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Human irrationality - an incorrectable cause of income disparity?

AN ABOMINATION

Well then stop bitching about the wealthy. They didn't pass the a laws. Contact your govt.

No thanks. I get my rocks-off "bitching about the wealthy". Why?

Because, fellow American (yup!), you've forgot history - if you ever even learned it.

We fought a bloody revolution to get the British land-owning monarchy (and his aristocratic toads) off our backs. And, WOW!, here's the modern version back in place! We have allowed the formation of Dynastic Monarchies, richer than Croesus, who (with their ill got after-tax Income) want to maintain the Money-Pump that gushes up to Wealth:

Net_worth_and_financial_wealth.gif


For what reason? To pass it on to their young! In fact, we are so besotted with the idea of Unlimited Riches Inheritance, that we are thinking seriously of electing one of those who inherited $40M as PotUS! How silly can a nation get? Watch this space in November!

In a country with 15% of our fellow Americans incarcerated below the Poverty Threshold and Replicants who don't even want a decent Minimum Wage, we have retrograded as a nation to where we were 250 years ago before the Revolution.

Yes, I want Another Revolution - a peaceful one won at the ballot-box that corrects the wrongs done by the Reagan Administration. Which I find are an abomination upon mankind for any civilized nation.

We can go to the moon, but we can't care a fig for 40 million fellow Yanks who live in poverty.

And we, the sheeple, are supposedly a God-fearing people who adore the principle of "fair-play" as a Christian-ethic?

Me arse, we do ...
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IT might appear so to someone that did not realize the magnitude of difference it makes to know the precise meaning of the concepts one uses compared with slightly other. But hey! That is, what populism lives on.

My "populism" is based upon the facts portrayed by Economic-Research.

We are, after-all, in a Economics Forum - aren't we?

And you are coming from I don't know where. Somewhere, over the rainbow.

Never mind, m... r... a...

[Some people absolutely need (badly) to have the last word. Go for it!]
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BUSINESS BOTTOM-LINE



Horse-feathers. Yet another wholly unjustified inane remark stated as if it were the 11th Commandment.

Doubling the minimum wage will indeed pull a good many people out of the Poverty Threshold Trap. Which is an economic concept devised and followed by the Census Bureau - and an infographic of which I have posted in this forum multiple times.

So, what does such a rise in the Minimum Wage mean to business-and-commerce operational costs or profits?

Not much, because the impact in higher costs (in products/services) is driven straight through to the customer. It won't harm your bottom-line much. Besides, it depends.

Here are the consequences:
*As for the American consumer, we might all pay 20 cents more for a BigMac.
*Corporate profits could suffer somewhat in markets where competition is fierce and passing through higher costs is difficult. Demand could diminish, but for the most part increases in costs would be so low as to be unnoticeable by the consumer.

And so what if all businesses are required to adopt higher pricing to cover the higher costs? The additional cost need not affect your bottom-line. Yes, it could affect consumer costs.

But, so what? The lowest damn China Price has already gouged out low-cost employment in America.

No pain, no gain ...
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The minimum wage has never been doubled before so no one really knows the full impact of it. There is much evidence that raising the minimum wage costs jobs and those stats are just from small increases, not doubling it. It is logical to conclude that doubling the minimum wage will cost lots of jobs. You think that every business sells Big Macs but you forget about service industries where a doubling of the minimum wage cannot be countered by just raising your prices 20 cents.
 
AN ABOMINATION



No thanks. I get my rocks-off "bitching about the wealthy". Why?

Because, fellow American (yup!), you've forgot history - if you ever even learned it.

We fought a bloody revolution to get the British land-owning monarchy (and his aristocratic toads) off our backs. And, WOW!, here's the modern version back in place! We have allowed the formation of Dynastic Monarchies, richer than Croesus, who (with their ill got after-tax Income) want to maintain the Money-Pump that gushes up to Wealth:

Net_worth_and_financial_wealth.gif


For what reason? To pass it on to their young! In fact, we are so besotted with the idea of Unlimited Riches Inheritance, that we are thinking seriously of electing one of those who inherited $40M as PotUS! How silly can a nation get? Watch this space in November!

In a country with 15% of our fellow Americans incarcerated below the Poverty Threshold and Replicants who don't even want a decent Minimum Wage, we have retrograded as a nation to where we were 250 years ago before the Revolution.

Yes, I want Another Revolution - a peaceful one won at the ballot-box that corrects the wrongs done by the Reagan Administration. Which I find are an abomination upon mankind for any civilized nation.

We can go to the moon, but we can't care a fig for 40 million fellow Yanks who live in poverty.

And we, the sheeple, are supposedly a God-fearing people who adore the principle of "fair-play" as a Christian-ethic?

Me arse, we do ...
_____________________________


That's was about representative government, not bitching about the wealthy. Crack and history book. Your problem is in Washington, not in the CEOs' office.
 
That's was about representative government, not bitching about the wealthy. Crack and history book. Your problem is in Washington, not in the CEOs' office.

Yes, you are quite right. Finally. It is the construct in DC that is faulty. And there's nothing I can do about it personally.

Any change will require a tidal-wave of Leftist sentiment. And the US has to forget its supposed "victory" over Communism. That political philosophy rotted from within. It could not provide the people with a sense of economic betterment without massive Police Control. Better dead than Red.

What Bernie accomplished was opportunistic. If he can turn it into a longer lasting, more incisive progressive movement, so much the better. Time will tell.

I have my doubts. In France, yes. In most of the present EU, Yes. But, in the US?

Work In Progress ...
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VIRTUOUS CIRCLE

The minimum wage has never been doubled before so no one really knows the full impact of it. There is much evidence that raising the minimum wage costs jobs and those stats are just from small increases, not doubling it.

BS. Factual evidence, please ...

From the Dept. of Labor, Minimum Wage Mythbusters

Excerpt:
Myth: Raising the minimum wage will only benefit teens.

Not true: The typical minimum wage worker is not a high school student earning weekend pocket money. In fact, 89 percent of those who would benefit from a federal minimum wage increase to $12 per hour are age 20 or older, and 56 percent are women.

Myth: Increasing the minimum wage will cause people to lose their jobs.

Not true: In a letter to President Obama and congressional leaders urging a minimum wage increase, more than 600 economists, including 7 Nobel Prize winners wrote, "In recent years there have been important developments in the academic literature on the effect of increases in the minimum wage on employment, with the weight of evidence now showing that increases in the minimum wage have had little or no negative effect on the employment of minimum-wage workers, even during times of weakness in the labor market. Research suggests that a minimum-wage increase could have a small stimulative effect on the economy as low-wage workers spend their additional earnings, raising demand and job growth, and providing some help on the jobs front."

Like others, you (plural) don't seem to understand that any increases in labor-costs are passed on to consumers - with no impact on corporate profits. Yes, product and services cost more. But, also, due to the increase in consumer revenue, there is also more consuming - and, even, more profits.

It's a virtuous circle for all.

The increase in prices is absorbed in market-economy wherever by consumers. And, if the market-economy is services-oriented, not even the Chinese compete, so there is no "China Effect".

'Nuff said ... ?
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You guys like to pretend that a one percenter doesn't pay millions in taxes when he does.

And you guys like to pretend that an flat income tax of 30% on extraordinary wealth is fair and equitable.

Come off it. Saint Ronnie provided you (plural) with a bonafide rip-off authorized by Congress. Can't imagine what the Dems in Congress were thinking of when they allowed that bit of tax-thievery to pass into law ...
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VIRTUOUS CIRCLE



BS. Factual evidence, please ...

From the Dept. of Labor, Minimum Wage Mythbusters

Excerpt:

Like others, you (plural) don't seem to understand that any increases in labor-costs are passed on to consumers - with no impact on corporate profits. Yes, product and services cost more. But, also, due to the increase in consumer revenue, there is also more consuming - and, even, more profits.

It's a virtuous circle for all.

The increase in prices is absorbed in market-economy wherever by consumers. And, if the market-economy is services-oriented, not even the Chinese compete, so there is no "China Effect".

'Nuff said ... ?
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Most all legitimate sources agree that small increases in the minimum wage do have a small impact on the loss of jobs. Even your own link shows that. We haven't ever had the huge increases that the left proposes now but most legitimate sources agree that it will be devastating to marginal employees, causing their jobs and increasing social programs to cover them when they do. And I'm not going to post any links to prove something that is common knowledge and you can easily find for yourself. But I'm sure you would rather live in denial and claim victory just because it is not worth my time to counter your nonsense with links.
 
And you guys like to pretend that an flat income tax of 30% on extraordinary wealth is fair and equitable.

Come off it. Saint Ronnie provided you (plural) with a bonafide rip-off authorized by Congress. Can't imagine what the Dems in Congress were thinking of when they allowed that bit of tax-thievery to pass into law ...
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Why do you accuse me of supporting a flat income tax of 30% on extraordinary wealth? And, you are completely right, if you want to blame someone for tax cuts to the wealthy, Democrats are just as much guilty as "Saint Ronnie", including both Clinton and Obama, each who had two years of a completely Democratic Congress.
 
Why do you accuse me of supporting a flat income tax of 30% on extraordinary wealth? And, you are completely right, if you want to blame someone for tax cuts to the wealthy, Democrats are just as much guilty as "Saint Ronnie", including both Clinton and Obama, each who had two years of a completely Democratic Congress.

Obama inherited the Great Recession, which captured all of his attention in 2009. In 2010 he lost the HofR and the country was still with a much lower Employment to population ratio. Americans were preoccupied with Jobs, Jobs, Jobs, and so Obama was preoccupied with the economy, as he should have been.

You can't do anything as monumental as changing taxation-rates in such a circumstance, which requires a lot of haggling between the major parties.

Besides, it was never in his platform, so he had no real mandate to do it. It was in Bernie's, however.

Nobody is talking about it seriously - except me ...

PS: Maybe next time around? No "next time" for Obama. We'll see ... ;^)
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Most all legitimate sources agree that small increases in the minimum wage do have a small impact on the loss of jobs. .

Oh, I see. Seven Nobel prize-winners is not legit enough for you.

Do you walk on water as well ... ?
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Doubling the minimum wage

When did that happen? I must have missed that. And we no longer have any little buy business owners? Someone should have told me so that I could fire my employees and close my business.
 
You guys like to pretend that a one percenter doesn't pay millions in taxes when he does.

If they pay millions, then that means they are making at least tens of millions.

Somehow I find it hard to think of the paying taxes as harming them in any way. Do you really think that the taxes Bill Gates pays prevents him from affording his choice of car or food or home or vacation?
 
That's because you think wealth is a zero sum game.

The creation of wealth isn't zero sum, but the distribution of ANYTHING from a pool, in terms of percentage, is zero sum (even if the size of the pool can change).
 
The minimum wage has never been doubled before so no one really knows the full impact of it. There is much evidence that raising the minimum wage costs jobs and those stats are just from small increases, not doubling it. It is logical to conclude that doubling the minimum wage will cost lots of jobs. You think that every business sells Big Macs but you forget about service industries where a doubling of the minimum wage cannot be countered by just raising your prices 20 cents.

I really don't know that anyone is expecting min wage to instantly be doubled. The places that have set higher min wages have set it up so that they go up just a little each year until it reaches the target amount. Also, I'm pretty sure that doubling min wage is a negotiating ploy. A good negotiator will never start out at the min he will accept, they start out with a more favorible amount than they expect and negotiate from there.
 
Most all legitimate sources agree that small increases in the minimum wage do have a small impact on the loss of jobs....

I think you need to do more research on that because what you are claiming is contrary to virtually every single study on nation wide min wage increases.

The Heritage Institute claims that increases in min wage has a negative economic impact (just because it "seems" like it should), but they also freely admits that historic data doesn't support their finding.

Would you like me to post some links, or are you capable of doing the same google search that I am?
 
The creation of wealth isn't zero sum, but the distribution of ANYTHING from a pool, in terms of percentage, is zero sum (even if the size of the pool can change).

And it changes continually.
 
I think you need to do more research on that because what you are claiming is contrary to virtually every single study on nation wide min wage increases.

The Heritage Institute claims that increases in min wage has a negative economic impact (just because it "seems" like it should), but they also freely admits that historic data doesn't support their finding.

Would you like me to post some links, or are you capable of doing the same google search that I am?

Lafayette (who is on your side) posted a link from the Dept of Labor which said, ""In recent years there have been important developments in the academic literature on the effect of increases in the minimum wage on employment, with the weight of evidence now showing that (small) increases in the minimum wage have had little negative effect on the employment of minimum-wage workers". Your side has already posted this link so I don't have to.

Little does not mean zero and, again, we are talking about small increases, not large increases. No one has any evidence yet as to what large increases will do because it has never happened yet but it is logical to assume that if small increases results in the loss of a few jobs, larger increases will result in a larger amount of jobs lost.
 
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