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Old Today, 08:27 AM
 
10,695 posts, read 2,733,880 times
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Quote:
Originally Posted by Mathguy View Post
They may be some cost passed on but from what I've read a lot of the businesses will just keep their payroll level by employing fewer workers.

So, if you are one of the better low-wage workers then it's a definite win if you move up from $11 to $15/hr.

However if you aren't then you may have trouble finding a job at all.

P.S. Employers will also have more incentive to hire illegals off the books at lower wages.
I doubt it, many of these places will still need the same amount of employees to keep daily operations going as they have been. If MW was raised and we had to pay all our cashiers the new $15 rate, we couldnt just fire 1/3 of them, to make up for it, we still need to have people running the registers when we are open.


Such an increase wouldnt impact us that much anyway, our annual profits have been in the high millions for years now, once MW is raised, profits will likely take a hit for a short time, but not by that much and not for that long either.
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Old Today, 08:40 AM
 
16,819 posts, read 9,130,160 times
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Quote:
Originally Posted by pknopp View Post
Interest rates have been held artificially low for a very long time. We are discussing lowering them again. We lower them to increase profits for the well off while harming those who had planned on being able to afford their groceries on their savings.

If this is a good idea, why don't we simply make negative interest rates for everyone?
There are about 14 trillion in negative interest bonds globally as I type btw!

Doesn't low interest rates make it somewhat easier to buy a home or car, which helps the working class? I do generally agree though that Quantitative Easing has had more negatives than positives.


Are you saying that there would be no detrimental effects of a $15 minimum wage in low cost of living areas and $50 in NYC?
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Old Today, 08:41 AM
 
Location: 20 years from now
5,539 posts, read 5,722,945 times
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i'm fine with the wage increase--as long as we reduce the amount of welfare (Food stamps, WIC, Medicaid, Section 8 and other vouchers). Once their wages go up, we should see a reduction on government entitlements, right?
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Old Today, 08:49 AM
 
79,504 posts, read 33,688,908 times
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Quote:
Originally Posted by michiganmoon View Post
There are about 14 trillion in negative interest bonds globally as I type btw!

Doesn't low interest rates make it somewhat easier to buy a home or car, which helps the working class? I do generally agree though that Quantitative Easing has had more negatives than positives.


Are you saying that there would be no detrimental effects of a $15 minimum wage in low cost of living areas and $50 in NYC?
I'm saying people have to survive. If people get laid off, then you can provide housing and food stamps for them.

People making $1 million dollars will be fine if next year they make $1 million still or even $900,000. That isn't the case for those at the lower end of the ladder. The retiree is hurt when their income is cut from $1500 a month to $1300 with their costs also going up.

The person making minimum wage is hurt with the increasing costs associated with artificially low rates. They can't buy a new car or house anyway but their rent is going to go up.
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Old Today, 08:51 AM
 
79,504 posts, read 33,688,908 times
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Quote:
Originally Posted by itshim View Post
i'm fine with the wage increase--as long as we reduce the amount of welfare (Food stamps, WIC, Medicaid, Section 8 and other vouchers). Once their wages go up, we should see a reduction on government entitlements, right?
Depends right? If companies start cutting hours and laying people off then those costs are going to at best, stay the same.

We place "shareholder value" above everything else in this country today. We put it above safety, people's health's, our laws, etc.
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Old Today, 08:54 AM
 
Location: 15 months till retirement and I can leave the hell hole of New Yakistan
25,361 posts, read 14,065,996 times
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Quote:
Originally Posted by Hesychios View Post
House OKs $15 minimum wage, setting marker for 2020 campaign.


Excellent!


This is what Democrats stand for, the working people.
its not for the working people..htis will cause lots of layoffs


and it now will cause those few that get it...to be in a higher tax bracket
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Old Today, 08:58 AM
 
9,509 posts, read 2,339,655 times
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Quote:
Originally Posted by workingclasshero View Post
its not for the working people..htis will cause lots of layoffs
This is a tiresome old canard trotted out every time a minimum wage increase is discussed. I have been hearing the claim for fifty years, the sky has not fallen.
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Old Today, 08:59 AM
 
12,873 posts, read 4,657,792 times
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Quote:
Originally Posted by michiganmoon View Post
Housing is a cost.

True or False, if you don't pay your mortgage or property taxes you can potentially lose your home?

True or False, if you rent like 69% of NYC households and comparable numbers in Chicago, San Francisco, etc you are not building any equity in your home, which is a cost?

True or False, a primary reason to move to the suburbs and commute is the lower cost of a home, because the comparatively more expensive city priced you out of good options?

People don't move to the suburbs, because they love an hour drive and an hour drive back (your time frame given) in heavy traffic to work adding more wear and tear on your car and gas costs. But rather it is a lower cost of living in the suburbs in spite of the commute for a comparative accommodation and lifestyle. Thank you for proving my point unwittingly.

They often don't include housing in inflation numbers because it's sharp rise and falls can distort day to day living inflation. If you buy a 30 year mortgage home, which is far more common in low cost of living areas, then you are locked in and inflation for you doesn't need to measure home costs.
Any factor that is also an investment, which housing clearly is, is obviously not included in inflation numbers.

Its silly to think that you save money by moving to an area with low housing prices if you can afford to buy in a high wage/high housing price area.
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Old Today, 08:59 AM
 
16,819 posts, read 9,130,160 times
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Quote:
Originally Posted by pknopp View Post
I'm saying people have to survive. If people get laid off, then you can provide housing and food stamps for them.

People making $1 million dollars will be fine if next year they make $1 million still or even $900,000. That isn't the case for those at the lower end of the ladder. The retiree is hurt when their income is cut from $1500 a month to $1300 with their costs also going up.

The person making minimum wage is hurt with the increasing costs associated with artificially low rates. They can't buy a new car or house anyway but their rent is going to go up.
I am fine with a reasonable minimum wage increase. I am also fine with a national healthcare system so poor people who need a surgery don't get destroyed financially.

$15 minimum wage in a low cost of living area would hurt many of those low-income people.

If Democrats care so much, how come adjusting for cost of living shows that red areas typically have higher minimum wages than the deep blue big cities? Shouldn't more and more of these cities controlled by Democrats start raising the wages way above what it is now to lead the way?
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Old Today, 09:01 AM
 
12,873 posts, read 4,657,792 times
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Quote:
Originally Posted by Mathguy View Post
The companies will do what Target did as they increased their minimum pay.

They got rid of the more marginal workers and put more work on the others.

Others will expand automation.

In short, hundreds of thousands of workers are going to lose their jobs but the better ones will get a pay increase and this is the non-partisan finding of the CBO.

So yeah, this isn't going to be all rainbows and unicorns for everybody.

Secondly, it's a stupid idea because it has no cost of living provision.
(However I think that's part of the plan because the lower cost areas are generally republican so they basically build in opposition and this bill is not intended to pass but rather create a wedge issue.)
So you're saying that higher minimum wage boosts productivity growth and technological innovation. Thats the main factor in GDP growth.
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