especially minimum wages could lower THEIR prices and economy begins to grow and those out of work.. paying in!

Which is better then paying OUT or 3 million more paying in???

That's the dream of Corporate America. Lowest wages possible and plenty of cheap labor.

Which is why we'll never see any kind of meaningful jobs legislation come out of DC.

Not as long as the corporate masters are buying our legislators we won't.

 

[Full-Auto]

Vermont's minimum wage is 8.15, 90 cents higher than the federal minimum wage,

and has an unemployment rate of 5.6%.

They won't care for facts like that. It hurts their partisan brain.

LOL Is that why they are trying to make it a felony to produce artificial maple syrup?