The case for the minimum wage

Discussion in 'Politics' started by basquebromance, Sep 12, 2018.

  1. Meister
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    Meister USMB Mod Staff Member Supporting Member

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

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    let the record show nobody challenged my prediction that we're about to have a recession
     
  3. Brain357
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    Brain357 Gold Member

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    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.
     
  4. bear513
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    bear513 Diamond Member

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    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

    .
     
  5. Brain357
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    Brain357 Gold Member

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    The increases have made them even with inflation, so not really an increase. Unemployment been low since obama.
     
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  6. Brain357
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    Brain357 Gold Member

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    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.
     
  7. McRocket
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    McRocket Gold Member

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    IMO, the primary reason is below:
    [​IMG]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.
     
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  8. bear513
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    bear513 Diamond Member

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

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    Dick Trumpka said he didnt fight for the minimum wage because Obama didnt fight for it. Obama failed to rally the troops!
     
  10. Meister
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    Meister USMB Mod Staff Member Supporting Member

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    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?
     

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