Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
And the reason it's "distant" is because most adults look at their minimum wage job, and decide that YOU CAN'T LIVE ON THAT. So they take steps to makes sure they make well above minimum wage.
And with the exception of fast food employees moving up the ladder, very few "real" jobs pay minimum wage. You might work at them while you are earning a degree, but once you've got an education or skill under your belt, even entry level jobs pay above minimum wage. THAT'S where you pay your dues.
About 25% of all US workers make $10/hr or less. No, they're not all high school kids making extra spending money. In fact, the majority aren't. Raising the minimum wage to at least $10.00/hr would help all of these people. You would think putting more money into the hands of consumers would be considered a good thing, but I guess not to some of our Republican friends.
They have benefited because the government has printed money and filled their pockets.
In US, when "the government prints money," actually the government can't print "money;" the central bank, a private entity not under the government control prints "money," currency, to be precise, it dilutes the currency in everybody's hand causing inflation.
Inflation is a nightmare for the rich, second to deflation, particular to the bankers. Think about this. The banks make money by making loans. Now all the people taking loans would be able to return the money, now inflated. A house used to cost $300K now it's $600K. The owner sells the house and gives back the $300K to the bank and pockets the other $300. The bank would go bankrupt fast because their "money" is not worth as much anymore!
This is the primary reason that the central bank is NOT a government entity and does NOT print money under the government order. It's primary goal is to control the inflation independently or to prevent printing money. As the time when the Federal Reserve was created, a big selling point was to separate it from the government control because throughout the history, every government in the world would print money to satisfy the needs of its liberal minded people until hyperinflation.
About 25% of all US workers make $10/hr or less. No, they're not all high school kids making extra spending money. In fact, the majority aren't. Raising the minimum wage to at least $10.00/hr would help all of these people. You would think putting more money into the hands of consumers would be considered a good thing, but I guess not to some of our Republican friends.
Because it's not that simple. I've brought this up before and the only reply was a lame one.
Someone has a manufacturing facility paying $8.00 an hour to someone to pick an item up and put it in a box. His competition is located in China paying $2.00 an hour. How does he compete when the government forces him to pay even more when he's doing everything he can now to stay in business?
In US, when "the government prints money," actually the government can't print "money;" the central bank, a private entity not under the government control prints "money," currency, to be precise, it dilutes the currency in everybody's hand causing inflation.
It is under government control. They set the parameters the Fed is to work under and picks the one running things.
Quote:
Inflation is a nightmare for the rich, second to deflation, particular to the bankers. Think about this. The banks make money by making loans. Now all the people taking loans would be able to return the money, now inflated. A house used to cost $300K now it's $600K. The owner sells the house and gives back the $300K to the bank and pockets the other $300. The bank would go bankrupt fast because their "money" is not worth as much anymore!
Banks don't have to lend out a penny today to make billions with the Fed paying interest on the money they printed for them to start with. Why lend at all when the Fed guarantees you millions in profits?
Quote:
This is the primary reason that the central bank is NOT a government entity and does NOT print money under the government order. It's primary goal is to control the inflation independently or to prevent printing money. As the time when the Federal Reserve was created, a big selling point was to separate it from the government control because throughout the history, every government in the world would print money to satisfy the needs of its liberal minded people until hyperinflation.
No, he's right, had wages kept up with productivity, our minimum wage would be at least $19/hr right now. Truth is, only our richest Americans have benefited in recent years from our extraordinarily productive US economy, a sad victory for GOP economic principles.
This is so NOT true.
How did only richest Americans benefit? Did other Americans NOT take the same risk and invest their own money? Oh, no, they didn't. They only wanted a job and a paycheck, which was what they got. So yes, they have benefited too.
Besides, a lot of Americans have retirement plans which got bigger. How can you say they didn't benefit?
It is under government control. They set the parameters the Fed is to work under and picks the one running things.
Banks don't have to lend out a penny today to make billions with the Fed paying interest on the money they printed for them to start with. Why lend at all when the Fed guarantees you millions in profits?
Except it isn't.
Please do some study. It would benefit you. It would be better for you to understand a little about how bank works.
How did only richest Americans benefit? Did other Americans NOT take the same risk and invest their own money? Oh, no, they didn't. They only wanted a job and a paycheck, which was what they got. So yes, they have benefited too.
Besides, a lot of Americans have retirement plans which got bigger. How can you say they didn't benefit?
Does the Fed pay you interest on money they gave you to start with?
I know exactly what I am talking about. We will note you didn't dispute anything I said because if you tried it would make you look silly.
Please feel free to point out where I was wrong.
No, you don't know what you are talking about. I am not here to educate you on how banking works. Your post is so wrong that it's beyond just being silly. It shows your complete ignorance, I am sorry to say that.
Quote:
Originally Posted by pknopp
Banks don't have to lend out a penny today to make billions with the Fed paying interest on the money they printed for them to start with. Why lend at all when the Fed guarantees you millions in profits?
Banks have to make loans. If they don't, they would go bankrupt as that's like saying Microsoft doesn't need to produce software.
If what you said actually happened, we would be in hyperinflation. How does the Fed pay the banks on the currency the Fed prints???
Because it's not that simple. I've brought this up before and the only reply was a lame one.
Someone has a manufacturing facility paying $8.00 an hour to someone to pick an item up and put it in a box. His competition is located in China paying $2.00 an hour. How does he compete when the government forces him to pay even more when he's doing everything he can now to stay in business?
I'm in favor of restoring tariffs. That would go a long way to fixing what you're insinuating. The other answer is that American companies have to supply a better overall product.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
