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

[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.

 

[Flash]

Since I am a Boomer I will use this statement:

"China Joe is fucking up like Hogan's Goat!"

Baby boomers ruined this country. They had it all and then told us we could no longer have it all. Pensions, high paying jobs, job security, social security, medicare, affordable school, 10% interest on your savings accounts. It was the best time in America. Now you old fucks are retired at age 62-65 and you're telling us we have to work till 67 and can't have pensions and we need to cut social security and medicare, but not for old people like you.

The greatest generation gave you the greatest life. Then you fucked it all up for us younger Americans. That makes you the worst generation.

10% interest on your savings accounts. It was the best time in America.

Wow, the economic ignorance flows.

Why? What interest do you get at the bank now? 1.5%? Back when I was in my 20's not only did I save a 401K but my savings account at the bank paid 10% interest.

Many baby boomers who were poor and didn't have 401K's were able to save all their lives to have $50,000 or more in their savings account. So a person with $50K in the savings got $5K a year interest. That's $400 a month. With social security seniors were able to retire because of that 10% interest.

Today the same type person would only make $750 a year interest. That's not going to supplement you. You won't be able to retire with ss and $62.50 per month in interest. See the difference? Do you prefer 1.5% interest? Why because interest rates are low? I already paid off my home. I'd prefer higher interest even if that means you pay higher interest on your mortgage. Pay it off quickly if you don't like the interest. Or save more and pay cash. Not my problem. People who borrow money should pay more interest and I should get more interest on my savings account.

My grandmother was able to retire and live on her social security and the $400 a month she got a month in interest on her savings account. That was how easy it was for even poor people to succeed in America. My grandmother never made more than minimum wage but she paid off her home, saved and got social security and medicare. She was able to retire with dignity.

None of you today are saving enough for retirement. If you are, like me, you certainly don't care about the people who aren't.

Why?

For a bank to pay you 10% on your savings account, inflation is going to be 9% (and rising).

What interest do you get at the bank now? 1.5%?

View attachment 455162

Online Savings Products | Marcus by Goldman Sachs®

So a person with $50K in the savings got $5K a year interest. That's $400 a month.

But now the $50K is only worth $45.5K. That's -$4.5K
And you had to pay taxes on the $400 a month.

That was how easy it was for even poor people to succeed in America.

Wow, the economic ignorance flows.

If you are, like me, you certainly don't care about the people who aren't.

I can hedge against inflation.....how does grandmother do the same?

If I make 10% on my $50k I live on the $5000 and the $50,000 stays $50,000.

I feel your way wants the masses to use up their savings not live off the interest.

If I make 10% on my $50k I live on the $5000 and the $50,000 stays $50,000.

But next year the $50,000 only buys $45.5K in goods.
You didn't forget the 9% inflation.......did you?

I feel your way wants the masses to use up their savings not live off the interest.

My way? You're the one in favor of destroying the poor with high inflation.

Hey, my poor dad and grandmother did well back then. They paid of& the home quick. Didn’t take 30 years. Then they saved, and compounded interest. Like supposedly our 401ks are doing.

Bottom lin is hows a poor person going to save enough for retirement with 1.5% interest?

Back then the cost of government was lower. People didn't have to work and have so much of their money being stolen by the government. Nowadays the cost of combine governments, both direct and indirect is almost 40% of the GDP.

 

[Rocko]

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.

Why would you disagree with that? You know how many teens and old people on social security your polices are going to put out of work? What about the price of consumer goods rising? wouldn’t that hurt the people you’re trying to help the most?

 

[Dirk the Daring]

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...

 

[Stryder50]

Just for some perspective sake, as well as basic economic sake, let's start with some numbers and data from CBO sources in terms that hopefully many reading here can comprehend.

NOTE: this site provides a series of rolling and increasing numbers on many positive(income/revenue) versus negative (expenses/debt) aspects of our (USA) economy, yet are data~numbers worth examining and considering;

https://www.usdebtclock.org/

NOTE that this site also offers a so-called "time-machine" function where one can look at the figures of past time-references (NOT adjusted to today's dollar$). This "tme machine" function starts at the past point of "This Day" in 2016 and shows comparable back to 1980, in four year increments.

For example, on this date in 2016, these are the numbers on things like National Debt and Revenues(income) versus expenditures/obligations (outgo~Debt);

U.S. National Debt Clock 2016

Back about several months before MaObama left office.

The similar numbers/data for this time about eight years prior to MaObama taking office are here;

U.S. National Debt Clock 2016

For one example~factor we can see that at this time in 2008 the USA National Debt was about:
$ 9.765 Billion ...

U.S. National Debt Clock 2008

Eight years(2016) later after MaObama's two terms it had nearly doubled to;
$ 19.306 Billion more than doubled !!!

U.S. National Debt Clock 2016

So a growth in USA Federal Debt of slightly more than doubling in just eight years. Of course not all MaObama's doing as there would be a lot of help from Congress that he signed off on, yet still showing hint of a POTUS whom hasn't a clue on how Economics works nor what woul dhave been the responsible thing to do. No surprise one would hope from a POYUS with next to no experience in the "Wealth Creation" side of the Economy but lots of experience on the Wealth Taking(Redistribution) side of the Economy.

BTW, the numbers for this site are from the CBO for the most part.

One of many points being we are going to see the same from current POTUS Joe Biden in racking up similar scale of Deficit and Debt for the future generations to have to deal with.

 

[Toddsterpatriot]

Hey, my poor dad and grandmother did well back then. They paid of& the home quick.

That is awesome!!

What was the rate they paid on their mortgage?

Bottom lin is hows a poor person going to save enough for retirement with 1.5% interest?

Or with 9% inflation?

 

[basquebromance]

/thread

 

[basquebromance]

one more thing: a minimum wage takes people out of poverty by putting other people in poverty

 

[Ray From Cleveland]

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

Really? I never met these Republicans you speak of.

 

[Ray From Cleveland]

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.

When was the last time any Democrat made policy that benefited all or most of the people in this country? When a Democrat creates a policy, you can always link it to how it would better them or their party. Usually it's done by vote buying; Santa Claus.

 

[Ray From Cleveland]

Hey, my poor dad and grandmother did well back then. They paid of& the home quick. Didn’t take 30 years. Then they saved, and compounded interest. Like supposedly our 401ks are doing.

Bottom lin is hows a poor person going to save enough for retirement with 1.5% interest?

That sounds great. Same thing with my parents. How many cable channels did your father and grandmother have? What speed of internet did they pay for? How many times did they order pay-per-view every month? How good was their cell phone plan, and what kind of cell phone did they own? How many times did they go to fast food places for them and their family every week? Did they lease a car and get a new one every 3 to 5 years? What was the square footage of their houses?

My childhood was the 60's and 70's. We didn't have or spend money on any of these things. McDonald's or like was a twice a year treat. Maybe we went to a drive-in three times a year. We had one landline phone that we all shared. A typical family with one car, and far from a new one at that. For entertainment, we had a color television with rabbit ears on it, and and 8-track player to listen to recordings.

 

[Ray From Cleveland]

I could do the exact same thing I'm doing now for another company, make them more than I make the company I work for now, but they pay me less. Seems our value is as low as they can possibly get us to work for.

Your value as an employee is a simple calculation. What you are worth is what your employer can pay another person do the same job and same quality of work that you do.

Let's say you work a job at $15.00 an hour since this is a new minimum wage discussion. You think you're worth more, so you demand $17.00 an hour. Your boss rejects the request and you quit.

Now if your employer can find another worker to do the job at the rate you were making, you were paid what you were worth. If he can find somebody who will work for less, you were overpaid. If he has to increase his offer to $17.00 an hour to get somebody to do the job, you were correct, you were worth more money.

Your employment value boils down to the theory of supply and demand.

 

[Ray From Cleveland]

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.

So if we raised taxes on corporations to 91% today, how many corporations do you suppose would still be in the US two years later?

 

[Rocko]

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.

When was the last time any Democrat made policy that benefited all or most of the people in this country? When a Democrat creates a policy, you can always link it to how it would better them or their party. Usually it's done by vote buying; Santa Claus.

Doesn’t matter it makes them feel charitable. That’s what’s important

 

[danielpalos]

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.

Right wingers simply prefer to "hate on the Poor". Labor needs to be able to afford our first world economy. Your inflation canard is simply that. We are referring to the minimum wage not the maximum wage. We could be lowering the Cost of Government by increase wages to where Labor doesn't need social services if they are working.

 

[danielpalos]

Unemployment compensation could be improved to better pick up the slack and automatically stabilize our economy.

People shouldn't get paid for sitting on their asses, and we shouldn't want to "pick up the slack" with taxpayer dollars...

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

No, it doesn't...

You simply prefer to "hate on the Poor". Abolish your worthless and alleged wars on crime, drugs, and terror to save tax money.

 

[Blues Man]

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.

 

[danielpalos]

Your value as an employee is a simple calculation. What you are worth is what your employer can pay another person do the same job and same quality of work that you do.

The private sector is a price taker not a price maker if Government uses its social power to "move the goalposts" via statutory authority.

 

[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

 

[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.

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.