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Thread: San Francisco Becomes First U.S. City to Top $10 Minimum Wage

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    Re: San Francisco Becomes First U.S. City to Top $10 Minimum Wage

    Quote Originally Posted by Harry Guerrilla View Post
    Incorrect.
    The money supply is, almost always, expanding.
    A properly regulated money supply expands with the population so that the amount of money per person remains the same and prices can remain constant. It shouldn't expand beyond this, so that the money supply is in one way limited.

    Quote Originally Posted by Harry Guerrilla View Post
    The poor and everyone else, will be spending more per item, than they previously were because businesses make adjustment to item prices based on expenses.
    Yes we established this, the poor will pay a little bit more but they will make substantially more so they can afford it. Businesses will also be making more because the poor will be spending their wages. It ideally works out in the end as a net equitable distribution of wages. What about taxes, do they cause inflation as well?
    Last edited by Opteron; 12-13-11 at 05:17 PM.

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    Re: San Francisco Becomes First U.S. City to Top $10 Minimum Wage

    Quote Originally Posted by Opteron View Post
    A properly regulated money supply expands with the population so that the amount of money per person remains the same and prices can remain constant. It shouldn't expand beyond this, so that the money supply is in one way limited.
    The money supply expands for a variety of reasons, but not necessarily because of the population.
    It's in the best interest of a government, with fixed interest debt to expand to the money supply, to pay it's creditors with less valuable dollars.

    Quote Originally Posted by Opteron View Post
    Yes we established this, the poor will pay a little bit more but they will make substantially more so they can afford it. Businesses will also be making more because the poor will be spending their wages.
    That's dependent on the individual business.
    Some people may loose their jobs, others will realize a temporary increase.

    With taxes, I'm not sure.
    I suppose it could encourage inflation, depending on how it is used.
    Last edited by Harry Guerrilla; 12-13-11 at 05:18 PM.
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    Re: San Francisco Becomes First U.S. City to Top $10 Minimum Wage

    Quote Originally Posted by Harry Guerrilla View Post
    The money supply expands for a variety of reasons, but not necessarily because of the population.
    It's in the best interest of a government, with fixed interest debt to expand to the money supply, to pay it's creditors with less valuable dollars.
    That's true but the way it should be is that the money expands proportional to population. Yeah if they printed money they could pay off debts easily.

    Quote Originally Posted by Harry Guerrilla View Post
    With taxes, I'm not sure.
    I suppose it could encourage inflation, depending on how it is used.
    By the argument used for passing on the higher price of labor to the consumer, taxes would cause lots of inflation because everybody has a higher cost of doing business so everyone will raise prices simultaneously to create inflation, but I don't believe that happens. So I don't believe a minimum wage would cause as much inflation as well.

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    Re: San Francisco Becomes First U.S. City to Top $10 Minimum Wage

    Quote Originally Posted by Redress View Post
    Your understanding of the laws of economics is flawed, so that is a big part of your problem. Minimum wages serve a purpose.
    hmmm, well yes, but I wonder if you know whose.

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    Re: San Francisco Becomes First U.S. City to Top $10 Minimum Wage

    Quote Originally Posted by Opteron View Post
    No, its a more equitable distribution of wages. The poor earn more, everybody does not earn more. Non-poor do not earn more, in fact, the non-poor pay more but the poor earn more.
    Why doesn't everyone else earn more than the poor?

    That makes no sense - maybe in Austrailia they're more socialized as far as how wages go - but in the US whenever the min wage increases everyone else's wages increase accordingly because they have - at some point - done something to earn an increase and that increase must be maintained.
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    Re: San Francisco Becomes First U.S. City to Top $10 Minimum Wage

    Quote Originally Posted by iliveonramen View Post
    I would like to point out San Francisco has one of the highest Per Capita incomes in the country. I'm guessing the living costs are pretty high there. If that's what the citizens of San Fran want...why exactly are you up in arms.
    I believe in giving poor people a fair shot at climbing the ladder. putting the bottom rung beyond their ability to jump strikes me as not only bad economic policy, but immoral as well.

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    Re: San Francisco Becomes First U.S. City to Top $10 Minimum Wage

    Quote Originally Posted by apdst View Post
    Actually, it's going to make things worse for the working poor, because now, businesses are going to raise qualification standards for entry level positions. Some of those working poor won't be able to meet those standards and instead of having a low paying job, won't have any job at all.
    that is precisely correct. everyone always forgets that the real "minimum wage" is zero. when you institute a price floor, you simply push everyone below it down to nothing.

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    Re: San Francisco Becomes First U.S. City to Top $10 Minimum Wage

    Quote Originally Posted by cpwill View Post
    I believe in giving poor people a fair shot at climbing the ladder. putting the bottom rung beyond their ability to jump strikes me as not only bad economic policy, but immoral as well.
    Giving a decent living wage for a decent day's work is immoral? I think anything else is immoral.

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    Re: San Francisco Becomes First U.S. City to Top $10 Minimum Wage

    Quote Originally Posted by whysoserious View Post
    That's a ridiculous statement based on nothing at all. You'd be the first one to say that minimum wage jobs require little to no skill, so I don't see how you can argue that just because the pay grade was raised that all of the sudden the skill level is raised as well. So now, instead of just flipping burgers, they need to know Calculus too?
    either your reading comprehension suffers, or you are being deliberately obtuse. he was pointing out that when you raise the minimum wage to $10 an hour, those whose skill sets makes their labor worth less than $10 an hour are no longer employable.

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    Re: San Francisco Becomes First U.S. City to Top $10 Minimum Wage

    Quote Originally Posted by Opteron View Post
    That's true but the way it should be is that the money expands proportional to population. Yeah if they printed money they could pay off debts easily.
    What they should do and what they actually do, are two different things.


    Quote Originally Posted by Opteron View Post
    By the argument used for passing on the higher price of labor to the consumer, taxes would cause lots of inflation because everybody has a higher cost of doing business so everyone will raise prices simultaneously to create inflation, but I don't believe that happens. So I don't believe a minimum wage would cause as much inflation as well.
    People will raise prices to compensate for the greater taxes on profit, which falls most to the consumer of those products.
    That doesn't necessarily cause inflation, but could cause a decrease in income utility.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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