Bill Gates says minimum wage can cause job destruction

[JamesL]

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full interview on views of worldwide poverty:

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[Ricter]

Broke people also cause job destruction, they have no effective demand, so sales will fall. You've got a game of poker when the chips are mostly distributed, the game is over when the chips are mostly accumulated.

 

[JamesL]

You've got a game of poker when the chips are mostly distributed, the game is over when the chips are mostly accumulated.

In poker, the eventual outcome is that the chips on the table gravitate to a few hands and force people from the table. Just like this wealth thingy.

Not a very good analogy.

 

[bigarrow]

His quote on minimum wage is probably one of the few things you would agree with him on. Why not post his views on estate taxes and health care and foreign aid and redistribution of wealth and global warming and world population growth. He is a very intelligent and thoughtful man and we should listen to thinkers like him, not just snippets on issues we agree with.

 

[Lucrum]

President Barack Obama has made one of his key economic initiatives for this year an effort to get Congress to increase the federal minimum wage from $7.25 per hour to $10.10 per hour.

In 2013, according to the Bureau of Labor Statistics, there were 143,929,000 people employed in the United States during the average month. Of those, 75,948,000—or 52.8 percent--were paid an hourly rate.

Of the 75,948,000 who were paid an hourly wage in 2013, 3,300,000 earned at or below the minimum wage.

That means only about 4.4 percent (3,300,000) of hourly wage earners (75,948,000) earned the minimum wage or less in 2013--or only about 2.3 percent (3,300,000) of all U.S. employees (143,929,000).


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[Wide Tailz]

Broke people also cause job destruction, they have no effective demand, so sales will fall. You've got a game of poker when the chips are mostly distributed, the game is over when the chips are mostly accumulated.

I see your point, though poker is a zero sum game, while the economy is not......

Giving capital to the least productive mirror foggerz does little to drive the economy, aside from stimulating the market for drugs, rims, nike apparel, and rap music.