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Thread: CBO Says Minimum-Wage Rise May Ease Poverty, Cost Jobs

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    Re: CBO Says Minimum-Wage Rise May Ease Poverty, Cost Jobs

    Quote Originally Posted by ludin View Post
    there is no evidence of this. not that the price increase would wipe out any gains just like it did the last time they raised minimum wage.
    when they did that i got a pay cut due to price increases.
    What?

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    Re: CBO Says Minimum-Wage Rise May Ease Poverty, Cost Jobs

    Quote Originally Posted by cpwill View Post
    I can only imagine that either people don't want to admit that labor is a good or service because we provide it, or they want to raise the minimum wage out of a misplaced belief that it will help poor people, and thus engage in Confirmation Bias.
    LoL, Mike... Mike... you don't need a raise, its NOT going to help you Mike. Mike I'm doing this for your own good, minimum wage of $7.25 an hour is what's going to do you best.

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    Re: CBO Says Minimum-Wage Rise May Ease Poverty, Cost Jobs

    There was a good book published way back in 1946: Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics by Henry Hazlitt. Everyone should read it...and y'all are in luck because you CAN read it free of charge here: Economics in One Lesson

    Is has a section that deals with the minimum wage. Here is the conclusion of that section:

    The best way to raise wages, therefore, is to raise marginal labor productivity. This can be done by many methods: by an increase in capital accumulation — i.e., by an increase in the machines with which the workers are aided; by new inventions and improvements; by more efficient management on the part of employers; by more industriousness and efficiency on the part of workers; by better education and training. The more the individual worker produces, the more he increases the wealth of the whole community. The more he produces, the more his services are worth to consumers, and hence to employers. And the more he is worth to employers, the more he will be paid. Real wages come out of production, not out of government decrees.

    So government policy should be directed, not to imposing more burdensome requirements on employers, but to following policies that encourage profits, that encourage employers to expand, to invest in newer and better machines to increase the productivity of workers — in brief, to encourage capital accumulation, instead of discouraging it—and to increase both employment and wage rates.
    All of you supporters of minimum wage need not thank me for providing this resource. I do this in the interest of furthering your education and, hopefully, preventing you from supporting a bad governmental policy.
    TANSTAAFL

    “An armed society is a polite society.”
    ― Robert A. Heinlein, Beyond This Horizon

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    Re: CBO Says Minimum-Wage Rise May Ease Poverty, Cost Jobs

    Quote Originally Posted by Verax View Post
    LoL, Mike... Mike... you don't need a raise, its NOT going to help you Mike. Mike I'm doing this for your own good, minimum wage of $7.25 an hour is what's going to do you best.
    sure, Mike can use a raise. Is it fair, or even good economic policy, to fire Linda so that Mike can have a raise? Is it good economic policy to put in a price floor so as to ensure that low-quality providers can never enter the market in the field of labor? Those enjoying the sky-high "lack of job-lock" rates among our urban poor might wonder.

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    Re: CBO Says Minimum-Wage Rise May Ease Poverty, Cost Jobs

    Quote Originally Posted by Verax View Post
    My mistake, I may have been thinking of Costco. I would have sworn Walmart was pushing hard for federal minimum wage increases because it would increase sales.

    Why Costco is Backing Obama's Minimum Wage Push - DailyFinance
    wait, Costco wants to use the power of government to subsidize its' position, and make life harder for its' competition?!?

    Why - Say It Aint' So!!!



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    Re: CBO Says Minimum-Wage Rise May Ease Poverty, Cost Jobs

    Quote Originally Posted by Mycroft View Post
    There was a good book published way back in 1946: Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics by Henry Hazlitt. Everyone should read it...and y'all are in luck because you CAN read it free of charge here: Economics in One Lesson

    Is has a section that deals with the minimum wage. Here is the conclusion of that section:



    All of you supporters of minimum wage need not thank me for providing this resource. I do this in the interest of furthering your education and, hopefully, preventing you from supporting a bad governmental policy.
    You do realize the world has changed greatly since then, right? It would be like suggesting the best way to increase horsepower in your truck would be to take better care of your horse's hooves. Not to mention we've already done all those things and much more.

    Globalization has completely reshaped the world's economies with manufacturing moving overseas. That is the main reason the common worker today has little political or earning power as nobody needs them in the U.S. Being that we are becoming more service oriented domestically, the only way to boost service sector wages is through government setting the market.

    Our economy works best when we have a strong middle class with spending power, that's not going to happen with low wages.

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    Re: CBO Says Minimum-Wage Rise May Ease Poverty, Cost Jobs

    Quote Originally Posted by cpwill View Post
    sure, Mike can use a raise. Is it fair, or even good economic policy, to fire Linda so that Mike can have a raise? Is it good economic policy to put in a price floor so as to ensure that low-quality providers can never enter the market in the field of labor? Those enjoying the sky-high "lack of job-lock" rates among our urban poor might wonder.
    Or cut into profits, but that would be stealing, right? Everyone has bent over backwards to make our economy work except for those with the most. They've decided they always need more no matter what and its breaking the country.

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    Re: CBO Says Minimum-Wage Rise May Ease Poverty, Cost Jobs

    Quote Originally Posted by Verax View Post
    My mistake, I may have been thinking of Costco. I would have sworn Walmart was pushing hard for federal minimum wage increases because it would increase sales.

    Why Costco is Backing Obama's Minimum Wage Push - DailyFinance
    Yes, Costco I realize was pushing for the increase..> They already pay more than minimum wage and if minmum wage is increased it will make them more competitive. But thank you.

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    Re: CBO Says Minimum-Wage Rise May Ease Poverty, Cost Jobs

    Quote Originally Posted by cpwill View Post
    wait, Costco wants to use the power of government to subsidize its' position, and make life harder for its' competition?!?

    Why - Say It Aint' So!!!


    They are a role model for competitors and a fine example of what would put the U.S. back on track to a winning economy. Their workers buy homes and spend additional money in the local economy strengthening it.

    Wal-Mart's exploitation every where it goes is the perfect example of conservative economics at work. They create an efficient system where the impoverished workers and citizens of the town have just barely enough to afford the bare necessities while the lion's share of prosperity is funneled to a few upper level executives locally and the rest to the 1% far away.

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    Re: CBO Says Minimum-Wage Rise May Ease Poverty, Cost Jobs

    Quote Originally Posted by Verax View Post
    You do realize the world has changed greatly since then, right? It would be like suggesting the best way to increase horsepower in your truck would be to take better care of your horse's hooves. Not to mention we've already done all those things and much more.

    Globalization has completely reshaped the world's economies with manufacturing moving overseas. That is the main reason the common worker today has little political or earning power as nobody needs them in the U.S. Being that we are becoming more service oriented domestically, the only way to boost service sector wages is through government setting the market.

    Our economy works best when we have a strong middle class with spending power, that's not going to happen with low wages.
    The law of economics hasn't changed one bit since one semi-intelligent creature struck a bargain with another one. The rest of your post is nothing more than rationalized claptrap...with the exception of the part I highlighted in blue. That is simply wrong. The very worst thing a government can do is fix prices.
    TANSTAAFL

    “An armed society is a polite society.”
    ― Robert A. Heinlein, Beyond This Horizon

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