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Raise the minimum wage to atleast 10 dollars per hour. Also give tax breaks to companies who bring back jobs from China to USA. Make work visas for foreigners more difficult to get. and bring the cost of health care down-that alone is hurting our economy and our middle class.
None of that is relevant. You might want to update your calendar. This is 2012, not 1908.
Sorry, you failed ECON 101. That is not Capitalism, it is the Free Market in action.
Again, nothing there is relevant to the present.
Explain, in incredible detail, how someone in the Balkans making $2.80/hour can afford to buy products made by Americans making the average median wage of $22.50/hour.
When you finish, you can explain how a Filipino making $1.60/hour can afford to buy something made by an American getting $22.50/hour and then you can explain how someone in Tajikistan earning $1.31/hour can afford to buy American made products.
You keep talking about facts, I just gave you facts. Why are you unable to understand?
Look, you cannot compete globally, because you are nauseatingly over-paid.
So the solution is what, raise minimum wage? How does that make US workers globally competitive?
Unions should demand more wages? How does paying US workers more money make them globally competitive?
There should be tariffs/taxes on imports? How does tariffs/taxes on imports make American workers more competitive?
Explain that.
Ah, I get it. You failed math in grade school.
Let me explain it to you -- the US has 312 Million people, the world has 6.6 Billion people.
Get it? Here, maybe this will help.
US worker makes $22/hour, makes one alarm clock per hour, company needs $5 profit to say in business, so sale price is $27
Mexican worker makes $2/hour, makes one alarm clock per hour, company needs $5 profit to say in business so sale price is $7.
Now, do you get it? Okay, is a Filipino making $1.60/hour going to pay $27 for a made-in-USA alarm clock, or $7 for a made-in-Mexico alarm clock of equal quality?
This is like common sense, you know?
312 Million Americans, but 300 Million Chinese Middle Class, 300 Million Indian Middle Class and 300 Million Eastern Europe Middle Class.
312 Million * $5 profit = $1.56 Million
900 Million * $5 profit = $40.5 Million
Which is bigger?
Does the phrase "Global Economy" have any meaning to you at all?
ECON 101 Fail.
The reason you're in the mess you're in, is because you violated the Laws of Economics. So why would you continue to violate the Laws of Economics and suffer even more by raising minimum wage?
And again, explain how raising the minimum wage makes US workers globally competitive.
Yes, they do. Minimum wage earners can own their own houses, too. In fact, there were 1,036,535 Tax-Payers with an Adjusted Gross Income of less than $15,000 who took the mortgage interest deduction, because they own their own homes.
Other fun facts:
53,543 people with an AGI of <$10,000 took the mortgage insurance deduction.
620,197 people with an AGI of <$10,000 took the mortgage interest deduction.
You can't afford a mortgage of $299.78 per month, insurance and taxes included?
Have fun refuting that.
There is no moral. Economics is amoral. There is only reality, which you refuse to accept.
The only willful ignorance I see is from the left.
You are in a global economy, and there is no going back. You cannot change it; you cannot end it; you cannot stop it; and you cannot isolate yourself from it.
You're just like the Big Star 8th Grader.
He's bigger, runs faster, is quicker, more coordinated, stronger and has greater agility than everyone else. And so he's the "Star."
But then he rides the bench his freshman year. Why? Because everyone caught up to him, and he is no longer the biggest, fasted, quickest, most coordinated, strongest or most agile.
That's you.
Your median wage is $22.50/hour. That is a mistake. It should never have been that high. The only reason it got that high because of WW II, and the Bretton Woods Agreement, and the Petro-Dollar, and your repressive foreign policy, and your unions and your own greed.
The countries you refused to develop, they're being developed by BRIC. And now you cannot compete globally. You're just going to have to wait until your wages fall enough to reach equilibrium with the rest of the world.
Equilibrium is not the same as equality. I'd say when your wages are about $12-$14/hour and the rest of the world is at $6/hour, you'll have equilibrium of sorts.
You only have to wait 30-35 more years for that to happen. In the mean-time, get over it already.
Debunking...
Mircea
Great post.
The biggest problem with the general US population is we still has the mentality of the 60s? Why are we even compare with the 3rd world. We are a much more advance country and have a much higher standard. But all I am seeing is how we can compete with the 3rd world.
Raise the minimum wage to atleast 10 dollars per hour.
You could raise the minimum wage to $100 an hour, you're still going to be in the same boat you were before because your $100 will buy the same thing $7 did.
Quote:
Also give tax breaks to companies who bring back jobs from China to USA
Just eliminate corporate/business taxes all together. These are just expenses to companies no different than the light bill passed onto the consumer.
Trickle down doesn't work when you refer to everyone getting the Bush Tax Cuts as "job creators". Ford was obviously a job creator, but little good the jobs would have been for the overall economy if the working class could not afford to purchase what he was selling.
You could raise the minimum wage to $100 an hour, you're still going to be in the same boat you were before because your $100 will buy the same thing $7 did.
The problem is the Fed has so devalued the dollar the last couple years, what do you do? Yes, you are correct that raising the minimum wage will only cause prices to rise even more but what this is, is a good example why the government only mucks things up when they interfere.
The problem is the Fed has so devalued the dollar the last couple years, what do you do? Yes, you are correct that raising the minimum wage will only cause prices to rise even more but what this is, is a good example why the government only mucks things up when they interfere.
Don't you think the devaluing of the dollar is intentional though? How else do we reduce federal debt without increasing taxes or cutting spending (both of which are political suicide for any politician)?
They are actually obama's tax rates now, since he was the last to approve them.
But I digress.....the cuts were necessary to pull us out of the clinton recession that Bush inherited.
Bush had an average unemployment rate of 5.4% and an average deficit of $300 billion.
obama has an average unemployment rate of 9% and TRILLION DOLLAR deficits every year.
Simply vote for people who want to change the tax code....don't get upset when people use the tax code to their benefit. We ALL do it.
While I believe that people should be able to keep as much of their money as possible and this is the only justification you need for a tax cuts, it wasn't the cuts that got us past the tech bubble collapse. It was creating the housing bubble. We know how poorly that ended in part because it was built upon the tech crash as opposed to simply allowing the crash run it's course.
We have now created a QE bubble. The problem is, these bubbles do less and less while still creating their own problems. It's obvious that printing more and more money is not working but yet we have the Fed and government wanting to do more and more of it.
Raise the minimum wage to atleast 10 dollars per hour. Also give tax breaks to companies who bring back jobs from China to USA. Make work visas for foreigners more difficult to get. and bring the cost of health care down-that alone is hurting our economy and our middle class.
That sounds great and all, but if I keep my business in China, all the tax breaks in the world wont beat paying ZERO. Corporations not based in the USA, dont pay US taxes
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