The $15 Minimum Wage Is Turning Hard Workers Into Black Market Lawbreakers

Discussion in 'Economy' started by McRocket, Oct 12, 2018 at 12:29 AM.

  1. McRocket
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    McRocket VIP Member

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    I have mixed feelings on $15 minimum wage.

    On the one hand, obviously it greatly helps the standard of living for those who get the huge wage increase.

    On the other, a 100+% increase in pay with a zero increase in production is not good for business. Plus, the extra costs will be passed on to the customers.
    Finally, the non-partisan CBO has stated that a higher minimum wage will cost many 100's of thousands of jobs nationwide. And that was only to $10.10 per hour.

    The Effects of a Minimum-Wage Increase on Employment and Family Income | Congressional Budget Office

    If the Dems take both houses in November (and especially if they also take the WH in 2020 - which the polls say looks likely right now)...this issue will probably re-surface in force.

    Thoughts?
     
  2. NewsVine_Mariyam
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    NewsVine_Mariyam VIP Member

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    So there is absolutely no concept that perhaps the workers were originally underpaid?

    Is $15/hr really that much money to you? That's only $2,400 a month.
     
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  3. Tommy Tainant
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    Tommy Tainant Gold Member

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    Society is out of kilter. A higher minimum wage means that government will pay less in corporate welfare but the downside i that prices might go up. Of course business will try and mitigate this by charging less and taking a smaller profit.

    In the UK we were told that a minimum wage would lead to unemployment. We now have record employment. The extra money paid to employees goes straight back into the economy and that creates jobs. Trickle down is bollocks. A fraud that the rich perpetrate on the poor.
     
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  4. McRocket
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    Nope. But a 100+% increase in wages for a zero increase in production is. Plus, the probably 1,000,000+ jobs lost (according to the CBO).
     
  5. candycorn
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    candycorn Alis volat propriis

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    What happens at Amazon will be informative with their raises.
     
  6. Penelope
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    Penelope Platinum Member

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    15 dollars and hour, if one is working full time (40 hours a week) which is 2080 hours a year, is $31,200 a year.
     
  7. justoffal
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    justoffal VIP Member

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    Yes thank goodness for the polls in 2016... if it wasn't for the polls we all know that Trump would be president right now instead of Hillary. Can you imagine if the polls were wrong and Trump actually became the president?

    The minimum wage subject is a difficult
    one especially for anyone who works hourly
    For a living.

    It's probably impossible to quantify with any measure of accuracy the exact capabilities of the American economy. Suffice it to say that even the American economy has finite limits.

    Sometimes the only way to find out is to try something and see how it works on the measure of what is present.

    It would seem to make some sense however that if you decrease productivity per dollar you're going to stifle the ability of the employers and producers to create more jobs. Additionally you will create a smaller pool of qualified employees leaving the others to languish on unemployment.

    Jo
     
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    Last edited: Oct 12, 2018 at 4:57 AM
  8. Penelope
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    Penelope Platinum Member

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    The U.S. Census Bureau reported in September 2017 that real median household income was $59,039 in 2016, exceeding any previous year.
    Household income in the United States - Wikipedia

    -----------------------------------------------------

    The problem is 1/2 make under that, so we need to subsidize their income.

    10 bucks an hour is 20, 800. They will need food stamps and a housing subsidize. I agree with Tommy T, trickle down does not work, never has and never will, Greed at the top makes sure of that.
     
  9. Penelope
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    They just got a huge tax cut, but I know most never paid more than 12% or about that in taxes, now its probably even lower.

    Trump and the GOP are trying their best to make this a slave country, and I'm talking a white, black and a hispanic slave country.
     
  10. Windparadox
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    Windparadox Gold Member

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    `
    The company I work for has a part-time temp agency which pays higher wages than most other similar agencies, competing in the semi-skilled market. We've crunched our numbers and found a mandatory $15/hr wage would cut so far into our profit margin that we could no longer afford to keep it going, ergo, we would completely close that operation.

    Generally, I oppose a $15/hr wage. Considering what I see at most places which employ people at lower wages, its a joke.
    `
     
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