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

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by GhostlyJoe View Post
    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?
    Don't be stupid. The comparison being made was between a 16 year old kid and an airline pilot. If you think the average pilot isn't 'better' by virtually every objective standard of measure than a McDonalds crew member, you aren't that bright.

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by Fletch View Post
    Don't be stupid. The comparison being made was between a 16 year old kid and an airline pilot. If you think the average pilot isn't 'better' by virtually every objective standard of measure than a McDonalds crew member, you aren't that bright.
    They're not objectively better. Period. The pilot is just in a better position to negotiate for economic gain. Income is a very poor measure of personal or moral value.

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by Fletch View Post
    What it you aren't getting about this conversation? Seriously. State mandated, arbitrary increases in pay for anyone concerns me as it should concern you. Plus, as I pointed out to you earlier, a virtual doubling of the minimum will impact the entire employee payment structure. You agreed with this and are now complaining. Make up your mind.
    Maybe you missed it, but part of my point is that welfare actually contributes to wages being lower than they would be if welfare didn't exist.
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    I see a big problem with the idea that whatever the majority wants is OK.

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by BrewerBob View Post
    I'm not among those who quote Buffett but are you saying that if someone agrees with a person on some things they must agree with that person on all things?
    So when they don't then they should wish him death? Wow...
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    Generalizations are stupid.
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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by GhostlyJoe View Post
    They're not objectively better. Period.
    Are you 16? Is that the problem? A pilot is objectively better trained and better educated and better prepared to handle almost any life situation than a 16 year old would be. It is impossible to pretend otherwise.
    The pilot is just in a better position to negotiate for economic gain. Income is a very poor measure of personal or moral value.
    BECAUSE he is better educated, better trained, has a higher skill level and more experience. Which is the point. Income is a measure of value. Something that is, again, impossible to pretend otherwise.

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by GhostlyJoe View Post
    They're not objectively better. Period. The pilot is just in a better position to negotiate for economic gain. Income is a very poor measure of personal or moral value.
    But's it is a kick butt measure of economic value. Pay is a measure of the value of service one provides to the economy. It's also related to the scarcity of those qualified to provide the specific economic benefit their labor provides. Burger flippers are a dime a dozen, and are paid accordingly. An airline pilot is not, so the pay is considerably different. Should a retired airline pilot expect to be paid the same as when they were flying should they take a job at McDonalds?
    President Donald J Trump, 45th President of the United States of America. A victory born in the hearts and minds of Everyday Americans

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by imagep View Post
    Maybe you missed it, but part of my point is that welfare actually contributes to wages being lower than they would be if welfare didn't exist.
    In the absence of welfare, wages would be lower since those who now choose to sit out of the workforce would have to participate or starve

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by GhostlyJoe View Post
    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....
    I would think that people who think that $15 minimum wage is a good idea, don't agree that the pay increase would be "gobbled up by inflation".
    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.

  9. #229
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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by GhostlyJoe View Post
    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.
    Historically, there has never been an spike in the inflation rate that correlates with previous increases in minimum wage.
    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: 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....
    If that ends up being the case, then so what? Either his wages will increase, or not, either way, he is no worse off.

    Lots of highly skilled people make low wages. Like musicians, who often can only find "free" work, or who only get paid tips. But they still do it, because they love to.
    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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