Minimum wage rate and labors’ market prices.

[danielpalos]

should the federal minimum wage rate not be increased by 2025, the financial consequences upon 32% of USA’s work force would range from critically to substantially detrimental, is what’s ridiculous.

$600, not critical. At all.
Your hyperbole is hysterical.

Toddsterpatriot, you continue to post disingenuous responses. You pretend to believe the federal minimum wage rate only effects those earning exactly or very near to only $7.25 per hour.

And you pretend it won't cause inflation and unemployment. Go team!

The cost of living goes up regardless; around one percent. Why has the minimum wage not been keeping up with inflation, or regular wages?

 

[danielpalos]

... I had a guy I knew who started off as a part time employee of an auto parts store. Part time at the store was $8/hour. Today, he is now a branch store manager, making $60,000 a year.

If you had made the minimum wage $15/hours, they likely would never have hired him, and he wouldn't be where he is today.

Andylusion, if the minimum wage were $15 per hour, and an employer would not choose to hire “your guy” because he was over-priced, who would have been hired to manage the store?

{A} One alternative would be to close-down that retail outlet, which brings up another alternative. Other higher retail volume outlets could afford to pay their manager’s higher wages, because their higher payroll costs are justified by their lesser overhead costs per sales dollars. They'll "capture" much of the closed store's lost sales.

The store owners reduces their store’s hours and overhead, when sales volume’s do not justify the ($15/Hr. overhead). In such a case, competitors such as that of alternative [A] will capture those lost sales volumes.

[C] other methods of goods distribution, such as internet sales and home delivery, or sales through larger 24-hour supermarkets may be tried.

Within competitive open markets, (even in those markets affected by the federal minimum wage rate), the economy adjusts, everything’s in flux and subject to changes. There’s little that remains unchanged forever. Respectfully, Supossn

Andylusion, if the minimum wage were $15 per hour, and an employer would not choose to hire “your guy” because he was over-priced, who would have been hired to manage the store?

No one. The store would close.

$15 minimum wage hike is hitting, hurting NYC restaurants

Big Apple restaurants are feeling the heat from minimum wage hikes, cutting staff hours and even closing kitchens as they struggle to shoulder the extra payroll costs. Gabriela’s Restaurant and Teq…

nypost.com

Since the $15-an-hour minimum wage hit New York City in December, Liz and Nat Milner say, they’ve been forced to slash their full- and part-time staff to 45 people from 60. Quality has suffered, they admit, and customers have noticed: They’re not coming in like they used to, and when they do, they’re spending less.​

​

That's the point.

Who determines the value of the labor? Customers do. If the minimum wage, means the cost of labor is more expensive than the value to the customer, then customers stop buying the product or service.

If they stop buying the product or service, the store closes.

“We started by having to let go of the ladies who hand-made our tortillas. It’s certainly better when you can make your tortillas fresh for every taco,” Nat Milner said. “It made sense at $8 an hour but not at $15.”​

​

Gabriela’s was then forced to lay off “two overnight cleaners, a whole level of middle management, the general manager, the extra servers we’d keep on in case it got busy — and then we started cutting hours.”​

See?

Mandating a higher price for labor, doesn't mean the labor is worth the higher price. Customers are not going to pay $30 for a cheap taco, because some ladies that only roll tortillas, are now paid $15/hour.

The store owners reduces their store’s hours and overhead, when sales volume’s do not justify the ($15/Hr. overhead). In such a case, competitors such as that of alternative [A] will capture those lost sales volumes.

At the expense of lost jobs. There is no method where a competitor can capture lost sales, without cutting the expense somehow.

For example, you can mass produce the tacos above through a streamlines assembly. But... the quality is going to be lower, and you are using far fewer people, to produce more goods.

That means the customers lose out on quality. The employees lose out on jobs. More unemployment. More people on welfare. More people struggling or homeless. More mental health issues. And more people turning to crime, because they can't find legal work.

Only lousy capitalists can't figure out a way to make a profit under Capitalism.

 

[dblack]

should the federal minimum wage rate not be increased by 2025, the financial consequences upon 32% of USA’s work force would range from critically to substantially detrimental, is what’s ridiculous.

$600, not critical. At all.
Your hyperbole is hysterical.

Toddsterpatriot, you continue to post disingenuous responses. You pretend to believe the federal minimum wage rate only effects those earning exactly or very near to only $7.25 per hour.

And you pretend it won't cause inflation and unemployment. Go team!

The cost of living goes up regardless; around one percent.

You keep saying this, like it's an excuse to pile on, and push it even more. But that's stupid.

Why has the minimum wage not been keeping up with inflation, or regular wages?

Because Congress knows it will harm the economy.

 

[Toddsterpatriot]

Swiss city of Geneva to raise minimum wage to 4 thousand bucks a month, that's 25 bucks an hour

Swiss city Geneva to introduce a minimum wage of over $4,000 a month

The Swiss city of Geneva is to introduce a minimum wage of 23 Swiss francs ($25) an hour, equal to roughly 3,772 Swiss francs ($4,100) a month for a 41-hour work week.

www.cnbc.com

And guess what? They are still poor

But they are not in poverty and should need less social services which should mean less government. Smaller government, only right wingers complain about it on a for-profit basis.

People making minimum wage always was in poverty, always will be in poverty, look at your mother Russia when everyone was making the same wage no products on the shelf, nothing to buy

That happens because the minimum wage was not adjusted for inflation. According some current literature, the minimum wage should be around eighteen dollars an hour if adjusted for inflation. How many people would be in poverty and needing social services if the minimum wage were eighteen dollars an hour now?

According to one estimate the current minimum wage of 7.25 an hour generates approximately 194 dollars per year in federal income tax revenue.

At 15 dollars an hour the federal income tax generated would be approximately 1,852 dollars per year. More than nine times the amount generated by the current minimum wage.

At 18 dollars an hour the federal income tax generated would be approximately 2,554 dollars per year. More than thirteen times the amount generated by the current minimum wage.

Income Tax Calculator - USA - Salary After Taxes

neuvoo™ 【 Online Salary and Tax Calculator 】 provides your income after tax if you work in USA. We calculate how much your payroll will be after tax deductions in any region. Find your net pay for any salary. Our data is based on 2020 tax tables from USA

neuvoo.com

Anyone complaining the Poor do not pay enough in federal income tax should simply raise the minimum wage until they do.

According some current literature, the minimum wage should be around eighteen dollars an hour if adjusted for inflation.

From what starting point in what year?

Here is some clarification for the minimum wage debate. I had a difficult time finding it again. The minimum wage should be around eighteen dollars an hour by 2025.

The Raise the Wage Act passed by the House on July 18 would implement the latter strategy. But even though that represents the more aggressive indexing approach, the starting point for the new wage floor will have effectively fallen 20% since the debate began in earnest. By 2025, a $15-an-hour wage would be the equivalent of $11.93 in 2012, when the Fight for $15 movement started. To truly reflect the original demand for $15, the Raise the Wage Act would need to call for $18.87 in 2025.--https://www.bloomberg.com/graphics/2019-minimum-wage-increase-inflation/

Democratic Rep. Keith Ellison claimed Tuesday that the federal minimum wage from 1968 would be nearly $12 an hour today if adjusted for inflation.


Verdict: True

The minimum wage had its strongest purchasing power in 1968, equivalent to $11.65 an hour in 2018 dollars. Some workers were only eligible for a second, lower minimum wage equal to $8.37 an hour today.

FACT CHECK: How Much Would The 1968 Minimum Wage Be Worth Today?

The minimum wage is currently $7.25 an hour

checkyourfact.com

Looks like you were way off.

I had to look it back up again. The eighteen dollar an hour minimum wage is what would need to be by 2025 to keep up with inflation.

I had to look it back up again. The eighteen dollar an hour minimum wage is what would need to be by 2025 to keep up with inflation.


The minimum wage had its strongest purchasing power in 1968, equivalent to $11.65 an hour in 2018 dollars.


Your $18 by 2025 claim is also way off.

 

[danielpalos]

And you pretend it, [i.e. increasing the federal minimum wage rate] won't cause inflation and unemployment. Go team!

DBlack, when the federal minimum wage rate is or is not increased, the U.S dollar continues to lose purchasing power. Our minimum wage rate is not among the primary drivers of our dollar's inflation or unemployment. Of course, there are many fools believing otherwise.

Respectfully, Supposn

Regardless of all of this....Where is written the feds' power to centrally control the prices of anything, let alone labor?

Communist Manifesto

The same place the right wing alleges they have the "communist manifesto" power to wage alleged wars on crime, drugs, and terror. Socialism on a national and international basis is one step removed from their communist manifesto.

 

[dblack]

And you pretend it, [i.e. increasing the federal minimum wage rate] won't cause inflation and unemployment. Go team!

DBlack, when the federal minimum wage rate is or is not increased, the U.S dollar continues to lose purchasing power. Our minimum wage rate is not among the primary drivers of our dollar's inflation or unemployment. Of course, there are many fools believing otherwise.

Respectfully, Supposn

Regardless of all of this....Where is written the feds' power to centrally control the prices of anything, let alone labor?

Communist Manifesto

The same place the right wing alleges they have the "communist manifesto" power to wage alleged wars on crime, drugs, and terror. Socialism on a national and international basis is one step removed from their communist manifesto.

Official at-will poverty on a for-profit Capital word salad. Goodbye daniel.

 

[danielpalos]

The minimum wage should be zero , I was just reading an article no where in the USA can a person afford a one bedroom apartment on minimum wage..so the $12 dollar minimum wage in Seattle is useless.

The minimum wage should be higher than the cost of social services, around fourteen dollars an hour. It is a reason for a fifteen dollar an hour minimum wage. If the minimum wage had kept up with inflation it would be eighteen dollars an hour, according some literature I have read.

The following is a deliberate run on sentence. It is so to make a point. If you want to understand the point, read it in it's entirety.
Socialists just don't get it....capitalism that is. The concept of a minimum wage creates a vicious circle. You raise the minimum wage so everyone will have a "living wage" today and can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that higher wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that higher wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that higher wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that higher wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that higher wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you .......

Did I make my point? Capitalism is self balancing. Supply and demand. If there is a job to be done, and someone willing to do it, and the compensation is acceptable to that someone, then the position gets filled, the job gets done and that someone gets paid. If there is a job to do, and there is someone willing to do it but not for the compensation being offered, then it doesn't get done UNLESS the the compensation is raised, not by mandate of the government but because of supply and demand. If you artificially raise wages by mandate and not through supply and demand, the EVERYTHING that wage is used to pay for will also rise in cost, making that artificially high wage no longer as valuable relative to cost. In essense you create artificial and perpetual inflation, further widening the income gap.

I understand the concept. However, the point most right wingers miss is that inflation happens regardless. And, inflation from the minimum wage is less than five percent, even the dollar menu won't double. And, higher paid labor creates more in demand and generates more in tax revenue. A positive multiplier takes care of the rest.

And, we have perpetual inflation regardless, around one percent per year. Cost of living adjustments are necessary, it really is that simple.

And, businesses should fail if they can Only make it on the back of Cheap labor.

Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more. These statistics haven't changed much over time, and have been fairly consistent since the 1990s.

 

[danielpalos]

The minimum wage should be zero , I was just reading an article no where in the USA can a person afford a one bedroom apartment on minimum wage..so the $12 dollar minimum wage in Seattle is useless.

The minimum wage should be higher than the cost of social services, around fourteen dollars an hour. It is a reason for a fifteen dollar an hour minimum wage. If the minimum wage had kept up with inflation it would be eighteen dollars an hour, according some literature I have read.

The following is a deliberate run on sentence. It is so to make a point. If you want to understand the point, read it in it's entirety.
Socialists just don't get it....capitalism that is. The concept of a minimum wage creates a vicious circle. You raise the minimum wage so everyone will have a "living wage" today and can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that higher wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that higher wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that higher wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that higher wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that higher wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you know it more people can afford their own apartment, causing a demand for apartments and a supply shortage driving the rents up as more people compete for the available apartments and the rents become unaffordable again and those employers who have to pay that wage have to raise their prices on the food and clothing they sell and once again the recipients of the higher minimum wage can no longer afford to live so you have to raise the minimum wage and once again everyone can afford basic expenses like housing and food on their own and before you .......

Did I make my point? Capitalism is self balancing. Supply and demand. If there is a job to be done, and someone willing to do it, and the compensation is acceptable to that someone, then the position gets filled, the job gets done and that someone gets paid. If there is a job to do, and there is someone willing to do it but not for the compensation being offered, then it doesn't get done UNLESS the the compensation is raised, not by mandate of the government but because of supply and demand. If you artificially raise wages by mandate and not through supply and demand, the EVERYTHING that wage is used to pay for will also rise in cost, making that artificially high wage no longer as valuable relative to cost. In essense you create artificial and perpetual inflation, further widening the income gap.

He doesn't give a fuck....He's an economic illiterate on purpose.

Right wingers are even more economically illiterate on purpose.

 

[danielpalos]

Legislation is not constitutional authorization....From that standpoint, there is absolutely no role for the feds to be controlling/setting the prices for anything, let alone labor.

And you started the "tone" by the implication that I am a fool to believe that the price for labor is in fact being set by central planners.....Your "respectfully" business notwithstanding.

Where is the Constitutional authorization for corporate welfare, which has even paid multimillion dollar bonuses?

 

[danielpalos]

should the federal minimum wage rate not be increased by 2025, the financial consequences upon 32% of USA’s work force would range from critically to substantially detrimental, is what’s ridiculous.

$600, not critical. At all.
Your hyperbole is hysterical.

Toddsterpatriot, you continue to post disingenuous responses. You pretend to believe the federal minimum wage rate only effects those earning exactly or very near to only $7.25 per hour.

And you pretend it won't cause inflation and unemployment. Go team!

The cost of living goes up regardless; around one percent.

You keep saying this, like it's an excuse to pile on, and push it even more. But that's stupid.

Why has the minimum wage not been keeping up with inflation, or regular wages?

Because Congress knows it will harm the economy.

Slavery was better?

We already know right wingers are clueless and Causeless about economics. Go ahead and find any right wing articles that support you currently unsubstantiated opinion.

 

[danielpalos]

Swiss city of Geneva to raise minimum wage to 4 thousand bucks a month, that's 25 bucks an hour

Swiss city Geneva to introduce a minimum wage of over $4,000 a month

The Swiss city of Geneva is to introduce a minimum wage of 23 Swiss francs ($25) an hour, equal to roughly 3,772 Swiss francs ($4,100) a month for a 41-hour work week.

www.cnbc.com

And guess what? They are still poor

But they are not in poverty and should need less social services which should mean less government. Smaller government, only right wingers complain about it on a for-profit basis.

People making minimum wage always was in poverty, always will be in poverty, look at your mother Russia when everyone was making the same wage no products on the shelf, nothing to buy

That happens because the minimum wage was not adjusted for inflation. According some current literature, the minimum wage should be around eighteen dollars an hour if adjusted for inflation. How many people would be in poverty and needing social services if the minimum wage were eighteen dollars an hour now?

According to one estimate the current minimum wage of 7.25 an hour generates approximately 194 dollars per year in federal income tax revenue.

At 15 dollars an hour the federal income tax generated would be approximately 1,852 dollars per year. More than nine times the amount generated by the current minimum wage.

At 18 dollars an hour the federal income tax generated would be approximately 2,554 dollars per year. More than thirteen times the amount generated by the current minimum wage.

Income Tax Calculator - USA - Salary After Taxes

neuvoo™ 【 Online Salary and Tax Calculator 】 provides your income after tax if you work in USA. We calculate how much your payroll will be after tax deductions in any region. Find your net pay for any salary. Our data is based on 2020 tax tables from USA

neuvoo.com

Anyone complaining the Poor do not pay enough in federal income tax should simply raise the minimum wage until they do.

According some current literature, the minimum wage should be around eighteen dollars an hour if adjusted for inflation.

From what starting point in what year?

Here is some clarification for the minimum wage debate. I had a difficult time finding it again. The minimum wage should be around eighteen dollars an hour by 2025.

The Raise the Wage Act passed by the House on July 18 would implement the latter strategy. But even though that represents the more aggressive indexing approach, the starting point for the new wage floor will have effectively fallen 20% since the debate began in earnest. By 2025, a $15-an-hour wage would be the equivalent of $11.93 in 2012, when the Fight for $15 movement started. To truly reflect the original demand for $15, the Raise the Wage Act would need to call for $18.87 in 2025.--https://www.bloomberg.com/graphics/2019-minimum-wage-increase-inflation/

Democratic Rep. Keith Ellison claimed Tuesday that the federal minimum wage from 1968 would be nearly $12 an hour today if adjusted for inflation.


Verdict: True

The minimum wage had its strongest purchasing power in 1968, equivalent to $11.65 an hour in 2018 dollars. Some workers were only eligible for a second, lower minimum wage equal to $8.37 an hour today.

FACT CHECK: How Much Would The 1968 Minimum Wage Be Worth Today?

The minimum wage is currently $7.25 an hour

checkyourfact.com

Looks like you were way off.

I had to look it back up again. The eighteen dollar an hour minimum wage is what would need to be by 2025 to keep up with inflation.

I had to look it back up again. The eighteen dollar an hour minimum wage is what would need to be by 2025 to keep up with inflation.


The minimum wage had its strongest purchasing power in 1968, equivalent to $11.65 an hour in 2018 dollars.


Your $18 by 2025 claim is also way off.

For each time the minimum wage was changed, the graph above presents its nominal and real value. The inflation adjustments to the minimum wage are made using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Real values of the minimum wage are expressed in terms of July 2017 dollars, the latest month for which the index is available at the time of this Sanders Institute article’s preparation.

The peak value of the minimum wage in real terms was reached in 1968. Although the nominal value of the minimum wage was increased between 1968 and 2009, these legislated adjustments did not enable the minimum wage to keep pace with the increase in consumer prices, so the real minimum wage fell. --https://www.sandersinstitute.com/blog/minimum-wage-vs-purchasing-power

To keep up with purchasing power (productivity) the minimum wage would need to be around twenty dollars an hour.

And, no the eighteen dollars by 2025 is not way off:

The Raise the Wage Act passed by the House on July 18 would implement the latter strategy. But even though that represents the more aggressive indexing approach, the starting point for the new wage floor will have effectively fallen 20% since the debate began in earnest. By 2025, a $15-an-hour wage would be the equivalent of $11.93 in 2012, when the Fight for $15 movement started. To truly reflect the original demand for $15, the Raise the Wage Act would need to call for $18.87 in 2025.--https://www.bloomberg.com/graphics/2019-minimum-wage-increase-inflation/

 

[Toddsterpatriot]

Swiss city of Geneva to raise minimum wage to 4 thousand bucks a month, that's 25 bucks an hour

Swiss city Geneva to introduce a minimum wage of over $4,000 a month

The Swiss city of Geneva is to introduce a minimum wage of 23 Swiss francs ($25) an hour, equal to roughly 3,772 Swiss francs ($4,100) a month for a 41-hour work week.

www.cnbc.com

And guess what? They are still poor

But they are not in poverty and should need less social services which should mean less government. Smaller government, only right wingers complain about it on a for-profit basis.

People making minimum wage always was in poverty, always will be in poverty, look at your mother Russia when everyone was making the same wage no products on the shelf, nothing to buy

That happens because the minimum wage was not adjusted for inflation. According some current literature, the minimum wage should be around eighteen dollars an hour if adjusted for inflation. How many people would be in poverty and needing social services if the minimum wage were eighteen dollars an hour now?

According to one estimate the current minimum wage of 7.25 an hour generates approximately 194 dollars per year in federal income tax revenue.

At 15 dollars an hour the federal income tax generated would be approximately 1,852 dollars per year. More than nine times the amount generated by the current minimum wage.

At 18 dollars an hour the federal income tax generated would be approximately 2,554 dollars per year. More than thirteen times the amount generated by the current minimum wage.

Income Tax Calculator - USA - Salary After Taxes

neuvoo™ 【 Online Salary and Tax Calculator 】 provides your income after tax if you work in USA. We calculate how much your payroll will be after tax deductions in any region. Find your net pay for any salary. Our data is based on 2020 tax tables from USA

neuvoo.com

Anyone complaining the Poor do not pay enough in federal income tax should simply raise the minimum wage until they do.

According some current literature, the minimum wage should be around eighteen dollars an hour if adjusted for inflation.

From what starting point in what year?

Here is some clarification for the minimum wage debate. I had a difficult time finding it again. The minimum wage should be around eighteen dollars an hour by 2025.

The Raise the Wage Act passed by the House on July 18 would implement the latter strategy. But even though that represents the more aggressive indexing approach, the starting point for the new wage floor will have effectively fallen 20% since the debate began in earnest. By 2025, a $15-an-hour wage would be the equivalent of $11.93 in 2012, when the Fight for $15 movement started. To truly reflect the original demand for $15, the Raise the Wage Act would need to call for $18.87 in 2025.--https://www.bloomberg.com/graphics/2019-minimum-wage-increase-inflation/

Democratic Rep. Keith Ellison claimed Tuesday that the federal minimum wage from 1968 would be nearly $12 an hour today if adjusted for inflation.


Verdict: True

The minimum wage had its strongest purchasing power in 1968, equivalent to $11.65 an hour in 2018 dollars. Some workers were only eligible for a second, lower minimum wage equal to $8.37 an hour today.

FACT CHECK: How Much Would The 1968 Minimum Wage Be Worth Today?

The minimum wage is currently $7.25 an hour

checkyourfact.com

Looks like you were way off.

I had to look it back up again. The eighteen dollar an hour minimum wage is what would need to be by 2025 to keep up with inflation.

I had to look it back up again. The eighteen dollar an hour minimum wage is what would need to be by 2025 to keep up with inflation.


The minimum wage had its strongest purchasing power in 1968, equivalent to $11.65 an hour in 2018 dollars.


Your $18 by 2025 claim is also way off.

For each time the minimum wage was changed, the graph above presents its nominal and real value. The inflation adjustments to the minimum wage are made using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Real values of the minimum wage are expressed in terms of July 2017 dollars, the latest month for which the index is available at the time of this Sanders Institute article’s preparation.

The peak value of the minimum wage in real terms was reached in 1968. Although the nominal value of the minimum wage was increased between 1968 and 2009, these legislated adjustments did not enable the minimum wage to keep pace with the increase in consumer prices, so the real minimum wage fell. --https://www.sandersinstitute.com/blog/minimum-wage-vs-purchasing-power

To keep up with purchasing power (productivity) the minimum wage would need to be around twenty dollars an hour.

And, no the eighteen dollars by 2025 is not way off:

The Raise the Wage Act passed by the House on July 18 would implement the latter strategy. But even though that represents the more aggressive indexing approach, the starting point for the new wage floor will have effectively fallen 20% since the debate began in earnest. By 2025, a $15-an-hour wage would be the equivalent of $11.93 in 2012, when the Fight for $15 movement started. To truly reflect the original demand for $15, the Raise the Wage Act would need to call for $18.87 in 2025.--https://www.bloomberg.com/graphics/2019-minimum-wage-increase-inflation/

And, no the eighteen dollars by 2025 is not way off:

The minimum wage had its strongest purchasing power in 1968, equivalent to $11.65 an hour in 2018 dollars.

By 2025, a $15-an-hour wage would be the equivalent of $11.93 in 2012, when the Fight for $15 movement started.

$11.65 in 2018 is how much less than $15.00 in 2012?

 

[Supposn]

ToddsterPatriot, minimum wage rate’s benefits to jobs’ rates are inversely related to the differences between the minimum and the jobs’ rates. Families with greater portions of their incomes derived from rates within the low-rate bracket of wage rates, more benefit from the minimum wage rate. The minimum wage rate does not reduce incomes derived from wages.
To the extent of its purchasing power, the federal minimum wage rate reduces the incidences and extents of poverty among USA’s working-poor.

Regarding the U.S. Congressional Budget office’s, (CBO’s) How Increasing the Federal Minimum Wage Could Affect Employment and Family Income | Congressional Budget Office, all projections discussed here are for using the interactive “Raise the Wage Act as passed” option and are for the year 2025 unless otherwise noted.
Referring to How Increasing the Federal Minimum Wage Could Affect Employment and Family Income | Congressional Budget Office, “Average Percentage Change in Real Family Income, by Income Group” graph: Average Percentage Change in Real Family Incomes for Families with incomes below 3 times family poverty thresholds show small increases of incomes ranging from 5.3% down to 0.3%.
Families with incomes 3 or more times, but below 6 times family poverty thresholds, show what appeared as no losses, but upon other considerations it may be a tenth of a percent loss or that line is almost upon CBO’s estimate of a tenth of a percent loss of all families reductions of incomes due to increasing the minimum rate which I mistook for a zero line.

Regarding CBO’s How Increasing the Federal Minimum Wage Could Affect Employment and Family Income | Congressional Budget Office “Distribution of Changes in Real Earnings and Family Income, by Income Group, 2026”: Increases of incomes are shown for ALL families. Increases of earnings, (which I suppose to be post tax earnings), are shown for all families with incomes below 3 times their poverty thresholds. Comparatively small losses of (post tax?) earnings are shown for families of 3 times or more, but less than 6 times their family poverty thresholds.
It is families with incomes 6 times or more than their poverty thresholds, that show almost USA entire families’ losses of their (post-tax?) earnings.

CBO’s report of the “Raise the Wage Act” reflects a proposal that would be net beneficial to USA’s economic and social wellbeing. Respectfully, Supposn

 

[Oldestyle]

You're an idiot when it comes to economics, Daniel! If you actually read up on THAT instead of whatever liberal propaganda told you raising the minimum wage would be "good" for entry level workers you'd be far smarter than you are!

You need more than the idiocy of argumentum ad hominem for me to have any confidence in your sincerity.

You need more than big words to make your argument, Daniel! Quite frankly it falls on it's face when subjected to reality. I would highly recommend you picking up Thomas Sowell's text book on Economics! It contains a chapter on the Minimum Wage that would enlighten you.

 

[danielpalos]

Swiss city of Geneva to raise minimum wage to 4 thousand bucks a month, that's 25 bucks an hour

Swiss city Geneva to introduce a minimum wage of over $4,000 a month

The Swiss city of Geneva is to introduce a minimum wage of 23 Swiss francs ($25) an hour, equal to roughly 3,772 Swiss francs ($4,100) a month for a 41-hour work week.

www.cnbc.com

And guess what? They are still poor

But they are not in poverty and should need less social services which should mean less government. Smaller government, only right wingers complain about it on a for-profit basis.

People making minimum wage always was in poverty, always will be in poverty, look at your mother Russia when everyone was making the same wage no products on the shelf, nothing to buy

That happens because the minimum wage was not adjusted for inflation. According some current literature, the minimum wage should be around eighteen dollars an hour if adjusted for inflation. How many people would be in poverty and needing social services if the minimum wage were eighteen dollars an hour now?

According to one estimate the current minimum wage of 7.25 an hour generates approximately 194 dollars per year in federal income tax revenue.

At 15 dollars an hour the federal income tax generated would be approximately 1,852 dollars per year. More than nine times the amount generated by the current minimum wage.

At 18 dollars an hour the federal income tax generated would be approximately 2,554 dollars per year. More than thirteen times the amount generated by the current minimum wage.

Income Tax Calculator - USA - Salary After Taxes

neuvoo™ 【 Online Salary and Tax Calculator 】 provides your income after tax if you work in USA. We calculate how much your payroll will be after tax deductions in any region. Find your net pay for any salary. Our data is based on 2020 tax tables from USA

neuvoo.com

Anyone complaining the Poor do not pay enough in federal income tax should simply raise the minimum wage until they do.

According some current literature, the minimum wage should be around eighteen dollars an hour if adjusted for inflation.

From what starting point in what year?

Here is some clarification for the minimum wage debate. I had a difficult time finding it again. The minimum wage should be around eighteen dollars an hour by 2025.

The Raise the Wage Act passed by the House on July 18 would implement the latter strategy. But even though that represents the more aggressive indexing approach, the starting point for the new wage floor will have effectively fallen 20% since the debate began in earnest. By 2025, a $15-an-hour wage would be the equivalent of $11.93 in 2012, when the Fight for $15 movement started. To truly reflect the original demand for $15, the Raise the Wage Act would need to call for $18.87 in 2025.--https://www.bloomberg.com/graphics/2019-minimum-wage-increase-inflation/

Democratic Rep. Keith Ellison claimed Tuesday that the federal minimum wage from 1968 would be nearly $12 an hour today if adjusted for inflation.


Verdict: True

The minimum wage had its strongest purchasing power in 1968, equivalent to $11.65 an hour in 2018 dollars. Some workers were only eligible for a second, lower minimum wage equal to $8.37 an hour today.

FACT CHECK: How Much Would The 1968 Minimum Wage Be Worth Today?

The minimum wage is currently $7.25 an hour

checkyourfact.com

Looks like you were way off.

I had to look it back up again. The eighteen dollar an hour minimum wage is what would need to be by 2025 to keep up with inflation.

I had to look it back up again. The eighteen dollar an hour minimum wage is what would need to be by 2025 to keep up with inflation.


The minimum wage had its strongest purchasing power in 1968, equivalent to $11.65 an hour in 2018 dollars.


Your $18 by 2025 claim is also way off.

For each time the minimum wage was changed, the graph above presents its nominal and real value. The inflation adjustments to the minimum wage are made using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Real values of the minimum wage are expressed in terms of July 2017 dollars, the latest month for which the index is available at the time of this Sanders Institute article’s preparation.

The peak value of the minimum wage in real terms was reached in 1968. Although the nominal value of the minimum wage was increased between 1968 and 2009, these legislated adjustments did not enable the minimum wage to keep pace with the increase in consumer prices, so the real minimum wage fell. --https://www.sandersinstitute.com/blog/minimum-wage-vs-purchasing-power

To keep up with purchasing power (productivity) the minimum wage would need to be around twenty dollars an hour.

And, no the eighteen dollars by 2025 is not way off:

The Raise the Wage Act passed by the House on July 18 would implement the latter strategy. But even though that represents the more aggressive indexing approach, the starting point for the new wage floor will have effectively fallen 20% since the debate began in earnest. By 2025, a $15-an-hour wage would be the equivalent of $11.93 in 2012, when the Fight for $15 movement started. To truly reflect the original demand for $15, the Raise the Wage Act would need to call for $18.87 in 2025.--https://www.bloomberg.com/graphics/2019-minimum-wage-increase-inflation/

And, no the eighteen dollars by 2025 is not way off:

The minimum wage had its strongest purchasing power in 1968, equivalent to $11.65 an hour in 2018 dollars.

By 2025, a $15-an-hour wage would be the equivalent of $11.93 in 2012, when the Fight for $15 movement started.

$11.65 in 2018 is how much less than $15.00 in 2012?

You are alleging right wingers know more than Bloomberg.

 

[danielpalos]

You're an idiot when it comes to economics, Daniel! If you actually read up on THAT instead of whatever liberal propaganda told you raising the minimum wage would be "good" for entry level workers you'd be far smarter than you are!

You need more than the idiocy of argumentum ad hominem for me to have any confidence in your sincerity.

You need more than big words to make your argument, Daniel! Quite frankly it falls on it's face when subjected to reality. I would highly recommend you picking up Thomas Sowell's text book on Economics! It contains a chapter on the Minimum Wage that would enlighten you.

You need valid arguments yourself, not diversion or ad hominems. You have yet to provide valid rebuttals for any of my assertions. Simply claiming I am wrong without valid arguments to back it up is an ad hominem and that form of fallacy.

 

[Toddsterpatriot]

ToddsterPatriot, minimum wage rate’s benefits to jobs’ rates are inversely related to the differences between the minimum and the jobs’ rates. Families with greater portions of their incomes derived from rates within the low-rate bracket of wage rates, more benefit from the minimum wage rate. The minimum wage rate does not reduce incomes derived from wages.
To the extent of its purchasing power, the federal minimum wage rate reduces the incidences and extents of poverty among USA’s working-poor.

Regarding the U.S. Congressional Budget office’s, (CBO’s) How Increasing the Federal Minimum Wage Could Affect Employment and Family Income | Congressional Budget Office, all projections discussed here are for using the interactive “Raise the Wage Act as passed” option and are for the year 2025 unless otherwise noted.
Referring to How Increasing the Federal Minimum Wage Could Affect Employment and Family Income | Congressional Budget Office, “Average Percentage Change in Real Family Income, by Income Group” graph: Average Percentage Change in Real Family Incomes for Families with incomes below 3 times family poverty thresholds show small increases of incomes ranging from 5.3% down to 0.3%.
Families with incomes 3 or more times, but below 6 times family poverty thresholds, show what appeared as no losses, but upon other considerations it may be a tenth of a percent loss or that line is almost upon CBO’s estimate of a tenth of a percent loss of all families reductions of incomes due to increasing the minimum rate which I mistook for a zero line.

Regarding CBO’s How Increasing the Federal Minimum Wage Could Affect Employment and Family Income | Congressional Budget Office “Distribution of Changes in Real Earnings and Family Income, by Income Group, 2026”: Increases of incomes are shown for ALL families. Increases of earnings, (which I suppose to be post tax earnings), are shown for all families with incomes below 3 times their poverty thresholds. Comparatively small losses of (post tax?) earnings are shown for families of 3 times or more, but less than 6 times their family poverty thresholds.
It is families with incomes 6 times or more than their poverty thresholds, that show almost USA entire families’ losses of their (post-tax?) earnings.

CBO’s report of the “Raise the Wage Act” reflects a proposal that would be net beneficial to USA’s economic and social wellbeing. Respectfully, Supposn

The minimum wage rate does not reduce incomes derived from wages.

Except the income of those it prices out of the market.

To the extent of its purchasing power, the federal minimum wage rate reduces the incidences and extents of poverty among USA’s working-poor.

Not really.

Families with incomes below 3 times family poverty thresholds show small increases of incomes ranging from 5.3% down to 0.3%.

Yes, $600 max, a tiny increase for a small number.

 

[Toddsterpatriot]

Swiss city of Geneva to raise minimum wage to 4 thousand bucks a month, that's 25 bucks an hour

Swiss city Geneva to introduce a minimum wage of over $4,000 a month

The Swiss city of Geneva is to introduce a minimum wage of 23 Swiss francs ($25) an hour, equal to roughly 3,772 Swiss francs ($4,100) a month for a 41-hour work week.

www.cnbc.com

And guess what? They are still poor

But they are not in poverty and should need less social services which should mean less government. Smaller government, only right wingers complain about it on a for-profit basis.

People making minimum wage always was in poverty, always will be in poverty, look at your mother Russia when everyone was making the same wage no products on the shelf, nothing to buy

That happens because the minimum wage was not adjusted for inflation. According some current literature, the minimum wage should be around eighteen dollars an hour if adjusted for inflation. How many people would be in poverty and needing social services if the minimum wage were eighteen dollars an hour now?

According to one estimate the current minimum wage of 7.25 an hour generates approximately 194 dollars per year in federal income tax revenue.

At 15 dollars an hour the federal income tax generated would be approximately 1,852 dollars per year. More than nine times the amount generated by the current minimum wage.

At 18 dollars an hour the federal income tax generated would be approximately 2,554 dollars per year. More than thirteen times the amount generated by the current minimum wage.

Income Tax Calculator - USA - Salary After Taxes

neuvoo™ 【 Online Salary and Tax Calculator 】 provides your income after tax if you work in USA. We calculate how much your payroll will be after tax deductions in any region. Find your net pay for any salary. Our data is based on 2020 tax tables from USA

neuvoo.com

Anyone complaining the Poor do not pay enough in federal income tax should simply raise the minimum wage until they do.

According some current literature, the minimum wage should be around eighteen dollars an hour if adjusted for inflation.

From what starting point in what year?

Here is some clarification for the minimum wage debate. I had a difficult time finding it again. The minimum wage should be around eighteen dollars an hour by 2025.

The Raise the Wage Act passed by the House on July 18 would implement the latter strategy. But even though that represents the more aggressive indexing approach, the starting point for the new wage floor will have effectively fallen 20% since the debate began in earnest. By 2025, a $15-an-hour wage would be the equivalent of $11.93 in 2012, when the Fight for $15 movement started. To truly reflect the original demand for $15, the Raise the Wage Act would need to call for $18.87 in 2025.--https://www.bloomberg.com/graphics/2019-minimum-wage-increase-inflation/

Democratic Rep. Keith Ellison claimed Tuesday that the federal minimum wage from 1968 would be nearly $12 an hour today if adjusted for inflation.


Verdict: True

The minimum wage had its strongest purchasing power in 1968, equivalent to $11.65 an hour in 2018 dollars. Some workers were only eligible for a second, lower minimum wage equal to $8.37 an hour today.

FACT CHECK: How Much Would The 1968 Minimum Wage Be Worth Today?

The minimum wage is currently $7.25 an hour

checkyourfact.com

Looks like you were way off.

I had to look it back up again. The eighteen dollar an hour minimum wage is what would need to be by 2025 to keep up with inflation.

I had to look it back up again. The eighteen dollar an hour minimum wage is what would need to be by 2025 to keep up with inflation.


The minimum wage had its strongest purchasing power in 1968, equivalent to $11.65 an hour in 2018 dollars.


Your $18 by 2025 claim is also way off.

For each time the minimum wage was changed, the graph above presents its nominal and real value. The inflation adjustments to the minimum wage are made using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Real values of the minimum wage are expressed in terms of July 2017 dollars, the latest month for which the index is available at the time of this Sanders Institute article’s preparation.

The peak value of the minimum wage in real terms was reached in 1968. Although the nominal value of the minimum wage was increased between 1968 and 2009, these legislated adjustments did not enable the minimum wage to keep pace with the increase in consumer prices, so the real minimum wage fell. --https://www.sandersinstitute.com/blog/minimum-wage-vs-purchasing-power

To keep up with purchasing power (productivity) the minimum wage would need to be around twenty dollars an hour.

And, no the eighteen dollars by 2025 is not way off:

The Raise the Wage Act passed by the House on July 18 would implement the latter strategy. But even though that represents the more aggressive indexing approach, the starting point for the new wage floor will have effectively fallen 20% since the debate began in earnest. By 2025, a $15-an-hour wage would be the equivalent of $11.93 in 2012, when the Fight for $15 movement started. To truly reflect the original demand for $15, the Raise the Wage Act would need to call for $18.87 in 2025.--https://www.bloomberg.com/graphics/2019-minimum-wage-increase-inflation/

And, no the eighteen dollars by 2025 is not way off:

The minimum wage had its strongest purchasing power in 1968, equivalent to $11.65 an hour in 2018 dollars.

By 2025, a $15-an-hour wage would be the equivalent of $11.93 in 2012, when the Fight for $15 movement started.

$11.65 in 2018 is how much less than $15.00 in 2012?

You are alleging right wingers know more than Bloomberg.

I'm proving I know more than you.

 

[Supposn]

The minimum wage rate does not reduce incomes derived from wages.
Except the income of those it prices out of the market.

To the extent of its purchasing power, the federal minimum wage rate reduces the incidences and extents of poverty among USA’s working-poor.
Not really.

Families with incomes below 3 times family poverty thresholds show small increases of incomes ranging from 5.3% down to 0.3%.
Yes, $600 max, a tiny increase for a small number.

ToddsterPatriot, although the minimum wage rate reduces low-wage rate jobs more than otherwise while increasing the aggregate incomes of families to the extent that those families are dependent upon incomes derived from wages within the low-wage rates’ bracket; (i.e. it effectively increases the incomes of all working-poor families). That’s the justifiable economic and social purpose of the federal minimum wage rate.

You find fault with the federal minimum wage rate because it doesn’t sufficiently increase incomes of families with working-poor members. Your suggested remedy to eliminate minimum wage laws would consequentially reduce purchasing powers of the working-poor by extents ranging from critical to substantial portions of their wage incomes.
Respectfully, Supposn

 

[Toddsterpatriot]

The minimum wage rate does not reduce incomes derived from wages.
Except the income of those it prices out of the market.

To the extent of its purchasing power, the federal minimum wage rate reduces the incidences and extents of poverty among USA’s working-poor.
Not really.

Families with incomes below 3 times family poverty thresholds show small increases of incomes ranging from 5.3% down to 0.3%.
Yes, $600 max, a tiny increase for a small number.

ToddsterPatriot, although the minimum wage rate reduces low-wage rate jobs more than otherwise while increasing the aggregate incomes of families to the extent that those families are dependent upon incomes derived from wages within the low-wage rates’ bracket; (i.e. it effectively increases the incomes of all working-poor families). That’s the justifiable economic and social purpose of the federal minimum wage rate.

You find fault with the federal minimum wage rate because it doesn’t sufficiently increase incomes of families with working-poor members. Your suggested remedy to eliminate minimum wage laws would consequentially reduce purchasing powers of the working-poor by extents ranging from critical to substantial portions of their wage incomes.
Respectfully, Supposn

You find fault with the federal minimum wage rate because it doesn’t sufficiently increase incomes of families with working-poor members.

I find fault with it because it reduces employment and makes it more difficult for
people at the bottom of the economy to start the climb up the ladder.

Your suggested remedy to eliminate minimum wage laws would consequentially reduce purchasing powers of the working-poor by extents ranging from critical to substantial portions of their wage incomes.

I suggest your claim is wrong.