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Thread: Minimum Wage Laws Boosting Wages

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    Re: Minimum Wage Laws Boosting Wages

    Quote Originally Posted by jpn View Post
    This is very good news for the lowest income segment. The fact that it isn't causing job loss is especially welcome.

    If you truly believe that minimum wage laws do not cause unemployment, and if you also believe that every worker deserves a living wage, then why not argue for a $50 per hour minimum wage?

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    Re: Minimum Wage Laws Boosting Wages

    I am glad to see the states are raising min. wage because the feds refuse to do as such and so do corporations.
    To live is to suffer~Fritz Lang

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    Re: Minimum Wage Laws Boosting Wages

    Quote Originally Posted by aociswundumho View Post
    If you truly believe that minimum wage laws do not cause unemployment, … then why not argue for a $50 per hour minimum wage?
    Aociswundumho, if the minimum wage rate’s purchasing power is reduced or otherwise less enforced, I do not doubt additional jobs would be created for tasks that currently do not justify the current legally enforced minimum wage rate. A job’s wage rate is among the job's significant attributes. If the rate’s purchasing power’s less, the job’s economically of lesser worth.

    Proponents contend lacking a definite and reasonably enforced minimum wage rate and/or approximately “full-employment”, incidences of wage rates "racing to the bottom will occur. They contend enforcement of unemployment insurance and a minimum wage rate of reasonable purchasing power is preferable to permitting reduction of the minimum wage rate’s purchasing power.

    I don’t believe we “know” the minimum rate’s optimum purchasing power. The purchasing power of the federal minimum wage rate’s purchasing power “peaked” at $1.60 per hour in February – 1968, but our economy could have more benefitted if the minimum’s purchasing power had been further increased.

    I do not “know” if we could increase the minimum’s purchasing power to an extent that would be economically detrimental, but 125% of the February – 1968 peak would not be testing that possibility.

    Respectfully, Supposn
    Quote Originally Posted by I'm Supposn View Post
    H.R. 582, “Raise the wage act” is a good bill, but opponents of the bill will refrain from mentioning the minimum hourly rate will not be $15 until 7th year after the bill's passage.
    In the likely case that it's not passed through and added to our federal statutes, I urge U.S. Congressional members to continue striving and pass a bill that would increase the minimum wage rate by 12.5% of its purchasing power until it attains 125% of its February-1968 purchasing power. Thereafter the rate should be monitored and annually adjusted to retain that purchasing power. …

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    Re: Minimum Wage Laws Boosting Wages

    Quote Originally Posted by aociswundumho View Post
    If you truly believe that minimum wage laws do not cause unemployment, and if you also believe that every worker deserves a living wage, then why not argue for a $50 per hour minimum wage?
    It is conceivable that within certain limits (in other words, as long as it is sufficiently low), a minimum wage law will not have this kind of undesirable effect and might very well turn out to have the redistributive impact its proponents are looking to get.

    The supply and demand model underlying most of the criticism of minimum wage laws is not exactly the best way to model the labor market. At a theoretical level, it produces excessively procyclical wage behavior unless you introduce either heroic assumptions about the aggregate elasticity of supply, or a combination of frictions in the model. But, at a more fundamental level, we actually can reliably dig into the data and take advantage of state-level initatives to estimate the impact of the policy changes without committing ourselves to a very structured view of how the market actually works. The classic example on this is the study of David Card (1990). Card presumed that if something like the ECON101 story was going to work, it should mostly apply to the less skilled subset of workers, so he focused on employment data in the fast food industry. The primary conclusion of David Card is that no matter how you try to look at it, the negative impacts on employment are just not there. One possibility is that there is no effect. Another possibility is that there was an effect, but it was so small Card didn't have the data to build up sufficient statistical power against the null.

    However, whether you buy one or the other, this did not involve a massive hike. I would hesitate to take results from studies like this one and use them to imply a minimum wage increase that is substantially larger would still have no effect. I'm still very much convinced that there is a point at which the basic fact that operational costs increased will change the behavior of employers, even there might be something to the idea that there is some kind of bargaining going on and employers still have some breathing air above what they currently pay some workers.
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    Re: Minimum Wage Laws Boosting Wages

    Quote Originally Posted by Moonglow View Post
    I am glad to see the states are raising min. wage because the feds refuse to do as such and so do corporations.
    It is probably preferable that state authorities take position on how high to set the minimum wage.

    Not every area is the same and you do not have infinite slack to play with the minimum wage before the critiques are proven right. It's not exactly fair to make up an argument about a 50$ an hour minimum, but it does convey a spec of truth about those kinds of policies. If it is a matter of eating up some of the margin of additional benefits employers tend to get out of negotiations with low skill workers, you only have so much space to play with. And, circling back, that slack is unlikely to be the same everywhere.

    Another point to be raised here is that when Washington D.C. imposes a rule, it's the same rule for everyone. If each State gets to pick and choose, at least there is a closer proximity between the people who make the bed and those who will lie in it and there is ultimately the option of leaving if you're really unahppy about it.
    All people who oppose free speech are trying to sell you snake oil. There is absolutely no exception to this rule.

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    Re: Minimum Wage Laws Boosting Wages

    Quote Originally Posted by aociswundumho View Post
    If you truly believe … every worker deserves a living wage ...
    Aociswundumho, I don’t believe the U.S. Congress would or should even consider passage of a guaranteed monthly or annual income until the nation has enacted and become accustomed to a wage rate of minimum purchasing power. Unlike the minimum wage rate, a guaranteed income implies guaranteed wages or public assistance for a guaranteed duration of weeks or months.
    Respectfully, Supposn

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    Re: Minimum Wage Laws Boosting Wages

    Quote Originally Posted by TheEconomist View Post
    It is probably preferable that state authorities take position on how high to set the minimum wage. … Another point to be raised here is that when Washington D.C. imposes a rule, it's the same rule for everyone. …
    Economic justifications of the federal minimum wage rate.

    Minimum wage rate’s purpose is reduction of incidents and extents of poverty among the working poor (which in turn bolsters the median rate).

    Individual entities and their states’ economies can and often do net benefit from higher wage rate states, but lower wage states are economically of some net detriment to U.S. higher wage states. This is particularly the case between adjoining states.

    The federal minimum rate is not a the uniformly effective minimum rate throughout USA’s 50 states, but they are not permitted to undermine the federal mineral rate with a lesser rate; it’s not as its opponents claim, “one rate to fit all”.

    Respectfully, Supposn

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    Re: Minimum Wage Laws Boosting Wages

    Quote Originally Posted by jpn View Post
    This is very good news for the lowest income segment. The fact that it isn't causing job loss is especially welcome.

    Raising the minimum wage is something people have to go around the Republican Party to pass, as Arkansas did. Even though a $15/hr wage is very popular across the nation, the Republican Party almost uniformly opposes it without regard to actual data showing their fears unwarranted.
    Good news for those that don't lose their jobs or have their hours reduced which typically happens when minimum wage is hiked.
    Obama: High unemployment and slow growth are the new normal
    Trump: No they're not

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    Re: Minimum Wage Laws Boosting Wages

    Quote Originally Posted by danielpalos View Post
    yet, the Richest can always get richer?
    And most of the "rich" started out poor.
    Obama: High unemployment and slow growth are the new normal
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    Re: Minimum Wage Laws Boosting Wages

    Quote Originally Posted by Bullseye View Post
    And most of the "rich" started out poor.
    Bullseye, I suppose the majority of the wealthy are generations beyond their poor ancestors; they did not start out poor. Donald trump and his family are examples of inherited wealth. Respectfully, Supposn

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