Page 22 of 45 FirstFirst ... 12202122232432 ... LastLast
Results 211 to 220 of 441

Thread: Warren Buffett: $15 minimum wage will hurt the working class

  1. #211
    Sage
    rabbitcaebannog's Avatar
    Join Date
    Jun 2013
    Location
    Massachusetts
    Last Seen
    10-01-17 @ 11:10 AM
    Gender
    Lean
    Other
    Posts
    10,913

    Re: Warren Buffett Don't raise the minimum wage

    The truth is that minimum wage increases (or at least the one the president proposes) helps the middle class more than those in poverty. Those in poverty need much more than just a wage lift to get them out of poverty.

    However, the 39 percent hike in the minimum wage proposed by President Obama would benefit two-thirds of workers in households with annual incomes over twice the poverty line ($47,100 for a family of four) and 40 percent of workers with household incomes three times the federal poverty level ($70,650 for a family of four) - or three times the percentage of poor workers who would benefit. Minimum Wage Hike Would Benefit 3X More Middle-Class Workers Than Poor

  2. #212
    Guru
    GhostlyJoe's Avatar
    Join Date
    Nov 2009
    Location
    here
    Last Seen
    Yesterday @ 11:58 PM
    Gender
    Lean
    Slightly Liberal
    Posts
    2,532

    Re: Warren Buffett Don't raise the minimum wage

    If you accept that a $15 minimum wage will eventually reach an equilibrium where those at the bottom see their gains gobbled up by inflation ...
    If you accept that making college education free and universal would devalue college degrees to the level of a HS diploma ...

    ... then don't you also have to accept that a percentage of the population in our market-based system will ALWAYS be mired in poverty? Doesn't that make it incumbent to provide robust social safety nets like food stamps? Doesn't that make wealth redistribution an inevitable facet of market economics when applied to actual human lives?

    That seems to be what Buffett is saying -- instead of trying to force the market to accept everyone, which in a competitive system is a losing proposition long term, just give poor people money directly so they can participate in the economy. I support workers fighting for greater pay, but I think Buffett is right about the long term benefits of minimum wage versus redistributive programs like the EIC.

  3. #213
    Outer space potato man

    Join Date
    Feb 2010
    Last Seen
    Today @ 12:03 AM
    Gender
    Lean
    Undisclosed
    Posts
    50,759

    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by Fletch View Post
    Pay attention. The skilled graphics designer whose $15 an hour job was the result of education, hard work and experience is now about to have all that washed away by an arbitrary, state mandated increase in pay for the uneducated, unskilled, and untrained. He now will be making the same.
    But it wasn't washed away. His pay doesn't decrease. His job doesn't get worse. Nothing about his life becomes worse than it was before. You're basing this entire "harm" done to the Graphics Designer on other people being better off.

    I fly planes for a living. If you want to continue with personal attacks about skill, I'm happy to engage in a spot landing contest with you.
    Quote Originally Posted by calamity View Post
    Well, certainly the customer is not an N-word.
    Quote Originally Posted by apdst View Post
    You know her?

  4. #214
    Guru
    GhostlyJoe's Avatar
    Join Date
    Nov 2009
    Location
    here
    Last Seen
    Yesterday @ 11:58 PM
    Gender
    Lean
    Slightly Liberal
    Posts
    2,532

    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by Deuce View Post
    But it wasn't washed away. His pay doesn't decrease. His job doesn't get worse. Nothing about his life becomes worse than it was before. You're basing this entire "harm" done to the Graphics Designer on other people being better off.

    I fly planes for a living. If you want to continue with personal attacks about skill, I'm happy to engage in a spot landing contest with you.
    It hurts the graphic designer (I am one, BTW, and $15 is low-ball for my field, but whatever) by putting inflationary pressure on low-end goods and services. To be fair, though, any policy that increases demand by putting more money in poor people's hands is going to create inflationary pressure.

    Here's a CBO report from last year estimating the effects of a raise in the federal minimum wage. According to them, it would push some families out of poverty and enrich the poor in general, but some jobs would be lost entirely.

    Ironically, it's the understanding that we're all in the same economic boat that both undermines redistributive policies and makes them necessary.

  5. #215
    Sage

    Join Date
    Dec 2013
    Last Seen
    Yesterday @ 10:11 PM
    Gender
    Lean
    Liberal
    Posts
    7,379

    Re: Warren Buffett: $15 minimum wage will hurt the working class

    Quote Originally Posted by WSUwarrior
    Employers wont food the bill for anything....YOU will pay their higher wages, just like YOU will pay their taxes for them.

    Want higher wages...eliminate the corporate tax. Stop take, take, taking from businesses all the time and PRETENDING that is good for anything.
    Quote Originally Posted by Deuce View Post
    The idea that lower corporate taxes would increase wages is absolutely comical.
    Yes, such a belief is comical. Corporate taxes are paid on corporate profits. The idea that we need to make after-tax profits even higher so somehow employers will handover those profits to employees and not stockholders, doesn't seem clear.

    To illustrate how wrong that view is, we already know that wages are now stagnant and among the lowest in modern time. Let's look at corporate taxes over time. That's right, corporate taxes have been declining and this hasn't resulted in higher wages.

    Attached Images Attached Images
    "I never meant to say that the Conservatives are generally stupid. I meant to say that stupid people are generally Conservative. I believe that is so obviously and universally admitted a principle that I hardly think any gentleman will deny it." --J.S. Mill

  6. #216
    Sage
    Fletch's Avatar
    Join Date
    Feb 2012
    Location
    Mentor Ohio
    Last Seen
    Yesterday @ 06:21 PM
    Gender
    Lean
    Libertarian
    Posts
    14,514

    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by Deuce View Post
    But it wasn't washed away. His pay doesn't decrease. His job doesn't get worse. Nothing about his life becomes worse than it was before. You're basing this entire "harm" done to the Graphics Designer on other people being better off.
    No. I am basing the harm done to him on the fact that his skill, education and training is worth exactly the same as an unskilled, untrained worker hired on to do the same work.

    fly planes for a living. If you want to continue with personal attacks about skill, I'm happy to engage in a spot landing contest with you.
    Any time. But lets pretend you are being honest. You spent years, likely in the military learning to fly and spent thousands of hours in the cock pit. Lets say because of your skill, training, talent, and education you make $50 per hour. Minimum wage is raised to $50 per hour. What has just happened to you? Your skill, training, talent and education has just been devalued. Your labor is now worth no more than that of the 16 year old unskilled, untrained, uneducated boob. That might be something commies like, but not anyone that has actually thought things through.

  7. #217
    Guru
    GhostlyJoe's Avatar
    Join Date
    Nov 2009
    Location
    here
    Last Seen
    Yesterday @ 11:58 PM
    Gender
    Lean
    Slightly Liberal
    Posts
    2,532

    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by Fletch View Post
    No. I am basing the harm done to him on the fact that his skill, education and training is worth exactly the same as an unskilled, untrained worker hired on to do the same work.

    Any time. But lets pretend you are being honest. You spent years, likely in the military learning to fly and spent thousands of hours in the cock pit. Lets say because of your skill, training, talent, and education you make $50 per hour. Minimum wage is raised to $50 per hour. What has just happened to you? Your skill, training, talent and education has just been devalued. Your labor is now worth no more than that of the 16 year old unskilled, untrained, uneducated boob. That might be something commies like, but not anyone that has actually thought things through.
    A superiority complex is poor justification for macroeconomic policy. You must think CEOs are WAY overpaid.

  8. #218
    Sage
    Fletch's Avatar
    Join Date
    Feb 2012
    Location
    Mentor Ohio
    Last Seen
    Yesterday @ 06:21 PM
    Gender
    Lean
    Libertarian
    Posts
    14,514

    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by GhostlyJoe View Post
    A superiority complex is poor justification for macroeconomic policy. You must think CEOs are WAY overpaid.
    What???

  9. #219
    Sage

    Join Date
    May 2009
    Location
    USA
    Last Seen
    Yesterday @ 10:57 PM
    Gender
    Lean
    Conservative
    Posts
    9,802

    Re: Warren Buffett: $15 minimum wage will hurt the working class

    Quote Originally Posted by imagep View Post
    Exactly. Welfare incentivizes people to accept jobs with lower incomes.
    Not quite. The new salary has to be higher than the reservation wage. if it isnot, they stay on welfare. Or to put it insimpler terms... it puts upward pressure on the salary. in the prior, the salary wasnt high enough, so employyes cut back the hours supplied.
    Last edited by buck; 05-23-15 at 03:36 PM.

  10. #220
    Guru
    GhostlyJoe's Avatar
    Join Date
    Nov 2009
    Location
    here
    Last Seen
    Yesterday @ 11:58 PM
    Gender
    Lean
    Slightly Liberal
    Posts
    2,532

    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by Fletch View Post
    What???
    You called minimum-wage workers boobs and insinuated you're better than them and, thus, should be paid more. If they get a raise, you deserve a raise because your x% better than them, right? You obviously care very much what other people make and see wages as a measure of personal worth. So you must be outraged that CEOs make so much compared to professionals like you. Or do you actually believe they're better than you?

Page 22 of 45 FirstFirst ... 12202122232432 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •