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

  1. #171
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by Declan View Post
    In an ideal world would the price you pay for something be based upon how much money you have as well?
    Nope.

    I'm just pointing out that the real world doesn't work like libertarian rhetoric indicates it should.
    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 WallStreetVixen View Post
    and low wage sectors, like retail trade/leisure & hospitality generally contribute less to the economy than all the other sectors, in percentage terms anyway.
    what?

    Consumer spending is 2/3 of the economy.
    Retail Sales November 2014: Consumer Spending Jumps As Low Gas Prices Boost Black Friday, Thanksgiving Sales

  3. #173
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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
    Minimum wage hasn't kept up with inflation for like 50 years.
    Nor is it supposed to. It's the 'minimum wage.'

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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
    Tons of large corporate chains have an automatic pay raise after six months of 25 to 50 cents an hour. These people technically don't make minimum wage, but should still be counted when you throw around numbers like this.
    STUDY: One In Four Private Sector Workers Earn Less Than $10 An Hour | ThinkProgress

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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
    Nope.

    I'm just pointing out that the real world doesn't work like libertarian rhetoric indicates it should.
    But yet you think the price people pay for labor should be based upon that they can afford it do you not? Why is the price of labor different than the price of pickles in your mind?

  6. #176
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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
    Nor is it supposed to. It's the 'minimum wage.'
    So over time, as our society becomes more and more wealthy and productive, wages should decline and the standard of living should drop?
    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.

  7. #177
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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
    Seems common sense to me, but i'm sure we'll still have people arguing that the CBO and this study are just wrong and it's all "win" for MW workers.

    Study: The 2007 minimum wage hike cost more than 1 million jobs during the recession
    So from the very same article we have

    "Except take this within the context of many, many other minimum wage studies, and it's all way more complicated. Deakin University's Hristos Doucouliagos and Hendrix College's T.D. Stanley showed in a 2009 paper that taken together, nearly 1,500 estimates of minimum wage effects on employment clustered right around zero effect, but with more of those estimates showing a slight downward pressure on employment."

    And this:

    "As they write, "with sixty-four studies containing approximately fifteen hundred estimates, we have reason to believe that if there is some adverse employment effect from minimum wage raises, it must be of a small and policy-irrelevant magnitude."

    Seems far from certain how and by how much raising the minimum wage effects employment and mobility. Bottom line, they really don't know.
    Never let your sense of morals get in the way of doing what's right.
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by SlevinKelevra View Post
    Which has little to do with how much retail trade/leisure & hospitality contributes to the economy. I'm not sure you understand what we mean when we speak about output.

  9. #179
    Villiage Idiot
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by Declan View Post
    But yet you think the price people pay for labor should be based upon that they can afford it do you not?
    Nope again. That's why a minimum wage has to be mandated in some way or another (it could be a social mandate, doesn't have to be governmental).

    Why is the price of labor different than the price of pickles in your mind?
    Because pickles don't create demand (they don't buy stuff).
    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. #180
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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
    So over time, as our society becomes more and more wealthy and productive, wages should decline and the standard of living should drop?
    Overtime, standards of living increases. The opposite is true for wages, as market forces will require wages to fall. We don't have inflation because the eggheads dictate that inflation is good, but inflation exist to accommodate market demands for more employment. If you didn't have inflation, people will become laid off and wages will fall regardless.

    The key is for wages to surpass inflation, not the minimum wage. That can lead to cost push inflation, which is self defeating with minimum wage increases.

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