Posted on 09/29/2015 1:03:21 PM PDT by TigerClaws
Myth: Raising the minimum wage will only benefit teens. Not true: The typical minimum wage worker is not a high school student earning weekend pocket money. In fact, 89 percent of those who would benefit from a federal minimum wage increase to $12 per hour are age 20 or older, and 56 percent are women.
Myth: Increasing the minimum wage will cause people to lose their jobs. Not true: In a letter to President Obama and congressional leaders urging a minimum wage increase, more than 600 economists, including 7 Nobel Prize winners wrote, "In recent years there have been important developments in the academic literature on the effect of increases in the minimum wage on employment, with the weight of evidence now showing that increases in the minimum wage have had little or no negative effect on the employment of minimum-wage workers, even during times of weakness in the labor market. Research suggests that a minimum-wage increase could have a small stimulative effect on the economy as low-wage workers spend their additional earnings, raising demand and job growth, and providing some help on the jobs front."
(Excerpt) Read more at dol.gov ...
I always the kiosk manufacturers were behind this.
Inflation above national economic growth is nothing more than “teleporting” value from existing currency to holders of newly “printed” currency. It’s a way to tax people without them realizing what really happened.
Double the money supply, and those with the ‘new’ money have wealth without trading for it, while those that earned theirs find the value just dropped 50%.
As the reality of “borrowing to levels of absurdity” settles in and debt payments come due (debt service payments currently being somewhere around 40% of federal revenue, and _must_ be made in real dollars not IOUs), the gov’t will be pressured to (as it already has with Quantitative Easing) conjure up new currency as a safe[ish] way to tax wealth without IRS involvement.
I found a UPS site - $10.72/hour was the lowest I found for a package handler. So yes - more than minimum wage. But quite a bit less than the $15 an hour proposed.
A friend had a business. When min wage would increase he felt he had to raise his other wages to keep everyone happy. Between that and the increased price in flour he went out of business.
Spin, spin, spin... All to avoid the simple truth: If I have 10 employees making $300/week, that means I'm paying approximately $3,000/week in wages. If next week I must pay them $500/week, then I can only pay 6 employees. Government declarations of "fair" wages do not change my revenue stream one bit. I sold 2000 bargle-frumps last week, and I will likely sell 2000 bargle-frumps next week. "Nobel Prize winners" can pretend that this minor bump in wages for a very low percentage of the population will magically increase my sales of bargle-frumps instantaneously by almost 60 percent, but the reality is that it will not. It merely leaves more unemployed people, and makes my 6 remaining employees do the work that 10 used to do last week. No amount of graduate-level musings change these simple truths.
“Why Unions Want a Higher Minimum Wage
Labor contracts are often tied to the law—and it reduces the competition for lower-paying jobs.” (WSJ)
http://www.wsj.com/articles/SB10001424127887324048904578318541000422454
I like the ‘teleporting’ characterization.
Labor is also an unreliable measure of value. Labor value is highly variable, and the amount of labor required to produce something, also highly variable.
The price of bread, measured in minutes of labor, has gone down enormously in the last 100 years.
The minimum wage increase in Seattle had nothing to do with many of the restaurants closing down. At least those workers still get unemployment.
Always, and I mean ALWAYS consider the source of the opinion.
In this case, a government agency opining on the Minimum Wage.
What were we to expect? I, for one, was not disappointed.
Pure BS.
Did either of these asswipe “scientists” stop to wonder if the cause of the high tides just might be the “Blood Moon?”
I'm betting “NO” on that question!
All of the things Labor claims in this piece are lies.
All part of the bigger plan...to wipe out the value of savings and IRAs etc. The commies are right on schedule to ruin the USA>
“including 7 Nobel Prize winners”; well, OBUNGHOLE has a Nobel Prize also, that just tells me we should absolutely ignore and or run like hell from anything these people say.
And if they lowered the minimum wage to $250 a week. Would you hire more?
A typical, inane, meaningless question.
You hire the number of people necessary to accomplish what you need to have done in order to pay your overhead and make a reasonable profit. If the minimum wage goes up, you must make adjustments so that fewer people have to do more work to accomplish your goals....if minimum wage went down, you might hire another to ease the burden, but if everyone was satisfied with the status quo, what would be the point??
to ctdonath2:
I don’t have a cell phone and I like Taco Bell. What about me? Don’t customers count anymore?
Don’t worry, they still have one human on a register half the time.
I am currently on a construction project in Waterbury, CT. I drive right past the social services building every day driving to the job site. This morning the line of people ran out of the building out the sidewalk all the way to the parking lot.
What struck me was that these people live to stand in line for 3 hrs to get a handout. I consider my, B.S. in mechanical engineering, my billable rate, and then the fact that I make salary which is a fraction of what a laborer on my job is making... and I wonder if maybe those people waiting in line for their entitlement are better off than me, working 80 hours per week.
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