Skip to comments.Bill Gates: Raising Minimum Wage ‘Does Cause Job Destruction’
Posted on 01/21/2014 1:52:36 PM PST by Olog-hai
Should the nations minimum wage be raised, as Democrats from President Obama on down are insisting?
Well, jobs are a great thing, Microsoft founder and philanthropist Bill Gates told MSNBCs Morning Joe on Tuesday. So you have to be a bit careful: If you raise the minimum wage, youre encouraging labor substitution, and youre going to go buy machines and automate thingsor cause jobs to appear outside of that jurisdiction.
And so within certain limits, you know, it does cause job destruction. If you really start pushing it, then youre just making a huge tradeoff.
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It will fall on deaf ears. The dems will take the risk of losing jobs, because they think they will gain/retain voters by raising the minimum wage. They will tout this as an important issue clear up the the midterms.
At which point he rubbed his hands together and laughed maniacally.
Wow, maybe the ubergeek billionnaire took an Econ 101 class?
What does Gates know about business? Has he ever scooped ice cream?
He plays bridge with Warren Buffet....
"Buy now, pay later" for the US consumer added more to the standard of living around the world than anything else in economic history. The problem is, "later" has arrived, with interest.
He’s good at stealing other peoples ideas and having other people make crappy computers with them.
I don’t think he fully paid attention to it. Remember that increasing the amount of workers of a given skillset** does not create a shortage - unless your only purpose is to hire guest workers under less-than-honest (or legal) circumstances.
Perhaps a refresher course would help to complement his existing knowledge - since the S/D curves do not change operation just because one has skilled workers.
** - The amount of jobs are either constant or increases are below the rate of extra workers. However, the increase on its own isn’t going to create any shortage - in any scenario.
Bill gates picked the left side and should shut up
"Excellent. Melinda....release the hounds."