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Apparently never took a microecon class, either...
Raise min. wage, raise sales tax...all gets passed to the consumer & then they are back where they started. Everything just costs more and their $15/hour gets them just as far as their $7.25/hour (or whatever min. wage is in the state you live in) has.
Wow, another armchair expert .....You don't know me...I ran a business for 45 years, and always paid my employees far above minimum wage. I retired and sold the business in 2017 and gave each of my 5 children $200,000.... The wages paid to low income people is spent...(Goes back in the economy)
Raising the minimum wage increases consumer spending and boosts the economy. A study by Doug Hall and David Cooper estimated that a $2.55 increase in the minimum wage would increase the earnings of low-wage workers by $40 billion and result in a significant increase in GDP and employment.
You don't know me...I ran a business for 45 years, and always paid my employees far above minimum wage. I retired and sold the business in 2017 and gave each of my 5 children $200,000.... The wages paid to low income people is spent...(Goes back in the economy)
I don't need to know you.
I'm a business owner.
Define "far above minimum wage".
What type of business?
When your cost(s) of doing business increased, you didn't raise your prices? You just sucked it up?
Sounds like you didn't own/retire from a retail business - didn't get hit from every which way possible as a retail business owner & from fed/state/wholesalers when min. wage increases across the board.
Of course "wages paid to low income people" is always spent.
Just like my "low income" employees who didn't show up for work after they got their first $1200 and most recently, their $600 checks. Get a little money in their pocket and they don't exactly save it or spend it on necessities.
That isn't the issue.
Stocking shelves, ringing up a cash register isn't a job worth more tomorrow & just because minimum wage increases. Same job, same folks who get an extra little bit & spend it all. And not necessarily on diapers or formula or monies owed to others.
They're going to be right back where they were when the cost of everything else increases due to business owners passing that increase in min wage, etc. along.
Nothing new.
How did you get away with giving your kids $200K each? You can only gift $15K to each kid & per parent. $30K per kid. Do your 5 kids also have lots of kids, so you could both gift the grands, as well? Or did you pay off a mortgage as a "one time" issue? Invest in CDs? Cold hard cash shoved under their mattresses & of the "shuuush your mouth", kind? Or did you just write them all a check and let them deal with tax issues?
Point is to not have your kids (or grands) pay taxes when you give them money. Which you should know as a retired savvy business owner...and maybe should give details so other liberals don't think mommy & daddy can just write checks for their adult spawn without their spawn having to pay taxes on what mommy & daddy gave them.
You know, like how people/businesses use existing loopholes - at every income level. But only those right of central get vilified for doing so.
Last edited by Informed Info; 01-31-2021 at 11:51 PM..
When your cost(s) of doing business increased, you didn't raise your prices? You just sucked it up?
Sounds like you didn't own/retire from a retail business - didn't get hit from every which way possible as a retail business owner & from fed/state/wholesalers when min. wage increases across the board.
Of course "wages paid to low income people" is always spent.
Just like my "low income" employees who didn't show up for work after they got their first $1200 and most recently, their $600 checks. Get a little money in their pocket and they don't exactly save it or spend it on necessities.
That isn't the issue.
Stocking shelves, ringing up a cash register isn't a job worth more tomorrow & just because minimum wage increases. Same job, same folks who get an extra little bit & spend it all. And not necessarily on diapers or formula or monies owed to others.
They're going to be right back where they were when the cost of everything else increases due to business owners passing that increase in min wage, etc. along.
Nothing new.
How did you get away with giving your kids $200K each? You can only gift $15K to each kid & per parent. $30K per kid. Do your 5 kids also have lots of kids, so you could both gift the grands, as well? Or did you pay off a mortgage as a "one time" issue? Invest in CDs? Cold hard cash shoved under their mattresses & of the "shuuush your mouth", kind? Or did you just write them all a check and let them deal with tax issues?
Point is to not have your kids (or grands) pay taxes when you give them money. Which you should know as a retired savvy business owner...and maybe should give details so other liberals don't think mommy & daddy can just write checks for their adult spawn without their spawn having to pay taxes on what mommy & daddy gave them.
You know, like how people/businesses use existing loopholes - at every income level. But only those right of central get vilified for doing so.
Right, I was not involved in retail. I was involved in the commercial fishery in Canada....My crew was paid a percentage of the catch....The most they were paid was $19,000 each for a three day trip, but that was much higher than usual. The way income was split was expenses (fuel, bait, gear loss etc.) came off the top, then 40% for the boat, and the rest was divided among the crew.
No problem giving my kids any amount, as there in no gift or inheritance tax in Canada for the recipients. I simply gave each one a bank draft. Three of my kids were in their 30s and this served as a down payment on the homes they now own.
Can you believe that there’s a ton of states still with $7.25 hour minimum wage? That’s nuts. Is that a good thing? Average price for apartments in Boise Idaho is around a$1000 a month now roughly. Min wage there is 7.25.
Last edited by folkguitarist555; 02-01-2021 at 02:19 AM..
Can you believe that there’s a ton of states still with $7.25 hour minimum wage? That’s nuts. Is that a good thing? Average price for apartments in Boise Idaho is around a$1000 a month now roughly. Min wage there is 7.25.
That works out to about $1175 per month if they work a forty hour week...No wonder homelessness is on the rise.
That works out to about $1175 per month if they work a forty hour week...No wonder homelessness is on the rise.
I had roommates.
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