g5000
Diamond Member
- Nov 26, 2011
- 125,715
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Vance co-sponsored a bill to raise the minimum wage to $11.
Vance also supports raising the minimum wage even higher, to $20.
"The populist vision, at least as it exists in my head, is an inversion of that: applying as much upward pressure on wages and as much downward pressure on the services that the people use as possible. We’ve had far too little innovation over the last 40 years, and far too much labor substitution. This is why I think the economics profession is fundamentally wrong about both immigration and about tariffs. Yes, tariffs can apply upward pricing pressure on various things — though I think it’s massively overstated — but when you are forced to do more with your domestic labor force, you have all of these positive dynamic effects.
"It’s a classic formulation: You raise the minimum wage to $20 an hour, and you will sometimes hear libertarians say this is a bad thing. “Well, isn’t McDonald’s just going to replace some of the workers with kiosks?” That’s a good thing, because then the workers who are still there are going to make higher wages; the kiosks will perform a useful function; and that’s the kind of rising tide that actually lifts all boats."
Gee, that's exactly what liberals have been saying for DECADES!
.
Romney, Cotton, Colleagues Introduce Bill to Raise Minimum Wage
Vance also supports raising the minimum wage even higher, to $20.
"The populist vision, at least as it exists in my head, is an inversion of that: applying as much upward pressure on wages and as much downward pressure on the services that the people use as possible. We’ve had far too little innovation over the last 40 years, and far too much labor substitution. This is why I think the economics profession is fundamentally wrong about both immigration and about tariffs. Yes, tariffs can apply upward pricing pressure on various things — though I think it’s massively overstated — but when you are forced to do more with your domestic labor force, you have all of these positive dynamic effects.
"It’s a classic formulation: You raise the minimum wage to $20 an hour, and you will sometimes hear libertarians say this is a bad thing. “Well, isn’t McDonald’s just going to replace some of the workers with kiosks?” That’s a good thing, because then the workers who are still there are going to make higher wages; the kiosks will perform a useful function; and that’s the kind of rising tide that actually lifts all boats."
Gee, that's exactly what liberals have been saying for DECADES!
.
