What happens if Biden gets his $15 minimum wage passed?

[Legion]

It depends on the earned income tax credit; higher paid labor peaks out with that credit and can receive less of a tax credit due to higher wages paid which means more federal income tax generated by those individuals.

Is that a fact? Where'd you get those notions?

Why not raise the minimum wage until the earned income credit is abolished?

Who told you that the earned income credit will be abolished?

Higher paid labor creates more in demand and generates more in federal income tax revenue.

Repeating the same assertion without substantiation is an ineffective argument.

As you already know, low-income Americans pay no federal income tax, and according to Statista, 71% of American households with an income below $40K annually paid no federal income tax in 2019, and about 46.6 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid none.


https://www.statista.com/statistics/242138/percentages-of-us-households-that-pay-no-income-tax-by-income-level/

 

[Legion]

Your assertion that banning child labor caused massive unemployment is incorrect

Since I made no such assertion, grandpa, your assessment is moot.

 

[Legion]

You have a habit of calling your intellectual superiors dumb.

Does he?

Can you cite any instances, Spammeta?

 

[LV426]

TA: A $15/hr minimum wage will kill jobs, and here's a link from Arizona from 2006 warning of that very thing

Me: OK, but have you looked at the unemployment statistics for Arizona in 2006 when the MW was raised? Cuz AZ's unemployment declined in 2006.

TA: ¯\_(ツ)_/¯

 

[Legion]

You still haven't presented any valid rebuttals; simply claiming you are Right merely because you are on the right wing is not very convincing.

If that was what I'd done, you'd have a point.

Since it's not, you don't.

 

[Into the Night]

An example would be people with more experience currently making fifteen dollars an hour asking for higher wages once the minimum wage increases to that amount.

That is not economic development.

 

[Into the Night]

The multiplier effect. We know merely stopping Government spending by "closing government" can Cause a Recession.

Because wages have not kept up with inflation. Even the current push to fifteen dollars an hour is already outdated. According to one perspective, the minimum wage should be around eighteen dollars an hour based on gains in productivity.

Price controls do not work. There is no 'should be'.

 

[Into the Night]

Here is an example of how inefficient our economy really is and why welfare spending costs so much when the minimum wage should be keeping up with inflation.
...deleted Holy Video...

Economies don't have an 'efficiency'. Price controls do not work. Socialism does not work. Government interference with markets is fascism.

 

[Into the Night]

The truth is the money for 15 exists in the economy right now.

Irrelevant. Money is not wealth.

It is just confiscated by the owners.

Money is not confiscated by business owners. Their employees are paid at market rates, unless government interferes. Government interference of markets is fascism. Price controls do not work.

Papa Johns owner used the same arguments you rightys are using for not raising wages to 15.

And he is right.

He screamed about how he could not afford it and would have to shut down.

He did shut down some stores. In others people were laid off.

here is his home. https://people.com/home/the-house-t...ohns-founder-shows-off-his-mansion-on-tiktok/

He earned it too.

The head of Mcdonald's makes over 18 million a year.

He earned it too.

Jealousy.

YOU do not deserve their wealth. YOU didn't earn it. YOU have the opportunity to make money like that, but YOU are too lazy to get off your fat ass to do it.

 

[Into the Night]

So this is a redistribution scheme.

Is this an accurate reflection of your beliefs?

Bingo.

 

[Legion]

Bingo.

You'll note that he failed to answer the question.

 

[Into the Night]

]I suspect you understand even less since you resort to ad hominems instead of rational arguments.

Inversion fallacy. You are describing yourself and projecting onto others again.

You are begging the question regarding "unearned" increase in income for any given specific group;

Fallacy fallacy. Pivot fallacy. No mention of 'unearned increase' was ever made.

WWII which was all about price controls

No. It was about war. It was about nothing but war. War is wasteful. It is destructive.

is what achieved full employmentand help raise the standard of living for that generation.

War does not increase any standard of living. War is wasteful and destructive.

Yes, I do know that because it is already documented

Void authority fallacy.

and was happening

Assumption. Circular argument fallacy.

and is a reason Congress had to fund Government in the past.

Congress IS government. It the job of the House to establish budgets for the rest of government. Congress does not fund government. It IS government.

Governments do not produce anything. They do not have a profit motive. Their success metric is based on justifying their existence. Governments can raise money in three ways: They can tax it, they can borrow it, or they can print it.
Taxing too much causes revolts (possibly violent). This is called a tax crash.
Borrowing too much means it can never pay it back. It is just the same as anyone borrowing too much. This is called a debt crash.
Printing too much means the money is worth less since there is no corresponding increase in wealth. This is called a cash crash.

That wasn't true for the minimum wage for around a decade.

Price controls do not work.

And, here is another perspective:
https://www.marketwatch.com/story/d...-of-living-rises-at-a-faster-pace-2019-01-10#

I say that because many people claim even fifteen dollars an hour won't cover expenses in high cost of living areas.

Irrelevant. If you want to earn more, make yourself worth more to someone. Price controls do not work.

Not my fantasy world; I know how to read as well as you if not better:

It is your fantasy world, along with the fantasy world of socialists like you.

Had the federal minimum wage risen alongside productivity, it would be more than 18 dollars per hour today, this according to the report.
https://www.novoco.com/sites/default/files/052615.pdf

Another piece of propaganda. Price controls do not work.

 

[PoliTalker]

Hello Micawber,

$15 is a good number for min wage. Let's do it. Especially since we know they won't give another one for 30 more years.

Raise it and tie it to inflation.

Let minimum wage rise each year by the same COLA that SS does. No brainer.

 

[Into the Night]

It is an example of market based arbitrage after Government "moves the goalposts"; the private sector is a price taker not a price maker regarding statutory minimum wages.

Goalpost fallacy. Inflation is not economic growth.

 

[Into the Night]

While that is still true, it must be less true now with the higher minimum wage than before especially when minimum wage workers share household expenses. And, California still has the largest economy in the US.

The SOTC economy is failing. People are leaving in droves because of it. Argument from randU fallacy. You are making up numbers again.

 

[Into the Night]

You still haven't presented any valid rebuttals; simply claiming you are Right merely because you are on the right wing is not very convincing.

Argument of the stone fallacies. He is asking you questions. Answer the questions put to you.

 

[Into the Night]

So you say. What you claim only happens in the short run not the long run since higher paid labor creates more in demand and generates more in federal income tax revenue in every long run equilibrium.

Being thrown out of work is NOT a higher paid labor.

 

[PoliTalker]

Hello Nordberg,

The truth is the money for 15 exists in the economy right now. It is just confiscated by the owners. Papa Johns owner used the same arguments you rightys are using for not raising wages to 15. He screamed about how he could not afford it and would have to shut down. here is his home. https://people.com/home/the-house-t...ohns-founder-shows-off-his-mansion-on-tiktok/
The head of Mcdonald's makes over 18 million a year.

Too bad he's not happy and has to seek attention with his 'look at me' video. If he was really happy in his own space he wouldn't have to seek adoration. Of course, I guess there's no point in having all that ornate stuff if you can't show it off. So that's the point of it all. It's not meant for personal enjoyment. It is meant to say nyah nyah. IGMTHWY.

Just proves the point that once an individual has amassed enough wealth to have all the basics covered, plus a little extra discretionary spending money, that individual is as happy as wealth is going to make him. Any more wealth above that point will not produce any more happiness. It may actually introduce more stress worrying about it all.

 

[Into the Night]

Simple math. Higher paid labor creates more in demand and generates more in federal income tax revenue.

Math error: Disjointed distribution of terms. Logic error: False equivalence fallacy. Four term fallacy.

I am saying it must be more true for minimum wage workers making a higher minimum wage than before. Simple, self-evident truths.

Circular argument fallacy. Four term fallacy.

Yes, I can when labor is generating more income to help fuel the multiplier.

Pivot fallacy. Four term fallacy. Buzzword fallacy.

No argument presented. Denial of mathematics. Denial of logic.

 

[danielpalos]

That is not economic development.

That form of wage push does help increase the multiplier effect, along with creating more demand and generating more tax revenue.