$10.10. A killer for the rich.

[Soggy in NOLA]

Why did Obama ask for a $10.10 minimum wage? All this will do is take away the power of the government from the private sector and put in the hands of a bunch of senseless Americans. We as Americans must realize that the rich are the people that offer the true economic opportunities that this nation has to offer. The $10.10 minimum wage will bring the social classes together and there won't be any room for mobility. We must keep corporate America.

Well don't set your pants on fire just yet--LOL. Obama will sign into law a $10 minimum wage for FEDERAL (contract) workers ONLY. Meaning Haliburton will be required to pay the $10.10 dollar minimum wage to laborers on government contracts.

Employers in this country are most made up of small business people. In fact, they are the largest employer in this nation today. In 2015 they are going to get hit with the employer mandate OBAMACARE that will greatly add a enormous expense to their bottom lines.

They can ill afford a $10.10 cent per hour inexperienced employee to add to the cost they already have.

Furthermore, if there is a 10.10 dollar minimum wage McDonald's is going to have to charge $8.00 for a hamburger. All cost will go up to accommodate this new minimum wage, including at the grocery store and everywhere else. Who does this really hurt? The elderly that are on fixed incomes and the poor who don't work.

This ignorant silliness was all refuted in Post # 193.

Hell of trick to accomodate for a new MW, by doing something that causes you to LOSE money. So maybe I'll have to ask you too. If having an $8.00 hamburger could bring in more money, then why only NOW, this $8.00 hamburger ? Didn't McDonalds want to make more money in previous months also ?

PS - no consideration for the extra sales$$$$$$ that are going to come in from people having more money in their pockets. Just decided to pass on that subject ?

So, let's see.... all that extra money is going be generated by the 1% or so that earn minimum wage, most of which are kids?



Yeah.. mkay... how deliciously stupid.

 

[The T]

Yet people who earn the minimum wage can still buy the most advanced phones, own a computer, and access the most advanced library the world has ever seen.

Not too likely. Ever work for minimum wage ? People who do get cars repossessed, watch TV (if they have one) with rabbit ears, get their car insurance cancelled, and their electricity turned, or one of these. But computers and advance phones ? who have you been listening too ? Ever work for minimum wage ? If you had, you wouldn't be talking about MW workers buying smart phones.

Maybe these "people" shouldn't buy cars they can't afford.

Or Houses...ahemmm

 

[The T]

You may think so, but when contract costs are given to workers, each $1.00 increase equates to $1.70 back into the economy.

OMG! When are people going to realize a government does not create weath when it spends our money. If anything, it creates poverty and misery.

...and angst. That is the ONLY thing it produces.

 

[ScienceRocks]

OMG! When are people going to realize a government does not create weath when it spends our money. If anything, it creates poverty and misery.

...and angst. That is the ONLY thing it produces.

Say that to China, India or most of the more successful countries in Africa.

infrastructure, science and r@D investment by the government is why we talk over the internet.

 

[kaz]

Why did Obama ask for a $10.10 minimum wage? All this will do is take away the power of the government from the private sector and put in the hands of a bunch of senseless Americans. We as Americans must realize that the rich are the people that offer the true economic opportunities that this nation has to offer. The $10.10 minimum wage will bring the social classes together and there won't be any room for mobility. We must keep corporate America.

When you're sober, can you translate that into English for us?

This is seriously page 17? How the hell did you people go on about an incoherent op for 17 pages?

 

[OnePercenter]

The last time we raised the Federal Minimum Wage was in 2009. Since 2009, the cumulative rate of inflation is 8.6%.

As it stands, the Federal Minimum wage is $7.25. 8.6% of $7.25 is 62 cents.

To reflect the proper increase in inflation(which has been very minimal in the past 5 years), minimum wage should be $7.87.

Your assuming that $7.25 is correct, which it isn't.

Your assuming that 8.6% inflation is correct, which it's not.[/url]

If you take the cost changes of three key items from 1970-2013 which are housing, food, transportation, minimum wage should be $23.50/hr.

If you have a problem with CPI, take it up with the Federal Government. How do you propose we measure inflation, what is wrong with the CPI?

Secondly, your statement about $23.50 being the minimum wage if we accounted for "housing, food, and transportation"(which CPI accounts for by the way) is simply false. Where on earth did you get that number?

Since you deleted the URL I posted, I'll re-post.

The Major Problem With CPI And How It Hurts The Economy - Forbes

Here's your actual CPI

The Changing Prices of stuff in 70 years comparison of prices over the last 70yrs

 

[OnePercenter]

Yet people who earn the minimum wage can still buy the most advanced phones, own a computer, and access the most advanced library the world has ever seen.

Not too likely. Ever work for minimum wage ? People who do get cars repossessed, watch TV (if they have one) with rabbit ears, get their car insurance cancelled, and their electricity turned, or one of these. But computers and advance phones ? who have you been listening too ? Ever work for minimum wage ? If you had, you wouldn't be talking about MW workers buying smart phones.

Maybe these "people" shouldn't buy cars they can't afford.

If they couldn't afford the car, how could they get a loan?

 

[Steinlight]

Not too likely. Ever work for minimum wage ? People who do get cars repossessed, watch TV (if they have one) with rabbit ears, get their car insurance cancelled, and their electricity turned, or one of these. But computers and advance phones ? who have you been listening too ? Ever work for minimum wage ? If you had, you wouldn't be talking about MW workers buying smart phones.

Maybe these "people" shouldn't buy cars they can't afford.

If they couldn't afford the car, how could they get a loan?

Getting a loan to buy something you can't afford; ever heard of the subprime mortgage crisis?

 

[Steinlight]

Your assuming that $7.25 is correct, which it isn't.

Your assuming that 8.6% inflation is correct, which it's not.[/url]

If you take the cost changes of three key items from 1970-2013 which are housing, food, transportation, minimum wage should be $23.50/hr.

If you have a problem with CPI, take it up with the Federal Government. How do you propose we measure inflation, what is wrong with the CPI?

Secondly, your statement about $23.50 being the minimum wage if we accounted for "housing, food, and transportation"(which CPI accounts for by the way) is simply false. Where on earth did you get that number?

Since you deleted the URL I posted, I'll re-post.

The Major Problem With CPI And How It Hurts The Economy - Forbes

Here's your actual CPI

The Changing Prices of stuff in 70 years comparison of prices over the last 70yrs

I didn't mean to delete the link, had to, cause I am a new poster that can't have posts with links(At least yesterday).

Anyways here we go.

I read the first link, I disagree with the author and agree with the Feds on this one about CPI. I don't think his argument is convincing or practical. He wants to measure housing by the price of the house all together as opposed to by monthly mortgage/ rent. That is not very practical at all.

That second link just provides nominal prices, not real prices, thus, it is meaningless.

Lastly, where do you get this $23.50/hr figure? You never answered that question.

 

[OnePercenter]

Maybe these "people" shouldn't buy cars they can't afford.

If they couldn't afford the car, how could they get a loan?

Getting a loan to buy something you can't afford; ever heard of the subprime mortgage crisis?

There's nothing wrong with subprime mortgages as long as you keep them separate and don't package them into mortgage-backed securities, which has nothing to do with auto loans.

 

[Steinlight]

If they couldn't afford the car, how could they get a loan?

Getting a loan to buy something you can't afford; ever heard of the subprime mortgage crisis?

There's nothing wrong with subprime mortgages as long as you keep them separate and don't package them into mortgage-backed securities, which has nothing to do with auto loans.

No, they have everything to do with each other. Both are examples of people taking out loans on things they can't afford.

 

[OnePercenter]

If you have a problem with CPI, take it up with the Federal Government. How do you propose we measure inflation, what is wrong with the CPI?

Secondly, your statement about $23.50 being the minimum wage if we accounted for "housing, food, and transportation"(which CPI accounts for by the way) is simply false. Where on earth did you get that number?

Since you deleted the URL I posted, I'll re-post.

The Major Problem With CPI And How It Hurts The Economy - Forbes

Here's your actual CPI

The Changing Prices of stuff in 70 years comparison of prices over the last 70yrs

I didn't mean to delete the link, had to, cause I am a new poster that can't have posts with links(At least yesterday).

Anyways here we go.

I read the first link, I disagree with the author and agree with the Feds on this one about CPI. I don't think his argument is convincing or practical. He wants to measure housing by the price of the house all together as opposed to by monthly mortgage/ rent. That is not very practical at all.

That second link just provides nominal prices, not real prices, thus, it is meaningless.

Lastly, where do you get this $23.50/hr figure? You never answered that question.

WOW! Really?

I'm not surprised you can't 'figure out' $23.50/hr figure.

What the hell is ' price of the house all together', and 'nominal prices'?

 

[OnePercenter]

Getting a loan to buy something you can't afford; ever heard of the subprime mortgage crisis?

There's nothing wrong with subprime mortgages as long as you keep them separate and don't package them into mortgage-backed securities, which has nothing to do with auto loans.

No, they have everything to do with each other. Both are examples of people taking out loans on things they can't afford.

So your writing that lenders gave out loans to people that had no ability to pay? Why would they do that?

 

[Steinlight]

Since you deleted the URL I posted, I'll re-post.

The Major Problem With CPI And How It Hurts The Economy - Forbes

Here's your actual CPI

The Changing Prices of stuff in 70 years comparison of prices over the last 70yrs

I didn't mean to delete the link, had to, cause I am a new poster that can't have posts with links(At least yesterday).

Anyways here we go.

I read the first link, I disagree with the author and agree with the Feds on this one about CPI. I don't think his argument is convincing or practical. He wants to measure housing by the price of the house all together as opposed to by monthly mortgage/ rent. That is not very practical at all.

That second link just provides nominal prices, not real prices, thus, it is meaningless.

Lastly, where do you get this $23.50/hr figure? You never answered that question.

WOW! Really?

I'm not surprised you can't 'figure out' $23.50/hr figure.

What the hell is ' price of the house all together', and 'nominal prices'?

No, I can't, enlighten me. How do you come to that figure?

That article you posted from from Forbes suggested that the housing price measure be the full price of the house, as opposed to the monthly mortgage/rent. Not very practical. Did you happen to read the article you posted?

Also, your second link was just a link the nominal prices of some goods. Learn the difference between nominal prices and real prices.

You seem out of your depth here.

 

[Steinlight]

There's nothing wrong with subprime mortgages as long as you keep them separate and don't package them into mortgage-backed securities, which has nothing to do with auto loans.

No, they have everything to do with each other. Both are examples of people taking out loans on things they can't afford.

So your writing that lenders gave out loans to people that had no ability to pay? Why would they do that?

Yes, lenders have and still do end up giving loans to people who didn't have the ability to pay. If borrowers had the ability to pay off their loans, they would pay off their loans. Duh.

 

[Quantum Windbag]

1% of working americans make minimum wage and most of those are part time teenagers flipping burgers

this is a non-issue.

And you are a purposeful liar, or are too damned lazy to do the research. First, in 2011, there were 3.8 million workers making minimum wage. And I bet double that number making less than 10.10 an hour. Second, 49% of those were adult women, 28% adult men.

Who makes minimum wage? - Economy

Who would benefit if the minimum wage rose from $7.25 to $9 an hour?
As of 2011, about 3.8 million hourly workers earned at or below the minimum wage, according to the Bureau of Labor Statistics.
Of these people, about 49% are women age 20 or older, 59% have a high school diploma or less, and about 24% are teenagers between the ages of 16 and 19.

US population 2011 _____________________ 310 million
Minimum wage workers 2011 ______________ 3.8 million
Percent of Population making minimum wage _ 1.2%

Damn, it looks like he is right, and you are wrong.

 

[Quantum Windbag]

You'd have been more credible if you would have stopped at the word "car". Too late now. Sorry.

You are the one that thinks that your neighborhood grocer can compete with WalMart if the minimum wage goes up.

1. I didn't say anything about any "neighborhood grocer", you said that. Funny how people keep saying I said things that I didn't.

2. Just curious. what do you think is the effect that of that MW hike on the local grocer (or on WalMart too, for that matter) ?

1. Are you going to tell me you don't think WalMArt has been crowding out mom and pop stores, and that you don't think that all businesses should be local? Why the fuck do you call yourself protectionists, and argue against all the things that you think destroy these things because you never got past third grade in school?
2. Let me see, it forces WalMart to choose between paying its average worker $11 an hour or paying them minimum wage, which would make any effect on WalMart all in your delusional brain, while it forces that local grocer to choose between employing 4 people at $7.25 an hour, or 2 people at $10.10 an hour, or raising prices, which will make WalMart even more attractive to the people who are making minimum wage.

But, please, keep telling me how you proved that it doesn't impact labor costs while teaching inside that school in your head.

 

[OnePercenter]

I didn't mean to delete the link, had to, cause I am a new poster that can't have posts with links(At least yesterday).

Anyways here we go.

I read the first link, I disagree with the author and agree with the Feds on this one about CPI. I don't think his argument is convincing or practical. He wants to measure housing by the price of the house all together as opposed to by monthly mortgage/ rent. That is not very practical at all.

That second link just provides nominal prices, not real prices, thus, it is meaningless.

Lastly, where do you get this $23.50/hr figure? You never answered that question.

WOW! Really?

I'm not surprised you can't 'figure out' $23.50/hr figure.

What the hell is ' price of the house all together', and 'nominal prices'?

No, I can't, enlighten me. How do you come to that figure?

That article you posted from from Forbes suggested that the housing price measure be the full price of the house, as opposed to the monthly mortgage/rent. Not very practical. Did you happen to read the article you posted?

Also, your second link was just a link the nominal prices of some goods. Learn the difference between nominal prices and real prices.

You seem out of your depth here.

So you can't figure out the monthly payments? Really?

 

[OnePercenter]

No, they have everything to do with each other. Both are examples of people taking out loans on things they can't afford.

So your writing that lenders gave out loans to people that had no ability to pay? Why would they do that?

Yes, lenders have and still do end up giving loans to people who didn't have the ability to pay. If borrowers had the ability to pay off their loans, they would pay off their loans. Duh.

Why would lenders do that?

 

[bripat9643]

So your writing that lenders gave out loans to people that had no ability to pay? Why would they do that?

Yes, lenders have and still do end up giving loans to people who didn't have the ability to pay. If borrowers had the ability to pay off their loans, they would pay off their loans. Duh.

Why would lenders do that?

Because federal bureaucrats have a gun pointed at their heads.