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Consequences of eliminating the federal minimum wage rate

James972 said:
I asked if you had 10001 other intervention in mind with which to interfere with capitalism and what the rules are for how much to interfere with capitalism.
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James972, I’m unaware of any stable government that does not have laws and regulations that are of character, and/or purpose, and/or effect somewhat similar to our federal minim wage rate. I would suppose they do this for economic, humane, and political purposes. Eliminating such laws and regulations would destabilize their nations’ governments.
You contend due to our minimum wage rate, capitalism is not the driving force of markets within the USA? That’s nonsense.

I ask what’s you next inhumane and/or foolish proposal?

Respectfully, Supposn
 
James972 said:
I asked if you had 10001 other intervention in mind with which to interfere with capitalism and what the rules are for how much to interfere with capitalism.
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If you look at capitalism and how its easy for the rich to manipulate the system you end up with something like India. The very rich and the majority very poor. The opposite you have socialism that corrupted by the poloticians and you get China were you have the very rich and the majority very poor. The best outcome is to marry the two. Thats currently what we have now in the US. Where capitalsim reigns surpreme but with social benefiets to keep the poor living. Thats the true goal of the US government, They are there not to create wealth or be a check on capitalism but as way to keep the poor in the country just happy enought to not bann together and rise up against the rich. Thats the main goal of any good government is to keep the poor away from the rich.

This is why you cant let capitalism run unchecked and let the free market take over. The population is too great with to few jobs, the minimum wage would pulmit and so would most wages of all most all job classes. Same has be to held in check with the social programs, they cant let the social programs get so big that they drag down the rest of the economy.
 
Originally Posted by joG on 11:47 AM, 26Jan2017: So minimum wage should be $15, $25, $250?
cpwill said:
$250. Then we can all be as rich as Zimbabweans.
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Transcript of 10:44 PM, 26Jan2017:

Jog, I’m unaware of any nation’s government having increased their legally mandated general minimum wage rate to the extent that it was of net detriment to their economy. Every increase of the federal minimum wage rate has been net beneficial to our economy.
I don’t doubt that a nation could radically and suddenly increased their minimum wage rate and thus shock their economy. I suppose that a minimum rate could be set sufficiently high to be of their nation’s net detriment. The USA has never done so and there’s been no creditable effort to do so.

February 1968 the federal wage rate was raised to $1.60 which when indexed to the CPI
https://data.bls.gov/cgi-bin/cpicalc.pl , 1968 = $1.60, 2016 = $11.03

1968’s $1.60 wasn’t particularly a great hourly rate then, and $11.03 isn’t particularly a great hourly rate now. Your question’s subjective rather than a question of fact. It’s my opinion that the $15 is reasonable if it thereafter retains its purchasing power. It's most important that the minimum rate retain its purchasing power.

I’d suggest pegging the rate to a current cost-price index number to be thereafter annually adjusted to stay abreast with that CPI, plus immediately after each of the first seven annual adjustments, the rate should be increased an addition $1.

Respectfully, Supposn
 
I say there should be a pilot project...give one citizen $1 million dollars and see what it does for their life.

I figure if Bernie Sanders wins in 2020 that he will start shipping portable printing presses to poor people anyway...so we might as well see what effect it could have.

And I volunteer as the guinea pig.
 
joG said:
They made almost three times that, last time I looked.

;)
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Daggum. Foreign countries are always more socialist and wonderful than we are. One day, we too, will be rich enough to have a $1 million minimum wage, and 98% of our population impoverished and permanently unemployed.
 
jdog21 said:
If you look at capitalism and how its easy for the rich to manipulate the system.
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by manipulate you mean provide the best jobs and products in the world????
 
February, 1968 the federal wage, (FMW) rate was increased to $1.60/per Hr. That’s the equivalent of $11.45, July, 2017.
Refer to https://data.bls.gov/cgi-bin/cpicalc.pl .

The increase was beneficial to USA’s economy after 1968 and there is every reason to believe that a minimum rate much higher than $1.60 would have been much more economically beneficial.

The FMW rate’s not among the primary causes of the U.S. dollar’s purchasing power losses. The FMW rate is less a cause and much more a victim of the U.S. dollar’s inflation.

I advocate after every New years day, the federal minimum wage rate should be monitored (and adjusted if necessary) to keep it abreast with the annual proportional change of the cost-price index number, (i.e. the U-CP index).,

Furthermore each first day of February and first day of August, the federal minimum wage rate should be increased by a half dollar per hour until the purchasing power of that minimum rate exceeds 25% of the minimum's purchasing power on the first day of August, 1968.

Respectfully, Supposn
 
I'm Supposn said:
February, 1968 the federal wage, (FMW) rate was increased to $1.60/per Hr. That’s the equivalent of $11.45, July, 2017.
Refer to https://data.bls.gov/cgi-bin/cpicalc.pl .

The increase was beneficial to USA’s economy after 1968 and there is every reason to believe that a minimum rate much higher than $1.60 would have been much more economically beneficial.

The FMW rate’s not among the primary causes of the U.S. dollar’s purchasing power losses. The FMW rate is less a cause and much more a victim of the U.S. dollar’s inflation.

I advocate after every New years day, the federal minimum wage rate should be monitored (and adjusted if necessary) to keep it abreast with the annual proportional change of the cost-price index number, (i.e. the U-CP index).,

Furthermore each first day of February and first day of August, the federal minimum wage rate should be increased by a half dollar per hour until the purchasing power of that minimum rate exceeds 25% of the minimum's purchasing power on the first day of August, 1968.

Respectfully, Supposn
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Why not have a libNazi govt set all prices at 20% of current so we can all buy a lot more stuff!! or give everyone a $100/hour raise? Be honest, as a typical libcommie setting wages and prices is just 1 of a 1000 ways you want to interfere with capitalism-right?
 
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