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Originally Posted by Supposn
Minimum wage, a character issue.
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A character issue?
Well, let's examine your character.
Quote:
Originally Posted by Supposn
Since February-1968, the federal minimum wage rate has lost 39% of its purchasing power.
Regrettably, you're ill-informed regarding what's being discussed within this thread.
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Your imitation of Herr Josef Göbbels is spot-on.
The federal minimum wage law wasn't enacted in February 1968.
The federal minimum wage law went in effect October 1938 or about ~30 years prior to the date you deceitfully cherry-picked for propaganda and disinformation purposes.
So, out of 696 months, you cherry-pick one single month to make a baseless argument on a subject you don't even understand.
One might conclude the nature of your character is the manipulation of data for purposes of deception.
Quote:
Originally Posted by Supposn
The federal minimum wage, (FMW) rate is of net social and economic benefit to our nation.
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Our nation?
Which nation is that? The Chickasaw Nation? The Seminole Nation? The Miami Nation? The Cherokee Nation?
Those are nations. The US is not now and has never been a nation.
The US is a country.
The legal and technical difference between a nation and a country is homogeneity. Nations are homogeneous, while countries are heterogeneous.
A nation has one culture. There is one language, one alphabet, a hero or heroes and holidays that are celebrated and unique art, literature and music.
When a nation fills a political boundary, it is a nation-State, like Norway, or Denmark, or Sweden or Ireland.
Quote:
Originally Posted by Supposn
It has never been among the major causes of the U.S. dollar’s inflation; on the contrary, it’s certainly among inflation's victims.
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More deception.
On the Economics Forum where you got beat down before bringing your drive to the P&OC Forum, no one ever said or implied the federal minimum wage causes Monetary Inflation.
Your inability to comprehend Inflation is the problem.
An increase in the federal minimum wage can cause Wage Inflation. Wage Inflation need not exist country-wide. It can exist regionally, State-wide or locally.
An increase in the minimum wage by the federal government, a State or a municipality
will increase Demand-pull Inflation.
When Demand-pull Inflation exists, people often seek substitutes, because they cost less.
By seeking substitutes, it stabilizes or reduces Demand, which results in price increases for goods and services affected by Demand-pull Inflation to occur at slower rates.
Increasing the minimum wage allows people who were seeking substitutes to purchase the original goods and services, which increases Demand and results in higher prices, thus Demand-pull Inflation.
Increasing the federal minimum wage results in Wage Inflation locally.
That's proven by the fact that every time the federal government raises minimum wage, the federal government has also without exception and without fail raised the bar for the federal poverty level.
So, the people "in poverty" are out of poverty only until the US Census Bureau recalculates the federal poverty rate, and then they're right back "in poverty."
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Originally Posted by Supposn
No employees are poorer and no enterprises suffer any competitive disadvantage to any USA enterprises due to the FMW rate.
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Massive fail.
The increase from $5.15/hour to $7.25/hour decimated the US Export Industry.
Approximately 3 Million jobs directly and indirectly related to the Export Industry were lost because they could no longer compete against
China, Vietnam et al.
The direct jobs would be those like packaging and minor assembly type jobs.
Indirect jobs would be those who supply intermediate finished goods and finished goods for use in the industry.
When a company packaging products for another company lays-off workers, then the companies that supply the packaging material and other goods have reduced orders, so they lay-off employees.
Quote:
Originally Posted by Supposn
...but although the elimination of our minimum wage laws would be greatly detrimental to our nation’s net social and economic well-being,...
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No one is advocating the elimination of the minimum wage. They're advocating the elimination of the federal minimum wage.
Obviously, you either don't understand the difference, or you enjoy creating Straw Men.
According to your own government, there is a huge difference in Cost-of-Living throughout the US.
$26.90/hour - $6.92/hour = ~$20/hour
The federal government cannot set a minimum wage that will be fair and just for everyone, but States and cities can.
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Originally Posted by Supposn
I suppose most USA’s population, (significantly more than a 10% plurality) to some extent approve of federal minimum rate’s existence. There are much fewer among wealthy or competent people that are opposed to the federal minimum rate.
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10% is not a plurality and your use of Logical Fallacy is not persuasive.
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Originally Posted by Supposn
A great proportion of minimum rate opponents lack self-esteem.
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Not relevant, but you're welcome to use your own money to pay for their psychological counseling.
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Originally Posted by Supposn
The minimum wage critically effects no less than the lowest 20th percentile and substantially affects the remainder of lowest 40th percentile of USA's wage earners.
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Not relevant.
The Laws of Economics do not care how wages are apportioned throughout a society unless you attempt to meddle in which case the Law of Economics will slam you with wave after wave economic punishment.
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Originally Posted by Supposn
GuyNTexas, I'm absolutely correct, except when I'm not.
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You're not absolutely correct. You have no training or education in Economics and you have no facts to support your false conclusions based on cherry-picked data.
You still cling to the false belief that $1 of imports equals $1 of GDP in spite of 200 years of evidence proving that $1 of imports increases GDP by $8 to $20.
Quote:
Originally Posted by Supposn
The federal minimum wage rate is a minimum. It does not control product prices or wages and is not among the primary factors that affect the U.S. Dollars rate of inflation. Regardless if the federal minimum rate is or is not increased, annual inflation does occur.
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Another Straw Man. No one ever claimed the minimum wage causes Monetary Inflation. It is a proven fact that minimum wage does cause Wage Inflation and Demand-pull Inflation, which results in higher prices for goods and services.
You also lied when you claimed that it does not control product prices.
There are over 58,500 long-term care facilities in the US, including nursing homes, rehab facilities and hospices.
An increase in the federal minimum wage will do all of the following:
1) Increase the cost of operating a long-term care facility.
2) Increase the price users must pay for long-term care facilities.
3) Deplete the HI (Medicare) Trust Fund faster.
4) Result in an HI tax increase which will erode the minimum wage increase
5) Increase the cost of Medicaid
6) Result in States increasing income taxes or sales taxes to pay for the increased cost in Medicaid further eroding the benefit of a minimum wage increase
7) Increase the federal government's cost of Medicaid
8) Result in the federal government reducing spending on other programs to pay for the cost of Medicaid
9) Result in an higher monthly deficit for the federal government
10) Increase the cost of private insurance for everyone which further erodes the benefit of increasing the minimum wage
That's why minimum wage is best left to the States and cities.