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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 imagep View Post
    Countries with a higher minimum wage (government mandated, or socially mandated) tend to be richer countries, and countries with no min wage or a very low min wage tend to be very poor. At least that's what I see when I look at charts and comparisons.

    Do you see something that I'm not seeing?

    Aside from Mexico, none of those nations have a poor standard of living. Your own chart shows that nations with high PPP adjusted minimum wages are grossly overvalued, especially the case Australia $16 dollar minimum wage and PPP adjusted $9.47 wage. This indicates that the Aussie dollar is 0.4% overvalued. As always, high cost of living is always a byproduct of higher minimum wages.

    Your chart also doesn't include nations such as Germany, Hong Kong and Singapore. None of those are actually very poor nations, and they don't exactly have a 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 Boo Radley View Post
    Move all wages, including minimum wages to keep up with inflation. More people will spend money. More spending means more business. This helps everyone.
    Are you sure it helps everyone? You've done it so many times and the result seems to be the same. If anything, it has been counterintuitive.

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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
    Are you sure it helps everyone? You've done it so many times and the result seems to be the same. If anything, it has been counterintuitive.
    As sure as a reasonable person can be. We had it in the past, and did quite well. Things got worse, and not better, when we let it slip.

    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 Boo Radley View Post
    As sure as a reasonable person can be. We had it in the past, and did quite well. Things got worse, and not better, when we let it slip.
    When was that? You've had 7 increases since the original FLSA and states have implemented their own minimum wage on top of that. Theres no indication that the minimum wage has keep up with inflation here, or anywhere else it has tried.

    This is because the minimum wage isn't intended to do 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 sangha View Post
    I've already told you clearly and explicitly - from the Wiki link you posted.
    Where in the link?

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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
    No, it wasn't. It was drafted to handle the issue of unemployment and poverty
    Unemployment and poverty were issues separate from FSLA and there were already different initiatives geared towards handling that issue.

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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
    Where in the link?
    Asked and answered

    Quote Originally Posted by WallStreetVixen View Post
    Unemployment and poverty were issues separate from FSLA
    Wrong
    Quote Originally Posted by matchlight View Post
    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 Boo Radley View Post
    No, that doesn't do it. You are not doing what you said you do, and don't have experience running a national economy. Nor do I. Sure, I have a small company. Sell nationally. But that doesn't mean I run a national economy. So, you failed.


    Hence, the moronic loaded question you asked. Gee, I didn't see your answer coming from 1,000 miles away. You probably need to consider the playground over by the kindergarten classes if this is how you roll.

    Obviously, you lack any real economic experience given the tiny nature of your business experience. As a result of this lack of experience, it's rather laughable that you would think you're a judge of what it takes to do anything nationally. Consider this, you run a small company, so the owner of a tacoria has something in common with you. I'll keep that in mind when viewing your opinion and your self important demands.

    I've owned a company operating in multiple states with over 400 employees. I've imported and exported $100's of millions in product over decades of time. I've done millions of dollars of business with government agencies, and billions with large multi-national corporations. I think my experience speaks for itself, and that experience extends far beyond the sliver of experience you're banking your ego on.

    Pick your debates a little better Boo. Everyone makes mistakes, and you certainly made one here.

    Have a good day.

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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
    Countries with a higher minimum wage (government mandated, or socially mandated) tend to be richer countries, and countries with no min wage or a very low min wage tend to be very poor. At least that's what I see when I look at charts and comparisons.

    Do you see something that I'm not seeing?

    It looks to me as though (un)employment probably hangs on many factors. In Luxembourg for instance the unemployment rate in Luxembourg was only 7.2 percent in September. That is mainly due to the fact that Eurocrats, bankers and international accountants do not like to clean their own offices.

    But that does not mean that the wage is not an important driver of employment ceteris paribus. I presume its effects and multiplier are more intense for lower end jobs and where labor is cheap. But I would have to write a model and I am lazy.

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

    Quote Originally Posted by joG View Post
    It looks to me as though (un)employment probably hangs on many factors. In Luxembourg for instance the unemployment rate in Luxembourg was only 7.2 percent in September. That is mainly due to the fact that Eurocrats, bankers and international accountants do not like to clean their own offices.

    But that does not mean that the wage is not an important driver of employment ceteris paribus. I presume its effects and multiplier are more intense for lower end jobs and where labor is cheap. But I would have to write a model and I am lazy.
    I suppose it also helps that only 543,000 people live in Luxembourg. Fairly easy to find Karthik a job doing something to fill his day.

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