Minimum Wage Increase: They Never Talks About the SALES

[protectionist]

Just now, I saw another report about the topic of minimum wage increase. This one was on CNN, hosted by Julie Banderas. She was talking to Scott Gamm, of HelpSaveMyDollars.com, a financial website focused on helping consumers save and learn about money. They were talking about the recent 14-1 vote by the city of Los Angeles to raise the minimum wage to $15 by 2020.

Scott might be well versed on various aspects pertaining to consumer finances but, on the minimum wage raise, he is waaay off the mark. He said three things about the minimum wage raise topic. And he was WRONG on all three. Gamm merely recited the 3 most commonly heard (and programmed) descriptions about minimum wage raises.

1. He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

2. He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.

3. He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ? Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away. Some businesses could do it. Not many.

So here's the real crux of all this. As in 1000 other media reports I've seen on minimum wage increases, the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$. All businesses get this, and generally it far outweighs labor increases, since the number of wage raised consumers (not just those at the minimum wage) by far outnumbers any one employer's workers who are getting wage increases.

Then there's also the fact that many business, while receiving this big SALES boost, do NOT have any wage loss at all. These are businesses who are mom & pop and have no employees, those whose workers are all working just on sales commission (car lots, furniture, real estate, insurance, etc), and third, those with skilled workers (ex. machine shops) whose workers all already get well over $15 hour, or whatever the MW would be raised to.

I think back to when I owned a business. I paid my commission salespeople $350/hour (in 2015 dollars), and they still were only receiving 15% of the sale. In all, I made fine profits and expanded the business. Biggest downer ? All the people who called in and said > "Sorry. I can't afford it." Of course they can't. Not one somebody out there is paying them a low minimum wage. To be successful in business, you have a lot fo things to do. But you can't do anything, if the public around you doesn't have money in their pockets to buy what you're trying to sell.

This is why Conservatives who support raising the MW nationwide, outnumber Conservatives who don't, 54% to 44%.

 

[Toddsterpatriot]

He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

Where is the chart that shows employers the precise number of employees they should hire in order to get the most income/profit?


He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.
Where is the chart that shows employers the precise price level they need in order to get the most sales/income?

He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ?

Did anyone say moving was free?

Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away.

Imagine a machine shop with over 100 large production machines, having to pay higher wages than the business could support. Imagine that business running at a loss, just because some politicians, who couldn't pass an Econ 101 class, created a stupid law.

 

[Billy000]

Just now, I saw another report about the topic of minimum wage increase. This one was on CNN, hosted by Julie Banderas. She was talking to Scott Gamm, of HelpSaveMyDollars.com, a financial website focused on helping consumers save and learn about money. They were talking about the recent 14-1 vote by the city of Los Angeles to raise the minimum wage to $15 by 2020.

Scott might be well versed on various aspects pertaining to consumer finances but, on the minimum wage raise, he is waaay off the mark. He said three things about the minimum wage raise topic. And he was WRONG on all three. Gamm merely recited the 3 most commonly heard (and programmed) descriptions about minimum wage raises.

1. He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

2. He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.

3. He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ? Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away. Some businesses could do it. Not many.

So here's the real crux of all this. As in 1000 other media reports I've seen on minimum wage increases, the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$. All businesses get this, and generally it far outweighs labor increases, since the number of wage raised consumers (not just those at the minimum wage) by far outnumbers any one employer's workers who are getting wage increases.

Then there's also the fact that many business, while receiving this big SALES boost, do NOT have any wage loss at all. These are businesses who are mom & pop and have no employees, those whose workers are all working just on sales commission (car lots, furniture, real estate, insurance, etc), and third, those with skilled workers (ex. machine shops) whose workers all already get well over $15 hour, or whatever the MW would be raised to.

I think back to when I owned a business. I paid my commission salespeople $350/hour (in 2015 dollars), and they still were only receiving 15% of the sale. In all, I made fine profits and expanded the business. Biggest downer ? All the people who called in and said > "Sorry. I can't afford it." Of course they can't. Not one somebody out there is paying them a low minimum wage. To be successful in business, you have a lot fo things to do. But you can't do anything, if the public around you doesn't have money in their pockets to buy what you're trying to sell.

This is why Conservatives who support raising the MW nationwide, outnumber Conservatives who don't, 54% to 44%.

The problem with conservatives -including many on this board - is that they are too immature to admit they were wrong. Years back it may have been conventional wisdom to keep the minimum wage where it is, but the evidence of the economic benefits of raising it are undeniable. It it is crucial if we want to signficantly increase consumer spending - the driving force of our whole economy.

The same can be said about climate change. Their pathetic pride keeps them from seeing the truth.

 

[Toddsterpatriot]

Just now, I saw another report about the topic of minimum wage increase. This one was on CNN, hosted by Julie Banderas. She was talking to Scott Gamm, of HelpSaveMyDollars.com, a financial website focused on helping consumers save and learn about money. They were talking about the recent 14-1 vote by the city of Los Angeles to raise the minimum wage to $15 by 2020.

Scott might be well versed on various aspects pertaining to consumer finances but, on the minimum wage raise, he is waaay off the mark. He said three things about the minimum wage raise topic. And he was WRONG on all three. Gamm merely recited the 3 most commonly heard (and programmed) descriptions about minimum wage raises.

1. He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

2. He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.

3. He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ? Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away. Some businesses could do it. Not many.

So here's the real crux of all this. As in 1000 other media reports I've seen on minimum wage increases, the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$. All businesses get this, and generally it far outweighs labor increases, since the number of wage raised consumers (not just those at the minimum wage) by far outnumbers any one employer's workers who are getting wage increases.

Then there's also the fact that many business, while receiving this big SALES boost, do NOT have any wage loss at all. These are businesses who are mom & pop and have no employees, those whose workers are all working just on sales commission (car lots, furniture, real estate, insurance, etc), and third, those with skilled workers (ex. machine shops) whose workers all already get well over $15 hour, or whatever the MW would be raised to.

I think back to when I owned a business. I paid my commission salespeople $350/hour (in 2015 dollars), and they still were only receiving 15% of the sale. In all, I made fine profits and expanded the business. Biggest downer ? All the people who called in and said > "Sorry. I can't afford it." Of course they can't. Not one somebody out there is paying them a low minimum wage. To be successful in business, you have a lot fo things to do. But you can't do anything, if the public around you doesn't have money in their pockets to buy what you're trying to sell.

This is why Conservatives who support raising the MW nationwide, outnumber Conservatives who don't, 54% to 44%.

the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$.

If I pay my employees another $500,000 a year, are my sales supposed to increase by $500,000?
Is that supposed to be an even trade?

 

[Billy000]

He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

Where is the chart that shows employers the precise number of employees they should hire in order to get the most income/profit?


He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.
Where is the chart that shows employers the precise price level they need in order to get the most sales/income?

He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ?

Did anyone say moving was free?

Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away.

Imagine a machine shop with over 100 large production machines, having to pay higher wages than the business could support. Imagine that business running at a loss, just because some politicians, who couldn't pass an Econ 101 class, created a stupid law.

Do you even realize how hollow this response is? You don't even have an argument. Any idiot taking an Econ class knows that consumer spending is what drives this economy. Consumer spending comes from paychecks. This isn't hard to grasp.

 

[Toddsterpatriot]

He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

Where is the chart that shows employers the precise number of employees they should hire in order to get the most income/profit?


He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.
Where is the chart that shows employers the precise price level they need in order to get the most sales/income?

He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ?

Did anyone say moving was free?

Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away.

Imagine a machine shop with over 100 large production machines, having to pay higher wages than the business could support. Imagine that business running at a loss, just because some politicians, who couldn't pass an Econ 101 class, created a stupid law.

Do you even realize how hollow this response is? You don't even have an argument. Any idiot taking an Econ class knows that consumer spending is what drives this economy. Consumer spending comes from paychecks. This isn't hard to grasp.

My refutation of the OP was shallow?

 

[Billy000]

Just now, I saw another report about the topic of minimum wage increase. This one was on CNN, hosted by Julie Banderas. She was talking to Scott Gamm, of HelpSaveMyDollars.com, a financial website focused on helping consumers save and learn about money. They were talking about the recent 14-1 vote by the city of Los Angeles to raise the minimum wage to $15 by 2020.

Scott might be well versed on various aspects pertaining to consumer finances but, on the minimum wage raise, he is waaay off the mark. He said three things about the minimum wage raise topic. And he was WRONG on all three. Gamm merely recited the 3 most commonly heard (and programmed) descriptions about minimum wage raises.

1. He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

2. He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.

3. He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ? Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away. Some businesses could do it. Not many.

So here's the real crux of all this. As in 1000 other media reports I've seen on minimum wage increases, the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$. All businesses get this, and generally it far outweighs labor increases, since the number of wage raised consumers (not just those at the minimum wage) by far outnumbers any one employer's workers who are getting wage increases.

Then there's also the fact that many business, while receiving this big SALES boost, do NOT have any wage loss at all. These are businesses who are mom & pop and have no employees, those whose workers are all working just on sales commission (car lots, furniture, real estate, insurance, etc), and third, those with skilled workers (ex. machine shops) whose workers all already get well over $15 hour, or whatever the MW would be raised to.

I think back to when I owned a business. I paid my commission salespeople $350/hour (in 2015 dollars), and they still were only receiving 15% of the sale. In all, I made fine profits and expanded the business. Biggest downer ? All the people who called in and said > "Sorry. I can't afford it." Of course they can't. Not one somebody out there is paying them a low minimum wage. To be successful in business, you have a lot fo things to do. But you can't do anything, if the public around you doesn't have money in their pockets to buy what you're trying to sell.

This is why Conservatives who support raising the MW nationwide, outnumber Conservatives who don't, 54% to 44%.

the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$.

If I pay my employees another $500,000 a year, are my sales supposed to increase by $500,000?
Is that supposed to be an even trade?

I don't understand how you can be so dense. The economic benefits of raising the minimum wage would occur because the change would happen in the entire economy. Overall, a good portion of the economy would have more disposable income, so yeah, business in general would see an increase in demand.

 

[Billy000]

He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

Where is the chart that shows employers the precise number of employees they should hire in order to get the most income/profit?


He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.
Where is the chart that shows employers the precise price level they need in order to get the most sales/income?

He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ?

Did anyone say moving was free?

Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away.

Imagine a machine shop with over 100 large production machines, having to pay higher wages than the business could support. Imagine that business running at a loss, just because some politicians, who couldn't pass an Econ 101 class, created a stupid law.

Do you even realize how hollow this response is? You don't even have an argument. Any idiot taking an Econ class knows that consumer spending is what drives this economy. Consumer spending comes from paychecks. This isn't hard to grasp.

My refutation of the OP was shallow?

Hallow. It's nothing. No substance.

 

[Toddsterpatriot]

Just now, I saw another report about the topic of minimum wage increase. This one was on CNN, hosted by Julie Banderas. She was talking to Scott Gamm, of HelpSaveMyDollars.com, a financial website focused on helping consumers save and learn about money. They were talking about the recent 14-1 vote by the city of Los Angeles to raise the minimum wage to $15 by 2020.

Scott might be well versed on various aspects pertaining to consumer finances but, on the minimum wage raise, he is waaay off the mark. He said three things about the minimum wage raise topic. And he was WRONG on all three. Gamm merely recited the 3 most commonly heard (and programmed) descriptions about minimum wage raises.

1. He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

2. He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.

3. He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ? Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away. Some businesses could do it. Not many.

So here's the real crux of all this. As in 1000 other media reports I've seen on minimum wage increases, the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$. All businesses get this, and generally it far outweighs labor increases, since the number of wage raised consumers (not just those at the minimum wage) by far outnumbers any one employer's workers who are getting wage increases.

Then there's also the fact that many business, while receiving this big SALES boost, do NOT have any wage loss at all. These are businesses who are mom & pop and have no employees, those whose workers are all working just on sales commission (car lots, furniture, real estate, insurance, etc), and third, those with skilled workers (ex. machine shops) whose workers all already get well over $15 hour, or whatever the MW would be raised to.

I think back to when I owned a business. I paid my commission salespeople $350/hour (in 2015 dollars), and they still were only receiving 15% of the sale. In all, I made fine profits and expanded the business. Biggest downer ? All the people who called in and said > "Sorry. I can't afford it." Of course they can't. Not one somebody out there is paying them a low minimum wage. To be successful in business, you have a lot fo things to do. But you can't do anything, if the public around you doesn't have money in their pockets to buy what you're trying to sell.

This is why Conservatives who support raising the MW nationwide, outnumber Conservatives who don't, 54% to 44%.

the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$.

If I pay my employees another $500,000 a year, are my sales supposed to increase by $500,000?
Is that supposed to be an even trade?

I don't understand how you can be so dense. The economic benefits of raising the minimum wage would occur because the change would happen in the entire economy. Overall, a good portion of the economy would have more disposable income, so yeah, business in general would see an increase in demand.

Overall, a good portion of the economy would have more disposable income, so yeah, business in general would see an increase in demand.

And the increase still leaves them less profitable.

 

[bripat9643]

Just now, I saw another report about the topic of minimum wage increase. This one was on CNN, hosted by Julie Banderas. She was talking to Scott Gamm, of HelpSaveMyDollars.com, a financial website focused on helping consumers save and learn about money. They were talking about the recent 14-1 vote by the city of Los Angeles to raise the minimum wage to $15 by 2020.

Scott might be well versed on various aspects pertaining to consumer finances but, on the minimum wage raise, he is waaay off the mark. He said three things about the minimum wage raise topic. And he was WRONG on all three. Gamm merely recited the 3 most commonly heard (and programmed) descriptions about minimum wage raises.

1. He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

2. He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.

3. He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ? Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away. Some businesses could do it. Not many.

So here's the real crux of all this. As in 1000 other media reports I've seen on minimum wage increases, the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$. All businesses get this, and generally it far outweighs labor increases, since the number of wage raised consumers (not just those at the minimum wage) by far outnumbers any one employer's workers who are getting wage increases.

Then there's also the fact that many business, while receiving this big SALES boost, do NOT have any wage loss at all. These are businesses who are mom & pop and have no employees, those whose workers are all working just on sales commission (car lots, furniture, real estate, insurance, etc), and third, those with skilled workers (ex. machine shops) whose workers all already get well over $15 hour, or whatever the MW would be raised to.

I think back to when I owned a business. I paid my commission salespeople $350/hour (in 2015 dollars), and they still were only receiving 15% of the sale. In all, I made fine profits and expanded the business. Biggest downer ? All the people who called in and said > "Sorry. I can't afford it." Of course they can't. Not one somebody out there is paying them a low minimum wage. To be successful in business, you have a lot fo things to do. But you can't do anything, if the public around you doesn't have money in their pockets to buy what you're trying to sell.

This is why Conservatives who support raising the MW nationwide, outnumber Conservatives who don't, 54% to 44%.

I'm not surprised you support increasing the minimum wage because you are a socialist moron, and you are certainly no conservative.

 

[Toddsterpatriot]

He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

Where is the chart that shows employers the precise number of employees they should hire in order to get the most income/profit?


He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.
Where is the chart that shows employers the precise price level they need in order to get the most sales/income?

He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ?

Did anyone say moving was free?

Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away.

Imagine a machine shop with over 100 large production machines, having to pay higher wages than the business could support. Imagine that business running at a loss, just because some politicians, who couldn't pass an Econ 101 class, created a stupid law.

Do you even realize how hollow this response is? You don't even have an argument. Any idiot taking an Econ class knows that consumer spending is what drives this economy. Consumer spending comes from paychecks. This isn't hard to grasp.

My refutation of the OP was shallow?

Hallow. It's nothing. No substance.

The shallowness of the OP didn't require a deep response.

 

[Billy000]

Just now, I saw another report about the topic of minimum wage increase. This one was on CNN, hosted by Julie Banderas. She was talking to Scott Gamm, of HelpSaveMyDollars.com, a financial website focused on helping consumers save and learn about money. They were talking about the recent 14-1 vote by the city of Los Angeles to raise the minimum wage to $15 by 2020.

Scott might be well versed on various aspects pertaining to consumer finances but, on the minimum wage raise, he is waaay off the mark. He said three things about the minimum wage raise topic. And he was WRONG on all three. Gamm merely recited the 3 most commonly heard (and programmed) descriptions about minimum wage raises.

1. He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

2. He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.

3. He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ? Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away. Some businesses could do it. Not many.

So here's the real crux of all this. As in 1000 other media reports I've seen on minimum wage increases, the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$. All businesses get this, and generally it far outweighs labor increases, since the number of wage raised consumers (not just those at the minimum wage) by far outnumbers any one employer's workers who are getting wage increases.

Then there's also the fact that many business, while receiving this big SALES boost, do NOT have any wage loss at all. These are businesses who are mom & pop and have no employees, those whose workers are all working just on sales commission (car lots, furniture, real estate, insurance, etc), and third, those with skilled workers (ex. machine shops) whose workers all already get well over $15 hour, or whatever the MW would be raised to.

I think back to when I owned a business. I paid my commission salespeople $350/hour (in 2015 dollars), and they still were only receiving 15% of the sale. In all, I made fine profits and expanded the business. Biggest downer ? All the people who called in and said > "Sorry. I can't afford it." Of course they can't. Not one somebody out there is paying them a low minimum wage. To be successful in business, you have a lot fo things to do. But you can't do anything, if the public around you doesn't have money in their pockets to buy what you're trying to sell.

This is why Conservatives who support raising the MW nationwide, outnumber Conservatives who don't, 54% to 44%.

the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$.

If I pay my employees another $500,000 a year, are my sales supposed to increase by $500,000?
Is that supposed to be an even trade?

I don't understand how you can be so dense. The economic benefits of raising the minimum wage would occur because the change would happen in the entire economy. Overall, a good portion of the economy would have more disposable income, so yeah, business in general would see an increase in demand.

Overall, a good portion of the economy would have more disposable income, so yeah, business in general would see an increase in demand.

And the increase still leaves them less profitable.

It would initially, yes, but over time the huge boom in consumer spending would change that.

 

[Toddsterpatriot]

Just now, I saw another report about the topic of minimum wage increase. This one was on CNN, hosted by Julie Banderas. She was talking to Scott Gamm, of HelpSaveMyDollars.com, a financial website focused on helping consumers save and learn about money. They were talking about the recent 14-1 vote by the city of Los Angeles to raise the minimum wage to $15 by 2020.

Scott might be well versed on various aspects pertaining to consumer finances but, on the minimum wage raise, he is waaay off the mark. He said three things about the minimum wage raise topic. And he was WRONG on all three. Gamm merely recited the 3 most commonly heard (and programmed) descriptions about minimum wage raises.

1. He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

2. He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.

3. He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ? Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away. Some businesses could do it. Not many.

So here's the real crux of all this. As in 1000 other media reports I've seen on minimum wage increases, the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$. All businesses get this, and generally it far outweighs labor increases, since the number of wage raised consumers (not just those at the minimum wage) by far outnumbers any one employer's workers who are getting wage increases.

Then there's also the fact that many business, while receiving this big SALES boost, do NOT have any wage loss at all. These are businesses who are mom & pop and have no employees, those whose workers are all working just on sales commission (car lots, furniture, real estate, insurance, etc), and third, those with skilled workers (ex. machine shops) whose workers all already get well over $15 hour, or whatever the MW would be raised to.

I think back to when I owned a business. I paid my commission salespeople $350/hour (in 2015 dollars), and they still were only receiving 15% of the sale. In all, I made fine profits and expanded the business. Biggest downer ? All the people who called in and said > "Sorry. I can't afford it." Of course they can't. Not one somebody out there is paying them a low minimum wage. To be successful in business, you have a lot fo things to do. But you can't do anything, if the public around you doesn't have money in their pockets to buy what you're trying to sell.

This is why Conservatives who support raising the MW nationwide, outnumber Conservatives who don't, 54% to 44%.

the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$.

If I pay my employees another $500,000 a year, are my sales supposed to increase by $500,000?
Is that supposed to be an even trade?

I don't understand how you can be so dense. The economic benefits of raising the minimum wage would occur because the change would happen in the entire economy. Overall, a good portion of the economy would have more disposable income, so yeah, business in general would see an increase in demand.

Overall, a good portion of the economy would have more disposable income, so yeah, business in general would see an increase in demand.

And the increase still leaves them less profitable.

It would initially, yes, but over time the huge boom in consumer spending would change that.

Nope. Not even close.
Every business increasing their costs by $500,000 (for example) and increasing their sales by $500,000 is less profitable, no matter how deep your confusion runs.

 

[bripat9643]

Just now, I saw another report about the topic of minimum wage increase. This one was on CNN, hosted by Julie Banderas. She was talking to Scott Gamm, of HelpSaveMyDollars.com, a financial website focused on helping consumers save and learn about money. They were talking about the recent 14-1 vote by the city of Los Angeles to raise the minimum wage to $15 by 2020.

Scott might be well versed on various aspects pertaining to consumer finances but, on the minimum wage raise, he is waaay off the mark. He said three things about the minimum wage raise topic. And he was WRONG on all three. Gamm merely recited the 3 most commonly heard (and programmed) descriptions about minimum wage raises.

1. He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

2. He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.

3. He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ? Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away. Some businesses could do it. Not many.

So here's the real crux of all this. As in 1000 other media reports I've seen on minimum wage increases, the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$. All businesses get this, and generally it far outweighs labor increases, since the number of wage raised consumers (not just those at the minimum wage) by far outnumbers any one employer's workers who are getting wage increases.

Then there's also the fact that many business, while receiving this big SALES boost, do NOT have any wage loss at all. These are businesses who are mom & pop and have no employees, those whose workers are all working just on sales commission (car lots, furniture, real estate, insurance, etc), and third, those with skilled workers (ex. machine shops) whose workers all already get well over $15 hour, or whatever the MW would be raised to.

I think back to when I owned a business. I paid my commission salespeople $350/hour (in 2015 dollars), and they still were only receiving 15% of the sale. In all, I made fine profits and expanded the business. Biggest downer ? All the people who called in and said > "Sorry. I can't afford it." Of course they can't. Not one somebody out there is paying them a low minimum wage. To be successful in business, you have a lot fo things to do. But you can't do anything, if the public around you doesn't have money in their pockets to buy what you're trying to sell.

This is why Conservatives who support raising the MW nationwide, outnumber Conservatives who don't, 54% to 44%.

the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$.

If I pay my employees another $500,000 a year, are my sales supposed to increase by $500,000?
Is that supposed to be an even trade?

I don't understand how you can be so dense. The economic benefits of raising the minimum wage would occur because the change would happen in the entire economy. Overall, a good portion of the economy would have more disposable income, so yeah, business in general would see an increase in demand.

Overall, a good portion of the economy would have more disposable income, so yeah, business in general would see an increase in demand.

And the increase still leaves them less profitable.

It would initially, yes, but over time the huge boom in consumer spending would change that.

Wrong. Every increase in spending by minimum wage earners would be exactly compensated for by a decrease in spending of customers who patronize those businesses.

 

[LoneLaugher]

We now have two incubators where the MW will be raised to $15. Let's watch and see what happens. Scared?

 

[Toddsterpatriot]

We now have two incubators where the MW will be raised to $15. Let's watch and see what happens. Scared?

I am scared....for the low skilled workers who will lose their jobs.

 

[Billy000]

Just now, I saw another report about the topic of minimum wage increase. This one was on CNN, hosted by Julie Banderas. She was talking to Scott Gamm, of HelpSaveMyDollars.com, a financial website focused on helping consumers save and learn about money. They were talking about the recent 14-1 vote by the city of Los Angeles to raise the minimum wage to $15 by 2020.

Scott might be well versed on various aspects pertaining to consumer finances but, on the minimum wage raise, he is waaay off the mark. He said three things about the minimum wage raise topic. And he was WRONG on all three. Gamm merely recited the 3 most commonly heard (and programmed) descriptions about minimum wage raises.

1. He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

2. He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.

3. He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ? Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away. Some businesses could do it. Not many.

So here's the real crux of all this. As in 1000 other media reports I've seen on minimum wage increases, the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$. All businesses get this, and generally it far outweighs labor increases, since the number of wage raised consumers (not just those at the minimum wage) by far outnumbers any one employer's workers who are getting wage increases.

Then there's also the fact that many business, while receiving this big SALES boost, do NOT have any wage loss at all. These are businesses who are mom & pop and have no employees, those whose workers are all working just on sales commission (car lots, furniture, real estate, insurance, etc), and third, those with skilled workers (ex. machine shops) whose workers all already get well over $15 hour, or whatever the MW would be raised to.

I think back to when I owned a business. I paid my commission salespeople $350/hour (in 2015 dollars), and they still were only receiving 15% of the sale. In all, I made fine profits and expanded the business. Biggest downer ? All the people who called in and said > "Sorry. I can't afford it." Of course they can't. Not one somebody out there is paying them a low minimum wage. To be successful in business, you have a lot fo things to do. But you can't do anything, if the public around you doesn't have money in their pockets to buy what you're trying to sell.

This is why Conservatives who support raising the MW nationwide, outnumber Conservatives who don't, 54% to 44%.

the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$.

If I pay my employees another $500,000 a year, are my sales supposed to increase by $500,000?
Is that supposed to be an even trade?

I don't understand how you can be so dense. The economic benefits of raising the minimum wage would occur because the change would happen in the entire economy. Overall, a good portion of the economy would have more disposable income, so yeah, business in general would see an increase in demand.

Overall, a good portion of the economy would have more disposable income, so yeah, business in general would see an increase in demand.

And the increase still leaves them less profitable.

It would initially, yes, but over time the huge boom in consumer spending would change that.

Nope. Not even close.
Every business increasing their costs by $500,000 (for example) and increasing their sales by $500,000 is less profitable, no matter how deep your confusion runs.

Um no actually. Apparently you don't understand the concept of making a profit. They sell items for more than the cost of making them. That doesn't change.

 

[Billy000]

Just now, I saw another report about the topic of minimum wage increase. This one was on CNN, hosted by Julie Banderas. She was talking to Scott Gamm, of HelpSaveMyDollars.com, a financial website focused on helping consumers save and learn about money. They were talking about the recent 14-1 vote by the city of Los Angeles to raise the minimum wage to $15 by 2020.

Scott might be well versed on various aspects pertaining to consumer finances but, on the minimum wage raise, he is waaay off the mark. He said three things about the minimum wage raise topic. And he was WRONG on all three. Gamm merely recited the 3 most commonly heard (and programmed) descriptions about minimum wage raises.

1. He said it would cause jobs to be lost. FALSE! Employers function with a number of employees that bring them the most income/profit. They CANNOT reduce staff. Any more or less employees results in SALES and income reduction. Layoffs result in losses, not gains.

2. He (and Banderas too) said prices would be raised (or fees created) to compensate for the wage losses, and these losses would just be "passed on" to the customers. More FALSE! scare talk. Businesses CANNOT raise prices because they are already fixed at a market price, related to maximization of sales/income. Any change in price (up or down) results in reduction of SALES and income.

3. He said businesses will move away from LA. FALSE! (in most cases). Does Gamm think that closing down a business and moving to another location can be done scott (no pun intended) free ? Depending on the business, moving costs can vary from just barely economical, to completely UNeconomical, and the latter is much more often the case. Imagine a machine shop with over 100 large production machines, having to pack then all up and move miles away. Some businesses could do it. Not many.

So here's the real crux of all this. As in 1000 other media reports I've seen on minimum wage increases, the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$. All businesses get this, and generally it far outweighs labor increases, since the number of wage raised consumers (not just those at the minimum wage) by far outnumbers any one employer's workers who are getting wage increases.

Then there's also the fact that many business, while receiving this big SALES boost, do NOT have any wage loss at all. These are businesses who are mom & pop and have no employees, those whose workers are all working just on sales commission (car lots, furniture, real estate, insurance, etc), and third, those with skilled workers (ex. machine shops) whose workers all already get well over $15 hour, or whatever the MW would be raised to.

I think back to when I owned a business. I paid my commission salespeople $350/hour (in 2015 dollars), and they still were only receiving 15% of the sale. In all, I made fine profits and expanded the business. Biggest downer ? All the people who called in and said > "Sorry. I can't afford it." Of course they can't. Not one somebody out there is paying them a low minimum wage. To be successful in business, you have a lot fo things to do. But you can't do anything, if the public around you doesn't have money in their pockets to buy what you're trying to sell.

This is why Conservatives who support raising the MW nationwide, outnumber Conservatives who don't, 54% to 44%.

the most important aspect of this is NEVER MENTIONED. Not a word. That is the increase in DISPOSABLE INCOME resulting in INCREASES SALES$$$.

If I pay my employees another $500,000 a year, are my sales supposed to increase by $500,000?
Is that supposed to be an even trade?

I don't understand how you can be so dense. The economic benefits of raising the minimum wage would occur because the change would happen in the entire economy. Overall, a good portion of the economy would have more disposable income, so yeah, business in general would see an increase in demand.

Overall, a good portion of the economy would have more disposable income, so yeah, business in general would see an increase in demand.

And the increase still leaves them less profitable.

It would initially, yes, but over time the huge boom in consumer spending would change that.

Wrong. Every increase in spending my the minimum wage earners would be exactly compensated for by a decrease in the spending of customers who patronize those businesses.

Lol what? You have no idea what you are saying.

 

[Toddsterpatriot]

Nope. Not even close.
Every business increasing their costs by $500,000 (for example) and increasing their sales by $500,000 is less profitable, no matter how deep your confusion runs.

Um no actually. Apparently you don't understand the concept of making a profit. They sell items for more than the cost of making them. That doesn't change.

They sell items for more than the cost of making them.

You're shitting me!
Explain how an increase in sales of $500,000 offsets a $500,000 increase in costs.

 

[blackhawk]

Unless this is a different Julie Banderas she works for FOX not CNN just saying.