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

[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.

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 many employers can still remain competitively productive with only twenty-five percent of their previous labor force?

 

[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.

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

I never said anything would double

I said everything will cost more so the people who make more than 15 an hour now will see their purchasing power decrease and those that get a raise to 15 an hour won't have as much purchasing power as you think they will

 

[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 many employers can still remain competitively productive with only twenty-five percent of their previous labor force?

You tell me since you're the self proclaimed expert economist even though you have never run a business. And why are you assuming those 4 people all work at the same place?

 

[danielpalos]

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.

Obama actually turned a recession around with that policy. What did Your guy do?

 

[danielpalos]

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

Better social policies can help mitigate that. Besides, right wingers are simply being disingenuous when they pass on Costs to the consumer with everything else but only balk when it comes to helping out the Poor.

 

[Blues Man]

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

Better social policies can help mitigate that. Besides, right wingers are simply being disingenuous when they pass on Costs to the consumer with everything else but only balk when it comes to helping out the Poor.

and when those costs reach a certain threshold consumers stop buying.

 

[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.

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.

Right wingers voted for a guy who had nothing but right wing bigotry for public policies.

 

[sealybobo]

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?

13% on mortgage. So they paid off their homes ASAP from then on it was save for retirement.

Poor people should have access to 401k type investing where they can get 10% on their savings like you traditionally get on your 401k.

But instead the banks are giving them 1.5%. That gives them no incentive to pay.

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.

 

[danielpalos]

I never said anything would double

I said everything will cost more so the people who make more than 15 an hour now will see their purchasing power decrease and those that get a raise to 15 an hour won't have as much purchasing power as you think they will

So what. Inflation happened even when the minimum wage stagnated for around a decade. Why didn't right wingers complain then?

 

[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.

for the 3 people who now have no income it was

Not when they find $20 hr jobs.

 

[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.

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 many employers can still remain competitively productive with only twenty-five percent of their previous labor force?

You tell me since you're the self proclaimed expert economist even though you have never run a business. And why are you assuming those 4 people all work at the same place?

lol. You are the one claiming some capitalists prefer to "hate on the Poor" rather than pass on costs to their consumers.

 

[Blues Man]

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?

13% on mortgage. So they paid off their homes ASAP from then on it was save for retirement.

Poor people should have access to 401k type investing where they can get 10% on their savings like you traditionally get on your 401k.

But instead the banks are giving them 1.5%. That gives them no incentive to pay.

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.

poor people do have access to IRAs and mutual funds.

You can open up an IRA with a mutual fund and put as little as 25 a month into it

 

[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

 

[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.

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?

 

[danielpalos]

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

Better social policies can help mitigate that. Besides, right wingers are simply being disingenuous when they pass on Costs to the consumer with everything else but only balk when it comes to helping out the Poor.

and when those costs reach a certain threshold consumers stop buying.

Right wing drama? A statutory minimum wage increase affects everyone subject to those statutes.

 

[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 many employers can still remain competitively productive with only twenty-five percent of their previous labor force?

You tell me since you're the self proclaimed expert economist even though you have never run a business. And why are you assuming those 4 people all work at the same place?

lol. You are the one claiming some capitalists prefer to "hate on the Poor" rather than pass on costs to their consumers.

I haven't claimed anything I am merely pointing out to you that when labor costs rise prices rise but you don't understand that

 

[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.

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.

 

[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.

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.

Higher paid labor creates more in demand and generates more in tax revenue. Right wingers prefer to ignore the multiplier effect and merely "hate on the Poor".

 

[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?

 

[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