Raising the minimum wage again? Fucking brilliant!

[william the wie]

This question will be resolved by the UE rate and labor force participation rate of the affected states 6-12 months down the road. What's wrong with this debate is the connect the dots mindset. Even though everyone knows better than to think that someone actually bought a 0.xxxxxx Big Mac but that is what the continuous line sales figures from McDonald's say happened. The same and other mistakes are being made by both sides in this debate. I think some businesses will shut down in the affected states and the ripple effects will last for about three years.

I suspect these states will be above average UE in 6 months and despite those results and faster than average declines in RE values that this idiocy will be repeated by most of the same states within 2 years.

 

[loosecannon]

even though we've expropriated and redistributed in excess of $10 trillion from the producers, to feather the nests of the unproductive, in a vain attempt to "level the playing field"??

credible link please. SS has brought in enough money to pay for itself and medicare to date. So whose ass did you pull the $10 trillion figure from?

 

[Oddball]

$9 Trillion Didn't End Poverty -- What to Do? | Jenifer Zeigler | Cato Institute: Daily Commentary

 

[loosecannon]

$9 Trillion Didn't End Poverty -- What to Do? | Jenifer Zeigler | Cato Institute: Daily Commentary

The only explanation for that stat is found here in the article:

In the past 40 years, we have spent at least $8.9 trillion (in constant 2003 dollars) on the "war on poverty."

No accounting for where it came from or what it includes. If that is all you got I am underwhelmed.

 

[Oddball]

What would you accept?

 

[Zenpen]

Raising the minimum wage is a gift to Labor Unions. Union wages are metered against the minimum wage. Minimum wage goes up, their wages go up. It also gives a warm fuzzy feeling to non-union Libs, mostly .gov employees. The answer to falling wages is to increase worker productivity by teaching genuine, marketable skills to every one during their school years--every one should learn a trade. Going to college? Great. Go to college. But you'll have a skill to fall back on, or an understanding of the inner workings of the business that you are training to run.
The other thing that we need to do is secure our southern border, stop allowing cross-border traffic to drive wages down.
Another goal should be a large number of employers to choose from. Right now, there is a shortage of places to work that pay a living wage. That's 'cause we allowed our factories to be off shored, and we don't charge tariffs on those imports. I believe in free trade, but free trade starts at the lowest level of a trade, meaning the dude that made the object has to be freely trading his labor...the people of China, for instance, aren't free to leave one job and take another. They have to have permission of their "Street Committee". That permission is often denied. They don't ask for a raise. They are paid squat and held to those wages by force. So, it's not possible for there to be free trade between them and anyone else. Trade must be fair as well as free. Fair as in no subsidies driving the price down. We also need to realize that each of us is responsible for our own personal balance of trade...I can't sell my produce to unemployed people, not for long. How we spend our money requires wisdom...and morals.
If we had many employers seeking our labor, and a sealed border that only let people cross legally ( causing a slight shortage of labor) and a highly skilled, super productive work force we wouldn't need a minimum wage.

Zenpen

 

[loosecannon]

What would you accept?

I might have accepted your Cato institute propaganda if they documented their data. But a lot depends on what is included, like I said SS alone has paid for itself and provided a $2.7 trillion surplus so far.

I do not believe any honest accounting can come anywhere close to a $9 trillion bill for the war on poverty if you include SS in the equation.

 

[william the wie]

There's always a de facto minimum wage even if the net return is a minus. Behavioral economics is chock full of such deviations from what is expected by economic theory. The thing is the law should only recognize and codify what the market creates and not be used for social or financial engineering.

 

[AquaAthena]

And let's just print up more money to pay it!

State Minimum Wage Increases Could Boost Stalled Federal Push - FoxNews.com

ANY minimum wage is the worst thing you can do to an economy. It ultimately ends up beating down the very ones it is intended to lift.

Economic ignorance at its finest!

Yes, and going up to $8.50 an hour in Oregon.... Only 10.6% unemployment here, ranking 8th highest in the nation and stores closing everywhere, left and right.

 

[Oddball]

What would you accept?

I might have accepted your Cato institute propaganda if they documented their data. But a lot depends on what is included, like I said SS alone has paid for itself and provided a $2.7 trillion surplus so far.

I do not believe any honest accounting can come anywhere close to a $9 trillion bill for the war on poverty if you include SS in the equation.

Cato doesn't put out propaganda.

The price tag for your beloved socialistic welfare state since 1965 has been in excess of $10 trillion...Deal with it.

All that and we're no closer to solving poverty today than we were then...In fact, schmucks like you keep whinin'-n-cryin' that the rich are richer than ever.

And the towering failures just keep a-comin'.

 

[hortysir]

From the link:

Obama's pledge to raise the federal rate by more than $2 to $9.50 an hour, though the president let that slide along with dozens of other campaign goals
​

​

 

[Agit8r]

And let's just print up more money to pay it!

State Minimum Wage Increases Could Boost Stalled Federal Push - FoxNews.com

ANY minimum wage is the worst thing you can do to an economy. It ultimately ends up beating down the very ones it is intended to lift.

Economic ignorance at its finest!

Um... the Fair Labor Standards Act was passed but two years before we crawled out of the great depression o_0

 

[Oddball]

Correlation ≠ causation, dingleberry.