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

  1. #141
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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?
    Because they produce far more than that in sales.

    Anyhow, I'm not pushing a $16 min wage. I think that there is an economic maximizing min wage. I don't claim to know how much it is, but based upon history in the US, and in other countries, it probably exceeds $10/hr.

    So now tell me why any CEO would be worth a hundred million a year, when there are a thousand other people who would have done the job for less money, but who are equally qualified.
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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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    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.
    That's a negotiating power factor, not a production ability factor, but you do have a point that negotiating power is what sets wages.
    Quote Originally Posted by ocean515 View Post
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    Quote Originally Posted by Papa bull View Post
    I see a big problem with the idea that whatever the majority wants is OK.

  3. #143
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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
    Or to put simply higher wages goes hand and hand with higher profits.
    I would hope it worked that way.
    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.

  4. #144
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by TeleKat View Post
    The way I see it is that a higher minimum wage would actually allow us to lower taxes to a reasonable level, since welfare programs would not be as prominent or necessary. You'd think the fiscal conservatives would be all over that.
    You've had 9 minimum wage increases since 1938, and somehow this keeps happening...



    This is because welfare programs increase effective marginal tax rates of low-income earners.

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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
    I would hope it worked that way.
    It pretty much does work that way. Higher wages increases demand and market activity which in turn increases profits.

  6. #146
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by WallStreetVixen View Post
    ...

    This is because welfare programs increase effective marginal tax rates of low-income earners.
    Why do you say that? Do we tax welfare?
    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 TeleKat View Post
    The way I see it is that a higher minimum wage would actually allow us to lower taxes to a reasonable level, since welfare programs would not be as prominent or necessary. You'd think the fiscal conservatives would be all over that.
    It doesn't work that way though. Demand for welfare programs and the use of those programs has only grown since they came into existence.

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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
    It pretty much does work that way. Higher wages increases demand and market activity which in turn increases profits.
    I agree, but I'm shocked that you do.

    To slightly mis-quote Bush: "I misunderestimated you"
    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.

  9. #149
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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
    It doesn't work that way though. Demand for welfare programs and the use of those programs has only grown since they came into existence.
    That's true, but partially because minimum wage hasn't kept up with inflation since 1968, despite the occasional increase in minimum wage.

    Personally I find that an increase in wage, and decreases in taxation, are preferable to increasing means tested welfare.
    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.

  10. #150
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by TeleKat View Post
    The way I see it is that a higher minimum wage would actually allow us to lower taxes to a reasonable level, since welfare programs would not be as prominent or necessary. You'd think the fiscal conservatives would be all over that.
    How do you explain that while while less than 3% of the US workforce makes the MW that 15% (or more) rely on the "safety net"?
    “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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