The case for the minimum wage

[basquebromance]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

 

[basquebromance]

70 percent of Americans, including a majority of Republicans, support raising the minimum wage. anyone against it?

 

[BluesLegend]

Sure, raise the minimum wage to $200 an hour then we'll all be rich.

 

[Harpy Eagle]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

Wages should be set by the market, nothing else. Keep the Govt out of it.

 

[Brain357]

5 Developed Countries without Minimum Wages

 

[Brain357]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

Wages should be set by the market, nothing else. Keep the Govt out of it.

Something does seem to be messing up the market. Low unemployment and stagnant wages is strange.

 

[Wyatt earp]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

Trickle up poor...


And liberals bitch about Trump's tariffs no escaping a higher national wage which is just a tax on the middle class.


.

 

[Wyatt earp]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

Wages should be set by the market, nothing else. Keep the Govt out of it.

Something does seem to be messing up the market. Low unemployment and stagnant wages is strange.

1,000s of highly paid baby boomers being replaced with lower age / lower wage workers that sounds strange to you?


That's what's messing up the stats


.

 

[Harpy Eagle]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

Wages should be set by the market, nothing else. Keep the Govt out of it.

Something does seem to be messing up the market. Low unemployment and stagnant wages is strange.

We only just hit a level where the number of jobs is outpacing the number of people, so that might change.

Or it could be the people doing the hiring are all colluding to keep wages lower

 

[Brain357]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

Wages should be set by the market, nothing else. Keep the Govt out of it.

Something does seem to be messing up the market. Low unemployment and stagnant wages is strange.

1,000s of highly paid baby boomers being replaced with lower age / lower wage workers that sounds strange to you?


That's what's messing up the stats


.

I’d like to see a study on that theory.

 

[Meister]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

Wages should be set by the market, nothing else. Keep the Govt out of it.

Something does seem to be messing up the market. Low unemployment and stagnant wages is strange.

Wages are seeing an increase over June and July. Aug. report is coming out on the 13th of this month.

 

[basquebromance]

let the record show nobody challenged my prediction that we're about to have a recession

 

[Brain357]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

Wages should be set by the market, nothing else. Keep the Govt out of it.

Something does seem to be messing up the market. Low unemployment and stagnant wages is strange.

We only just hit a level where the number of jobs is outpacing the number of people, so that might change.

Or it could be the people doing the hiring are all colluding to keep wages lower

I’m leaning more toward the collusion. Have you seen a non compete? The ones I’ve seen include about every place a worker would go. And I’ve known people who weren’t hired because the hiring company knew the worker had a non compete. These could really be distorting the market.

 

[Wyatt earp]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

Wages should be set by the market, nothing else. Keep the Govt out of it.

Something does seem to be messing up the market. Low unemployment and stagnant wages is strange.

1,000s of highly paid baby boomers being replaced with lower age / lower wage workers that sounds strange to you?


That's what's messing up the stats


.

I’d like to see a study on that theory.

Kind of obvious ...


Baby boomers are retiring and they are not going to pay newbies the same wage with not 20 years plus experience are they?

Once again knowledge and wisdom are two different things

.

 

[Brain357]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

Wages should be set by the market, nothing else. Keep the Govt out of it.

Something does seem to be messing up the market. Low unemployment and stagnant wages is strange.

Wages are seeing an increase over June and July. Aug. report is coming out on the 13th of this month.

The increases have made them even with inflation, so not really an increase. Unemployment been low since obama.

 

[Brain357]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

Wages should be set by the market, nothing else. Keep the Govt out of it.

Something does seem to be messing up the market. Low unemployment and stagnant wages is strange.

1,000s of highly paid baby boomers being replaced with lower age / lower wage workers that sounds strange to you?


That's what's messing up the stats


.

I’d like to see a study on that theory.

Kind of obvious ...


Baby boomers are retiring and they are not going to pay newbies the same wage with not 20 years plus experience are they?

Once again knowledge and wisdom are two different things

.

In theory it could have a downward effect on wages, but I don’t think there would be he numbers. People retiring isn’t new.

 

[McRocket]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

Wages should be set by the market, nothing else. Keep the Govt out of it.

Something does seem to be messing up the market. Low unemployment and stagnant wages is strange.

IMO, the primary reason is below:

Velocity of M2 Money Stock

Because of the MASSIVE and unprecedented economic intervention by the Fed (and major, world central banks) since at least 2009, this has caused money to stop 'moving'.
Instead of money changing hands - like in normal, healthy economies - existing money stays put while new, cheap debt is created and that is used. And so on. With QE and ZIRP, people don't need to make money, just take out more incredibly cheap credit. Corporations don't innovate - they just take out cheap loans, buyback their stock and sent their bottom lines skywards. Which is largely why most new jobs created are crappy.
The added problem is, only the wealthy/corporations have easy access to this money. So they are the ones who get richer. And the rest get left behind.

Finally, if you look at the chart above, two things stand out. 1) when money velocity is down, economies almost always suck (The gray areas represent recessions); and 2) the Velocity over the last few years is FAR lower than it EVER has been.

The reason the chart is finally, slowly turning around is QE is almost over and interest rates are slowly rising. But, as you can see...it is still mired WAY down.

 

[Wyatt earp]

it is astonishing and absurd that since Ted Kennedy died there have been few lawmakers campaigning to restore the minimum wage. a long overdue minimum wage hike would pour tens of billions of dollars into job-producing consumer demand, especially during a recession, which we're about to have.

Wages should be set by the market, nothing else. Keep the Govt out of it.

Something does seem to be messing up the market. Low unemployment and stagnant wages is strange.

We only just hit a level where the number of jobs is outpacing the number of people, so that might change.

Or it could be the people doing the hiring are all colluding to keep wages lower

I’m leaning more toward the collusion. Have you seen a non compete? The ones I’ve seen include about every place a worker would go. And I’ve known people who weren’t hired because the hiring company knew the worker had a non compete. These could really be distorting the market.

Where besides Google , apple and the rest, it's common knowledge they keep wages low.

 

[basquebromance]

Dick Trumpka said he didnt fight for the minimum wage because Obama didnt fight for it. Obama failed to rally the troops!

 

[Meister]

let the record show nobody challenged my prediction that we're about to have a recession

What is your reasoning for a recession? Earnings have been good in the market this last quarter. I don't see a bubble in any sector.
Is your reasoning because Trump in president?