Red Jenkins
Verified User
Ok.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
What happens if Biden gets his $15 minimum wage passed?
- Thread starter T. A. Gardner
- Start date
Ok.
I don't know what the breakage is. Tell me. "Massive" really doesn't mean anything. So if a person is presently making $12 and hour and it goes to $15 how much more in real doars will they spend? After taxes $3 an hour doesnt put much more in net pay
My point is that price is not driving demand for pizza. People willingly buy more than they need. So you are suggesting that we gave even a ten percent increase to 5% of workers you think it would have a minimal impact? If that's the case, why wouldn't we do it? You are making an argument that it doesn't put that much in the pocket of workers while at the same time arguing it will massively increase the cost of doing business. You can't have it both ways.
You mentioned that an increased MW would increase demand. I used pizza as an example.
I answered this fucking accommodation requests two posts ago.
what do you think would better increase the demand for pizza? Higher employee wages or lower pizza prices?
Wages, as always. Lowering pizza prices to increase demand is tantamount to trying to get blood from a stone. Because lowering the price also usually means lowering the quality. So you'll shoot your own business in the foot by sabotaging the product you sell.
Also, are you saying that the increase to the price of pizza and the increase to people's wages will be $1:$1? Because that is a sophist argument that doesn't make sense if you play it out through actual revenues and sales.
I doubt you're much of an economist. You have good ideas but youre not krugman or friedman
Well, I sure as shit danced circles around your broke ass in this debate.
Oh, I know I'm no Krugman or Pinketty...I just read their shit, think critically about it, and then form my own opinions of it.
It just so happens that my opinions are aligned with good economics.
Your "point" is false.
https://www.upjohn.org/research-hig...rve that small,and may actually reduce prices.
By looking at changes in restaurant food pricing during the period of 1978–2015, MacDonald and Nilsson find that prices rose by just 0.36 percent for every 10 percent increase in the minimum wage, which is only about half the size reported in previous studies. They also observe that small minimum wage increases do not lead to higher prices and may actually reduce prices. Furthermore, it is also possible that small minimum wage increases could lead to increased employment in low-wage labor markets.
None of this is surprising to anyone who ever ran a business, financed a business, or took business/economics classes at school.
This shit ain't complicated; pay people enough of a wage where they can go out and consistently buy the product they make.
Do you not know how to scale up numbers? Or reduce fractions? You fucking tard?
$3 per hour x 40 hours per week, = $120/week or around $500 per month, or $6,000 per year.
Should also be noted that this would affect 58,000,000 workers, 42% of the current workforce.
If 58M people suddenly had up to an extra $6K to spend a year, you're going to see a lot of consumer spending.
It's just good economics, particularly right now when we are all stuck with Trump's COVID.
Well, it would appear that according to your map human misery in the US would be approximately cut in half with a doubling of menial wages.
Is that so?
Perhaps you can explain how wage-related consumer price increases, reduced hours for some staff, and small business closures would "cut human misery in the US approximately in half", Mcslobber.
Your "point" is false.
https://www.upjohn.org/research-hig...rve that small,and may actually reduce prices.
By looking at changes in restaurant food pricing during the period of 1978–2015, MacDonald and Nilsson find that prices rose by just 0.36 percent for every 10 percent increase in the minimum wage, which is only about half the size reported in previous studies. They also observe that small minimum wage increases do not lead to higher prices and may actually reduce prices. Furthermore, it is also possible that small minimum wage increases could lead to increased employment in low-wage labor markets.
You obviously did not read the study. No surprise there Jerome. They state quite clearly "This finding, however,should be viewed with some degree of caution because of the effect that interpolation has on standard errors, thus possibly causing us to reject null hypotheses more often than is warranted." and "On the other hand, large minimum wage hikes have clear positive effects on output prices." In other words for the simpleton's like you who just google shit and do not read it, they are giving themselves and out to explain their flawed analysis.
None of this is surprising to anyone who ever ran a business, financed a business, or took business/economics classes at school.
This shit ain't complicated; pay people enough of a wage where they can go out and consistently buy the product they make.
Henry Ford understood that, the worthless commie.
Henry Ford understood that, the worthless commie.
Yeah, I know...even a stopped Nazi clock is right twice a day.
Is that so?
Perhaps you can explain how wage-related consumer price increases, reduced hours for some staff, and small business closures would "cut human misery in the US approximately in half", Mcslobber.
Very little of this would happen as compared to the benefits of increased income among tens of millions of consumers. And it would come at no cost to taxpayers, dipshit.
Should also be noted that this would affect 58,000,000 workers, 42% of the current workforce. If 58M people suddenly had up to an extra $6K to spend a year, you're going to see a lot of consumer spending. It's just good economics, particularly right now when we are all stuck with Trump's COVID.
If 58 million people's wages are increased without a concomitant increase in productivity, aren't there likely to be consumer price increases, business failures, and reduced wage-hours for many workers?
Explain how $6,000 in spending power represents a gain for workers if prices must be raised to accommodate higher wages.
TexanManWithPlans
Verified User
What will happen?
the small businesses that survived democrats choking and trying to kill them for walmart and amazon in the name of covid, wont survive.
your big mac will go up by 2 dollars.
It's true that some small businesses will cut their staff, but large corporations like McDonald's won't suffer. It costs Taco Bell about 4-7 cents to produce one taco, depending on how fast the employee assembles it. They sell for a dollar a piece. Fast food places and other large corporations make money hand over fist.
The fact is that many medium and large businesses pay their workers peanuts, and many small businesses can afford to cut a worker or two. Those workers who lose the job at the small business will find work at the larger business anyway. Places like Amazon and Chewy are constantly hiring for unskilled labor (and I know, because I've worked at both places).
You obviously did not read the study. No surprise there Jerome. They state quite clearly "This finding, however,should be viewed with some degree of caution because of the effect that interpolation has on standard errors, thus possibly causing us to reject null hypotheses more often than is warranted." and "On the other hand, large minimum wage hikes have clear positive effects on output prices." In other words for the simpleton's like you who just google shit and do not read it, they are giving themselves and out to explain their flawed analysis.
Of course prices will rise nominally.
But on the other hand, 58,000,000 people suddenly found themselves with up to $6K extra to spend a year.
58,000,000 x $6,000 extra = up to $348B in increased economic activity per year...which would be about 1.5% of GDP.
Very little of this would happen as compared to the benefits of increased income among tens of millions of consumers. And it would come at no cost to taxpayers, dipshit.
Is that so?
Tell the forum how much income tax flows into the federal treasury from low-income workers, and explain how minimum wages workers will be able to "consume" good and services whose prices increase to offset higher labor costs.
Them explain how much the tax base will be increased by American businesses forced to cut hours or close down because they cannot compete with international rivals who pay their workers lower wages.
Will higher unemployment and impacts on social welfare programs cost taxpayers anything?
Of course prices will rise nominally.
You guarantee that?
What's a "nominal" price increase, exactly?
Henry Ford understood that, the worthless commie.
He wasn't forced to pay his workers more by the government, was he?
Here's were the minimum wage is right now...In many states that more than doubles it overnight.
Actually, that is a map of what it was two years ago. NJ raised their minimum wage, as it goes to $15. Biden has not said how he will get to $15, but it would probably be how NJ and other states are doing it.
NJ raised its minimum wage first to $10, and then it was planned to raise it $1 per year until they got to $15. Most plans follow this basic pattern of around 10% a year, not doubling at once.
Yes, we should effectively limit how much a top person can make by increasing the top marginal tax rate. It should be at around 90%. Worked just fine post World War II.
Still peddling that trope?
Tell the forum how many "top persons" actually paid a 90% tax rate.
Get drunk and/or laid with each other as mutually consenting adults. Peace. Prosperity. Happiness.
When have Republicans ever given you the impression that they understand and/or accept the concept of consent?