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Message
Why so much talk of raising minimum wage? Why no discussion on cost of living?
Posted on 5/9/14 at 3:42 pm
Posted on 5/9/14 at 3:42 pm
There is much debate as to whether or not minimum wage should be raised. Proponents of the idea state that people cannot live off of minimum wage; inflation has increased beyond what a MW job could afford.
So, I am curious as to why we view the situation such that the only solution is to increase the money flow rather than decrease the cost of living.
I make full disclosure that I am very ignorant on these matters and for this I apologize, but in my life I have never really seen anything get cheaper- only more expensive. Is lowering the cost of living simply not realistic? Could it not be done without major govt. intervention? Would lower oil/energy costs have a favorable impact on the overall cost of living?
Is inflation like entropy, in that it can never be reversed?
So, I am curious as to why we view the situation such that the only solution is to increase the money flow rather than decrease the cost of living.
I make full disclosure that I am very ignorant on these matters and for this I apologize, but in my life I have never really seen anything get cheaper- only more expensive. Is lowering the cost of living simply not realistic? Could it not be done without major govt. intervention? Would lower oil/energy costs have a favorable impact on the overall cost of living?
Is inflation like entropy, in that it can never be reversed?
This post was edited on 5/9/14 at 3:43 pm
9
Posted on 5/9/14 at 3:44 pm to Tiguar
Dems don't want to talk about how Obama's debt, wasteful stimulus and QE spending has devalued the dollar.
Posted on 5/9/14 at 3:45 pm to Tiguar
Whoa, whoa. There you go again trying to eliminate the root of the problem rather than treat the symptoms. That, sir, is not allowed.
Posted on 5/9/14 at 3:45 pm to constant cough
Yeah, Dems are driving everything up, and their answer is more taxes, and forcing wage increases....They are the problem they are trying to fix... 
Posted on 5/9/14 at 3:51 pm to CamdenTiger
To be fair, it's not a partisan issue, both parties are equally to blame. I can easily make the argument that we have not had a cost conscious republican in office in my lifetime. Reagan, for all that he did for the economy, was a huge spender. So was Bush. So was Clinton. So was Bush. Obama is just the worst we've seen in over 2 decades....
Federal government is addicted to the FRB and Banking crack.
However, if you look at the government data, they'll tell you that the price of goods are actually going down because TVs (that you buy once every 10 years)are cheaper than they used to be, but fully ignore the cost of real estate, energy, and food.
That said,
Federal government is addicted to the FRB and Banking crack.
However, if you look at the government data, they'll tell you that the price of goods are actually going down because TVs (that you buy once every 10 years)are cheaper than they used to be, but fully ignore the cost of real estate, energy, and food.
That said,
Posted on 5/9/14 at 5:00 pm to ironsides
I remember Gerald Ford vetoing bills because they were budget busters. Congress overruled the vetoes.
Posted on 5/9/14 at 6:10 pm to Tiguar
It's redistribution 101, buddy. QE, is a surreptitious tax on people who have money. Most don't even notice it. With Government going subsidies - financed by QE - to them that don't have money, the Government just increases the amount of the subsidy to make up for the inflation. Voila'...mission accomplished. Social justice.
NC can do a better job with the economy stuff, but that's my 2 cents.
NC can do a better job with the economy stuff, but that's my 2 cents.
Posted on 5/9/14 at 8:06 pm to Tiguar
quote:
So, I am curious as to why we view the situation such that the only solution is to increase the money flow rather than decrease the cost of living.
There are already plenty of programs in place to reduce the poors' cost of living. Food stamps, subsidized housing, the EITC, etc. Not that they are all adequately funded - but to suggest this hasn't been thought of before is a bit off the mark.
This post was edited on 5/9/14 at 8:07 pm
Posted on 5/9/14 at 8:16 pm to SpidermanTUba
thats not what I'm talking about, and I think you know it.
Posted on 5/9/14 at 8:16 pm to SpidermanTUba
quote:That's not really reducing the cost of living.
There are already plenty of programs in place to reduce the poors' cost of living. Food stamps, subsidized housing, the EITC, etc. Not that they are all adequately funded - but to suggest this hasn't been thought of before is a bit off the mark.
That's taking other people's money and spending it on the poor's behalf so that they don't have to pay as much for things.
Posted on 5/9/14 at 8:18 pm to PrimeTime Money
quote:
That's taking other people's money and spending it on the poor's behalf so that they don't have to pay as much for things.
You have to understand, people like Tubesucker don't think it is our money, it all belongs to the gov't...
Posted on 5/9/14 at 8:22 pm to Tiguar
Maybe i'm just dumb. What exactly do you do to reduce the cost of living? Doesn't seem like that's such an easy task.
Posted on 5/9/14 at 8:30 pm to oklahogjr
quote:
Maybe i'm just dumb. What exactly do you do to reduce the cost of living? Doesn't seem like that's such an easy task.
Ease restrictions.
One thing we should definitely NOT be doing is destroying coal production.
Posted on 5/9/14 at 8:34 pm to SpidermanTUba
quote:
There are already plenty of programs in place to reduce the poors' cost of living. Food stamps, subsidized housing, the EITC, etc. Not that they are all adequately funded - but to suggest this hasn't been thought of before is a bit off the mark.
I'm sure you know this is a silly statement but I'll respond amyway.
What makes you think this reduces the cost of living? I would argue these type programs actually increase the cost of living to everyone, especially the poor. If you tax higher income earners more then they are more likely to spend less because they have less. That reduces the amount of money available to be spent which leads to price increases to compensate.
This post was edited on 5/9/14 at 8:35 pm
Posted on 5/9/14 at 8:39 pm to imjustafatkid
quote:
Ease restrictions.
One thing we should definitely NOT be doing is destroying coal production.
Anyway besides letting coal companies run amuck environmentally? that doesn't seem like it would be good for anyone in the area the coal companies are in.
Posted on 5/9/14 at 8:42 pm to oklahogjr
quote:Well, printing money like the Fed does means our dollars have less purchasing power. It causes prices to rise. So if you had X amount of dollars 10 years ago, that same amount of money today gets you less stuff. So if you have $100,000 in the bank, every dollar the Fed prints means your $100,000 is worth less and less. Which means your cost of living goes up.
Maybe i'm just dumb. What exactly do you do to reduce the cost of living? Doesn't seem like that's such an easy task.
Lower taxes lets more people keep more of their own money.
Reducing burdensome regulation, especially for small businesses allows companies to grow and expand which gives consumers more choices and ultimately drives down prices. People can't start businesses today like they used to, and it hurts the economy.
This post was edited on 5/9/14 at 8:49 pm
Posted on 5/9/14 at 8:46 pm to Tiguar
Because that would endanger the credibility of the Federal Reserve. There's a reason the minimum wage isn't as valuable as it once was.
Posted on 5/9/14 at 8:47 pm to oklahogjr
Look to any sector of the economy where prices continue to rise over time (healthcare, college tuition, etc.) and the reason is because of government involvement distorting the market.
Prices should come down over time due to increased productivity, economies of scale, etc. Yet they don't, because the government is causing prices to rise in some areas.
Prices should come down over time due to increased productivity, economies of scale, etc. Yet they don't, because the government is causing prices to rise in some areas.
Posted on 5/9/14 at 8:49 pm to Tiguar
quote:
Is inflation like entropy, in that it can never be reversed?
Good question, I'd like to hear more on this as well.
Posted on 5/9/14 at 9:01 pm to UsingUpAllTheLetters
Inflation can be reversed, but the Fed likes inflation because it keeps these bubbles alive and makes it look like the economy is doing great and it makes politicians look good.
Also, inflation is good for debtors. If you owe somebody $10. But inflation kicks in and now that $10 is worth what $5 used to be worth. In essence, the person who lent you money is now getting screwed.
Think about how much money the U.S. owes to the Chinese. That money is now worth less than it was.
Also, inflation is good for debtors. If you owe somebody $10. But inflation kicks in and now that $10 is worth what $5 used to be worth. In essence, the person who lent you money is now getting screwed.
Think about how much money the U.S. owes to the Chinese. That money is now worth less than it was.
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