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Started By
Message
3
Posted on 2/8/21 at 1:36 pm to Stonehog
quote:You believe the CBO.
Just quoting the report.
Posted on 2/8/21 at 1:37 pm to Stonehog
The myth that the middle class is disappearing
More dynamic thinking
More dynamic thinking
Posted on 2/8/21 at 1:37 pm to Stonehog
You’d get a pay raise with Biden’s plan, true?
Posted on 2/8/21 at 1:39 pm to Stonehog
I don't think you realize it but your inflation argument is very simplistic and it's way more complicated than that.
Posted on 2/8/21 at 1:40 pm to oliveandblue
They want it to cause job losses. More out of work people more government control. This isn’t by mistake.
This post was edited on 2/8/21 at 1:42 pm
Posted on 2/8/21 at 1:44 pm to HailHailtoMichigan!
quote:
kills 1.4M jobs
More like 14 million jobs.
Posted on 2/8/21 at 1:48 pm to Stonehog
The middle class probably isnt disappearing at all. It just looks that way because the mega-wealthy are pulling up the averages. Also, poverty is an oversold phenomenon in America. Our "poor" are mostly rural fatties riding smartphones all day.
Even still, the percentage of Americans in the upper and middle classes haven't changed much since the 70's. Wage growth was steady and strong before we intentionally destroyed our economy. Not a bad time to be alive.
Even still, the percentage of Americans in the upper and middle classes haven't changed much since the 70's. Wage growth was steady and strong before we intentionally destroyed our economy. Not a bad time to be alive.
Posted on 2/8/21 at 1:50 pm to Jbird
They are estimating 17M are below the $15 wage and that only 1.4M of them will lose their job because of this? I'm going to go ahead and say that is a gross underestimate.
I'm also going to take a big issue with their assumption that the higher wages for the low income earners will drive up demand enough for goods and services to have a meaningful effect on the unemployment.
I'm also going to take a big issue with their assumption that the higher wages for the low income earners will drive up demand enough for goods and services to have a meaningful effect on the unemployment.
Posted on 2/8/21 at 1:53 pm to Vacherie Saint
Rich people are old. Poor people are young. Most of these arguments use static circumstance to argue how bifurcated our classes are but the underlying data is mostly useless. Wealth and income are dynamic and change through time for each individual.
Posted on 2/8/21 at 2:09 pm to HailHailtoMichigan!
quote:
CBO releases new $15 min wage analysis: adds 58 billion to deficit, costs 1.4 million jobs
Posted on 2/8/21 at 2:12 pm to NIH
quote:
You’d get a pay raise with Biden’s plan, true?
No.
Posted on 2/8/21 at 2:22 pm to HailHailtoMichigan!
quote:
kills 1.4M jobs
First, it would be WAY more than that particularly when you factor in the the number that would go from full time with benefits to part-time with no benefits to offset the cost.
Second, the progressives/socialists are not surprised by this, nor do they see it as a problem. That's because artificially skyrocketing the minimum wage is simply step one of a multi-part plan.
Hike minimum wage to the point where the lowest of earners lose their jobs because they because their work is simply not worth $15/hour. THEN you will get a groundswell of support for universal basic income from the masses of unemployed. Also support for single-payer gov't insurance increases as the unemployment rate goes up as well. UBI and Government healthcare are the ends, hiking the minimum wage is just one of the steps to accelerate the push to get there.
Posted on 2/8/21 at 2:34 pm to elposter
quote:
First, it would be WAY more than that
It could be less.
Posted on 2/8/21 at 2:35 pm to HailHailtoMichigan!
Like who didn’t know this? 
People just living in lala land.
People just living in lala land. Posted on 2/8/21 at 2:37 pm to elposter
Right.
A possible scenario - teenager gets laid off from HEB. No big deal, right? He's still living with mom and dad. Although.... mom and dad are now paying his gasoline money and other bills he was paying for with his HEB money. So, dad decides to do the taxes this year himself instead of hiring an accountant. He also decides that they'll maybe take a less expensive vacation and cut back on other goods.
Those decisions affect people in the local community who were making more than minimum wage, so they, too, feel the effect, and are forced to cut back.
The cycle rinses and repeats until a $15 minimum wage has cost the economy a trillion dollars in GDP annually or more.
A possible scenario - teenager gets laid off from HEB. No big deal, right? He's still living with mom and dad. Although.... mom and dad are now paying his gasoline money and other bills he was paying for with his HEB money. So, dad decides to do the taxes this year himself instead of hiring an accountant. He also decides that they'll maybe take a less expensive vacation and cut back on other goods.
Those decisions affect people in the local community who were making more than minimum wage, so they, too, feel the effect, and are forced to cut back.
The cycle rinses and repeats until a $15 minimum wage has cost the economy a trillion dollars in GDP annually or more.
Posted on 2/8/21 at 2:46 pm to BiteMe2020
Idiot liberals think that the money to cover the wage hikes will come from the paychecks and bonuses of CEOs, executives, small business owners, etc... because they have no concept of reality and no clue how the world works.
ETA: The minimum wage hike seems designed to end small businesses. A high school kid working a summer job as a cashier should not be making $15/hour.
ETA: The minimum wage hike seems designed to end small businesses. A high school kid working a summer job as a cashier should not be making $15/hour.
This post was edited on 2/8/21 at 2:56 pm
Posted on 2/8/21 at 2:47 pm to Stonehog
quote:
It could be less.
It wouldnt be. People are already losing their jobs, this will accelerate that.
Posted on 2/8/21 at 2:49 pm to Aubie Spr96
quote:
FYI: The CBO's number are NEVER correct. If they are this bad now, that means they'll be even worse if implemented.
This CANNOT be overstated.
Posted on 2/8/21 at 2:50 pm to VADawg
BiteMe2020,
That is a very real world post.
Funny thing, I finished my MBA in the University of Houston system and took an economics course with very well known professor. I looked at his full CV and he never had a job in his life. Never even came close to running or managing even a lemonade stand.
Most of the other professors had stints full time or consulting with corporations or small businesses.
That is a very real world post.
Funny thing, I finished my MBA in the University of Houston system and took an economics course with very well known professor. I looked at his full CV and he never had a job in his life. Never even came close to running or managing even a lemonade stand.
Most of the other professors had stints full time or consulting with corporations or small businesses.
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