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

  1. #291
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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by imagep View Post
    Everyone isn't cut out for college or higher skill level jobs.
    but everyone should have debt free access to post secondary education.

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by ludin View Post
    interesting you propose it but refuse to support it.
    false.

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by Deuce View Post
    And for the person that Lord Sawdust deems unfit to live?
    A sustainable job has to generate enough revenue to pay for itself and produce profit or the job or business disappears. People not creating employment can easily say, raise prices to pay for additional labor burden but that's not the way business works. When a good or service becomes more expensive than the market will support sales disappear and jobs go with them. That's how jobs appear and disappear.

    Government has the ability to force the labor issue by uncoupling labor costs and productivity but two things happen when that occurs. Goods and services become unaffordable for some low income consumers and job choices become fewer and businesses contract.

    The answer to low wages is full employment. We've seen fast food workers make substantial wages around the Baken Oil formation because the oil industry created high demand for workers and that created a high demand for burger flippers because of a labor shortage. I've experienced the same thing for skilled labor in Tampa when employment is high, so are prices for labor because of supply and demand.

    The current fifteen dollar an hour news is created by two issues. The first is there is more supply for unskilled labor than there is demand and that suppresses wages. The second is the fact that labor unions are losing relevance and in search of new markets for membership they look to fast food organizations for new membership offering a fight for higher wages but not advertising the fact that many fast food outlets will move to automation to combat high labor costs resulting in fewer jobs.


    Over the years I've had hundreds if not thousands of employees. Currently I'm trying to keep it under fifty because of Obamacare and my unwillingness to risk more capital. Not one of the people I have employed over the years occupied a position where their cost exceeded their production. An employees ability to earn is not dictated by their ability to spend but their ability to produce.
    "A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury." Attributed to Alexander Tytler

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by Helix View Post
    but everyone should have debt free access to post secondary education.
    Who says?
    "A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury." Attributed to Alexander Tytler

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by sawdust View Post
    A sustainable job has to generate enough revenue to pay for itself and produce profit or the job or business disappears. People not creating employment can easily say, raise prices to pay for additional labor burden but that's not the way business works. When a good or service becomes more expensive than the market will support sales disappear and jobs go with them. That's how jobs appear and disappear.

    Government has the ability to force the labor issue by uncoupling labor costs and productivity but two things happen when that occurs. Goods and services become unaffordable for some low income consumers and job choices become fewer and businesses contract.

    The answer to low wages is full employment. We've seen fast food workers make substantial wages around the Baken Oil formation because the oil industry created high demand for workers and that created a high demand for burger flippers because of a labor shortage. I've experienced the same thing for skilled labor in Tampa when employment is high, so are prices for labor because of supply and demand.

    The current fifteen dollar an hour news is created by two issues. The first is there is more supply for unskilled labor than there is demand and that suppresses wages. The second is the fact that labor unions are losing relevance and in search of new markets for membership they look to fast food organizations for new membership offering a fight for higher wages but not advertising the fact that many fast food outlets will move to automation to combat high labor costs resulting in fewer jobs.


    Over the years I've had hundreds if not thousands of employees. Currently I'm trying to keep it under fifty because of Obamacare and my unwillingness to risk more capital. Not one of the people I have employed over the years occupied a position where their cost exceeded their production. An employees ability to earn is not dictated by their ability to spend but their ability to produce.
    That's a lot of words there but none of them actually answer the question.

    Someone who isn't productive enough because Sawdust declares their labor is of lesser value than the cost to live. What happens to them?
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    Well, certainly the customer is not an N-word.
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    You know her?

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by sawdust View Post
    Who says?
    go back and read the thread.

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by Helix View Post
    but everyone should have debt free access to post secondary education.
    Short of that, teenagers shouldn't have such easy access to credit to pursue higher education for reasons they haven't figured out yet. They are not mature enough to understand the effect of $40,000+ debt. When you apply for other loans, lenders need to know exactly how you plan to repay it. What is the lending standard for an undeclared freshman 18-year old who is going to spend the next 3 years partying before deciding to do something with his opportunities?

    What would you propose to keep costs down and competitiveness up (especially with the rest of the world), because something tells me American students at the current time generally speaking don't quite have the same educational attributes as, let's say, Japanese or German or Swedish students. Universal "free" college education risks making college degrees worth less unless grading was strict enough to weed out those who don't cut it intellectually. But then granted you've exchanged a financial access challenge with a merit-based access challenge, which might be a harder pill for some to swallow and would put enormously greater scrutiny on the public education system, some of which would be undeserved.

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by Helix View Post
    go back and read the thread.
    No. You made the claim. Support it or ignore my question. Your choice.
    "A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury." Attributed to Alexander Tytler

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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by Neomalthusian View Post
    Short of that, teenagers shouldn't have such easy access to credit to pursue higher education for reasons they haven't figured out yet. They are not mature enough to understand the effect of $40,000+ debt. ...
    At what age is someone mature enough to take on debt or to make their own financial decisions?

    I'm not saying that you are wrong, but I am suggesting your are on the verge of getting into the nanny-state policy.
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    ...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.

  10. #300
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    Re: Warren Buffett Don't raise the minimum wage

    Quote Originally Posted by Neomalthusian View Post
    Short of that, teenagers shouldn't have such easy access to credit to pursue higher education for reasons they haven't figured out yet. They are not mature enough to understand the effect of $40,000+ debt.
    they shouldn't have to go into debt in order to attend college.

    Quote Originally Posted by Neomalthusian View Post
    What would you propose to keep costs down and competitiveness up (especially with the rest of the world), because something tells me American students at the current time generally speaking don't quite have the same educational attributes as, let's say, Japenese or German or Swedish students. Universal "free" college education risks making college degrees worth less unless grading was strict enough to weed out those who don't cut it intellectually. But then granted you've exchanged a financial access challenge with a merit-based access challenge, which might be a harder pill for some to swallow and would put enormously greater scrutiny on the public education system, some of which would be undeserved.
    require completion of the degree as a condition. they complete the degree, they graduate with no debt. as for keeping the cost down, subsidize the school. we waste money on many programs that are more idiotic than that.

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