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

[hadit]

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.

And ultimately they go out of business. The usual suspects like to pretend that businesses are bottomless pits of money. They're not.

Agreed, in fact, a large portion of business have razor thin profit margins.

The fun ones are those who like to pretend a business with thin profit margins doesn't deserve to exist. Sure, let's kill every company below a 10% profit margin. All those employees didn't need those jobs anyway.

 

[Dirk the Daring]

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

That's why I and tens of millions of other Americans have been driving Japanese cars for decades now.

Yes we know you don't buy American. That's on you.

Of course Ray they conned a conservative like you to buy japanese cars. Duh.

Just another way you attacked unions. You brought in foreign car makers and it didn't lower prices hardly at all.

Here are all the Japanese cars made in the USA

Just how many Japanese cars are actually made in the US? It's a lot. We added it up.

www.businessinsider.com

 

[danielpalos]

OK. You made some specific accusations. I can't vouch for their accuracy and you can't substantiate them. I think we need to hear from him then.

I am claiming that doubling the minimum wage would be a good excuse for a tax break for businesses instead of giving out tax breaks like candy for businesses by the previous administration.

 

[Toddsterpatriot]

Why do you think using the word "effective" when discussing a corporate tax rate of 95%
changes anything when discussing the incentive to open a new business?

If you don't understand what "effective tax rates" are...you need to exit the discussion.

I understand what they are.
Now explain how they'd help your argument.

 

[easyt65]

I don't argue that we should shun automation to save manual labor jobs, but we do need to acknowledge the very real costs imposed by life and not pretend we can just arbitrarily jack the MW with no ill effects at all.

Joe Biden just 'helped' thousands of Americans become available to take 'Green Energy' jobs....that don't even exist. In fact, as AOC pointed out, America is now suposed to abandon the sources of 70+% of our current energy and rely instead on Green Energy sources that provide approx 30% of US energy AND ON TECHNOLOGY THAT DOES NOT EVEN EXIST YET.

The WH - Joe and his Press Sect - has given every indication that the 'Green Jobs' the thousands of Americans he just out out of work are supposed to get now are the jobs working on those new sources that have not been invented yet.

 

[danielpalos]

In the long run, higher paid labor creates more in demand and generates more in tax revenue.

Say what? Please explain how higher paid labor creates more demand.

Are you on the right wing? If the minimum wage doubles (in this case), those persons will be able to afford to eat at that establishment twice a week not just once a week.

So, Daniel, once and for all, do you advocate doubling the MW quickly or incrementally over a period of years? Please answer straight up yes or no.

I advocate a cost of living adjustment now with corresponding tax breaks for businesses to be phased out when the multiplier starts having its effect.

 

[easyt65]

OK. You made some specific accusations. I can't vouch for their accuracy and you can't substantiate them. I think we need to hear from him then.

I am claiming that doubling the minimum wage would be a good excuse for a tax break for businesses instead of giving out tax breaks like candy for businesses by the previous administration.

Big government should get and staythe hell out of people's businesses - instead of destroying them - and people's bedrooms.

 

[Ray From Cleveland]

The fun ones are those who like to pretend a business with thin profit margins doesn't deserve to exist. Sure, let's kill every company below a 10% profit margin. All those employees didn't need those jobs anyway.

A lot of people make uneducated assumptions. When they see somebody or some people that have more than they do, they assume they're sitting on a pile of money every night. Little do they realize that small businesses, particularly startups, often break even for a while, and many go out of business. In other cases they make a profit, but nothing to write home to mom about.

The businesses that do make money, a smart owner will keep much of it in the company for emergencies instead of taking home a larger paycheck. Covid made this evident as the businesses who didn't have large backup money closed up permanently a month after their city shutdown entertainment.

With the small company I worked for, we survived the Obama recession while other transportation outfits closed up. My employer was prepared for something like that. Later on however he confessed he was two weeks from closing up for good.

 

[danielpalos]

Geezus... Labor being paid more will result in fewer laborers and LESS money to spend. You're just being willfully ignorant at this point.

Only because right wingers prefer to "hate on the Poor" when they could simply pass costs on to their consumers who will be making more money. The multiplier effect will correct for disemployment in the long run.

 

[Toddsterpatriot]

I don't argue that we should shun automation to save manual labor jobs, but we do need to acknowledge the very real costs imposed by life and not pretend we can just arbitrarily jack the MW with no ill effects at all.

Joe Biden just 'helped' thousands of Americans become available to take 'Green Energy' jobs....that don't even exist. In fact, as AOC pointed out, America is now suposed to abandon the sources of 70+% of our current energy and rely instead on Green Energy sources that provide approx 30% of US energy AND ON TECHNOLOGY THAT DOES NOT EVEN EXIST YET.

The WH - Joe and his Press Sect - has given every indication that the 'Green Jobs' the thousands of Americans he just out out of work are supposed to get now are the jobs working on those new sources that have not been invented yet.

America is now suposed to abandon the sources of 70+% of our current energy and rely instead on Green Energy sources that provide approx 30% of US energy AND ON TECHNOLOGY THAT DOES NOT EVEN EXIST YET.

About 80% of the nation’s energy comes from fossil fuels, 8.4% from nuclear, and 11.4% from renewable sources. Wind and solar are the fastest growing renewable sources, but contribute just 3.8% of total energy used in the United States.

U.S. Renewable Energy Factsheet | Center for Sustainable Systems (umich.edu)

This source says less than 4%. Where did you see 30%?

 

[danielpalos]

Why don't cities and states set their own MW to whatever level they think exceeds what someone can get from welfare?

Some have raised their minimum wage to adjust for a higher cost of living. That doesn't help anyone making a minimum wage that was stagnant for around a decade.

 

[danielpalos]

Corporate welfare is ALSO bad, it's not a REASON to do OTHER bad things...

Why do right wingers complain more when the Poor may benefit?

 

[danielpalos]

And if you lowered the minimum wage to zero, where it belongs, you could very well have those same types of jobs back.

Our endless war on poverty disagrees with you. All that would do is subsidize labor costs for Capitalists' bottom line.

 

[Dirk the Daring]

That is true. If the union label still meant better quality, people would pay more for their goods. When non-union shops produce the same or better and charge less, they can't sell their goods.

But that's not what happened.

We had the "Walmarting of the nation".

Lower quality shit sold super cheap and made in China

Shopping at Walmart saves the average consumer household apprx $2500 a year vs outer retail outlets. Why do you hate poor people...?

 

[danielpalos]

Here's a shocker. Businesses are not responsible to help anyone maintain a lifestyle. And answer me this. Cities and states seem to have figured out that they can set their MW as high as they want to. Why are you not complaining to your local governments that your MW is too low?

National standards are more comprehensive and ensure all of your competition has the same wage rate.

 

[Brain357]

I don’t see it getting passed.

 

[Toddsterpatriot]

Geezus... Labor being paid more will result in fewer laborers and LESS money to spend. You're just being willfully ignorant at this point.

Only because right wingers prefer to "hate on the Poor" when they could simply pass costs on to their consumers who will be making more money. The multiplier effect will correct for disemployment in the long run.

Liar.

 

[Wyatt earp]

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.

After the Republican Great Depression, FDR put this nation back to work, in part by raising taxes on income above $3 to $4 million a year (in today's dollars) to 91 percent, and corporate taxes to over 50% of profits. The revenue from those income taxes built dams, roads, bridges, sewers, water systems, schools, hospitals, train stations, railways, an interstate highway system, and airports. It educated a generation returning from World War II. It acted as a cap on the rare but occasional obsessively greedy person taking so much out of the economy that it impoverished the rest of us.

But the rich fought back, and won big-time in 1980 when Reagan promptly cut income taxes on the very rich from 70% down to 27%. Corporate tax rates were also cut so severely that they went from representing over 33% of total federal tax receipts in 1951 to less than 9% in 1983 (they're still in that neighborhood, the lowest in the industrialized world).

The result was devastating. Our government was suddenly so badly awash in red ink that Reagan doubled the tax paid only by people earning less than $40,000/year (FICA), and then began borrowing from the huge surplus this new tax was accumulating in the Social Security Trust Fund. Even with that, Reagan had to borrow more money in his 8 years than the sum total of all presidents from George Washington to Jimmy Carter combined.

In addition to badly throwing the nation into debt, Reagan's tax cut blew out the ceiling on the accumulation of wealth, leading to a new Gilded Age and the rise of a generation of super-wealthy that hadn't been seen since the Robber Baron era of the 1890s or the Roaring 20s.

And, most tragically, Reagan's tax cuts caused America to stop investing in infrastructure. As a nation, we've been coasting since the early 1980s, living on borrowed money while we burn through (in some cases literally) the hospitals, roads, bridges, steam tunnels, and other infrastructure we built in the Golden Age of the Middle Class between the 1940s and the 1980s.

We even stopped investing in the intellectual infrastructure of this nation: college education. A degree that a student in the 1970s could have paid for by working as a waitress now means incurring massive and life-altering debt for all but the very wealthy. Reagan, who as governor ended free tuition at the University of California, put into place the foundations for the explosion in college tuition we see today.

Roll Back the Reagan Tax Cuts | Common Dreams

Our bridges are falling apart (among other things), and its Ronald Reagan's fault. A few hours before the bridge collapsed in Minnesota, a news release landed (among hundreds) in my email inbox. It was from the right-wing "Heartland Institute" and a Minnesota conservative group calling itself...

www.commondreams.org

Sure he did. All those jobs were paid for with tax dollars. He had companies paying as high as 95% so they couldn't hire. Everything he did extended the GP.

WWII saved the day. Not FDR.

Why didn’t Afghanistan and Iraq save the day?

It was WWII dummy. 1940-1945.

How did the war save the day then but wars in 2000s didn’t save the day?

Fdr saved the day after the war by raising taxes on the rich and using the money to build infrastructure

Uhm because the world was in ruins and imports where minimal while exports was explosive.

 

[Toddsterpatriot]

Here's a shocker. Businesses are not responsible to help anyone maintain a lifestyle. And answer me this. Cities and states seem to have figured out that they can set their MW as high as they want to. Why are you not complaining to your local governments that your MW is too low?

National standards are more comprehensive and ensure all of your competition has the same wage rate.

Liar.

 

[Wyatt earp]

There are millions of ways to save a little money here and there

And of course scummy business owners look first to "saving a little money" on the backs of the labor they need to do ANYTHING

And of course scummy business owners look first to "saving a little money" on the backs of the labor they need to do ANYTHING

It's outrageous!!!

How could they not pay $15 an hour for work that is only worth $10 an hour???

They should be forced out of business for not bankrupting themselves!!!

Why not let business manipulate the situation and pay $3/hr? If you make workers desperate enough and give them no other choice ...hell you can get em to work for pennies.

How do you think third world countries do it?

First you got to tell us who is hiring for minimum wage besides waitresses who make tips