CBO: Biden $15 An Hour Minimum Wage Will Cost 1.4 Million American Jobs

[danielpalos]

CBO: Biden’s $15 Minimum Wage Would
Result in a Loss of 1.4 Million Jobs

Why Do This? Because the Democrats know what's best for you...and because they CAN.


CBO: Biden's $15 Minimum Wage Would Result in a Loss of 1.4 Million Jobs

Only in the short term. Unemployment compensation could be improved to better pick up the slack and automatically stabilize our economy. In the long run, higher paid labor creates more in demand and generates more in tax revenue.

It also creates higher welfare numbers and poorer poor.........especially among the elderly.

What right wingers complain about only happens in the short run equilibrium not the long run equilibrium. Higher paid labor creates more in demand and generates more in tax revenue in every long run equilibrium.

And, those on fixed income tend to have cost of living increases indexed to inflation.

 

[Blues Man]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

How about 20 guys Each making $1 hr? You still want to make that argument?

So is it better that 20 people make 8 dollars a day than one person making 160 a day?

That is your right wing straw man. That is no how it would work since even the dollar menu won't double even if the minimum wage does.

Where did I ever mention the dollar menu or prices doubling?

Where did I ever mention a seventy-five percent reduction in the labor force due to the minimum wage rising?

I never said you did

 

[Canon Shooter]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

I'm not a Republican, but consider this:

Say you own a business where all you do is mow lawns. Nothing technical, no real intellect required. Drive/push the mower, mow the lawn, then move on to the next one.

Will productivity be higher if you have four guys doing that at $5 an hour or one guy doing it at $20 an hour?

 

[Blues Man]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

for the 3 people who now have no income it was

Not when they find $20 hr jobs.

They won't because there will be fewer jobs to be had

So you want more lower paying jobs.

No I want the market to set wages not the government

Then the market should have done a better job for everyone not just the Rich.

It does if you do it right.

You just don't do it right

Right wingers did not do it right either.

That's your problem you blame everyone else for your failures

 

[Canon Shooter]

Higher paid labor creates more in demand

You keep belching up this nonsense yet you've never once tried to support it...

 

[danielpalos]

Higher paid labor creates more in demand

You keep belching up this nonsense yet you've never once tried to support it...

It is basic economics. The multiplier effect does it.

 

[Dragonlady]

CBO: Biden’s $15 Minimum Wage Would
Result in a Loss of 1.4 Million Jobs

Why Do This? Because the Democrats know what's best for you...and because they CAN.


CBO: Biden's $15 Minimum Wage Would Result in a Loss of 1.4 Million Jobs

The GateWay Pundit? Nobody reads or believes that shit but you. Of course you can't find a credible source to support your bullshit, so there's that.

The 1.5 million low wage jobs that are lost will be replaced with far more higher wage jobs in the Green Economy. The displaced workers should be able to get job training and be ready for an every bigger increase.

 

[Blues Man]

Higher paid labor creates more in demand

You keep belching up this nonsense yet you've never once tried to support it...

It is basic economics. The multiplier effect does it.

there is no multiplier effect.

Giving a person a 50% raise does not give him 100% more money to spend it doesn't even give him 50% more money to spend

 

[Ray From Cleveland]

The GateWay Pundit? Nobody reads or believes that shit but you. Of course you can't find a credible source to support your bullshit, so there's that.

The 1.5 million low wage jobs that are lost will be replaced with far more higher wage jobs in the Green Economy. The displaced workers should be able to get job training and be ready for an every bigger increase.

Correct. The guy working on the Keystone making 80K a year will be trained to make solar panels in China for $2.75 per hour.

 

[danielpalos]

Higher paid labor creates more in demand

You keep belching up this nonsense yet you've never once tried to support it...

It is basic economics. The multiplier effect does it.

there is no multiplier effect.

Giving a person a 50% raise does not give him 100% more money to spend it doesn't even give him 50% more money to spend

Only right wingers appeal to ignorance of economics yet want to be taken seriously. Labor making more money means they will be spending more money and paying more taxes.

 

[Ray From Cleveland]

I feel sorry for poor people. I save 20% of my paychecks. They give 20% of their paycheck to one of those advance payday loan Companies. Even if it’s just $5 to the party store guy to cash their checks. They ain’t saving.

So you have no skills, you smoke dope and won't try to get a good job, you won't go to trade school so you can make enough to have a 401K. That should be our problem?

 

[danielpalos]

I feel sorry for poor people. I save 20% of my paychecks. They give 20% of their paycheck to one of those advance payday loan Companies. Even if it’s just $5 to the party store guy to cash their checks. They ain’t saving.

So you have no skills, you smoke dope and won't try to get a good job, you won't go to trade school so you can make enough to have a 401K. That should be our problem?

Yes, especially when corporate welfare is alive and well and has even paid multimillion dollar bonuses to persons who could afford to hire entire departments to help them conform to rational choice theory.

 

[easyt65]

CBO: Biden’s $15 Minimum Wage Would
Result in a Loss of 1.4 Million Jobs

Why Do This? Because the Democrats know what's best for you...and because they CAN.


CBO: Biden's $15 Minimum Wage Would Result in a Loss of 1.4 Million Jobs

Only in the short term. Unemployment compensation could be improved to better pick up the slack and automatically stabilize our economy. In the long run, higher paid labor creates more in demand and generates more in tax revenue.

It also creates higher welfare numbers and poorer poor.........especially among the elderly.

What right wingers complain about only happens in the short run equilibrium not the long run equilibrium. Higher paid labor creates more in demand and generates more in tax revenue in every long run equilibrium.

And, those on fixed income tend to have cost of living increases indexed to inflation.

Blah, blah, blah...another ignorant, opinionated rant....meanwhile the CBO - professionals whose job is actually figruing things out, is declaring Biden and Democrats are destroying another 1.4 MILLION American Jobs in the middle of a pandemic and Democrat-damaged economy while opening the border to 'invading' illegal criminals who will compete with out-of-work Americans for jobs, willingly hurting this country and its citizens, just to advance its Socialist agenda.

Pardon me if I listen to the CBO, even if Biden / Dems / Snowflakes refuse to, and believe my own eyes instead of the propaganda Democrats, Fake News MSM, and snowflake trolls want me to accept as truth...

 

[Blues Man]

Higher paid labor creates more in demand

You keep belching up this nonsense yet you've never once tried to support it...

It is basic economics. The multiplier effect does it.

there is no multiplier effect.

Giving a person a 50% raise does not give him 100% more money to spend it doesn't even give him 50% more money to spend

Only right wingers appeal to ignorance of economics yet want to be taken seriously. Labor making more money means they will be spending more money and paying more taxes.

They might not be spending more money. Maybe they'll be smarter than you and save some and I never said they won't spend more but there is no multiplier.

And since the cost of everything will go up they won't be buying as much as you think they can and everyone who is already making 15 an hour will not be able to buy as much as before.

So the real question is whether or not there will be a net loss or a net gain.

Since many people will lose their jobs and people will be buying less because everything is more expensive I don't see the benefit of the government interfering with the MW. It should be a state matter.

 

[Canon Shooter]

Higher paid labor creates more in demand

You keep belching up this nonsense yet you've never once tried to support it...

It is basic economics. The multiplier effect does it.

The multiplier effect doesn't apply in the case of simply paying someone more money.

The concept of the multiplier effect is this: I want a new factory. Now, not only will my employees be employed, but so will construction workers who build the factory, the guy who owns the lunch truck that sells to the construction crew every day, the food distribution people who sell food to the lunch truck guy, and so on.

The multiplier effect has nothing to do with the hourly wage of an employee...

 

[Dragonlady]

Higher paid labor creates more in demand

You keep belching up this nonsense yet you've never once tried to support it...

Every single time the minimum wage has gone up, unemployment has gone down. There is an ENORMOUS amount of pent up demand for goods and services for working Americans, but they lack the income to properly provide for their families, much less plan major purchases or savings.

The USA is the ONLY country in the first world where the numbers of people in the middle class is declining, and more people are falling back into poverty than are rising out of the middle class into wealth. A thriving middle class is a necessity for a healthly thriving first world economy.

Republican policies are killing the American middle class, as surely as the farmer killed the goose that laid the golden eggs, and to the same effect.

https://www.bankofcanada.ca/wp-content/uploads/2017/12/san2017-26.pdf

Dems should follow Bill Clinton’s lead on minimum wage hike

One of the Democrats’ top priorities in the new Congress is a $15 minimum wage — a 107-percent increase over the current standard. Before embracing a federal wage mandate for which there&#821…

thehill.com

Yes, Dems held majority for almost every minimum wage raise

Eighty-one years ago, the American workforce was introduced to its first ever federal minimum wage. President Franklin D

www.politifact.com

Why the middle class is shrinking

Fewer millennials in 2019 are middle class compared to baby boomers when they were in their 20s.

www.marketwatch.com

Seven reasons to worry about the American middle class | Brookings

Eleanor Krause and Isabel Sawhill list seven reasons why the American middle class is in trouble.

www.brookings.edu

 

[Blues Man]

Higher paid labor creates more in demand

You keep belching up this nonsense yet you've never once tried to support it...

Every single time the minimum wage has gone up, unemployment has gone down. There is an ENORMOUS amount of pent up demand for goods and services for working Americans, but they lack the income to properly provide for their families, much less plan major purchases or savings.

The USA is the ONLY country in the first world where the numbers of people in the middle class is declining, and more people are falling back into poverty than are rising out of the middle class into wealth. A thriving middle class is a necessity for a healthly thriving first world economy.

Republican policies are killing the American middle class, as surely as the farmer killed the goose that laid the golden eggs, and to the same effect.

https://www.bankofcanada.ca/wp-content/uploads/2017/12/san2017-26.pdf

Dems should follow Bill Clinton’s lead on minimum wage hike

One of the Democrats’ top priorities in the new Congress is a $15 minimum wage — a 107-percent increase over the current standard. Before embracing a federal wage mandate for which there&#821…

thehill.com

Yes, Dems held majority for almost every minimum wage raise

Eighty-one years ago, the American workforce was introduced to its first ever federal minimum wage. President Franklin D

www.politifact.com

Why the middle class is shrinking

Fewer millennials in 2019 are middle class compared to baby boomers when they were in their 20s.

www.marketwatch.com

Seven reasons to worry about the American middle class | Brookings

Eleanor Krause and Isabel Sawhill list seven reasons why the American middle class is in trouble.

www.brookings.edu

when was the last MW increase more than 100%?

 

[Thinker101]

CBO: Biden’s $15 Minimum Wage Would
Result in a Loss of 1.4 Million Jobs

Why Do This? Because the Democrats know what's best for you...and because they CAN.


CBO: Biden's $15 Minimum Wage Would Result in a Loss of 1.4 Million Jobs

So what? Biden is planning to create a bunch of new jobs in green energy, education, infrastructure and health care.

Putting money in people's pockets increases the demand for restaurants, home improvement, vacations, entertainment, new clothes, etc. and all those industries will have to go on a hiring spree to meet the demand.

and 900,000 lifted out of poverty.

Oh goody, more "shovel ready jobs"....dumbass.

 

[candycorn]

CBO: Biden’s $15 Minimum Wage Would
Result in a Loss of 1.4 Million Jobs

Why Do This? Because the Democrats know what's best for you...and because they CAN.


CBO: Biden's $15 Minimum Wage Would Result in a Loss of 1.4 Million Jobs

29 States already have or have ratified minimum wages higher than the Federal minimum wage.

 

[sealybobo]

I think a child can understand it’s bad policy. The people advocating for it know it’s bad policy. They just want to pretend they’re standing up for the poor.

Republicans argue 4 $5 hr jobs are better than one $20 hr job.

I'm not a Republican, but consider this:

Say you own a business where all you do is mow lawns. Nothing technical, no real intellect required. Drive/push the mower, mow the lawn, then move on to the next one.

Will productivity be higher if you have four guys doing that at $5 an hour or one guy doing it at $20 an hour?

Can’t argue with that. What about 20 guys each making $1?