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

  1. #201
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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
    at the height of the recession there were about 4 unemployed for every job opening total, right?
    And those people were searching for poverty-level wage jobs? Or were they holding out so as to not be underemployed and paid?
    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
    It's pretty hellacious. I worked doing repo work - that was pretty terrible. Not quite hell, but close. Retail is possibly the definition of hell. But if it's not, I've also done blown insulation and I've worked as a mover. Both of those were depressing.

    You are so tired and sore after 9-14 hours of hard manual labor that you really have no life outside of work. Wake up, to work. Come home, eat, go to bed. Wake up do it again. Weekend? Well, you might actually have to work on the weekend if it's busy and you need the money (which you will).

    Sorry wife and kids.
    [/quote]

    Your job is what you make out of it. Some people enjoy retail (I can't imagine who, but okay). Some people are people friendly. Other than fast food and restaurants, retail customers are probably the worst type of customers, but its not hell. You just take a bunch of crap. All jobs have situations where you take alot of crap. I can only see it as depressing if you plan on doing nothing better with your life. Its depressing (and hellish) if you don't enjoy your work. Even if you're not making that much money, you'll have some reasonable degree of tolerance for your job if there is something to look forward to.

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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
    I said 50%. There are people who do actual work. A lot on Wall Street do actual hard work with long hours, but of course, it's for no reason because Wall Street is a giant facade that does nothing to help this country anymore.

    But Doctors, scientists, construction, etc... these types of jobs earn their checks.
    You're talking about hedge funds, traders and private equity firms. They make money for only wealthy investors, companies and firm managers. Financial Advisors (like me) work with different type of people, depending on who you decide to interact with, however, I've worked with retail and institutional investors. How we earn our checks isn't any different from how those occupations earn theirs. Being a broker is similar to being a small business owner, and you constantly need to attract clients. Considering that the bulk of your income will be on sales, you will probably have to attract at least $15 million dollars AUM to earn probably $60,000. They provide a service, just like any other profession by facilitating trades, and of course, they made additional money by making money for others.

    In theory, anyone can try to learn the constant gyrations of the market, but that takes time and the learning curve is steep.

  4. #204
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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
    Not a bit of that makes any sense to me. Not one bit.
    You should see what she has to say about Accounting 101 and Cost of Goods Sold
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    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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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
    If our society was productive enough to support a min wage of $25/hr, without having any significant inflationary event, then I would be all for that.

    There is a range which min wage can realistically be in. No one knows what the exact economic maximizing min wage is, but we know what the realistic range is.

    The floor of that range would be just slightly higher than $0 (so let's call it a penny), and the maximum that the min wage could be (without guaranteeing significant inflation) would be the mean average income per work hour, which is close to $60/hr (GDP/aggregate work hours) - that's a law of mathematics. Now if we were at that maximimum possible amount, then everyone would make exactly the same thing, which wouldn't work well because I am sure that we can all agree that there are certain economic and social reasons why everyone shouldn't make the exact same wage - so I would suggest that maybe the realistic maximum possible min wage would be a quarter or maybe half of that, or around $30/hr (admittedly I just pulled that percentage out of my arse).

    So yes, $25/hr may be possible, but that's most likely a little on the high side.

    Why would you not want others to make as much money as is economically viable?
    Everyone doesn't earn the same wage for the same reasons why everyone doesn't have the same job. It's economically infeasible and nothing would get done. There is really no difference in saying, 'everyone must be a farm' as opposed to saying, 'everyone must be paid equally, regardless if you are a farmer or a doctor.' But for the very same reason why a minimum wage can be a bad idea if practice. Two very different jobs with the same minimum wage makes the lesser productive job more expensive, and can potentially price these jobs out of the marketplace.

    Not to say that people working these jobs will suddenly become unemployed, but these jobs will become rather difficult to come by. For example, the fact that I have to wait in a long line at the concession stand during an afterwork flick when there two cashiers and the booth has enough to man five cashiers.

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

    Quote Originally Posted by sangha View Post
    You should see what she has to say about Accounting 101 and Cost of Goods Sold
    I don't see how its my fault your understanding of economics or accounting is limited.

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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
    The number of people who are dedicated to the notion that labor is uniquely not affected by the same laws of supply and demand as everything else never ceases to amaze me.

    I feel bad for those people, and their families.

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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
    And those people were searching for poverty-level wage jobs? Or were they holding out so as to not be underemployed and paid?
    4 people.
    1 job.

    3 remain unemployed regardless.

    math 101

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

    Quote Originally Posted by cpwill View Post
    The number of people who are dedicated to the notion that labor is uniquely not affected by the same laws of supply and demand as everything else never ceases to amaze me.

    I feel bad for those people, and their families.

    I feel bad for people who sympathize with "people" yet then simultaneously equate human labor with other capital.

    Cake. Have it and eat it.

  10. #210
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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
    Doesn't matter what the minimum wage is. You pointed out that you do not hire more people because you have no need for them. Companies have no need for the people they are not hiring and are finding new ways to get rid of employees they do have. What you are you are doing is arguing that there should be a bigger gap between the haves and the have nots. I was not kidding about Walmart having a drive thru only store. Consumers want that. Walmart is also reducing the square footage of their new supercenters. Walmart is competing with Amazon prime. People can pay them an extra hundred bucks and have their pickles and many other groceries delivered to them from Amazon at no additional costs because people are too busy being their child's agent to take time to shop for their kids and are too much in a hurry to spend quality time with their friends on facebook. McDonalds is rolling out self-ordering kiosks at 2,000 US locations; Grocery stores have self-checkouts. There is a shrinking middle to the middle class. Minimum wage has nothing to do with that.
    They are doing that because apparently there is demand for that. Not because of the existence of min wage. It would have happened anyhow.
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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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