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Mitt Romney: Letís raise the minimum wage
Hotair ^ | 05/09/2014 | Ed Morrissey

Posted on 05/09/2014 1:35:13 PM PDT by SeekAndFind

Alternate headline: Romney not running for President in 2016. Mike Barnicle braced Mitt Romney on the GOP’s demographic issues and its “conservative bent” on popular initiatives like immigration reform and a minimum-wage hike. Romney talks about the big tent of Republicanism, but notes that he supports a minimum-wage hike:

CLICK ABOVE LINK FOR THE VIDEO

“I think we ought to raise it, because frankly, our party is all about more jobs and better pay, and I think communicating that is important to us,” Romney said on MSNBC’s “Morning Joe.”

In recent days, two of Romney’s former opponents, Rick Santorum and Tim Pawlenty, have also urged their part to raise the minimum wage.

Republicans are correct to aim toward blue-collar economics, especially after the debacle of focusing on the so-called “47 percent.” The minimum-wage hike, especially as proposed by the Obama administration, is the wrong way to go about it. The US has repeatedly hiked the minimum wage, and yet has ended up in the same position in regard to the percentage living in poverty anyway. Why? Because raising the minimum wage only temporarily boosts buying power, as prices rise and jobs erode in response to the higher costs it imposes.

In fact, as the CBO pointed out, the majority of the costs end up being borne by the poor the minimum-wage hike is supposed to help:

Once fully implemented in the second half of 2016, the $10.10 option would reduce total employment by about 500,000 workers, or 0.3 percent, CBO projects (see the table below). As with any such estimates, however, the actual losses could be smaller or larger; in CBO’s assessment, there is about a two-thirds chance that the effect would be in the range between a very slight reduction in employment and a reduction in employment of 1.0 million workers

The increased earnings for low-wage workers resulting from the higher minimum wage would total $31 billion, by CBO’s estimate. However, those earnings would not go only to low-income families, because many low-wage workers are not members of low-income families. Just 19 percent of the $31 billion would accrue to families with earnings below the poverty threshold, whereas 29 percent would accrue to families earning more than three times the poverty threshold, CBO estimates.

Moreover, the increased earnings for some workers would be accompanied by reductions in real (inflation-adjusted) income for the people who became jobless because of the minimum-wage increase, for business owners, and for consumers facing higher prices.

If minimum-wage hikes solves problems of poverty and inequality, then we would have solved both of those issues decades ago. We have yet to see any evidence that they actually produce anything but an extremely short-term benefit, and mostly to those who don’t need it. (Amity Shlaes presented an argument this week that it actually made the unemployment situation during the Depression substantially worse.) Unfortunately, the GOP hasn’t done a very good job of pointing out the pitfalls of this policy, while Democrats mainly demagogue the point on “fairness.”

What kind of economic message should Republicans have? We need to focus on policies that expand opportunity, especially in the entrepreneurial arena. The massive decline of business births over the last several decades has curtailed the kind of job creation and economic expansion that puts pressure on labor markets to increase compensation. As I argued in my column for The Fiscal Times this week, that decline is a result of a massively-expanded federal regulatory regime that stifles start-ups while giving advantage to rent-seeking large players in markets:

The problem, therefore, is national, and must relate to regulatory or tax policy or a combination of both. During this period, though, taxes didn’t increase sharply for businesses, at least not until recently. With few and temporary exceptions, though, the federal regulatory regime has only increased. The Phoenix Center pointed out this implacable escalation in its April 2011 policy bulletin on regulatory expenditures.

As a share of private sector GDP, the federal regulatory burden has increased over the same period as this study. The Phoenix Center recommended at the time that even a small decrease in federal regulatory burden – just 5 percent, roughly decreasing the regulatory budget by less than $3 billion – would generate an additional $75 billion in the economy and add 1.19 million new jobs to the private sector.

Instead, we passed Obamacare.

We have another indirect method to test this conclusion, too. Expanded regulation tends to favor larger and more established firms in a market, which have more resources and better economies of scale to deal with compliance issues. Sure enough, the Brookings Institution study found that kind of dynamism alive and well. “Whatever the reason,” the authors conclude, “older and larger businesses are doing better relative to younger and smaller ones.”

Instead of increasing costs on business and stifling even more jobs, the GOP should be aiming at cost and regulatory reductions, an expansion of energy production to lower costs even further, and streamlining the tax code to rid ourselves of the rent-seeking policies that offer unfair advantages to larger players. Republicans and conservatives should consider a more comprehensive and deliberate effort to rein in market consolidations on that basis, too. Anti-trust has always been more of a function of the other end of the political spectrum, but any effort to defeat crony capitalism has to aim at two targets: the reduction of centralized power in the public sector, and the reduction of centralized power in the private sector. Unless we’re serious about both, we’re not serious about ending crony capitalism, and we’re not serious about blue-collar economics.


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: minimumwage; mittromney; ricksantorum; romney; santorum
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1 posted on 05/09/2014 1:35:13 PM PDT by SeekAndFind
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To: SeekAndFind

someone please stuff something in that idiot’s mouth.


2 posted on 05/09/2014 1:36:53 PM PDT by kingattax (America needs more real Americans.)
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To: SeekAndFind
Atta boy, Mitt. Keep working to show yourself as a Democrat. Run for president again and see if you can get 24 million Republicans to stay home to beat your last record of disenfranchising a mere 12 million Republican voters!
3 posted on 05/09/2014 1:37:11 PM PDT by Obadiah (Always remember that you're unique. Just like everyone else.)
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To: SeekAndFind; kingattax

4 posted on 05/09/2014 1:38:09 PM PDT by 2ndDivisionVet (I will raise $2M for Cruz and/or Palin's next run, what will you do?)
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To: SeekAndFind

The minimum wage is another way for members of the big-government/big-corporate crony-fascist complex to eliminate competition from small businesses. Big companies don’t employ minimum-wage workers anyway. Small businesses employ minimum-wage workers. Raising the minimum wage is no skin off their noses, and it drives the competition out of business.


5 posted on 05/09/2014 1:38:56 PM PDT by E. Pluribus Unum ("The more numerous the laws, the more corrupt the government." --Tacitus)
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To: SeekAndFind

Romney if you want to get me excited about your prospects, then stop rambling about minimum wage and start to take concrete actions to bring back AMERICAN MANUFACTURING.

Otherwise you had your chance last time.


6 posted on 05/09/2014 1:39:02 PM PDT by Cringing Negativism Network (http://www.census.gov/foreign-trade/balance/c5700.html#2013)
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To: 2ndDivisionVet

We tried telling people. Everything we said was true.


7 posted on 05/09/2014 1:43:24 PM PDT by Norm Lenhart (How's that 'lesser evil' workin' out for ya?)
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To: SeekAndFind

Mitt, why should we take any advice from you??, you loser!

Nothing good would have come from you in the WH anyway.


8 posted on 05/09/2014 1:43:59 PM PDT by sickoflibs (Obama : 'I never said that you can keep your doctor . Republicans lie about me ')
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To: SeekAndFind

But... but... I thought he was severely conservative!


9 posted on 05/09/2014 1:44:04 PM PDT by DestroyLiberalism
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To: SeekAndFind

Mitt is a fool. I gave him credit ,up until now, for at least realizing he was a loser, out of touch with the Republican grass root voter.


10 posted on 05/09/2014 1:46:48 PM PDT by Huskrrrr
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To: 2ndDivisionVet

:)


11 posted on 05/09/2014 1:47:39 PM PDT by Tennessee Nana
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To: Tennessee Nana

Hey TN, notice anything missing from these recent MITT threads?


12 posted on 05/09/2014 1:48:52 PM PDT by Norm Lenhart (How's that 'lesser evil' workin' out for ya?)
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To: SeekAndFind
So says Mitt Romney, a supporter of murdering babies, an implementer of Gay Marriage in Massachusetts, an implementer of Socialized Medicine, and a Governor that taxed everything and anything that moved.

Just wait though, if by some chance God decides to punish us again with him as our Nominee, we'll have Freepers telling us how we have to vote for the "Lessor of two evils" because if we don't, it'll be our fault for whatever Democrat JackAss gets elected.

As for me, I'm with Alexander Hamilton:

"If we must have an enemy at the head of Government, let it be one whom we can oppose, and for whom we are not responsible, who will not involve our party in the disgrace of his foolish and bad measures." - Alexander Hamilton
13 posted on 05/09/2014 1:49:25 PM PDT by SoConPubbie (Mitt and Obama: They're the same poison, just a different potency)
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To: 2ndDivisionVet

Mitt Romney, just another PROGRESSIVE Republican like John McCain and his sidekick, Lindsey Graham.


14 posted on 05/09/2014 1:49:28 PM PDT by A. Morgan (Ayn Rand: "You can avoid reality, but you cannot avoid the consequences of avoiding reality.")
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To: SeekAndFind
As a further illustration of the degradation of the Republican Party, they're actually putting out feelers about running this asshat again.

I'm at the let-it-all-collapse stage.

15 posted on 05/09/2014 1:50:01 PM PDT by Madame Dufarge
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To: SeekAndFind

No, as$hole.

Go away, no one likes you, no one needs you, you lost, because you are a putz.

Now, with all do respect, f*** off as fast as you possibly can, Mitt.


16 posted on 05/09/2014 1:52:26 PM PDT by chris37 (Heartless.)
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To: Norm Lenhart

No

we’re here

on duty guarding our country from the likes of Willard and other phonies...


17 posted on 05/09/2014 1:52:32 PM PDT by Tennessee Nana
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To: Madame Dufarge

Well said.


18 posted on 05/09/2014 1:53:03 PM PDT by tomkat
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To: SoConPubbie

Careful, you’ll get the President of FR
s Romney support squad posting pics of Yosemite Sam on a dragon and saying “That’s you!”

And we all know how devastating that can be ;)


19 posted on 05/09/2014 1:53:08 PM PDT by Norm Lenhart (How's that 'lesser evil' workin' out for ya?)
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To: SeekAndFind

20 posted on 05/09/2014 1:53:18 PM PDT by cripplecreek (Remember the River Raisin.)
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To: Tennessee Nana

No, I meant where are his supporters lately. Those who threw themselves on the floor kicking and screaming that Romney was so much better than Obama.


21 posted on 05/09/2014 1:54:31 PM PDT by Norm Lenhart (How's that 'lesser evil' workin' out for ya?)
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To: SeekAndFind

He loves mandates, doncha know.


22 posted on 05/09/2014 1:55:39 PM PDT by Timber Rattler (Just say NO! to RINOS and the GOP-E)
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To: cripplecreek







23 posted on 05/09/2014 1:56:13 PM PDT by cripplecreek (Remember the River Raisin.)
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To: SeekAndFind

Hush Mitt!! A few of us are/ were still holding on to the USS Romney. Now here you go figuratively lighting a match to the hemp mooring lines. Just go back home and dust off your Gold Bullion Door Stops and Platinum Paper Weights again.


24 posted on 05/09/2014 1:56:49 PM PDT by lee martell
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To: SoConPubbie

Yeah, it’s starting with Jeb now. If I don’t get on board and love Jeb I’m single-handidly responsible if Hillary wins according to the spineless FReepers.


25 posted on 05/09/2014 1:56:51 PM PDT by Fledermaus (Conservatives are all that's left to defend the Constitution. Dems hate it, and Repubs don't care.)
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To: Norm Lenhart

Yep, remember all the bile we got from the ABO crowd, who said that Romney was different than Obama?


26 posted on 05/09/2014 1:56:54 PM PDT by Timber Rattler (Just say NO! to RINOS and the GOP-E)
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To: SeekAndFind
This is the guy that Ann Coulter is telling us needs to be the GOP nominee again in 2016. What is it with these northeast Republicans, always wanting to be loved by the left wing media? Why did Romney go on MSNBC anyway?
27 posted on 05/09/2014 1:58:50 PM PDT by Flavious_Maximus
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To: Timber Rattler

Oh I do! They owe conservatives an apology. They should admit in public they were wrong. Many repentant Romney voters had the guts to admit it. And together we got past it and work electing conservatives now wiser for the experience.

If they want to stay on board the Romney train, they are no different than any other liberal.


28 posted on 05/09/2014 2:02:11 PM PDT by Norm Lenhart (How's that 'lesser evil' workin' out for ya?)
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To: Fledermaus

Notice it’s the same people screaming?


29 posted on 05/09/2014 2:04:57 PM PDT by Norm Lenhart (How's that 'lesser evil' workin' out for ya?)
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To: Norm Lenhart

Yeah. Fits with the groups of “this isn’t breaking news” and “BLOG...BLOG...BLOG” whiners.


30 posted on 05/09/2014 2:06:23 PM PDT by Fledermaus (Conservatives are all that's left to defend the Constitution. Dems hate it, and Repubs don't care.)
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To: cripplecreek

Sware I feel like voting for hellary in 16.

Crash it and burn it FAST!


31 posted on 05/09/2014 2:06:28 PM PDT by bicyclerepair (The zombies here elected alcee hastings. TERM LIMITS ... TERM LIMITS)
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To: SeekAndFind

Just shut up, Mitt! Go away, leave us alone, stop.


32 posted on 05/09/2014 2:08:16 PM PDT by madison10
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To: bicyclerepair

Day by day the idea becomes more appealing.


33 posted on 05/09/2014 2:09:43 PM PDT by Norm Lenhart (How's that 'lesser evil' workin' out for ya?)
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To: SeekAndFind
Limbaugh golfbag RINO agent for Romney

Limbaugh: Maybe The Conservative Alternative To Romney Is ... Romney

34 posted on 05/09/2014 2:13:17 PM PDT by fishtank (The denial of original sin is the root of liberalism.)
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To: SeekAndFind

Said it before, I’ll say it again America is such a great country even a moron like Willard Bloomy The Donald and the liberal jerk that runs Amazon, can become mega wealthy. Examples pop up every day if you look for them.


35 posted on 05/09/2014 2:16:21 PM PDT by jmaroneps37 (Conservatism is truth. Liberalism is lies.)
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To: bicyclerepair

Something tells me Hillary won’t run, or might start with a big splash in the autumn of 2015, only to be stranded on the beach by Valentine’s Day of 2016. I think Miss Elizabeth Warren or Liar-Watha will receive that next honor. Warren knows how to play the Media, and the Media wants to be played as now with Obama. Some still doubt if Chelsea is really pregnant. It’s a very easy lie to maintain for the next six months.


36 posted on 05/09/2014 2:17:10 PM PDT by lee martell
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To: All
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37 posted on 05/09/2014 2:21:35 PM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: SoConPubbie
Romney is a putz and I'm glad I voted third party in 2012; I will do so again if necessary in 2016.

THAT SAID: a "lessor" is one who leases something. A "lessor evil" is an evil quality attributable to a landlord!

It is lesser evil. Lesser.

Repeat: "Lessor" is a landlord!!!!!!

38 posted on 05/09/2014 2:23:09 PM PDT by Finny (Thy word is a lamp unto my feet, and a light unto my path. -- Psalm 119:105)
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To: SeekAndFind

and the idiot wonders why he lost in 2012.


39 posted on 05/09/2014 2:34:46 PM PDT by ealgeone (obama, borderof)
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To: Finny

Well, some of my landlord were extremely evil...so there’s that.

They probably voted for Romney too ;)


40 posted on 05/09/2014 2:37:46 PM PDT by Norm Lenhart (How's that 'lesser evil' workin' out for ya?)
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To: Madame Dufarge

The GOPe’s butt boy Christie imploded, and their backup Jeb Bush can’t get any traction and the polls show him unable to even carry his home state of Florida, so the insiders are getting desperate and are thinking of bringing back Mitt.


41 posted on 05/09/2014 2:48:07 PM PDT by TexasFreeper2009 (Obama lied .. the economy died.)
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To: SeekAndFind

Once runaway inflation hits, it won’t matter anyway.


42 posted on 05/09/2014 2:49:56 PM PDT by kaehurowing (FIGHT BULLYING, UNINSTALL FIREFOX)
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To: kingattax

Hey! The sooner this country is brought down, the sooner we can try to fix it! Never stop the enemy from making a big mistake.


43 posted on 05/09/2014 2:50:42 PM PDT by SgtHooper (This is my tag!)
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To: Norm Lenhart

LOLOLOL!!!! {^) Bastards!!!


44 posted on 05/09/2014 3:01:19 PM PDT by Finny (Thy word is a lamp unto my feet, and a light unto my path. -- Psalm 119:105)
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To: SeekAndFind

Told ya he was an idiot.


45 posted on 05/09/2014 3:19:03 PM PDT by WorkingClassFilth
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To: SgtHooper

thats like a doctor saying “the sooner the patient dies, the sooner we can cure the disease”


46 posted on 05/09/2014 3:32:23 PM PDT by kingattax (America needs more real Americans.)
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To: SeekAndFind

How accurate have previous CBO predictions about job losses caused by minimum wage hikes been?


47 posted on 05/09/2014 3:36:10 PM PDT by 1010RD (First, Do No Harm)
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To: TexasFreeper2009

I hope they drown in their own flop sweat.


48 posted on 05/09/2014 3:46:53 PM PDT by Madame Dufarge
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To: E. Pluribus Unum

Big business don’t spend their own money. They use other people’s money. When the doors close, there’s no skin in the game.
Small business does not have such luxury. They have recourse loans with personal guarantees to pay off. At least it’s not as bad as in the EU.


49 posted on 05/09/2014 4:29:02 PM PDT by griswold3 (I was born heI're in America. I will die here in a third world country. Obama succeeded.)
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To: TexasFreeper2009

I don’t usually say “Told ya so...”

but I have told ya so for several months now..

Willard the one man cavalry a’comin a’gallopin in to save the day..

Now don’t you RomneyBots all swoon at once..

Wait ya turn..


50 posted on 05/09/2014 5:29:44 PM PDT by Tennessee Nana
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