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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 imagep View Post
    The argument isn't that the worker will work harder. It's that the worker will spend more money and expand our economy by producing more demand, and that this economic expansion will result in more employment and more goods and services being produced.

    If McDonalds get's a boost in sales due to every other low wage paying company having to pay more, then McDonalds will be able pay it's own worker pay increase because of the additional profit from the boost in sales.
    How can McDonald's get a boost in sales by raising the price of it's food? That makes no sense..level in your scenario (that I have heard from the pro-raise minimum wagers MANY times).

    I am not getting into some philosophical discussion over this as I have gone over it several times before in the $15/minimum wage threads.

    As I said, if you think the answer to America's economic problems is more inefficiency (because if you agree they would not work any harder - then that is what you are putting forth), then, with respect, I do not think you are thinking this through.

    How can inefficiency move humanity forwards? Should we deliberately produce less efficient cars? Computers that are slower? Or cost more to do the same thing as the year before? Come on now, man. I STRONGLY suggest you read the CBO study.

    Either way, I don't want to go into this again at this time.

    We will just have to agree to disagree.

    Later.
    Last edited by DA60; 12-15-14 at 07:15 PM.

  2. #132
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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 prefer that those who they feel are below them should stay below them. I think that part of their mindset is that if entry level workers make a decent living, then it will cause the standard of living of higher skill level workers to fall.

    What I find odd about that is that the same people are the first to point out that economics isn't a zero sum game when someone else suggests that the excessive income and wealth acquired by the uber rich results in others having less. apparently zero sum only works in one direction.
    Nonsense Scott...The question should be why is a McD employee worth $16 per hr?
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by j-mac View Post
    Nonsense Scott...The question should be why is a McD employee worth $16 per hr?
    Why is he/she not? Probably does more in a given day at work than 50% of the work force.
    Ted Cruz is the dumbest person alive.

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

    Quote Originally Posted by whysoserious View Post
    Why is he/she not? Probably does more in a given day at work than 50% of the work force.
    Because the supply of workers with their skill set is enormous.

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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
    When people have more money in their pockets, they spend and save more, and demand increases. When companies have an increase in realized demand, they produce more, and thus they hire more people, and create more wealth. The cost for higher wages is paid for out of the additional wealth creation, it costs the consumer nothing, and it costs the business owner nothing.

    You are starting out with the assumption that an increase in wages would automatically result in higher prices, but nothing in economics is "automatic". There has to be some sort of inflationary mechanism, which is not fully offset by opposing deflationary mechanisms, for there to be an increase in prices.
    Or to put simply higher wages goes hand and hand with higher profits.

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

    Quote Originally Posted by Henrin View Post
    Because the supply of workers with their skill set is enormous.
    Agreed - but not everything has to run on a free market equation.
    Ted Cruz is the dumbest person alive.

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

    Quote Originally Posted by j-mac View Post
    Nonsense Scott...The question should be why is a McD employee worth $16 per hr?
    Easier to answer if you tell me why you think they aren't.
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    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 whysoserious View Post
    Why is he/she not? Probably does more in a given day at work than 50% of the work force.
    I use to think so too when I was just a mere cashier.

    Then I learned when I got a real job...

  9. #139
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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
    It was done long ago, in other countries, and it seems to work out for them.
    It was done here in 1968.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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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
    How can McDonald's get a boost in sales by raising the price of it's food? That makes no sense..level in your scenario (that I have heard from the pro-raise minimum wagers MANY times).
    There you go again, you are starting out with the assumption that McDonalds would raise the price of it's food. What I'm trying to explain is that they wouldn't have a need to increase the price of food. The increase in sales that they would get would result in enough increase in profit to cover the higher cost of labor.

    When you start out with an assumption, then you can't logically think about an issue.

    Maybe you don't understand that companies can't just randomly increase prices. Companies price their goods at the profit maximizing price. If they increase their prices, then their profit actually declines (because they loose sales). Competition is the biggest factor that restrains prices in the competitive free market.
    Last edited by imagep; 12-15-14 at 07:54 PM.
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    ...I'm not interested in debating someone who is trolling for an argument....
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    I see a big problem with the idea that whatever the majority wants is OK.

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