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

[sealybobo]

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?

Change your argument. You are a low skilled worker. But you work hard. You try but can’t find a better job. Trade school isn’t for you.

Yes, these people are our problem.

And besides, even people who went to school today are being underpaid if you compare wages and inflation today to 1970 we’re doing worse today.

I make way more than my dad and mom did yet they were able to retire at 62. My dad at 59.

Back then poor people had it good. They could save and retire at a reasonable age. You’ll see. People won’t be retiring till they’re 70.

 

[hadit]

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.

Only if you raise it gradually enough that the market can adjust. Double it overnight and impact 60% of the work force and things can get ugly.

Why not ask for a tax break to make it easier for small business to adjust?

Why not just raise it incrementally and allow ALL business to adjust? it would be simpler.

 

[Papageorgio]

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.

I have looked over the last 20 years and I haven't found one President that has created one job other than a new position on his staff or cabinet. Over the same time span I have seen American entrepreneurs create thousands and thousands of new jobs.

The other thing you said is that it is going to bring 900,000 out of poverty which is great, however the CBO says that 1,400,000 will lose jobs, so our net will be a negative 500,000. So I'm not seeing that as a positive.

 

[Turtlesoup]

Yeah, that is what they said about a seven dollar an hour min wage.

The jobs always come back
The market adjusts

Automation Engineers disagree with you.

if they have to pay someone $15 an hour they will make them provide $15 worth of labor by augmenting them with automation.

We don't need low wage jobs in our first world economy anyway. Wages that are too low merely means that labor is getting subsidized by the public sector with social services simply for the bottom line of Capitalists.

Not true as HS kids need part time jobs to learn what working is like, etc. Flexibility helps too.

HS Kids need part time jobs to earn money for college. It is the way it has worked for generations.
With a minimum wage that has been frozen for 12 years, they have had to substitute debt for earning college money.

So allow the states to decide what min wage should be. Why is that so difficult. Wages in general have been stagnant for 12 years.

Maybe yours but not mine.

You're retired. I said in general. Learn to read. Troll.

I still do work and I do it as self employed.

Some people just don't work well with other, eh moon?

 

[Ray From Cleveland]

Change your argument. You are a low skilled worker. But you work hard. You try but can’t find a better job. Trade school isn’t for you.

Yes, these people are our problem.

And besides, even people who went to school today are being underpaid if you compare wages and inflation today to 1970 we’re doing worse today.

I make way more than my dad and mom did yet they were able to retire at 62. My dad at 59.

Back then poor people had it good. They could save and retire at a reasonable age. You’ll see. People won’t be retiring till they’re 70.

Perhaps, but what do you expect industry to do about it? In a world of global competition, and American consumers obsessed with cheap products, how do you pay these no-skilled workers anything but lower wage?

Today, you have to do something to make your labor valuable. I was never college material, but I learned a skill and made a living with it. You can't expect industry to way overpay for labor and still stay in business. It isn't logical.

 

[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.

Only if you raise it gradually enough that the market can adjust. Double it overnight and impact 60% of the work force and things can get ugly.

Why not ask for a tax break to make it easier for small business to adjust?

Why not just raise it incrementally and allow ALL business to adjust? it would be simpler.

Americans still lose jobs.
- They have to compete with millions of illegals flooding into the US for Jobs
- Biden and Kerry continue to promise 'shove-ready' energy jobs that don't exist
Prices rise - consumers take the hit
SLOW death instead of all at once...pick your poison.

 

[hadit]

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.

Only if you raise it gradually enough that the market can adjust. Double it overnight and impact 60% of the work force and things can get ugly.

"adjust" = raise prices slowly enough that customers don't riot...

And that adjustment still results in the loss of jobs, just less noticeably. My Dad would tell us that in the 1950's they marveled at the Soviet Union where you had to pump your own gas while here in the States we had a teenager come out and not only pump your gas but check your tires, oil and water. Get that kind of service lately? Now, when you get fast food, more likely than not you'll place your order and pay for it on a touch screen. The only time you interact with a person is when somebody hands you a bag and a cup to go pour your own drink. Go grocery shopping and you can scan and bag everything on your own. Low end jobs do disappear as they become more expensive. Even higher paying jobs are disappearing. Once upon a time, auto manufacturing assembly lines employed hundreds of thousands of highly paid workers. Now a relative handful monitor and fix the machines that put the cars together. The only question is, what will replace the lost jobs? The trend is jobs that require more training and more education before you can even start. And prices continue to rise.

 

[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?

All I know is what made America great. Ford, GM, Chrysler all overpaying their low skill blue collar workers. Don’t know why they did it. Instead of $35 hr they should have paid them $15 hr and doubled productivity right? But that’s not what made America great. What made us great, at least here in Michigan, was that every third house was a big three family. And everyone else fed off those highly paid low skill workers. They were the heads of their households. Women wanted them men wanted to be them. Lol.

I don’t know why they paid so well oh yea I forgot, unions! The very thing republicans destroyed starting with reagan.

 

[hadit]

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.

And what economic theory and data supports your hypothesis? So where are all these jobs going to originate from? Higher paying jobs derive from the private sector, supply and demand for skilled and entry level labor, not government mandate or government spending.

Simple math and the multiplier effect. Higher paid labor creates more in demand and generates more in tax revenue. The Rich are still getting richer. Capitalists still want to make a profit.

higher paid labor means higher prices for literally everything so the people who are now making more than 15 an hour will see their purchasing power decrease and people getting a raise to 15 an hour will not be able to buy as much stuff as you think they will.

Even the dollar menu won't double. We should abolish our alleged wars on crime, drugs, and terror to lower taxes.

No, because you would just replace all that spending with a universal income and still refuse to take a job. Taxes would go up, not down.

 

[odanny]

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? That means they all paid far less than $15 an hour, which means they were shit jobs. Roll all those into jobs with a livable wage. That's how the world works, you lose some, but overall, the end result is more money for the working class.

 

[easyt65]

So what? That means they all paid far less than $15 an hour, which means they were shit jobs. Roll all those into jobs with a livable wage. That's how the world works, you lose some, but overall, the end result is more money for the working class.

MINIMUM WAGE JOBS were NEVER meant to pay enough money to support an entire FAMILY.

 

[hadit]

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.

Only if you raise it gradually enough that the market can adjust. Double it overnight and impact 60% of the work force and things can get ugly.

Why not ask for a tax break to make it easier for small business to adjust?

Why not just raise it incrementally and allow ALL business to adjust? it would be simpler.

Americans still lose jobs.
- They have to compete with millions of illegals flooding into the US for Jobs
- Biden and Kerry continue to promise 'shove-ready' energy jobs that don't exist
Prices rise - consumers take the hit
SLOW death instead of all at once...pick your poison.

It is true that we live in a global economy. Those who pine for the glory days of the 1950s and insist they were because of high taxes ignore/forget a very basic truth. In the 1950s, we were the only productive manufacturer on the planet. Everyone wanted our goods because their own countries were rebuilding their manufacturing capabilities after the devastation of the War. We could AFFORD lavish union pay scales and pension plans. We could AFFORD to charge premium prices for things. Case in point, I worked for Circuit City for a number of years and management told us that it took 40 years for TV's to go from premium pricing to commodity. That means that TV manufacturers were making big money off of them for decades. Guess how long it took for DVD players to do the same thing? 2 years. How many American companies can survive paying American wages competing against companies that don't? Only if those companies offer superior quality and Americans buy exclusively from them can that happen. I don't care how high you set corporate taxes, they're not going to pay high wages if they can't sell their goods.

 

[Toddsterpatriot]

Poor people should have access to 401k type investing where they can get 10% on their savings

Sorry, 10% risk free return on cash doesn't exist.

 

[sealybobo]

Change your argument. You are a low skilled worker. But you work hard. You try but can’t find a better job. Trade school isn’t for you.

Yes, these people are our problem.

And besides, even people who went to school today are being underpaid if you compare wages and inflation today to 1970 we’re doing worse today.

I make way more than my dad and mom did yet they were able to retire at 62. My dad at 59.

Back then poor people had it good. They could save and retire at a reasonable age. You’ll see. People won’t be retiring till they’re 70.

Perhaps, but what do you expect industry to do about it? In a world of global competition, and American consumers obsessed with cheap products, how do you pay these no-skilled workers anything but lower wage?

Today, you have to do something to make your labor valuable. I was never college material, but I learned a skill and made a living with it. You can't expect industry to way overpay for labor and still stay in business. It isn't logical.

Ford was doing it in the late 90s and enjoying record profits. So was gm and Chrysler.

 

[easyt65]

I don't care how high you set corporate taxes, they're not going to pay high wages if they can't sell their goods.

Unless they are FORCED to by Socialist Democrats setting a mandated high wage even for unskilled laborers.

 

[hadit]

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? That means they all paid far less than $15 an hour, which means they were shit jobs. Roll all those into jobs with a livable wage. That's how the world works, you lose some, but overall, the end result is more money for the working class.

Okay, so we replace 3 counter workers at McDonalds with kiosks and a part time guy who spends an hour a week inspecting and maintaining the kiosks in 20 stores. Increased productivity and automation means fewer people accomplish more. The trend is toward more technical careers and fewer manual labor jobs. Of course these jobs are no fun to do, you're not supposed to make a career out of them.

 

[sealybobo]

Poor people should have access to 401k type investing where they can get 10% on their savings

Sorry, 10% risk free return on cash doesn't exist.

Not anymore

 

[hadit]

Change your argument. You are a low skilled worker. But you work hard. You try but can’t find a better job. Trade school isn’t for you.

Yes, these people are our problem.

And besides, even people who went to school today are being underpaid if you compare wages and inflation today to 1970 we’re doing worse today.

I make way more than my dad and mom did yet they were able to retire at 62. My dad at 59.

Back then poor people had it good. They could save and retire at a reasonable age. You’ll see. People won’t be retiring till they’re 70.

Perhaps, but what do you expect industry to do about it? In a world of global competition, and American consumers obsessed with cheap products, how do you pay these no-skilled workers anything but lower wage?

Today, you have to do something to make your labor valuable. I was never college material, but I learned a skill and made a living with it. You can't expect industry to way overpay for labor and still stay in business. It isn't logical.

Ford was doing it in the late 90s and enjoying record profits. So was gm and Chrysler.

Nice to see you admit they were overpaying for labor. Notice what was cut when the economy went in the dumpster? And what was the big thing that got changed? Fat cat union contracts and pensions.

 

[sealybobo]

So what? That means they all paid far less than $15 an hour, which means they were shit jobs. Roll all those into jobs with a livable wage. That's how the world works, you lose some, but overall, the end result is more money for the working class.

MINIMUM WAGE JOBS were NEVER meant to pay enough money to support an entire FAMILY.

No but can they even support a single person? How about just that?

 

[Ray From Cleveland]

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

I don't have time to read every link you posted, but I did read Why Middle-Class is Shrinking.

They point to several factors. One is housing. Two is many jobs are technical today. Three is college expense.

My father is a retired bricklayer. He built the house we grew up in during the mid 60's. He said if he were younger today, he could never do that again. It would be impossible. Why is that? All the government regulations involved. When you add in unionized labor, prices are through the roof.

A college education. Okay, who runs our colleges in the US? That's right, Democrats. Taking advantage of the supply and demand factor, colleges can charge whatever they want, and have no problem getting students. Governments solution? Put more people in college and charge the taxpayer.

Technological training. Not everybody is geared for a tech job, but we didn't stop backhoes from being built to keep the ditch digger working. We didn't outlaw refrigerators so the ice man can continue to have a job.

I would love to charge my tenants half of what I charge them now, but I can't. Half of my property tax goes to schools I nor my tenants use, and it goes up every year. My water and sewer bills are outrageous thanks to our EPA that mandated we have cleaner water and updated sewer systems. The city demands I get an apartment inspection with each new tenant that costs me a couple of hundred bucks.

Bottom line: much of our problem is actually government.