Oldestyle
Diamond Member
Come on Richard! Use your head for something besides a place to put a hat! If you increase everyone's salary or wage then the poor will gain absolutely nothing in the end. The cost of goods and services will go up wiping out any of the increase they would have gotten and to add insult to injury...if the increase is enough...they may even have to pay Federal Income Tax! Gee...what a deal for them! (eye roll)They also don't want to talk about all the other people who are going to get raises if we double the MW to 15/hour overnight. Approximately 60% of the American work force earns $20/hour or less. What do you think someone who spent years learning and honing a craft until he was earning almost 3 times the MW will do when all of a sudden he's earning just a few dollars more than a kid who walks in off the street with no skills whatsoever? No, you're not just going to have to pay 50 cents more for a Big Mac, you're going to have to pay a lot more for everything, because those workers will be demanding big raises or quitting.But what is NOT mentioned by the biased MSM in support of a diminishing number i.e. people that work at minimum or less than minimum wage.The minimum wage would be around eighteen dollars an hour if it had kept up with inflation.That's a great example of your math skills, Charwin...the only problem is that the left isn't looking for a one dollar increase in the minimum wage...they're looking to almost double it. Crunch THOSE numbers!You are the owner of a restaurant. You have choice. Raise food prices or do this?Here is a simple example of what raising the minimum wage means IF YOU owned a restaurant.The Poor are a larger group. Raise the minimum wage until the Poor pay enough in taxes.There will be no problem since he can promise that GDP growth will be 5% a year...
What ever happened to Trumpâs boast of 4%, 5% or even 6% growth?
Whatever happened to Trump’s boast that the U.S. economy would be able to grow not just at 3% but at “4%, 5% or even 6%” a year?www.marketwatch.com
So how does Biden pay for it...
Reverse the Trump tax cut for rich and corporates... $1.5 trillion
Increase tax on Rich (> 400k per year)... $1 Trillion.
Borrow infrastruction expense and pay off over increased production (Capital expendeture)... $1.3 trillion
Education pays off in increased tax revenue. It also drives an economy...
The return to investment in education - OECD
Data and research on education including skills, literacy, research, elementary schools, childhood learning, vocational training and PISA, PIACC and TALIS surveys., Growing advantages for the better educated and likely continuing high levels of unemployment as economies move out of recession...www.oecd.org
Housing plan will also drive economic activity in the construction market... Homeless are expensive cost on a city...
Combating opioid epidemic: Borrow the money, Cutting funding to poor will just make this worse...
This is all better than ploughing the money in to hole in the dessert. $2.4 billion.
.Financial cost of the Iraq War - Wikipedia
en.wikipedia.org
You wrote: Increase tax on Rich (> 400k per year)... $1 Trillion How do you figure that? YOU have NOTHING to prove your statement. JUST a guess... I ON the other hand have a link... follow the link!
the government estimates that raising the tax rate on this small group will raise about $600 billion in new revenues over the next decade.
Note the 2nd largest % of revenue (gross sales) is salaries and wages..@ 15.1%
So if the salaries/wages go up just 5%... there is no profit...therefore no business!
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So? Increase the cost of the meals or do you think that people will stop eating at restaurants?
Make the decision because the chances of keeping 100% of your regular customers if you raise the prices 25% to cover the cost of minimum wage. Or this. Which would you prefer?
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Let’s use McDonald’s as an example. The number of employees per shift is about 12 for 2 shifts that is 24. Let say all of them makes $12 increase to $13/hour.
One employee 8 hours will get from $96 to $104. that is $8. difference per day, for 24 that is $192. a day total increase.
You take hamburger, French fries, soda, bigmac,etc etc etc across the board increase to $0.20 each. How difficult is that to earn or to make up $192? Are you telling me customers will stop coming to McDonald’s with those increases?
On top of that a lots of these employees has been there for years so they make more than the MW.
By the way...the reaction from the fast food industry will be to cut staffing and go with kiosks and robots to try and keep labor costs from killing profits. That means fewer jobs for those that need entry level jobs the most! You can see this starting to happen already.
FACTS... Look below...% of people paid hourly was in 2010 (Under Obama...) 8% or over 4.361 million to 2018 (under Trump)..2.1% 1.71 million!
So you want to destroy wages for 81 million for just 1.71 million who work at minimum wage or less?
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Salaries and wages have been stagnant since the 1980s. Good let's have increases everywhere.