Minimum wage, or Living wage

[nitro]

$15 an hour is a disgrace. That may be minimum wage, but it is not a living wage in the US. I estimate that a working couple with two kids, in order to keep up with trying not to dip into poverty, has to make ~$50,000 each. That is $25/Hr, not $15/Hr.

What I find hilarious is the delusion of causation under which we live. Economists say we will lose lots of jobs if we raise the hourly wage. If the FED sees wage inflation, it will raise interest rates killing a bunch of jobs (I am not talking raising rates from zero that is not a normal rate). Headline inflation is not seen as much of a threat to the economy according to the FED. So let's do a little bit of implications here:

• Headline Inflation kills => working people
• Wage Inflation worries the FED Kills => lower IRs
• Rising IRs => Kills companies which kills => Working people

So higher headline inflation forces working people to demand greater wages, which causes wage inflation, which causes higher interest rates which causes corporations to stop hiring.

But, we indict the loss of jobs to raising the wage inflation? Are these people stupid? THE REAL CULPRIT IS HEADLINE INFLATION!

What saddens me the most is that these people sell their time for $15/Hr thinking they have won something when in fact they are condemning themselves and their children to eternal poverty.

13 states to raise minimum wage in 2016

http://www.cnbc.com/2015/12/24/13-states-to-raise-minimum-wage-in-2016.html

 

[ETcallhome]

banjo much? As soon as you read something on your left wing site you cut and paste and start a new thread here on ET? And can't understand why most normal people are not as outraged as you.

 

[Tsing Tao]

Want higher wages? More people lose jobs. That's how it works.

Welcome to basic economics.

Either you have 10 people working that make $10 an hour, or 5 that make $20. Profit margins are still the same.

 

[AAAintheBeltway]

The fallacy in this is the assumption that minimum wage jobs are mostly held by adults raising families. Or that people who have minimum wage jobs stay in them forever.

My understanding is that most of them are held by young people either working parttime, in school, living with parents, etc. A job that is not worth more than the minimum wage still can provide valuable work experience and give people on the bottom rung a chnace to advance. Lots of fast food managers started out flipping burgers,e tc.

 

[der_kommissar]

banjo much? As soon as you read something on your left wing site you cut and paste and start a new thread here on ET? And can't understand why most normal people are not as outraged as you.

At least Banjo occasionally replies...Nitro is basically stuck in his own head all of the time...Sort of an autistic personality IMO.

 

[nitro]

The fallacy in this is the assumption that minimum wage jobs are mostly held by adults raising families. Or that people who have minimum wage jobs stay in them forever.

My understanding is that most of them are held by young people either working parttime, in school, living with parents, etc. A job that is not worth more than the minimum wage still can provide valuable work experience and give people on the bottom rung a chnace to advance. Lots of fast food managers started out flipping burgers,e tc.

http://www.pewresearch.org/fact-tank/2014/09/08/who-makes-minimum-wage/

 

[Arnie]

If you really want to help low wage earners, then bring back price controls. The reason we have been debating a minimum wage since the 1930's is because it does nothing to solve the real problem.....they run out of money before they run out of month. And they will continue to do so. $15/hr now? How long do you think that will last? Oh wait. We can't do that because that would really fuck the economy up. But imposing some arbitrary hourly wage based on nothing more than what some feel is right is OK.

I've said it before. These people should be in front of the White House protesting a president's policies that have transformed what used to be temporary, low paying jobs into lifetime "careers". Look at the damage he's done with just Obamcare mandates. At least many of these people could count a 35-40 hour week. Now many are lucky to get 20-25 hours because of employer mandates to provide HC insurance for "full time" employees.

 

[Tsing Tao]

Arnie is spot on. The bartender and waitress economy chugs along. But hey...look at that unemployment rate!

 

[CaptainObvious]

The term living wage is relative, and it's REALLY relative in America. Add to that the ever growing part time job market that becomes a full time career and viola, the poor get poorer, and the rich never cared to begin with.

 

[piezoe]

If you really want to help low wage earners, then bring back price controls. The reason we have been debating a minimum wage since the 1930's is because it does nothing to solve the real problem.....they run out of money before they run out of month. And they will continue to do so. $15/hr now? How long do you think that will last? Oh wait. We can't do that because that would really fuck the economy up. But imposing some arbitrary hourly wage based on nothing more than what some feel is right is OK.

I've said it before. These people should be in front of the White House protesting a president's policies that have transformed what used to be temporary, low paying jobs into lifetime "careers". Look at the damage he's done with just Obamcare mandates. At least many of these people could count a 35-40 hour week. Now many are lucky to get 20-25 hours because of employer mandates to provide HC insurance for "full time" employees.

IT's a problem with O'Romney care. Healthcare should have nothing to do with employers. Healthcare should be independent of employer.