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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 Boo Radley View Post
    Likely. I don't buy this study. But I'd like to see more on it. Overall, people making more means they spend more. If they spend more, everyone benefits. Making our workers third world workers won't help the economy. As I understand it, accounting for inflation, we make less today and not more. The trouble with our economy may well be more related to not paying enough.
    They make more causing higher prices to cover the increased labor costs. The poor are in the same (relative) spot they were in (after a little time has passed) ... and the middle class, whose dollars will now purchase less, are in a worse spot.

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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
    They make more causing higher prices to cover the increased labor costs. The poor are in the same (relative) spot they were in (after a little time has passed) ... and the middle class, whose dollars will now purchase less, are in a worse spot.
    As I said, that's short sighted. What should happen is a lowering of prices or them staying the same as business will likely increase. Again, spending more leads to buying more. If we were to return to where we paid more overall, rolling back the redistribution of wealth upward toward the wealthy, empowering the middle class more, and having less working poor, the economy would grow and not shrink.

    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 Fletch View Post
    If you think about it, it would actually create jobs. There is really no question about that.
    As would allowing slavery.
    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 buck View Post
    They make more causing higher prices to cover the increased labor costs. The poor are in the same (relative) spot they were in (after a little time has passed) ... and the middle class, whose dollars will now purchase less, are in a worse spot.
    The increase in prices is not the same percentage as the increase in wages.
    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 Deuce View Post
    As would allowing slavery.
    Except no one is advocating that. You really should be able to tell the difference between voluntary employment and slavery at this point.

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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
    The increase in prices is not the same percentage as the increase in wages.
    Agreed. When I said they would be in relatively the same potion.. that's long term. They'll still be poor, and complaining in the not too distant future about how their (now) $15 an hour no-skilled min wage job doesn't allow them to take care of a family.

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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
    What should happen is a lowering of prices or them staying the same as business will likely increase.
    So.. According to you, their labor costs go up, they get busier, they hire more (at the now higher wage) and magically reduce prices.

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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
    Agreed. When I said they would be in relatively the same potion.. that's long term. They'll still be poor, and complaining in the not too distant future about how their (now) $15 an hour no-skilled min wage job doesn't allow them to take care of a family.
    They'd be better off at $15/hour than at $7.50/hour. Period.

    Plus, this relieves some of the taxpayer burden that goes to helping support minimum wage workers. America spends billions of dollars subsidizing Walmart and McDonald's employees.

    "They should just get better jobs" is something only a child would suggest.
    Last edited by Deuce; 12-13-14 at 02:59 PM.
    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 buck View Post
    I'm sure it's just a coincidence that the states that raised their minimum wage the highest just happened to be the states that saw the worse employment opportunity for those of lower skill. I'm sure those two situations really have nothing to do with each other and employers don't find other ways to handle an effective wage increase of 30%.
    from the article.

    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."
    "Oh no no no, you got me talkin' politics. I didn't wanna. Like I said y'all, I'm just happy to be alive. ” -- Sheriff Chris Mannix

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

    Quote Originally Posted by ChezC3 View Post
    from the article.
    That's according to:
    Deakin University's Hristos Doucouliagos and Hendrix College's T.D. Stanley
    From their 6 year old study aggregating many of the studies on minimum wage impacts, where they found there is downward pressure:

    The conclusion they reached:
    but with more of those estimates showing a slight downward pressure on employment.
    We now have an additional study showing the impact of MW increases during the recessions that cost 1 million jobs. Not so small or policy-irrelevant.
    Last edited by buck; 12-13-14 at 04:40 PM.

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