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$70K or $35/hr doesn't get one much in NYC without a partner that also makes about that much at least.
and this is what you pivoted too:
Quote:
Originally Posted by urbanlife78
What assumption? The high cost of living in NYC? The income needed to rent is typically 40 times the rent. $70K will get you a $1750/month apartment. In NYC, that doesn't get you much, nor does it get you close in.
Both are unaltered quotes from you. You changed the goalpost. Both are direct quotes dude, come on, You could not defend your initial premise so you altered it.
Both are unaltered quotes from you. You changed the goalpost.
Ah, then you simply mean you don't know what "doesn't get you much" means. That makes sense. We are off topic, so I won't be commenting anymore on this off topic post of yours, but now you should clearly know what I said.
What assumption? The high cost of living in NYC? The income needed to rent is typically 40 times the rent. $70K will get you a $1750/month apartment. In NYC, that doesn't get you much, nor does it get you close in.
$14K will get you a $350/month room? Does such a thing exist in NYC?
20 Million a year is to low for a CEO, why not 100 million by moving operations to China. What could possibly go wrong.
There are consequences to raising minimum wage in the markets and there also consequences to moving your operations overseas to gain more profits also in the markets to the detriment of your consumers.
Eventually it comes back to bite you.
There is no Free Lunch
We have been told that it would cost 2000 for our 500 dollar monitors.
It is all lies
Consumers are being gouged to prop up Wall Street Global Investors and Globalist Corporations
This is wrong for the same reasons why raising the minimum wage to $1,000,000/hour would not increase demand and would immediately shut the entire economy down, just imagine it being orders of magnitudes less but with the same systemic issues.
If you coupled a $1,000,000 hr. wage with enough newly printed money so that the current employees could keep spending and the current employers could write pay checks it wouldn't shut things down.
Here is a thought experiment. If you have 100% investment, and 0% consumption what happens to the economy?
If you have no investment then what happens to the economy?
If you have too much investment and not enough consumption what do you have?
We currently have an over production of raw materials and an under consumption of finished goods, with an over capacity of production and underutilization of that capacity.
Too much investment and not enough consumption. We need less investment and more wages. We have a miss allocation of resources. This is world wide not just in the US.
I think people who are arguing that minimum wage should be $15 an hour are shooting too low. Who can live on that? I think it should be more like $20. What do you think?
I think people who are arguing that minimum wage should be $15 an hour are shooting too low. Who can live on that? I think it should be more like $20. What do you think?
I say tax the wealthy at 90% on any income in excess of the national average income. This would incentivize the wealthy to insure everyone makes more, even if only to releive their own tax burden.
The same principles apply to artificially increasing the price of labor. Imagine that you own a burger stand. You hire a cook that makes you 10 burgers every hour for $8. He voluntarily accepts those terms. Then the government comes along and says that you must now pay him $10 an hour. But wait, has the government promised you more burgers per hour? What if your cook physically cannot produce more than 10 burgers per hour? You get no additional burgers per hour, but now those 10 burgers cost you $2 more. The economy is now poorer by the value of that $2 per hour. Why? Because now $8 only buys 48 minutes of cooking burgers. Or, in terms of burgers, $8 dollars only buys 8 burgers now instead of 10! A $2 dollar minimum wage increase may not seem like much, but to you as the owner of the burger stand, your labor costs have now gone up 20 percent for no additional output!
Ok some math to crunch. You say the economy is poorer for the $2 an hr. But 10 burgers an hr would only require an increase in price of $0.20 per burger to cover it.
Now some reasonable assumptions about labor cost. If the cost of the cook was 20% of the cost of the burger then $0.80 per burger labor for a $4 burger. Upping the cost per burger to $4.20 means that an hr of the cooks labor went from buying 2 burgers to buying 2.38 burgers. ($8 hrs/ $4 burgers) to ($10 hrs/ $4.20 burgers)
The economy isn't poorer those $2 an hr it is richer those $2 an hr.
Ok some math to crunch. You say the economy is poorer for the $2 an hr. But 10 burgers an hr would only require an increase in price of $0.20 per burger to cover it.
Now some reasonable assumptions about labor cost. If the cost of the cook was 20% of the cost of the burger then $0.80 per burger labor for a $4 burger. Upping the cost per burger to $4.20 means that an hr of the cooks labor went from buying 2 burgers to buying 2.38 burgers. ($8 hrs/ $4 burgers) to ($10 hrs/ $4.20 burgers)
The economy isn't poorer those $2 an hr it is richer those $2 an hr.
The broken wind fallacy doesn't apply.
Unless the 20 cents/burger is delivered by a magical unicorn, then the 20 cents certainly DID come off of some other consumption. You should read up on the broken window fallacy, this time for comprehension.
We would not be better off, we merely would have substituted what we really preferred to spend money on so we could overpay a fry cook, because the government dictated it.
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