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Old 12-29-2019, 09:30 PM
 
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This is great news, this will gentrify communities and help people out of poverty. The problem is the real min wage should be around $20/hr now. The fight for $15 has been going on for so long that $15 is not very much money anymore.

So I guess get the organization for $20/hr going now because real estate and building costs and taxes keep sky rocketing. This is what happens when it takes a quarter of a generation to get anything done.
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Old 12-29-2019, 09:30 PM
 
1,724 posts, read 1,247,990 times
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Quote:
Originally Posted by RationalExpectations View Post
This will be an interesting real-time experiment.

Economic theory is clear: raising the minimum wage has the following effects:
  • The total number of low-end jobs decreases, as the minimum wage is above the market clearing wage.
  • Many formerly employed low-end employees lose their jobs.
  • Many hope-to-be employed low-end employees enter the job market for the now-higher wage only to find no one will hire them.
  • Those low-end employees who keep their jobs will have larger paychecks.
  • Prices at the margin go up

We'll get to see how much of the above actually happens in the real world.
The minimum wage was increased regularly since it was established in 1938 at $0.25/hour until 2009. Did those increases have these effects? Or is something different now?
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Old 12-29-2019, 09:33 PM
 
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Originally Posted by Chas863 View Post
Why should we mandate a minimum wage when the cost of living varies so greatly from state to state and even from city to city within some states?

Minimum wages were never intended to be a "living wage" for a family... or even for an individual. Nevertheless, it is instructive to do some comparisons.

Would you rather be making $13/hour in California where the cost of a 1 BR apartment could be $3,000 per month (or HIGHER),

or would you rather be making $7.25/hour in Tennessee where a 1 BR apartment might cost you $700 per month?
There are very few places where $15 hr is considered good money. Many states courts struck down individual cities being able to set higher min wages which has caused alot of problems.

15-20/hr across the nation is a good bar with major cities and other expensive locals having much higher min wages. Anything less than 15 is exploitive (it takes advantage of people's bad situations) unless its a high school student who is still learning to brush their teeth.
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Old 12-29-2019, 09:38 PM
 
7,667 posts, read 3,411,024 times
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Originally Posted by Kthnry View Post
The minimum wage was increased regularly since it was established in 1938 at $0.25/hour until 2009. Did those increases have these effects? Or is something different now?
Its greed, with the super low min wages someone with a little bit of start-up capital can have an intellectually uninteresting uncreative business model and still turn a profit because their labor costs are next to nothing, they only have to be able to float the payroll taxes.

With higher min wage these jokes of buisness will fold and only creative highly value-added business plans will survive. The days of just opening up a carton of cigarettes from costco and putting them on a shelf and marking them up will be over.

The days of getting some taco bell at 2am becuase your drunk or high having a good time while the poor schelp in taco bell has to work will be over (or you will be paying a FAT bill at the taco bell line).

The exploitation will end, people will have to do more for themselves and they won't have a desperate slave class to pander to them while they go party or indulge in other things because they are better off.

I dont think 15 will get us there, I think we are honestly at 20 now (and much higher for places like seattle, LA etc)

After all if these people are doing such simple jobs a monkey could do it, why dont you go home and make your own tacos while you are high?
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Old 12-29-2019, 11:38 PM
 
6,571 posts, read 2,399,266 times
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Originally Posted by Chas863 View Post
Using California as a good example of economic policy to follow doesn't seem like such a great idea to me.
What, you think Mississippi or West Virginia is a better example to follow?
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Old 12-29-2019, 11:47 PM
 
7,667 posts, read 3,411,024 times
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Originally Posted by Elliott_CA View Post
What, you think Mississippi or West Virginia is a better example to follow?
These people only care about themselves, they want economic policies that benefit them and their lobby at any given time. Its all about them looking out for their own profit margins at the expense of others, thats the difference between organic capitalism and crony capitalism. The crony capitalist wants policy to favor them so that they can keep their profit margins no matter what the economic climate is.

So long as they can stay in their gated communities its all good, even if its at the expense of others.
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Old 12-29-2019, 11:56 PM
 
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Originally Posted by Elliott_CA View Post
What, you think Mississippi or West Virginia is a better example to follow?
How about Texas?
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Old 12-30-2019, 12:05 AM
 
9,050 posts, read 9,694,093 times
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Originally Posted by pittsflyer View Post
This is great news, this will gentrify communities and help people out of poverty. The problem is the real min wage should be around $20/hr now. The fight for $15 has been going on for so long that $15 is not very much money anymore.
This is an example of why I can't tell if you are joking around or just profoundly ignorant about economics.

If you stood up in front of a group of economists and threw out that bit about an increase in the minimum wage gentrifying communities everyone in attendance would laugh except the one guy who would instead call security.
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Old 12-30-2019, 06:50 AM
 
Location: Guadalajara, MX
6,770 posts, read 3,277,964 times
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Originally Posted by HDWill1 View Post
One of the reasons Obama was elected was that he was seen to have a steadier hand than McCain in September and October '08 as the economic storm clouds gathered.
Selecting Palin.

One of the worst political choke moves of the century.
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Old 12-30-2019, 06:57 AM
 
Location: Guadalajara, MX
6,770 posts, read 3,277,964 times
Reputation: 12949
Quote:
Originally Posted by pittsflyer View Post
With higher min wage these jokes of buisness will fold and only creative highly value-added business plans will survive. The days of just opening up a carton of cigarettes from costco and putting them on a shelf and marking them up will be over.
The person selling the sundries from the corner market has an honorable job making a living so they can feed their family, pay taxes, and contribute to our society. Their business is no more a joke than some fool playing around with machinery in their garage thinking they are somehow better.
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