CBO: Biden $15 An Hour Minimum Wage Will Cost 1.4 Million American Jobs

[danielpalos]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

How many employers can still remain competitively productive with only twenty-five percent of their previous labor force?

You tell me since you're the self proclaimed expert economist even though you have never run a business. And why are you assuming those 4 people all work at the same place?

lol. You are the one claiming some capitalists prefer to "hate on the Poor" rather than pass on costs to their consumers.

I haven't claimed anything I am merely pointing out to you that when labor costs rise prices rise but you don't understand that

Even the dollar menu won't double. Why should labor making fifteen dollars an hour care?

 

[sealybobo]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

How many employers can still remain competitively productive with only twenty-five percent of their previous labor force?

You tell me since you're the self proclaimed expert economist even though you have never run a business. And why are you assuming those 4 people all work at the same place?

lol. You are the one claiming some capitalists prefer to "hate on the Poor" rather than pass on costs to their consumers.

I haven't claimed anything I am merely pointing out to you that when labor costs rise prices rise but you don't understand that

Or ceo pay and shareholder dividends aren’t as big

 

[danielpalos]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

Not when they find $20 hr jobs.

They won't because there will be fewer jobs to be had

So you want more lower paying jobs.

Right wingers prefer no statutory minimum wages just like in the good olde days.

 

[Blues Man]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

Not when they find $20 hr jobs.

Higher paid labor creates more in demand and generates more in tax revenue. Right wingers prefer to ignore the multiplier effect and merely "hate on the Poor".

Not as much as you think.

Like I said if you don't get a raise and prices go up you can't buy as much stuff.

and when prices go up even if you get a raise you can't buy as much stuff as you think

 

[danielpalos]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

How about 20 guys Each making $1 hr? You still want to make that argument?

So is it better that 20 people make 8 dollars a day than one person making 160 a day?

That is your right wing straw man. That is no how it would work since even the dollar menu won't double even if the minimum wage does.

 

[danielpalos]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

Not when they find $20 hr jobs.

They won't because there will be fewer jobs to be had

So you want more lower paying jobs.

No I want the market to set wages not the government

Then the market should have done a better job for everyone not just the Rich.

 

[Blues Man]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

How many employers can still remain competitively productive with only twenty-five percent of their previous labor force?

You tell me since you're the self proclaimed expert economist even though you have never run a business. And why are you assuming those 4 people all work at the same place?

lol. You are the one claiming some capitalists prefer to "hate on the Poor" rather than pass on costs to their consumers.

I haven't claimed anything I am merely pointing out to you that when labor costs rise prices rise but you don't understand that

Or ceo pay and shareholder dividends aren’t as big

most people don't work for companies that have high paid CEOs and most businesses aren't traded on the stock exchange

 

[Blues Man]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

How about 20 guys Each making $1 hr? You still want to make that argument?

So is it better that 20 people make 8 dollars a day than one person making 160 a day?

That is your right wing straw man. That is no how it would work since even the dollar menu won't double even if the minimum wage does.

Where did I ever mention the dollar menu or prices doubling?

 

[danielpalos]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

Not when they find $20 hr jobs.

Higher paid labor creates more in demand and generates more in tax revenue. Right wingers prefer to ignore the multiplier effect and merely "hate on the Poor".

Not as much as you think.

Like I said if you don't get a raise and prices go up you can't buy as much stuff.

and when prices go up even if you get a raise you can't buy as much stuff as you think

Someone making more than fifteen dollars an hour won't feel it as much as some making the current minimum wage does now. Remember, the minimum wage was not adjusted for around a decade yet inflation still happened.

 

[Blues Man]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

Not when they find $20 hr jobs.

They won't because there will be fewer jobs to be had

So you want more lower paying jobs.

No I want the market to set wages not the government

Then the market should have done a better job for everyone not just the Rich.

It does if you do it right.

You just don't do it right

 

[sealybobo]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

Not when they find $20 hr jobs.

They won't because there will be fewer jobs to be had

So you want more lower paying jobs.

No I want the market to set wages not the government

We see that without Government and unions the market is awfully stingy To labor. So cheap it makes America not great for most of us. Today corporations and rich people are doing great. Is the middle class?

 

[danielpalos]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

How about 20 guys Each making $1 hr? You still want to make that argument?

So is it better that 20 people make 8 dollars a day than one person making 160 a day?

That is your right wing straw man. That is no how it would work since even the dollar menu won't double even if the minimum wage does.

Where did I ever mention the dollar menu or prices doubling?

Where did I ever mention a seventy-five percent reduction in the labor force due to the minimum wage rising?

 

[Blues Man]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

Not when they find $20 hr jobs.

Higher paid labor creates more in demand and generates more in tax revenue. Right wingers prefer to ignore the multiplier effect and merely "hate on the Poor".

Not as much as you think.

Like I said if you don't get a raise and prices go up you can't buy as much stuff.

and when prices go up even if you get a raise you can't buy as much stuff as you think

Someone making more than fifteen dollars an hour won't feel it as much as some making the current minimum wage does now. Remember, the minimum wage was not adjusted for around a decade yet inflation still happened.

Purchasing power will decrease for those making 15 an hour or more. This isn't complicated stuff I don't know why you can't understand it.

 

[danielpalos]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

Not when they find $20 hr jobs.

They won't because there will be fewer jobs to be had

So you want more lower paying jobs.

No I want the market to set wages not the government

Then the market should have done a better job for everyone not just the Rich.

It does if you do it right.

You just don't do it right

Right wingers did not do it right either.

 

[easyt65]

Just for some perspective sake, as well as basic economic sake, let's start with some numbers and data from CBO sources in terms that hopefully many reading here can comprehend.

NOTE: this site provides a series of rolling and increasing numbers on many positive(income/revenue) versus negative (expenses/debt) aspects of our (USA) economy, yet are data~numbers worth examining and considering;

https://www.usdebtclock.org/

NOTE that this site also offers a so-called "time-machine" function where one can look at the figures of past time-references (NOT adjusted to today's dollar$). This "tme machine" function starts at the past point of "This Day" in 2016 and shows comparable back to 1980, in four year increments.

For example, on this date in 2016, these are the numbers on things like National Debt and Revenues(income) versus expenditures/obligations (outgo~Debt);

U.S. National Debt Clock 2016

Back about several months before MaObama left office.

The similar numbers/data for this time about eight years prior to MaObama taking office are here;

U.S. National Debt Clock 2016

For one example~factor we can see that at this time in 2008 the USA National Debt was about:
$ 9.765 Billion ...

U.S. National Debt Clock 2008

Eight years(2016) later after MaObama's two terms it had nearly doubled to;
$ 19.306 Billion more than doubled !!!

U.S. National Debt Clock 2016

So a growth in USA Federal Debt of slightly more than doubling in just eight years. Of course not all MaObama's doing as there would be a lot of help from Congress that he signed off on, yet still showing hint of a POTUS whom hasn't a clue on how Economics works nor what woul dhave been the responsible thing to do. No surprise one would hope from a POYUS with next to no experience in the "Wealth Creation" side of the Economy but lots of experience on the Wealth Taking(Redistribution) side of the Economy.

BTW, the numbers for this site are from the CBO for the most part.

One of many points being we are going to see the same from current POTUS Joe Biden in racking up similar scale of Deficit and Debt for the future generations to have to deal with.

Obama actually turned a recession around with that policy. What did Your guy do?

Obama didn't do shit. He is on record for imposing the most number of oppressive, job / business destroying regulations in US history, drove manufacturing jobs out of the country, then declared they were never coming back, that NOT havong them was the 'New Norm'.

Biden is reo\instating all of those economy destroying regulations while putting tens of thousands of Americans out of work duirng their MANUFACTURED economic decline due to imposed lockdowns that have wiped out more than 50% of ALL minority-owned small businesses in the US during a pandemic....sacrificing jobs, lives, energy independence, and the economy to advance their Socilist liberal ideology.

In his 1st 10 days Biden has done more damage to the US than Obama did in his 1st 2 years, imposing more EOs than the last6 Presidents did combined.

 

[danielpalos]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

Not when they find $20 hr jobs.

Higher paid labor creates more in demand and generates more in tax revenue. Right wingers prefer to ignore the multiplier effect and merely "hate on the Poor".

Not as much as you think.

Like I said if you don't get a raise and prices go up you can't buy as much stuff.

and when prices go up even if you get a raise you can't buy as much stuff as you think

Someone making more than fifteen dollars an hour won't feel it as much as some making the current minimum wage does now. Remember, the minimum wage was not adjusted for around a decade yet inflation still happened.

Purchasing power will decrease for those making 15 an hour or more. This isn't complicated stuff I don't know why you can't understand it.

Wages merely need to outpace inflation on an Institutional basis.

 

[danielpalos]

Just for some perspective sake, as well as basic economic sake, let's start with some numbers and data from CBO sources in terms that hopefully many reading here can comprehend.

NOTE: this site provides a series of rolling and increasing numbers on many positive(income/revenue) versus negative (expenses/debt) aspects of our (USA) economy, yet are data~numbers worth examining and considering;

https://www.usdebtclock.org/

NOTE that this site also offers a so-called "time-machine" function where one can look at the figures of past time-references (NOT adjusted to today's dollar$). This "tme machine" function starts at the past point of "This Day" in 2016 and shows comparable back to 1980, in four year increments.

For example, on this date in 2016, these are the numbers on things like National Debt and Revenues(income) versus expenditures/obligations (outgo~Debt);

U.S. National Debt Clock 2016

Back about several months before MaObama left office.

The similar numbers/data for this time about eight years prior to MaObama taking office are here;

U.S. National Debt Clock 2016

For one example~factor we can see that at this time in 2008 the USA National Debt was about:
$ 9.765 Billion ...

U.S. National Debt Clock 2008

Eight years(2016) later after MaObama's two terms it had nearly doubled to;
$ 19.306 Billion more than doubled !!!

U.S. National Debt Clock 2016

So a growth in USA Federal Debt of slightly more than doubling in just eight years. Of course not all MaObama's doing as there would be a lot of help from Congress that he signed off on, yet still showing hint of a POTUS whom hasn't a clue on how Economics works nor what woul dhave been the responsible thing to do. No surprise one would hope from a POYUS with next to no experience in the "Wealth Creation" side of the Economy but lots of experience on the Wealth Taking(Redistribution) side of the Economy.

BTW, the numbers for this site are from the CBO for the most part.

One of many points being we are going to see the same from current POTUS Joe Biden in racking up similar scale of Deficit and Debt for the future generations to have to deal with.

Obama actually turned a recession around with that policy. What did Your guy do?

Obama didn't do shit. He is on record for imposing the most number of oppressive, job / business destroying regulations in US history, drove manufacturing jobs out of the country, then declared they were never coming back, that NOT havong them was the 'New Norm'.

Biden is reo\instating all of those economy destroying regulations while putting tens of thousands of Americans out of work duirng their MANUFACTURED economic decline due to imposed lockdowns that have wiped out more than 50% of ALL minority-owned small businesses in the US during a pandemic....sacrificing jobs, lives, energy independence, and the economy to advance their Socilist liberal ideology.

In his 1st 10 days Biden has done more damage to the US than Obama did in his 1st 2 years, imposing more EOs than the last6 Presidents did combined.

Your guy did even less.

 

[Blues Man]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

Not when they find $20 hr jobs.

They won't because there will be fewer jobs to be had

So you want more lower paying jobs.

No I want the market to set wages not the government

We see that without Government and unions the market is awfully stingy To labor. So cheap it makes America not great for most of us. Today corporations and rich people are doing great. Is the middle class?

You haven't realized yet that the middle class is the government's cash cow have you?

The middle class is where the money is because the middle class has to work and will always have income to tax.

 

[Blues Man]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

Not when they find $20 hr jobs.

Higher paid labor creates more in demand and generates more in tax revenue. Right wingers prefer to ignore the multiplier effect and merely "hate on the Poor".

Not as much as you think.

Like I said if you don't get a raise and prices go up you can't buy as much stuff.

and when prices go up even if you get a raise you can't buy as much stuff as you think

Someone making more than fifteen dollars an hour won't feel it as much as some making the current minimum wage does now. Remember, the minimum wage was not adjusted for around a decade yet inflation still happened.

Purchasing power will decrease for those making 15 an hour or more. This isn't complicated stuff I don't know why you can't understand it.

Wages merely need to outpace inflation on an Institutional basis.

Changing you tune now huh?

 

[Turtlesoup]

CBO: Biden’s $15 Minimum Wage Would
Result in a Loss of 1.4 Million Jobs

Why Do This? Because the Democrats know what's best for you...and because they CAN.


CBO: Biden's $15 Minimum Wage Would Result in a Loss of 1.4 Million Jobs

Only in the short term. Unemployment compensation could be improved to better pick up the slack and automatically stabilize our economy. In the long run, higher paid labor creates more in demand and generates more in tax revenue.

It also creates higher welfare numbers and poorer poor.........especially among the elderly.