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Thread: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recession

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by buck View Post
    So.. According to you, their labor costs go up, they get busier, they hire more (at the now higher wage) and magically reduce prices.
    It's not magic. It's how it works. That's why we did better back when we paid more.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by Boo Radley View Post
    It's not magic. It's how it works. That's why we did better back when we paid more.
    What's missing from the 'wage increases cause inflation' thing is so long as wage increases are tied to productivity gains, there is no need for higher prices because costs per unit don't increase. For a couple hundred years, wage increases WERE tied to productivity, and instead of inflation being the big effect, we had rising living standards. The problem is about 1970 or so, productivity gains quit going to workers and went to owners/executives, so wages have stagnated despite robust productivity gains.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by jasperl View Post
    what's missing from the 'wage increases cause inflation' thing is so long as wage increases are tied to productivity gains, there is no need for higher prices because costs per unit don't increase. For a couple hundred years, wage increases were tied to productivity, and instead of inflation being the big effect, we had rising living standards. The problem is about 1970 or so, productivity gains quit going to workers and went to owners/executives, so wages have stagnated despite robust productivity gains.
    Exactly!!!

    It's a distribution of income issue, nothing more, nothing less.
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    I see a big problem with the idea that whatever the majority wants is OK.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by imagep View Post
    Exactly!!!

    It's a distribution of income issue, nothing more, nothing less.
    Uh oh you used the D word, you must be a communist.
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by Deuce View Post
    Uh oh you used the D word, you must be a communist.
    Some people tell me that I am.

    It's often the same people who tell me that I am a socialist or commie, that argue against me when I say that we should eliminate means tested welfare, stop subsidising low wage paying companies like Walmart and McDonalds, and decrease taxation. Go figure.
    Quote Originally Posted by ocean515 View Post
    ...I'm not interested in debating someone who is trolling for an argument....
    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    It is almost totally illogical to think that forcing companies to pay people more money for zero extra productivity is actually going to help an economy. Lowering productivity is almost never a good thing.

    Sure, many liberals say it means the poor have more money to spend and yada yada.

    But as I have pointed out many times, that argument does not hold water. And the CBO (and the OP study) apparently agree with me.

    And it is typical of socialistic thinking. Often well intentioned but poorly thought out and usually detached from reality.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by DA60 View Post
    It is almost totally illogical to think that forcing companies to pay people more money for zero extra productivity is actually going to help an economy. Lowering productivity is almost never a good thing.

    Sure, many liberals say it means the poor have more money to spend and yada yada.

    But as I have pointed out many times, that argument does not hold water. And the CBO (and the OP study) apparently agree with me.

    And it is typical of socialistic thinking. Often well intentioned but poorly thought out and usually detached from reality.
    for every study that indicates a higher min wage is bad, there's a study that indicates otherwise.

    Even the Heritage Foundation study on the subject admitted that there is no trend towards either higher inflation or loss of jobs when we increase min wage, although the study continues on to say that they still believe it is bad for our economy.

    We all pick and chose to believe in whatever suits our ideology.
    Quote Originally Posted by ocean515 View Post
    ...I'm not interested in debating someone who is trolling for an argument....
    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by DA60 View Post
    It is almost totally illogical to think that forcing companies to pay people more money for zero extra productivity is actually going to help an economy. Lowering productivity is almost never a good thing.

    Sure, many liberals say it means the poor have more money to spend and yada yada.

    But as I have pointed out many times, that argument does not hold water. And the CBO (and the OP study) apparently agree with me.

    And it is typical of socialistic thinking. Often well intentioned but poorly thought out and usually detached from reality.
    You're operating under the impression that their current pay matches the exact productivity of their labor. Faulty assumption.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by imagep View Post
    Some people tell me that I am.

    It's often the same people who tell me that I am a socialist or commie, that argue against me when I say that we should eliminate means tested welfare, stop subsidising low wage paying companies like Walmart and McDonalds, and decrease taxation. Go figure.
    I feel ya. It seems like, to many people, anyone who isn't falling completely off the right side of the chart economically is a "commie."

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by imagep View Post
    for every study that indicates a higher min wage is bad, there's a study that indicates otherwise.

    Even the Heritage Foundation study on the subject admitted that there is no trend towards either higher inflation or loss of jobs when we increase min wage, although the study continues on to say that they still believe it is bad for our economy.

    We all pick and chose to believe in whatever suits our ideology.
    I don't have an ideology on this...I simply go with common sense and first hand experience. I quoted the CBO because liberals seem to respect the CBO. Plus, it is (supposedly) an unbiased source.

    All things being equal, you cannot make an economy more productive by forcing businesses to have less productivity...it is not possible. It does not even make sense.

    If you or others choose to ignore this, go ahead. It does not make it any less impossible.
    Last edited by DA60; 12-15-14 at 06:43 PM.

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