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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 US Conservative View Post
    Seems a bit entitled and lazy on your part.


    Smh...

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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
    That's possible, but it's pushing the range that is possible without negative consequences.

    Basically what you are doing with that argument, is you are saying that if a little of something is good, a whole lot of it must be better. Things don't work that way.

    If I got home from work, and discovered that the temp in my house is 16 degrees, I would be foolish to turn up my thermostat to 120 degrees. There is a range for everything that is optimal.

    We don't know exactly what this optimal range for minimum wage is, but we can make a pretty good guess. At the low end, it could be anything over $0/hr, so let's call it a penny. At the high end, it's mathematically impossible for the minimum to exceed the mean average, and the mean average amount of value produced per work hour in the US is around $60. But if we set the high end of this range at $60/hr, then everyone would make the same wage, regardless of productivity - that's a mathematical fact. There are obviously reasons why some people should be paid more than others, I think we can all agree on that. Thus, the high end of the range which contains the economic optimizing min wage can't be $60/hr. Maybe half that amount, probably more like a quarter of that amount (in the neighborhood of $15-$30/hr).
    Ah but I at least I get you to realize that changing the cost of labor can be harmful, which was my intent. Now that we have established that, explain why this phenomenon ceases at 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 KevinKohler View Post
    Econ =/= math.

    Econ is more like math + psychology.
    I never said they did were equivocal. I recommend you open a book and get reading. And not another comic book, this info is freely available, but like I said about horses...

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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 is to their interest to employ people. Sure, it is also to their interest to speed up production, but if everyone followed lego and completely replaced everyone with machines there would be no such thing as industry. The only reason lego is able to survive is because there is industries out there that didn't follow them into the suicide chamber.
    And do you think the executives at lego give a ****? That's the problem. You assume a lack of "get mine and get out" mentality.


    Automation is and will continue to push up total profits, which is why we are seeing executive compensation skyrocket. But that party is gonna crash, because it's resulting in stagnation for the very people those executives depend on for business. Do you think a single lego executive gives a **** about that, though? They've got their eye on the next years bonus, always, I assure you.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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

    Quote Originally Posted by KevinKohler View Post
    Econ =/= math.

    Econ is more like math + psychology.

    Anyhow, it's the psychology part that makes economics more interesting than math. math is rational and predictible. Humans aren't. Combine the two topics, and who the heck knows what will happen.
    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 US Conservative View Post
    Wow, the amount of misinformation you have written is staggering. The tragic reality is it hurts those you claim to help.
    Why don't you just leave? You're obviously not going to offer anything of substance up, like this obtuse response, and you're clearly not here to learn anything new, because you obviously already know everything. So why are you here?
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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

    Quote Originally Posted by US Conservative View Post
    Seems a bit entitled and lazy on your part.
    Not really. I am a utilitarian sorta guy. I would look really confusing for me to try to debate a response that isn't coming up in the quoted post. But hey, keep doing what you're doing. I won't be the only one to point this out to you, lol.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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

    Quote Originally Posted by KevinKohler View Post
    And do you think the executives at lego give a ****? That's the problem. You assume a lack of "get mine and get out" mentality.

    Automation is and will continue to push up total profits, which is why we are seeing executive compensation skyrocket. But that party is gonna crash, because it's resulting in stagnation for the very people those executives depend on for business. Do you think a single lego executive gives a **** about that, though? They've got their eye on the next years bonus, always, I assure you.
    One company automating their entire business is somewhat logical since other industries will hold them up, but as more and more industries do it the returns to the strategy will decrease to the point that it is self defeating. Automation should after a certain threshold is reached defeat itself.

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

    Quote Originally Posted by KevinKohler View Post
    Not really. I am a utilitarian sorta guy. I would look really confusing for me to try to debate a response that isn't coming up in the quoted post. But hey, keep doing what you're doing. I won't be the only one to point this out to you, lol.
    I think you are more a utopian guy, facts be damned.

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

    Quote Originally Posted by US Conservative View Post
    Ah but I at least I get you to realize that changing the cost of labor can be harmful, which was my intent. Now that we have established that, explain why this phenomenon ceases at the minimum wage.
    So you admit that reducing the cost of labor can be harmful? I feel like we are getting somewhere, lol.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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