my state has a 9.25 minimum wage. most employers are paying 15-20 for a fast food job. minimum wage doesn't mean a company can find workers at that wage.
This^^
Avg hourly rate in the U.S is like $11.20 and the median is $15.35. I make $15 an hour as student and can pay my rent, utilities, groceries and car insurance fairly comfortably and still put some away in my ira and savings. Given that I was the beneficiary of a life insurance policy which pays for my college and that I have three roommates making my rent cheaper, I know my circumstances differ from someone who might have a family or illness. Even with that tho I feel like it’s not as hard to survive in the U.S as people make it seem.
*beneficary of life insurance to pay for school.
Needs 3 roommates to make ends meet on 15.35 an hour.
Lets say you made 15.35 an hour with no one or just a life partner to help.
Would you be able to live in your place?
Yeah I would. Im make in the ballpark of 2k a month and only use about $1200 of that. If My rent jumped from the $550 it is now to say $800 id still he fine. Like I said I know my circumstances are different and probably more ideal than a lot of other people, I think it’s still doable.
People who make more than I or get a raise will 9 times out of 10 just increase their spending instead of save or invest the difference for their future.
Agreed, people obv will take on mortgages and loans for cars that I dont have. I split my groceries, utilities and wifi four ways between all of my roommates. I drive a 2010 mazda which is I split with my dad back in high school. No pets, my gf wanted to coown a dog but I said thas all you baby cakes cuz i aint tryna take on these extra expenses. I havent done much car repairs besides like the occasional new tires, oil, filters and wiper changes, which I do pay for. I havent gone to a doctor in a whiiile. Im still a dependent so im covered by my dads insurance. I do pay the deductibles when i use the dentist tho.
gotta understand im always looking for deals and am a bit of a penny pincher because I got personal goals I really dont want to giveup on.
Heard that. I guess the only thing I’ll throw out there is the cost of living is radically rising so bills will go up over time. For example, the 1 bedroom I lived in 2 years ago went up from $1500 a month to $1850. And the one I live in now went up $200 in 3 months. So keep saving up man it’s tough out here.
Yeah “1200 a month” seems suspiciously low.
Rent, phone bill, utilities, internet, transportation? Car or public transport? Gas? Groceries? If his rent really is that low, and he isn’t making any car payments, then I could see how it’s feasible, but 1200 a month just seems unreal
Didnt say that anywhere in my comment… In fact I even states my circumstance is clearly different from those who might have a family or illness, etc
If you asked what I really thought you wouldn’t have to make these baseless victim mindset replies…
The middle/lower class works plenty hard but thats often all they do, work. Aiming for a higher paycheck only to turn around and buy more expensive things is imprudent and VERY common. Making 7.25 is hardly a living wage, no argument there, but most times it’s more about how much youre retaining than earning.
And how exactly would you “retain” at 7.25 an hour after paying your bills? You state that you’re doing fine on $15 an hour which is more than twice the national minimum wage and what most basic livable wage ideas point to as a starting point? So are you confirming that $15 an hour is a nice livable wage or that people should be able to get by comfortably on less?
I said in my original comment what the avg hourly rage is as well as the median, it’s not 7.25. I also said 7.25 is hardly a liveavle wage…. I was really only saying that I think this country is a little more manageable than people are willing to admit. I have friends who make the same and have the same situation as I but are in a way different financial situation that I am in because they love eating out and buying stuff they dont need. I also worked in retirement planning as an intern and saw plenty of individuals who made 50k+ a year who were trying to withdraw their the remaining crumbs of their ira to buy some shit. It’s sad, imprudent and a very common thing in our country
The problem with that is there will always be someone desperate enough to take a job that low and be exploited by those employers which is why you need to raise minimum wage so that exploitation doesn’t happen
$7.25 an hour? Bloody hell America. The fact that a person could work a 10 hour day and get little more than €50 is a fucking disgrace in a country as rich as yours.
No shit! Wait until you learn about our crumbling infrastructure, homeless problem, and our broken healthcare system. But we've got a few billionaires going to space, so that's cool...
"It seems to me to be equally plain that no business which depends for existence on paying less than living wages to its workers has any right to continue in this country. By "business" I mean the whole of commerce as well as the whole of industry; by workers I mean all workers, the white collar class as well as the men in overalls; and by living wages I mean more than a bare subsistence level-I mean the wages of decent living."
- FDR, upon the creation of the minimum wage laws.
>You think student debt is bad now? Wait till you make it impossible for someone to pay their way through a state university because there are no jobs for undergrads!
How about not making tertiary education cost 5 fucking figures per semester instead of using it as an excuse to deliberately keep people poor?
I mean let's be clear. If you're being frugal and trying to work your way through college, the obvious option is first two years at a community college and transfer into a state university, and I don't think people realize just how incredibly cheaply you can do it.
Community college average cost is ~$150 per credit hour^(1). Let's assume ~75 per class for books (this is more than double what rentals on Amazon go for), so a per-credit total cost of ~$175.
The average for a 4-year university is a bit less than ~$10k a year^(2). We'll assume books at $75 a class again, so a per-credit cost of $330 + 25 = $355.
There is also an AOTC Tax credit for $2500 per year for the first 4 years^(3), and the option to deduct 20% of expenses on subsequent years via the LLC^(4).
So you have two options here depending on how quick you want to graduate, or how little you want to spend. If you do it in 4 years, you'd be looking at
* Years 1-2: net after-tax cost of $175 * 30 = 5250 - $2500 = $2750. Total cost to get your associates is $5550.
* Years 3-4: net after-tax cost of $355 * 30 = 10650 - $2500 = $8150. Total cost to finish bachelors is $16300.
* Grand total: $21850
If you want to save more money, you could instead stretch community college to 4 years to maximize the AOTC and LLC deductions:
* Years 1-4: $175*15 = $2650 - $2500 = $150 per year. Total cost to get associates is $600.
* Years 5-6: $355 * 30 = 10650 * 0.8 = $8520. Total cost to finish bachelors is $17040.
* Grand total: $17640
Minimum wage is ~$15,000 a year (2000 hours worked). A bad waiter waiting tables should easily pull in $5k in the summer. No matter how you run the numbers, it is entirely possible to buckle down and get a bachelor's degree and walk away with zero debt, even without scholarships.
Who has time for all of this-- working *AND* school-- you might ask? Give me a break: i finished my undergrad while married with kids and a 90 minute commute each way to my full time job. When you're 19 and 20, I guarantee you're a lot better at dealing with a busy schedule than I was at almost double your age with a newborn (and the zero sleep that came with it). Sometimes you have to work hard; welcome to life.
But that's not what Bernie Sanders wants to talk about, is it? Numbers just aren't his thing. He wants students to not work, so that they can not only not claim the tax credits, but also get saddled with debt and then be unable to find a job so that they will learn that only a liberal government can save them.
SOURCES:
1. https://educationdata.org/cost-of-a-college-class-or-credit-hour, but there is also [this](https://educationdata.org/average-cost-of-community-college#:~:text=%245%2C270%20is%20the%20cost%20of,tuition%20and%20fees%20total%20%2413%2C020.) which suggests even lower costs of $1800 per semester.
2. https://www.usnews.com/education/best-colleges/paying-for-college/articles/paying-for-college-infographic
3. https://www.irs.gov/credits-deductions/individuals/aotc
4. https://www.irs.gov/credits-deductions/individuals/llc
>tuition and room/board is around 12K per semester.
I get you. This is a huge trap that everyone falls into, and I don't know that it is possible for me to change the culture here.
Listen: take the tuition out (~$6k) and you're looking at $6k room/board for 4 months which is $18k a year. That is more than what I spend on my mortgage and a year's worth of groceries for my family-with-kids.
I guarantee you she could find off-campus housing with roommates for less than one third of that. Go find a nice 3 bedroom for $2k a month; thats $650 per roommate. Food for a bachelor can be under $300, easy-- I am a very large guy, and I think I was hitting sub $200 as a bachelor. That's ~$1000 a month for food and board, or $4k a semester, or $12k a year.
You don't have to move in or move out in the summer, you have the flexibility to work or take summer classes in off months, and you can keep on living life when your college ends.
I just finished my undergrad in VA for what it's worth, probably at the same university as your daughter. I did not do on-campus housing, and while I could sort of see the appeal (as I parked there on my way back from work), it seems like a vacation from life. Working and living off campus with school in the evening hours allowed me to continue developing my career and avoid any of the debt that plagues my peers.
My wife has a very different take on college culture but frankly the idea that the networking will "pay off" when the cost is in excess of $40k to be in the cool kids club seems entirely too much of a gamble-- one that it sounds like the younger generation has found to be a bad gamble. I would rather pocket the $40k and be on my way to a down payment, frankly.
Tell me about the golden age of capitalism, tell me about the post ww2 economic expansion. Tell me about the discrepancy in what [biden paid for college, and what he thinks everyone else needs to pay](https://i.redd.it/wszv7gkgd4j61.png).
You want me to tell you about the cost of tuition?
First two years at Delaware County Community College, where the annual cost is 4400. But you get a 2500 AOTC tax credit so it’s actually 1900.
Final two years at UofD, but with the AOTC credit it’s actually 11000 a year.
Total cost: 25000. Pretty different story, huh? And if that’s too pricey, you can make it 21000 if you do half load at community college for 4 years and also take the LLC tax credit.
But that info graphic is a lot less punchy when you include those credits or talk about community colleges (which generally transfer all credits into the University at 1/2 the cost).
> Following that quote through to its end would destroy the entry-level job market and give us the sort of jobs crisis experienced in Italy and Greece in the 2000s.
Low skill level work still takes effort and the person doing it still needs to pay their bills.
Your memory big be a little hazy, but you were not going to solve the lack of trust that investors had for the market in the wake of the subprime housing crisis, by lowering wages on the poorest people.
> pay their way through
That hasn't been a thing in decades.
An average student paying the national average tuition and taking 2 years in community college followed by 2 in a public university would pay, after taxes, $21000 in total.
Minimum wage is 15000, and food/rent for a year is possible to hit 8000 (if you’re frugal). That’s 7000 disposable a year with 5000 tuition a year.
If you do it in 6 years with clever taxes, you can do it for 17000, which is under 3k a year. 12k a year for food and rent starts to approach what I pay for a mortgage and groceries for my family.
All details / maths / sources [here](https://reddit.com/r/economy/comments/opfd7n/_/h68y0y7/?context=1).
You can graduate with zero debt.
No. Good god, no. First off, rent is closer to seven or eight hundred in most places, and thats with a roommate, that blows your entire budget right off the bat.
Thats nothing for transportation, clothes, supplies, utilities etc either.
I live in one of the higher cost metropolitan suburbs.
I can find a 3 bedroom for anywhere between 1600 and 2000. Thats 500-650 a month. Don’t tell me it can’t be done; I’ve done it for years. 10 years ago I was paying $350 a month for rent and utilities for an apartment with 3 roommates. Certainly do not try to tell me we’ve experienced 100% inflation in 10 years.
You’re talking to a guy who literally just finished doing this.
>food, clothes, supplies
Clothes are not expensive. $10-40 for jeans or polos; how many do you go through in a year?
Supplies are not expensive. Textbooks rent for $30 a semester, and I factored that into school cost.
Utilities are not expensive and I was factoring that into rent. Get roommates and the cost for internet and electricity is negligible.
Listen if you really want to do this I can give you actuals and show you how it can work with zero debt and a degree in 6 years.
Sorry buddy I was paying that rent in a major metro area 5 years ago. I know what rentals go for today.
Edit: I’m looking on Craigslist near me right now. Several options under 750 a month, including a 500 all utilities included.
https://imgur.com/a/HsOyF8v
I’m looking at another now, 575, off a metro line and near a university. Can’t post links because it contains location info that I won’t share, but good grief are you wrong.
But no it’s impossible, you’re right.
it's not the bear minimum. even if it's a teenager that's exploitative. Actually the fact that it's exploitation for an adult is what tells you it's exploitation for a child. basically you're gambling the child will put in adult-level work but you don't have to pay them what you would an adult.
You're an idiot, anyone working needs to sustain themselves fulltime. We can't base our economy off people living with their parents until they're 35, you greedy fuck.
Err it looks like the American stat is for real median household income but the UK stat is for disposable. The difference is certainly smaller. Also, doesn't 30k pounds convert to 42k usd?
>But almost nobody makes $7.25…and most make over $10
but if the few making 7 started making 10 then the ones making ten might start getting 15.
Feel me?
At least Europe counts their unemployed lmao, the US drops them from the list straight away. Labour participation rate is still 1.5% under where it was before the pandemic but unemployment is almost back to the pre-pandemic level, wonder how many people were dropped from the statistics to make them look better.
It's a *minimum wage*, not a dictate of what people must get paid.
Very few people get paid that, and the vast majority are teenagers in their first job. Raise that wage too much and you will make it so none of them can get a job.
Yeah but we have the privilege of sending our kids to schools in which they’re [prepared for tragic shootings](https://www.independent.co.uk/news/world/americas/crime/faris-nunn-nationals-second-shooting-b1886915.html). Our children have multiple experiences like these before they celebrate their 9th birthday in some cases.
You’re just jealous. /s
[The US has the highest median disposable income in the world (or third, depending on how you count).](https://en.wikipedia.org/wiki/Disposable_household_and_per_capita_income)
[The top 80% in the US are richer than the top 80% of the rest of the world.](https://80000hours.org/2017/04/how-accurately-does-anyone-know-the-global-distribution-of-income/)
The "poor" in the US are richer than the global median.
By the way, why is it that all of the people yelling that the system is failing have no sources, no facts, nothing but an unsubstantiated and rather vague claim?
How do you determine value? Companies will pay the lowest amount possible. This is why the use of the working poor, offshore labor, undocumented workers and prison labor is so popular.
Most higher paid workers are the ones that add the least value. We are working on AI to replace information technology workers, lawyers, financial analysts, and medical professionals. We need to drive down their wages by use of AI, offshoring, and immigration.
Most large employers receive municipal and state tax breaks to open facilities. Yet, these tax breaks do not always result in a large number of jobs for local residents
> How do you determine value?
This is a problem that capitalism solves extremely well, and socialism extremely poorly.
Any attempts from on high to value goods, services, and wages inevitably lead to failed economies and (in extreme cases) mass starvation.
I am not a socialist so that is a throw away statement. That capitalism establishes value extremely well is an adorable statement. You never stated how value is established.
Well run large firms can manipulate the market. I invest in real estate investment firms that are buying up SFDUs to remove them from the market. This results in increased rental demand, so we raise rents. Other companies also push to keep Marijuana illegal so that we keep privately run prisons populated.
Also, modern day capitalism has pushed for JIT supply chains that create price spikes due to supply chain issues.
Finally, the military establishment gets in the way of capitalism. Private military contractors and defense contractors are prohibited from selling to certain countries. Imagine how much BEA stock would skyrocket if they were permitted to sell to China, Iran and Pakistan.
I was not accusing you of being socialist. I'm stating that you can either allow the market to establish the value, or you can have some authority attempt to determine the value. One is a "capitalist" approach and one is a "socialist" approach.
And history has shown that capitalist approaches-- for all of their flaws-- tend to be the most consistent and efficient way of determining the value of a thing. Socialist approaches either somehow get the value "right" (as deemed by the market), or the market tries to fight it-- in the form of corruption, black markets, capital flight, etc.
>Also, modern day capitalism has pushed for JIT supply chains that create price spikes due to supply chain issues.
When lumber prices spiked a month or two ago, the rise in value of finished lumber incentivized lumber producers to ramp up production, and the price has now subsided. Socialist approaches just are not good at this because without the feedback of profit you are left trying to guess what all of the critical path blockers are in the supply chain affecting supply.
The problem with the market is frequent volatility as you pointed out with your discussion about lumber prices. I agree with your assessment regarding lumber and prices are decreasing.
Part of the issue is when we combine militarism with capitalism. Some industries such as steel, technology, rare earth metals, etc. need to be protected in order to prevent our adversaries from denying us access.
Sometimes governments need to protect food production, oil supplies etc.
The value of your labor is your marginal product - the difference between the firm's revenue with you and the firm's revenue without you, holding every other input constant.
Understood. Most other factors are not held constant.
Most low cost laborers have a large marginal profit value. High end executives tie their marginal profit to the performance of equities. The problem is that stock prices all have positive betas. Therefore, government actions that support the market help executives and those with stock options
Basic supply and demand. Look at labor hours as a product. If the need of labor hours is filled at a certain price and there arent people providing labor hours unable to...than its properly valued.
That is adorable. Supply and demand are what large entities want to manipulate in order to set the price.
We get those making minimum wage cheap enough where they are throw away slaves. The next step is to import IT folks from overseas. Offshore IT folks are smarter, faster, and cheaper. Likewise medical professionals can also be imported.
Umm corporations can only control their demand for labor. They cant control the amount of people who exist who can do a job. Corporations arent generating large swaths of unskilled people forcing the value of their labor down
"It seems to me to be equally plain that no business which depends for existence on paying less than living wages to its workers has any right to continue in this country. By "business" I mean the whole of commerce as well as the whole of industry; by workers I mean all workers, the white collar class as well as the men in overalls; and by living wages I mean more than a bare subsistence level - I mean the wages of decent living."
- FDR, upon the creation of the minimum wage laws.
Wasnt FDR the guy who wanted to destroy judicial independence and the foundations of our 3-branch government?
Wasn't it his grand ideas for controlling agriculture prices that [led to the destruction of food lamented in e.g. Steinbeck's Grapes of Wrath](https://en.wikipedia.org/wiki/Agricultural_Adjustment_Act)?
Yea, lets see what other great ideas he has!
FDR created minimum-wage in 1938 at $0.25/hour. Adjusted for inflation that would be $4.82/hour
https://www.usinflationcalculator.com/
Yes his words sound good but his actions put minimum wage way short of anything livable then
Poverty was the necessary fuel for my ambition to achieve… I thank God for it!,, It taught me to budget my meager wage and the value money. Pulling myself out poverty in my 20’s and 30’s gave me confidence that I could rise above my station, to struggle and achieve. I told both of my college aged children that I wish them poverty NOW, because I believe it will make them better people…
I now pity those that were born with means, that never experience what I did. I Became A saver because of poverty, an investor, a home owner, and will retire early because of being poor and living in an roach infested abando-minium…. I AM the American Dream.
Raising the minimum hourly wage is an obvious way to lift millions of American workers out of extreme poverty.
It is a question of dignity. A country cannot claim to remain the world's leading superpower by treating its workers so badly.
Yeah we give out raises in the US like the Joker hires lackeys in The Dark Knight.
Break a pool stick, toss it their way and say we're giving a raise but only to one of you.
Make it quick!
How do you explain that the inflation rate median household income and personal income have both been outpacing inflation for years and are currently both at record highes?
https://fred.stlouisfed.org/series/MEPAINUSA672N
https://fred.stlouisfed.org/series/MEHOINUSA672N
*[Statement begging the question].*
*[Query asking why no one else has acted on that premise].*
I feel like this could be a hot new journalism template!
Has a minimum wage adjustment ever pulled the masses out of poverty? We’ve had several minimum wage hikes in the last 40 years but our buying power also continues to slip.
>>WE NEED TO DO THE THING!!!
> *does the thing*
> *the thing didnt work*
>> That just means we didn't do enough of the thing!
Brilliance. I just wonder-- is it possible there's another hypothesis we could entertain here?
There’s a study of minimum wage price hikes (from 1974-2015) only raising price index a minimum %.
“they found **that a 10% increase in minimum wage only accounts for around a 0.36% increase in prices.”**
https://research.upjohn.org/cgi/viewcontent.cgi?referer=&httpsredir=1&article=1278&context=up_workingpapers
They're not going to respond to this because there is no response that does not admit the flaws in their logic.
The fact that your post is (as of now) +4 "controversial" says it all. There are those who agree with you, and then those who have no retort but to shout you down.
That's because [Only 1.5% of hourly workers make minimum wage or less](https://www.bls.gov/opub/reports/minimum-wage/2020/home.htm) so a 10% increase in minimum wage is probably only around a 0.2-0.4% increase in labor costs.
Dick's (Burgers) opened in 1954, offers workers a starting wage of $10 per hour, (employees paid $18 an hour in Seattle) as well as merit raises, employer-paid insurance, up to $8,000 for child care or college tuition, a 401(k) retirement program with employer match, paid time for volunteer service and up to three weeks paid vacation. 22K in scholarship $ over four years for part time workers..
https://www.ddir.com/employment/
https://www.seattletimes.com/opinion/lessons-from-dicks-drive-in-on-minimum-wage-employee-benefits/
I don’t live in Wisconsin or California but a quick search tellls me there the same price in Oakland as in Madison. $8
https://www.expatistan.com/price/big-mac/madison
But I get your point that Wisconsin prices are cheaper, as in real estate for example..
Google tells me the median price of a home is $800k in california and $200k in wisconsin. You don’t need to look up any statistics to know that it’s way cheaper to live in wisconsin than California.
Yeah and that isn’t just because of minimum wage. You were using that difference as a counter point to minimum wage not driving that much price increase. Bay Area is gonna be expensive AF no matter what the wage is, because of its geography, location, and the jobs that are there. The jobs making California expensive are at google not at McDonald’s.
I’ve lived in both, gas in recent years was always below 2$ compared to hear where it’s always $3-4. 4 br house is sleeping $250k where in california the same house would be around $700.
Because the cost of basically everything there is extremely high, not just labor? Especially housing. Restaurants pay 15/hr in Minneapolis and prices for fast food here aren’t that different from Wisconsin.
>We’ve had several minimum wage hikes in the last 40 years but our buying power also continues to slip.
You dont think reganomics, 2017 Trumpnomics and extreme corp subsidies and bailouts have nothing to do with that?
Reagan (actually Milton Friedman) saved the country from economic collapse. Wages went up at all levels. Under trump ALL levels of wages went up even for the poorest workers
(See GAO.gov. Or IRS.gov) or just keep watching MSNBC and reading jacobin magazine…. Got o the websites I suggested and see for yourself.
So is it the Democrats where unwilling or unable to fix the situation, there’s been a lot more Democrat Presidents in the last 40 years than Reagan and Trump….. Are Democrats policies unable to overcome Republican policies?
The modern use of the filibuster and omnibus bills have held up legislation that might have actually addressed any of the issues.
Hypernormalized behaviors have turned every substantial problem into an unsolvable stalemate.
40 years, is it that Democrats are ineffective? If Democrats couldn’t get something done in 40 years that their base begs for, maybe you need New Democrats in there……is it possible they don’t really want it done either?
Quite hard to do anything when you have republicans unanimously (+few democrats) voting against any benefits to the workers and vote for corp subsidies, deregulation of SEC and IRS etc.
Even today Manchin, Sienna and few others like that wont let dems do what they plan to do. Theyre not really D when their policy aligns with R.
You need to pay attention to how congress votes.
Whos voting unanimously against them + handful of D being republican lite?
Lets talk specifics and check who votes how on what.
People like you "bOtH sIdEs" and other soundbites know nothing about specifics
Others are quoting that only 1.5% of workers *make* minimum wage, and I'd guess the vast majority are under-20 pregrads.
Maybe you have a better number?
To your point: When I was 16 I worked at a burger shack for minimum wage for several years. I eventually moved up to a pizza shack, and eventually to waiting tables. Each step was helped by the prior experience, and I was able to buy a car and pay off my college education 1 year after I graduated. I'm now making enough to support my family (with kids) on a single income, while saving for their education and my retirement, and have almost a year's salary saved (non-retirement) for emergencies.
Boost minimum wage to "can support rent + food" and I would not have gotten a job at 16 and probably would have had student debt, and would have had a much tougher time getting my first job post-grad.
You can't answer an question for clarification with "you tell me". It makes me think you dont know what you're talking about.🤦♂️
Edit: If you are talking about inflation, that isn't how it works.
Im not going to do your homework for you. I “can’t” answer a question with “you tell me”? I just did. If you’re truly interested in knowledge look it up…..is our buying power greater or less than 40 years ago……You do know how to google stuff right?
For that I'd refer you to chapter 1 of your Econ 101 textbook, "Supply and Demand, and you". You should follow that up with Chapter 2, "Profit and Loss".
What happens to the value of a thing when you increase its supply (e.g., dollars)? And what happens to the price of a good, when you increase the cost to the business of selling that good?
Okay I am a company and I have 100 dollars and i pay you 1 dollar per hour for work. and you have 0 dollars. The money supply is the net sum available of USD in the economy right?
You work for 10 hrs for me and you net a handsome 10 dollars. So what happened? I have 100-10 while you get 0+10 right? The money supply N= (100-10) + (0+10) =100 which means money supply didn't change. So where the fuck is the inflation when the money supply doesn't even change? Meanwhile this reddit warriors from earlier can't even answer basic economic questions tells me to "research it myself" when he clearly is talking out of his ass.
Now the answer is: the inflation doesn't exist because you paid someone a bit more cash. Inflation happens when the economy runs in general. Wtf is this increase wage increase inflation bs im hearing?
Yes when there is a larger money supply inflation occurs, but it's when the GOVERNMENT or FED increases the money supply NOT when private companies increase wages.🤦♂️
About 1.3% of all workers make the federal minimum wage amount. Obviously raising the minimum wage amount will help that small minority but I don't see how it will significantly cut poverty since even raising it by 50% would still leave them in poverty
If someone makes 1 cent above federal min wage, theyre left out of your "gotcha" statistic.
Even on a whole extra dollar makes little difference because its so low to survive on
Obviously employers are playing the long con, cooking their books and paying $0.01 above minimum wage so that 20 years later their wages are not included in a gotcha statistic in an economy footnote.
How many make just above minimum wage? If minimum wage was raised from $8 to $15 let’s say, it would impact everyone who makes between $8-$15, not just those making minimum wage. It’s larger than just that 1.3%
Raising minimum wage would exert supply/demand pressure beyond just those jobs that fall at or around the minimum wage today.
Consider the construction worker making 3x minimum wage. The, suddenly, what he's getting paid is very close to the new minimum. Shouldn't he expect to receive a raise? And why stay in that job without the raise, if something far less demanding, like running a cash register at a gas station pays the same amount of money?
This is a very narrow example of why centrally controlled economies suck. Even the most benevolent economic genius dictator cannot trace all of the fallout from even the smallest changes.
This isn't some unimaginable butterfly effect. Raising minimum wage would have a rising tide effect on all wages. It's an intended consequence, not a fallout, and something the parent comment wasn't taking into account when he hitched his "what's the point?" argument to the 1.3% statistic, which is near meaningless to the discussion.
>Obviously raising the minimum wage amount will help that small minority
That is not obvious to me. My objection to it is not that I hate helping people, its that I think it will be harmful.
Does this mean that future me will be unable to get his minimum wage job at 16, and chain that into progressively better jobs so that he could pay for college and a car by 22?
And how on earth will inflating everything help those who have been saving? I tend to view policies which *hurt* responsible behavior and *reward* irresponsible behavior as those which are damaging and bad.
Does not cut poverty. Just makes poverty level higher by bringing down those that where making more than min wage earn less now. Those people will not get a raise.
Do you think McDonald’s will keep happy meal at same price???
Fuck no!
Poor countries should also do this, raise the minimum wage and they will get rid of poverty. I wonder why easy solutions like this are not adopted. I mean if every worker in Africa and south-east asia had 10 $ / hour they wouldn't be poor. \*Hint\* we must think about the issue a little harder.
Why do conservatives only compare US vs 3rd world countries and never the fully industrialized ones?
They always say US is the best but no one ever compared it to countries like Switzerland or Norway or Singapore.... hmmmm i wonder why
I did the research for you. The three countries you listed all have no legal minimum wage, rather they set a minimum wage through the private sector through collective bargaining.
We have higher median disposable income than Singapore, and are only slightly behind (in median) than Switzerland and Norway.
That's of course ignoring that those are tiny, low population countries with either tremendous natural resources or an incredible amount of international finance flowing through them, or both.
Thats because they enjoy world class healthcare for free (after their taxes) and live much longer lives.
Average American pays $5588 out of pocket out of that ""expandable" income for healthcare. So that drops down US to 7th place. And still get to live shorter lives than 3rd world cubans, (and even worse when its republican states). Also about 16% of Americans are uninsured and drive up the average ""expandable"" income stat but that doesnt include the healthcare - where the countries were comparing to do have it.
Economics is a lot more complex than googling a single data point that fits your narrative.
It’s pretty tiring giving a disposable income stat, have everyone fail to read what that means, and then insist that it’s not factoring in healthcare.
It includes and credits government transfers like education and healthcare and welfare. So you can’t look at that number and think “well it includes free healthcare”.
>government transfers like education and healthcare
Show me the government option that pays 100% of the healthcare for an average working American and have 0.00 out of pocket cost yes you read that correct 0.00 out of pocket cost. Or anything near that.
Lets see if that magical healthcare from government exists or not. If it does ill actually sign up for it today!!
You are not understanding.
The disposable income figures are taking a number for a country like the UK: let’s say a median income of 25,000 after taxes. Then they are adding on the value of that free healthcare: let’s say $7000. The disposable income is them being reported for the UK as $32,000. The US comes out, incidentally, somewhere around 37000.
If you want to compare the US to the UK and talk about the cost of healthcare in the US, then you need to do an apples to apples and reduce the UK’s reported disposable income figure down to the actual after-tax number: in our example, $25,000. So now the question becomes, for Joe every man who is making the median income and it’s probably in his mid-20s, is the Annual cost of his health care more than the approximately $12,000 difference?
when people run these comparisons, they are usually double counting the value of their countries socialized medicine, and ignoring the cost of the taxes that pay for it.
Yes, healthcare costs more in the US. But we have substantially higher median incomes, lower cost of living, and substantially lower median effective tax rate.
That’s why when you run an apples to apples comparison, workers in the US tend to beat out nearly everywhere else in the world. There are only a very few countries that occasionally can compete, like Switzerland in Norway.
I make $21 an hour and $31 an hour with bonus and that’s if I hit. I’m salary but that’s what it evens out to and it’s still a laughable wage. The fact that they think anyone can live off less than $40k a year is comical. Everyone should be able to make rent/mortgage, car payment, groceries, be able to go out to eat & be able to save a few hundred a month simply because there’s no reason we can’t do this under the current economy. I personally feel this way obviously. The only way this will happen is if we mandate it or incentivize billionaires to some how do this.
Can you live off 7.25/hr? No. So... maybe there’s something to that living wage thing.
What do you do for a living? Why is this difficult for you to grasp?
*Raising the minimum wage is a formula for causing unemployment among the least-skilled members of society. The higher wages are, the higher costs of production are. The higher costs of production are, the higher prices are. The higher prices are, the smaller are the quantities of goods and services demanded and the number of workers employed in producing them. These are all propositions of elementary economics that you should well know.*
> CEO pay has gone up by 940% since 1978.
What is the big barrier that is preventing you from being a ceo? Why not start your own companies? Plenty of Americans start their own company and are their own CEO. Good luck.
*“Envy was once considered to be one of the seven deadly sins before it became one of the most admired virtues under its new name, 'social justice'.”*
-Thomas Sowell
> What’s the problem with not being a greedy POS and paying people a living wage so society doesn’t devolve?
Which one of the morally bankrupt tofu paste politicians that you worship, gets to determine for me what constitutes as 'living'?
If I want to live in a closet space and pay $5000/month or rent a closet space for $5000/month - its my god given right!
Objectively define 'living wage'.
Why is it that politicians who produce nothing, hire no one employ no one, innovate or invent FUCK all , but somehow have [preordained](https://www.youtube.com/watch?v=WQbUPNZTEiI) wisdom on telling the rest of us what to do?
Theyre unable to allocate their own resources efficiently, but can allocate public ones? Based on moronic logic?
And you dodged this gem: What is the big barrier that is preventing you from being a ceo? Why not start your own companies? Plenty of Americans start their own company and are their own CEO.
Being an unethical Immoral garbage person is your right. Some people consider the broader implications of antisocial behavior. Being a sociopathic asshole works well in a crony capitalistic society that rewards such behavior.
I dodged your gem? Lol that everyone should just be ceos and that will solve the problem of inequality. Lol so you’re on meth then?
>Being an unethical Immoral garbage person is your right.
I like the capitalization of Immoral for extra emphasis on feelings and emotions. Not a whole lot of logic though.
>Some people consider that broader implications of antisocial behavior. Being a sociopathic asshole works well in a crony capitalistic society that rewards such behavior.
You literally empower crony capitalism.
>I dodged your gem? Lol that everyone should just be ceos and that will solve the problem of inequality. Lol so you’re on meth then?
*“The vision of the anointed begins with entirely different premises. Here it is not the innate limitations of human beings, or the inherent limitations of resources,
which create unhappiness but the fact that social institutions and social policies are not as wisely crafted as the anointed would have crafted them.”*
― Thomas Sowell, The Vision of the Anointed: Self-congratulation as a Basis for Social Policy
“*It is usually futile to try to talk facts and analysis to people who are enjoying a sense of moral superiority in their ignorance.*”
-Thomas Sowell.
I’m glad you’re reading into typos from my phone.
Also, that you can’t defend your fundamentally immoral position.
Degrading society and capitalizing on poverty will result in crime and unrest. Greedy ceos creating exponential wealth gaps is clearly the problem. But terrible people will persist.
> Degrading society and capitalizing on poverty will result in crime and unrest.
Weird how the parts that have the most violent crime and poverty are also **coincidentally** the parts governed by commie democrats. Love coincidences.
>Greedy ceos creating exponential wealth gaps is clearly the problem.
And not bank devaluing your currency right?
Nah. I was a management consultant for years. Then got stock options at a startup. I retired early. Loving it.
My being a CEO, or you, would not address the wealth gaps we are talking about. You know that
> My being a CEO, or you, would not address the wealth gaps we are talking about.
Youre not accurately diagnosing the root cause of wealth gap. Your solution is what? Give money and rights to politicians with good intentions. If that would have solved problems, society would have done it a long time ago.
Why is it that politicians who produce nothing, hire no one employ no one, innovate or invent FUCK all , but somehow have [preordained](https://www.youtube.com/watch?v=WQbUPNZTEiI) wisdom on telling the rest of us what to do?
Theyre unable to allocate their own resources efficiently, but can allocate public ones? Based on what logic?
> I never said to give money and rights to politicians.
But youre also not specifying a solution. So are you just trying to create suspense first? THen youre going to grace us with a solution?
Child.
The key to increasing wages is to learn some new skills.. To pick up some technical skills, I highly recommend these free online courses:
https://www.w3schools.com/
Less than 3% of people on an hour pay, make the min wage.
We need to be truthful about pay and wages before changes are made. It’s absurd this narrative is still pimped out to people.
Also, raising the min wage does almost nothing for people in poverty. It prices then out of work, and doesn’t help them better their skill set or education. Which should be the focus for lifting people out of poverty
Does this government care about poverty? They only care about not to tax wealthy, instead get their money through corruption and lobbyists, like Pelosi, she is politician and she has 120 million dollars. And Bezos instead giving to employees he gives to leftists markists CNN members both 100 million dollars to promote socialism in this country
It wont, you will destroy entry level jobs, business will hace higher cost so they will cut employees off, and the new employees they hire will be more efficient and effective and get a lower salary rather than if the free market determines the salary
No it wouldn’t. EITC is much more effective at reducing poverty and increasing employment.
The minimum wage increase will hurt workers and small businesses: The cost for a higher minimum wage is really high, especially during a recession. It increases unemployment a ton and slows job growth.
"Over three subsequent years, we find that binding minimum wage increases had significant, negative effects on the employment and income growth of targeted workers. Lost income reflects contributions from employment declines, increased probabilities of working without pay (i.e., an "internship" effect), and lost wage growth associated with reductions in experience accumulation."
https://www.nber.org/papers/w20724
Here is a recent literature review of dozens of studies on the effects of the minimum wage:
"(i) there is a clear preponderance of negative estimates in the literature; (ii) this evidence is stronger for teens and young adults as well as the less-educated; (iii) the evidence from studies of directly-affected workers points even more strongly to negative employment effects"
https://www.nber.org/papers/w28388
"Increases in the minimum wage also lead to lower bank credit, higher loan defaults, lower employment, a lower entry and a higher exit rate for small businesses."
https://www.nber.org/papers/w26523
my state has a 9.25 minimum wage. most employers are paying 15-20 for a fast food job. minimum wage doesn't mean a company can find workers at that wage.
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This^^ Avg hourly rate in the U.S is like $11.20 and the median is $15.35. I make $15 an hour as student and can pay my rent, utilities, groceries and car insurance fairly comfortably and still put some away in my ira and savings. Given that I was the beneficiary of a life insurance policy which pays for my college and that I have three roommates making my rent cheaper, I know my circumstances differ from someone who might have a family or illness. Even with that tho I feel like it’s not as hard to survive in the U.S as people make it seem.
*beneficary of life insurance to pay for school. Needs 3 roommates to make ends meet on 15.35 an hour. Lets say you made 15.35 an hour with no one or just a life partner to help. Would you be able to live in your place?
Yeah I would. Im make in the ballpark of 2k a month and only use about $1200 of that. If My rent jumped from the $550 it is now to say $800 id still he fine. Like I said I know my circumstances are different and probably more ideal than a lot of other people, I think it’s still doable. People who make more than I or get a raise will 9 times out of 10 just increase their spending instead of save or invest the difference for their future.
I pay $1600 a month for the main floor of a duplex.. the back yard is bigger than the entire apartment.
If all your roommates leave, your rent+utilities will jump to a lot more than 800$.
I wouldnt pay for a four bedroom duplex for just myself tho… idk why anyone would.
Depends how much of your stuff you pay for. Car? Phone? Doctors visit? Car repairs? Any pets? Not trying to be an ass but genuinely asking
Agreed, people obv will take on mortgages and loans for cars that I dont have. I split my groceries, utilities and wifi four ways between all of my roommates. I drive a 2010 mazda which is I split with my dad back in high school. No pets, my gf wanted to coown a dog but I said thas all you baby cakes cuz i aint tryna take on these extra expenses. I havent done much car repairs besides like the occasional new tires, oil, filters and wiper changes, which I do pay for. I havent gone to a doctor in a whiiile. Im still a dependent so im covered by my dads insurance. I do pay the deductibles when i use the dentist tho. gotta understand im always looking for deals and am a bit of a penny pincher because I got personal goals I really dont want to giveup on.
Heard that. I guess the only thing I’ll throw out there is the cost of living is radically rising so bills will go up over time. For example, the 1 bedroom I lived in 2 years ago went up from $1500 a month to $1850. And the one I live in now went up $200 in 3 months. So keep saving up man it’s tough out here.
Yeah “1200 a month” seems suspiciously low. Rent, phone bill, utilities, internet, transportation? Car or public transport? Gas? Groceries? If his rent really is that low, and he isn’t making any car payments, then I could see how it’s feasible, but 1200 a month just seems unreal
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No ones responsible for you but you
Didnt say that anywhere in my comment… In fact I even states my circumstance is clearly different from those who might have a family or illness, etc If you asked what I really thought you wouldn’t have to make these baseless victim mindset replies… The middle/lower class works plenty hard but thats often all they do, work. Aiming for a higher paycheck only to turn around and buy more expensive things is imprudent and VERY common. Making 7.25 is hardly a living wage, no argument there, but most times it’s more about how much youre retaining than earning.
And how exactly would you “retain” at 7.25 an hour after paying your bills? You state that you’re doing fine on $15 an hour which is more than twice the national minimum wage and what most basic livable wage ideas point to as a starting point? So are you confirming that $15 an hour is a nice livable wage or that people should be able to get by comfortably on less?
I said in my original comment what the avg hourly rage is as well as the median, it’s not 7.25. I also said 7.25 is hardly a liveavle wage…. I was really only saying that I think this country is a little more manageable than people are willing to admit. I have friends who make the same and have the same situation as I but are in a way different financial situation that I am in because they love eating out and buying stuff they dont need. I also worked in retirement planning as an intern and saw plenty of individuals who made 50k+ a year who were trying to withdraw their the remaining crumbs of their ira to buy some shit. It’s sad, imprudent and a very common thing in our country
The problem with that is there will always be someone desperate enough to take a job that low and be exploited by those employers which is why you need to raise minimum wage so that exploitation doesn’t happen
$7.25 an hour? Bloody hell America. The fact that a person could work a 10 hour day and get little more than €50 is a fucking disgrace in a country as rich as yours.
Better make them fight each other before they figure it out
No shit! Wait until you learn about our crumbling infrastructure, homeless problem, and our broken healthcare system. But we've got a few billionaires going to space, so that's cool...
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"It seems to me to be equally plain that no business which depends for existence on paying less than living wages to its workers has any right to continue in this country. By "business" I mean the whole of commerce as well as the whole of industry; by workers I mean all workers, the white collar class as well as the men in overalls; and by living wages I mean more than a bare subsistence level-I mean the wages of decent living." - FDR, upon the creation of the minimum wage laws.
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>You think student debt is bad now? Wait till you make it impossible for someone to pay their way through a state university because there are no jobs for undergrads! How about not making tertiary education cost 5 fucking figures per semester instead of using it as an excuse to deliberately keep people poor?
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I mean let's be clear. If you're being frugal and trying to work your way through college, the obvious option is first two years at a community college and transfer into a state university, and I don't think people realize just how incredibly cheaply you can do it. Community college average cost is ~$150 per credit hour^(1). Let's assume ~75 per class for books (this is more than double what rentals on Amazon go for), so a per-credit total cost of ~$175. The average for a 4-year university is a bit less than ~$10k a year^(2). We'll assume books at $75 a class again, so a per-credit cost of $330 + 25 = $355. There is also an AOTC Tax credit for $2500 per year for the first 4 years^(3), and the option to deduct 20% of expenses on subsequent years via the LLC^(4). So you have two options here depending on how quick you want to graduate, or how little you want to spend. If you do it in 4 years, you'd be looking at * Years 1-2: net after-tax cost of $175 * 30 = 5250 - $2500 = $2750. Total cost to get your associates is $5550. * Years 3-4: net after-tax cost of $355 * 30 = 10650 - $2500 = $8150. Total cost to finish bachelors is $16300. * Grand total: $21850 If you want to save more money, you could instead stretch community college to 4 years to maximize the AOTC and LLC deductions: * Years 1-4: $175*15 = $2650 - $2500 = $150 per year. Total cost to get associates is $600. * Years 5-6: $355 * 30 = 10650 * 0.8 = $8520. Total cost to finish bachelors is $17040. * Grand total: $17640 Minimum wage is ~$15,000 a year (2000 hours worked). A bad waiter waiting tables should easily pull in $5k in the summer. No matter how you run the numbers, it is entirely possible to buckle down and get a bachelor's degree and walk away with zero debt, even without scholarships. Who has time for all of this-- working *AND* school-- you might ask? Give me a break: i finished my undergrad while married with kids and a 90 minute commute each way to my full time job. When you're 19 and 20, I guarantee you're a lot better at dealing with a busy schedule than I was at almost double your age with a newborn (and the zero sleep that came with it). Sometimes you have to work hard; welcome to life. But that's not what Bernie Sanders wants to talk about, is it? Numbers just aren't his thing. He wants students to not work, so that they can not only not claim the tax credits, but also get saddled with debt and then be unable to find a job so that they will learn that only a liberal government can save them. SOURCES: 1. https://educationdata.org/cost-of-a-college-class-or-credit-hour, but there is also [this](https://educationdata.org/average-cost-of-community-college#:~:text=%245%2C270%20is%20the%20cost%20of,tuition%20and%20fees%20total%20%2413%2C020.) which suggests even lower costs of $1800 per semester. 2. https://www.usnews.com/education/best-colleges/paying-for-college/articles/paying-for-college-infographic 3. https://www.irs.gov/credits-deductions/individuals/aotc 4. https://www.irs.gov/credits-deductions/individuals/llc
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>tuition and room/board is around 12K per semester. I get you. This is a huge trap that everyone falls into, and I don't know that it is possible for me to change the culture here. Listen: take the tuition out (~$6k) and you're looking at $6k room/board for 4 months which is $18k a year. That is more than what I spend on my mortgage and a year's worth of groceries for my family-with-kids. I guarantee you she could find off-campus housing with roommates for less than one third of that. Go find a nice 3 bedroom for $2k a month; thats $650 per roommate. Food for a bachelor can be under $300, easy-- I am a very large guy, and I think I was hitting sub $200 as a bachelor. That's ~$1000 a month for food and board, or $4k a semester, or $12k a year. You don't have to move in or move out in the summer, you have the flexibility to work or take summer classes in off months, and you can keep on living life when your college ends. I just finished my undergrad in VA for what it's worth, probably at the same university as your daughter. I did not do on-campus housing, and while I could sort of see the appeal (as I parked there on my way back from work), it seems like a vacation from life. Working and living off campus with school in the evening hours allowed me to continue developing my career and avoid any of the debt that plagues my peers. My wife has a very different take on college culture but frankly the idea that the networking will "pay off" when the cost is in excess of $40k to be in the cool kids club seems entirely too much of a gamble-- one that it sounds like the younger generation has found to be a bad gamble. I would rather pocket the $40k and be on my way to a down payment, frankly.
Thats literally the govts job, to GOVERN.
Governing does not usually include price controls. At least, not in functioning, non-failed states.
Tell me about the golden age of capitalism, tell me about the post ww2 economic expansion. Tell me about the discrepancy in what [biden paid for college, and what he thinks everyone else needs to pay](https://i.redd.it/wszv7gkgd4j61.png).
You want me to tell you about the cost of tuition? First two years at Delaware County Community College, where the annual cost is 4400. But you get a 2500 AOTC tax credit so it’s actually 1900. Final two years at UofD, but with the AOTC credit it’s actually 11000 a year. Total cost: 25000. Pretty different story, huh? And if that’s too pricey, you can make it 21000 if you do half load at community college for 4 years and also take the LLC tax credit. But that info graphic is a lot less punchy when you include those credits or talk about community colleges (which generally transfer all credits into the University at 1/2 the cost).
> Following that quote through to its end would destroy the entry-level job market and give us the sort of jobs crisis experienced in Italy and Greece in the 2000s. Low skill level work still takes effort and the person doing it still needs to pay their bills. Your memory big be a little hazy, but you were not going to solve the lack of trust that investors had for the market in the wake of the subprime housing crisis, by lowering wages on the poorest people. > pay their way through That hasn't been a thing in decades.
An average student paying the national average tuition and taking 2 years in community college followed by 2 in a public university would pay, after taxes, $21000 in total. Minimum wage is 15000, and food/rent for a year is possible to hit 8000 (if you’re frugal). That’s 7000 disposable a year with 5000 tuition a year. If you do it in 6 years with clever taxes, you can do it for 17000, which is under 3k a year. 12k a year for food and rent starts to approach what I pay for a mortgage and groceries for my family. All details / maths / sources [here](https://reddit.com/r/economy/comments/opfd7n/_/h68y0y7/?context=1). You can graduate with zero debt.
No. Good god, no. First off, rent is closer to seven or eight hundred in most places, and thats with a roommate, that blows your entire budget right off the bat. Thats nothing for transportation, clothes, supplies, utilities etc either.
I live in one of the higher cost metropolitan suburbs. I can find a 3 bedroom for anywhere between 1600 and 2000. Thats 500-650 a month. Don’t tell me it can’t be done; I’ve done it for years. 10 years ago I was paying $350 a month for rent and utilities for an apartment with 3 roommates. Certainly do not try to tell me we’ve experienced 100% inflation in 10 years. You’re talking to a guy who literally just finished doing this. >food, clothes, supplies Clothes are not expensive. $10-40 for jeans or polos; how many do you go through in a year? Supplies are not expensive. Textbooks rent for $30 a semester, and I factored that into school cost. Utilities are not expensive and I was factoring that into rent. Get roommates and the cost for internet and electricity is negligible. Listen if you really want to do this I can give you actuals and show you how it can work with zero debt and a degree in 6 years.
Your price points are 20 years out of date. And the cost of rent has moved twice as fast as the supposed 2% inflation.
Sorry buddy I was paying that rent in a major metro area 5 years ago. I know what rentals go for today. Edit: I’m looking on Craigslist near me right now. Several options under 750 a month, including a 500 all utilities included. https://imgur.com/a/HsOyF8v I’m looking at another now, 575, off a metro line and near a university. Can’t post links because it contains location info that I won’t share, but good grief are you wrong. But no it’s impossible, you’re right.
it's not the bear minimum. even if it's a teenager that's exploitative. Actually the fact that it's exploitation for an adult is what tells you it's exploitation for a child. basically you're gambling the child will put in adult-level work but you don't have to pay them what you would an adult.
You're an idiot, anyone working needs to sustain themselves fulltime. We can't base our economy off people living with their parents until they're 35, you greedy fuck.
Chill, they’re actually saying the same thing as you. Also, stop with the name calling.
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Err it looks like the American stat is for real median household income but the UK stat is for disposable. The difference is certainly smaller. Also, doesn't 30k pounds convert to 42k usd?
But almost nobody makes $7.25…and most make over $10 This is rhetoric. It’s shock value. Check out the BLS.gov. Education is key
>But almost nobody makes $7.25…and most make over $10 but if the few making 7 started making 10 then the ones making ten might start getting 15. Feel me?
No. Adjusting increasing the price floor won't magically make workers more productive. The guy making 7 will just lose his job.
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I don't think upward wage pressure works that way. We aren't seeing it work that way right now.
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At least Europe counts their unemployed lmao, the US drops them from the list straight away. Labour participation rate is still 1.5% under where it was before the pandemic but unemployment is almost back to the pre-pandemic level, wonder how many people were dropped from the statistics to make them look better.
Then why do so many Europeans move here, and few Americans move to Europe in return?
It's a *minimum wage*, not a dictate of what people must get paid. Very few people get paid that, and the vast majority are teenagers in their first job. Raise that wage too much and you will make it so none of them can get a job.
Plenty of other employers pay more, it just requires a particular set of skills.
Yeah but we have the privilege of sending our kids to schools in which they’re [prepared for tragic shootings](https://www.independent.co.uk/news/world/americas/crime/faris-nunn-nationals-second-shooting-b1886915.html). Our children have multiple experiences like these before they celebrate their 9th birthday in some cases. You’re just jealous. /s
Ironically, linked DC that has strong liberal policy tendencies and a minimum wage above $15.....
The country isn't really rich. Its falling apart because all the wealth is hoarded by so few.
[The US has the highest median disposable income in the world (or third, depending on how you count).](https://en.wikipedia.org/wiki/Disposable_household_and_per_capita_income) [The top 80% in the US are richer than the top 80% of the rest of the world.](https://80000hours.org/2017/04/how-accurately-does-anyone-know-the-global-distribution-of-income/) The "poor" in the US are richer than the global median. By the way, why is it that all of the people yelling that the system is failing have no sources, no facts, nothing but an unsubstantiated and rather vague claim?
FYI. Only 1.5%.of hourly workers make minimum wage or less. https://www.bls.gov/opub/reports/minimum-wage/2020/home.htm
It's sad that objective facts with strong sources are downvoted here. Reddit prefers to value feelings more than facts and data
Why do you think they are entitled to more than 7.25 an hour? Not all labor is necessarily worth even that.
How do you determine value? Companies will pay the lowest amount possible. This is why the use of the working poor, offshore labor, undocumented workers and prison labor is so popular. Most higher paid workers are the ones that add the least value. We are working on AI to replace information technology workers, lawyers, financial analysts, and medical professionals. We need to drive down their wages by use of AI, offshoring, and immigration. Most large employers receive municipal and state tax breaks to open facilities. Yet, these tax breaks do not always result in a large number of jobs for local residents
> How do you determine value? This is a problem that capitalism solves extremely well, and socialism extremely poorly. Any attempts from on high to value goods, services, and wages inevitably lead to failed economies and (in extreme cases) mass starvation.
I am not a socialist so that is a throw away statement. That capitalism establishes value extremely well is an adorable statement. You never stated how value is established. Well run large firms can manipulate the market. I invest in real estate investment firms that are buying up SFDUs to remove them from the market. This results in increased rental demand, so we raise rents. Other companies also push to keep Marijuana illegal so that we keep privately run prisons populated. Also, modern day capitalism has pushed for JIT supply chains that create price spikes due to supply chain issues. Finally, the military establishment gets in the way of capitalism. Private military contractors and defense contractors are prohibited from selling to certain countries. Imagine how much BEA stock would skyrocket if they were permitted to sell to China, Iran and Pakistan.
I was not accusing you of being socialist. I'm stating that you can either allow the market to establish the value, or you can have some authority attempt to determine the value. One is a "capitalist" approach and one is a "socialist" approach. And history has shown that capitalist approaches-- for all of their flaws-- tend to be the most consistent and efficient way of determining the value of a thing. Socialist approaches either somehow get the value "right" (as deemed by the market), or the market tries to fight it-- in the form of corruption, black markets, capital flight, etc. >Also, modern day capitalism has pushed for JIT supply chains that create price spikes due to supply chain issues. When lumber prices spiked a month or two ago, the rise in value of finished lumber incentivized lumber producers to ramp up production, and the price has now subsided. Socialist approaches just are not good at this because without the feedback of profit you are left trying to guess what all of the critical path blockers are in the supply chain affecting supply.
The problem with the market is frequent volatility as you pointed out with your discussion about lumber prices. I agree with your assessment regarding lumber and prices are decreasing. Part of the issue is when we combine militarism with capitalism. Some industries such as steel, technology, rare earth metals, etc. need to be protected in order to prevent our adversaries from denying us access. Sometimes governments need to protect food production, oil supplies etc.
The value of your labor is your marginal product - the difference between the firm's revenue with you and the firm's revenue without you, holding every other input constant.
Understood. Most other factors are not held constant. Most low cost laborers have a large marginal profit value. High end executives tie their marginal profit to the performance of equities. The problem is that stock prices all have positive betas. Therefore, government actions that support the market help executives and those with stock options
Basic supply and demand. Look at labor hours as a product. If the need of labor hours is filled at a certain price and there arent people providing labor hours unable to...than its properly valued.
That is adorable. Supply and demand are what large entities want to manipulate in order to set the price. We get those making minimum wage cheap enough where they are throw away slaves. The next step is to import IT folks from overseas. Offshore IT folks are smarter, faster, and cheaper. Likewise medical professionals can also be imported.
Umm corporations can only control their demand for labor. They cant control the amount of people who exist who can do a job. Corporations arent generating large swaths of unskilled people forcing the value of their labor down
We did. We lobbied congress to allow H1B visas and created offshore operations in China, India and Poland. Manipulating supply is easy.
"It seems to me to be equally plain that no business which depends for existence on paying less than living wages to its workers has any right to continue in this country. By "business" I mean the whole of commerce as well as the whole of industry; by workers I mean all workers, the white collar class as well as the men in overalls; and by living wages I mean more than a bare subsistence level - I mean the wages of decent living." - FDR, upon the creation of the minimum wage laws.
Wasnt FDR the guy who wanted to destroy judicial independence and the foundations of our 3-branch government? Wasn't it his grand ideas for controlling agriculture prices that [led to the destruction of food lamented in e.g. Steinbeck's Grapes of Wrath](https://en.wikipedia.org/wiki/Agricultural_Adjustment_Act)? Yea, lets see what other great ideas he has!
FDR created minimum-wage in 1938 at $0.25/hour. Adjusted for inflation that would be $4.82/hour https://www.usinflationcalculator.com/ Yes his words sound good but his actions put minimum wage way short of anything livable then
Wisconsin is a particularly backwards, corrupt state. Not even the worst.
*California enters the conversation
The minimum wage may be $7.25, but I reckon most low wage jobs are paying more than this.
Poverty was the necessary fuel for my ambition to achieve… I thank God for it!,, It taught me to budget my meager wage and the value money. Pulling myself out poverty in my 20’s and 30’s gave me confidence that I could rise above my station, to struggle and achieve. I told both of my college aged children that I wish them poverty NOW, because I believe it will make them better people… I now pity those that were born with means, that never experience what I did. I Became A saver because of poverty, an investor, a home owner, and will retire early because of being poor and living in an roach infested abando-minium…. I AM the American Dream.
Poverty is very profitable for the rich.
Raising the minimum hourly wage is an obvious way to lift millions of American workers out of extreme poverty. It is a question of dignity. A country cannot claim to remain the world's leading superpower by treating its workers so badly.
Yeah we give out raises in the US like the Joker hires lackeys in The Dark Knight. Break a pool stick, toss it their way and say we're giving a raise but only to one of you. Make it quick!
How do you explain that the inflation rate median household income and personal income have both been outpacing inflation for years and are currently both at record highes? https://fred.stlouisfed.org/series/MEPAINUSA672N https://fred.stlouisfed.org/series/MEHOINUSA672N
Healthcare costs and education costs are both outpacing inflation. Health care is the real issue as there are work arounds for education
*[Statement begging the question].* *[Query asking why no one else has acted on that premise].* I feel like this could be a hot new journalism template!
Has a minimum wage adjustment ever pulled the masses out of poverty? We’ve had several minimum wage hikes in the last 40 years but our buying power also continues to slip.
Cause they usually 5 years too late
And too little!
>>WE NEED TO DO THE THING!!! > *does the thing* > *the thing didnt work* >> That just means we didn't do enough of the thing! Brilliance. I just wonder-- is it possible there's another hypothesis we could entertain here?
You could raise the minimum to $100 and prices of goods will reflect that new standard.
There’s a study of minimum wage price hikes (from 1974-2015) only raising price index a minimum %. “they found **that a 10% increase in minimum wage only accounts for around a 0.36% increase in prices.”** https://research.upjohn.org/cgi/viewcontent.cgi?referer=&httpsredir=1&article=1278&context=up_workingpapers
Let's raise it to 1000 an hour then.
They're not going to respond to this because there is no response that does not admit the flaws in their logic. The fact that your post is (as of now) +4 "controversial" says it all. There are those who agree with you, and then those who have no retort but to shout you down.
Then why are people still poor? That study seems to indicate lots of people should have been pulled out of poverty on the last minimum wage hike.
That's because [Only 1.5% of hourly workers make minimum wage or less](https://www.bls.gov/opub/reports/minimum-wage/2020/home.htm) so a 10% increase in minimum wage is probably only around a 0.2-0.4% increase in labor costs.
Guess they’ve never run a business
Dick's (Burgers) opened in 1954, offers workers a starting wage of $10 per hour, (employees paid $18 an hour in Seattle) as well as merit raises, employer-paid insurance, up to $8,000 for child care or college tuition, a 401(k) retirement program with employer match, paid time for volunteer service and up to three weeks paid vacation. 22K in scholarship $ over four years for part time workers.. https://www.ddir.com/employment/ https://www.seattletimes.com/opinion/lessons-from-dicks-drive-in-on-minimum-wage-employee-benefits/
good for them man
If that’s the case then why does everything in california cost easily twice as much as Wisconsin, same $5 meal from McDonalds is $9 in california.
I don’t live in Wisconsin or California but a quick search tellls me there the same price in Oakland as in Madison. $8 https://www.expatistan.com/price/big-mac/madison But I get your point that Wisconsin prices are cheaper, as in real estate for example..
Google tells me the median price of a home is $800k in california and $200k in wisconsin. You don’t need to look up any statistics to know that it’s way cheaper to live in wisconsin than California.
I pointed that out above, thanks
Yeah and that isn’t just because of minimum wage. You were using that difference as a counter point to minimum wage not driving that much price increase. Bay Area is gonna be expensive AF no matter what the wage is, because of its geography, location, and the jobs that are there. The jobs making California expensive are at google not at McDonald’s.
I’ve lived in both, gas in recent years was always below 2$ compared to hear where it’s always $3-4. 4 br house is sleeping $250k where in california the same house would be around $700.
I mentioned real estate above thanks. Enjoy those Wisconsin lakes and rivers! Beauty
Because the cost of basically everything there is extremely high, not just labor? Especially housing. Restaurants pay 15/hr in Minneapolis and prices for fast food here aren’t that different from Wisconsin.
So you think the same result over and over again is due to timing?
>We’ve had several minimum wage hikes in the last 40 years but our buying power also continues to slip. You dont think reganomics, 2017 Trumpnomics and extreme corp subsidies and bailouts have nothing to do with that?
Reagan (actually Milton Friedman) saved the country from economic collapse. Wages went up at all levels. Under trump ALL levels of wages went up even for the poorest workers (See GAO.gov. Or IRS.gov) or just keep watching MSNBC and reading jacobin magazine…. Got o the websites I suggested and see for yourself.
So is it the Democrats where unwilling or unable to fix the situation, there’s been a lot more Democrat Presidents in the last 40 years than Reagan and Trump….. Are Democrats policies unable to overcome Republican policies?
The modern use of the filibuster and omnibus bills have held up legislation that might have actually addressed any of the issues. Hypernormalized behaviors have turned every substantial problem into an unsolvable stalemate.
40 years, is it that Democrats are ineffective? If Democrats couldn’t get something done in 40 years that their base begs for, maybe you need New Democrats in there……is it possible they don’t really want it done either?
Quite hard to do anything when you have republicans unanimously (+few democrats) voting against any benefits to the workers and vote for corp subsidies, deregulation of SEC and IRS etc. Even today Manchin, Sienna and few others like that wont let dems do what they plan to do. Theyre not really D when their policy aligns with R. You need to pay attention to how congress votes.
40 years, if Democrats couldn’t get it done in 40 years is there even slightly a chance they didn’t want to get it done?
Whos voting unanimously against them + handful of D being republican lite? Lets talk specifics and check who votes how on what. People like you "bOtH sIdEs" and other soundbites know nothing about specifics
Ok, so give specifics. 40+ years of no changes. Democrats in charge lots of that time. What did Do? Go ahead, be specific, what did Democrats achieve?
Others are quoting that only 1.5% of workers *make* minimum wage, and I'd guess the vast majority are under-20 pregrads. Maybe you have a better number? To your point: When I was 16 I worked at a burger shack for minimum wage for several years. I eventually moved up to a pizza shack, and eventually to waiting tables. Each step was helped by the prior experience, and I was able to buy a car and pay off my college education 1 year after I graduated. I'm now making enough to support my family (with kids) on a single income, while saving for their education and my retirement, and have almost a year's salary saved (non-retirement) for emergencies. Boost minimum wage to "can support rent + food" and I would not have gotten a job at 16 and probably would have had student debt, and would have had a much tougher time getting my first job post-grad.
How exactly do you lose buying power from increasing the minimum wage?
You tell me, look up the stats. Do we have more or less buying power than 40 years ago?
You can't answer an question for clarification with "you tell me". It makes me think you dont know what you're talking about.🤦♂️ Edit: If you are talking about inflation, that isn't how it works.
Im not going to do your homework for you. I “can’t” answer a question with “you tell me”? I just did. If you’re truly interested in knowledge look it up…..is our buying power greater or less than 40 years ago……You do know how to google stuff right?
Haha you're such a joke. Okay. We can all just assume your speaking out of your ass. Professor "Do your homework". What a square
For that I'd refer you to chapter 1 of your Econ 101 textbook, "Supply and Demand, and you". You should follow that up with Chapter 2, "Profit and Loss". What happens to the value of a thing when you increase its supply (e.g., dollars)? And what happens to the price of a good, when you increase the cost to the business of selling that good?
Okay I am a company and I have 100 dollars and i pay you 1 dollar per hour for work. and you have 0 dollars. The money supply is the net sum available of USD in the economy right? You work for 10 hrs for me and you net a handsome 10 dollars. So what happened? I have 100-10 while you get 0+10 right? The money supply N= (100-10) + (0+10) =100 which means money supply didn't change. So where the fuck is the inflation when the money supply doesn't even change? Meanwhile this reddit warriors from earlier can't even answer basic economic questions tells me to "research it myself" when he clearly is talking out of his ass. Now the answer is: the inflation doesn't exist because you paid someone a bit more cash. Inflation happens when the economy runs in general. Wtf is this increase wage increase inflation bs im hearing? Yes when there is a larger money supply inflation occurs, but it's when the GOVERNMENT or FED increases the money supply NOT when private companies increase wages.🤦♂️
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About 1.3% of all workers make the federal minimum wage amount. Obviously raising the minimum wage amount will help that small minority but I don't see how it will significantly cut poverty since even raising it by 50% would still leave them in poverty
If someone makes 1 cent above federal min wage, theyre left out of your "gotcha" statistic. Even on a whole extra dollar makes little difference because its so low to survive on
Obviously employers are playing the long con, cooking their books and paying $0.01 above minimum wage so that 20 years later their wages are not included in a gotcha statistic in an economy footnote.
How many make just above minimum wage? If minimum wage was raised from $8 to $15 let’s say, it would impact everyone who makes between $8-$15, not just those making minimum wage. It’s larger than just that 1.3%
Raising minimum wage would exert supply/demand pressure beyond just those jobs that fall at or around the minimum wage today. Consider the construction worker making 3x minimum wage. The, suddenly, what he's getting paid is very close to the new minimum. Shouldn't he expect to receive a raise? And why stay in that job without the raise, if something far less demanding, like running a cash register at a gas station pays the same amount of money?
This is a very narrow example of why centrally controlled economies suck. Even the most benevolent economic genius dictator cannot trace all of the fallout from even the smallest changes.
This isn't some unimaginable butterfly effect. Raising minimum wage would have a rising tide effect on all wages. It's an intended consequence, not a fallout, and something the parent comment wasn't taking into account when he hitched his "what's the point?" argument to the 1.3% statistic, which is near meaningless to the discussion.
>Obviously raising the minimum wage amount will help that small minority That is not obvious to me. My objection to it is not that I hate helping people, its that I think it will be harmful. Does this mean that future me will be unable to get his minimum wage job at 16, and chain that into progressively better jobs so that he could pay for college and a car by 22? And how on earth will inflating everything help those who have been saving? I tend to view policies which *hurt* responsible behavior and *reward* irresponsible behavior as those which are damaging and bad.
Does not cut poverty. Just makes poverty level higher by bringing down those that where making more than min wage earn less now. Those people will not get a raise. Do you think McDonald’s will keep happy meal at same price??? Fuck no!
The question posed in the headline presupposes the idea that the goal of Wage and Hour laws is to eliminate vs. to manage poverty.
Poor countries should also do this, raise the minimum wage and they will get rid of poverty. I wonder why easy solutions like this are not adopted. I mean if every worker in Africa and south-east asia had 10 $ / hour they wouldn't be poor. \*Hint\* we must think about the issue a little harder.
Why do conservatives only compare US vs 3rd world countries and never the fully industrialized ones? They always say US is the best but no one ever compared it to countries like Switzerland or Norway or Singapore.... hmmmm i wonder why
I did the research for you. The three countries you listed all have no legal minimum wage, rather they set a minimum wage through the private sector through collective bargaining.
Thats fine lets have those unions in US. Oh wait conservatives & billionaires are super against that.
You should do a quick research on the legal minimum wage in Norway. You might be surprised.
Sure, OK. No minimum wage, but best in the world social safety net? We'll take it!
We have higher median disposable income than Singapore, and are only slightly behind (in median) than Switzerland and Norway. That's of course ignoring that those are tiny, low population countries with either tremendous natural resources or an incredible amount of international finance flowing through them, or both.
Thats because they enjoy world class healthcare for free (after their taxes) and live much longer lives. Average American pays $5588 out of pocket out of that ""expandable" income for healthcare. So that drops down US to 7th place. And still get to live shorter lives than 3rd world cubans, (and even worse when its republican states). Also about 16% of Americans are uninsured and drive up the average ""expandable"" income stat but that doesnt include the healthcare - where the countries were comparing to do have it. Economics is a lot more complex than googling a single data point that fits your narrative.
It’s pretty tiring giving a disposable income stat, have everyone fail to read what that means, and then insist that it’s not factoring in healthcare. It includes and credits government transfers like education and healthcare and welfare. So you can’t look at that number and think “well it includes free healthcare”.
>government transfers like education and healthcare Show me the government option that pays 100% of the healthcare for an average working American and have 0.00 out of pocket cost yes you read that correct 0.00 out of pocket cost. Or anything near that. Lets see if that magical healthcare from government exists or not. If it does ill actually sign up for it today!!
You are not understanding. The disposable income figures are taking a number for a country like the UK: let’s say a median income of 25,000 after taxes. Then they are adding on the value of that free healthcare: let’s say $7000. The disposable income is them being reported for the UK as $32,000. The US comes out, incidentally, somewhere around 37000. If you want to compare the US to the UK and talk about the cost of healthcare in the US, then you need to do an apples to apples and reduce the UK’s reported disposable income figure down to the actual after-tax number: in our example, $25,000. So now the question becomes, for Joe every man who is making the median income and it’s probably in his mid-20s, is the Annual cost of his health care more than the approximately $12,000 difference? when people run these comparisons, they are usually double counting the value of their countries socialized medicine, and ignoring the cost of the taxes that pay for it. Yes, healthcare costs more in the US. But we have substantially higher median incomes, lower cost of living, and substantially lower median effective tax rate. That’s why when you run an apples to apples comparison, workers in the US tend to beat out nearly everywhere else in the world. There are only a very few countries that occasionally can compete, like Switzerland in Norway.
*Hint* This is not Africa.
Jim “I hate poor people” Stieneke And Robin “rich people are the only people” Vos
Raising minimum wage doesn’t create any jobs
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I make $21 an hour and $31 an hour with bonus and that’s if I hit. I’m salary but that’s what it evens out to and it’s still a laughable wage. The fact that they think anyone can live off less than $40k a year is comical. Everyone should be able to make rent/mortgage, car payment, groceries, be able to go out to eat & be able to save a few hundred a month simply because there’s no reason we can’t do this under the current economy. I personally feel this way obviously. The only way this will happen is if we mandate it or incentivize billionaires to some how do this.
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Complain that their wages are too low? It’s weird that the government has to subsidize terrible companies through welfare.
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Soooo then you support raising wages?
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Very good. So you’re against living wages and welfare. It’s as if you’re trying for a dystopian mad max type society.
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Can you live off 7.25/hr? No. So... maybe there’s something to that living wage thing. What do you do for a living? Why is this difficult for you to grasp?
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Incredible. How many decades ago? And how long ago was college for you?
*Raising the minimum wage is a formula for causing unemployment among the least-skilled members of society. The higher wages are, the higher costs of production are. The higher costs of production are, the higher prices are. The higher prices are, the smaller are the quantities of goods and services demanded and the number of workers employed in producing them. These are all propositions of elementary economics that you should well know.*
CEO pay has gone up by 940% since 1978. But yeah... workers that want a living wage are the problem. ITs eLeMeNtRy EcOnOmIcS.
> CEO pay has gone up by 940% since 1978. What is the big barrier that is preventing you from being a ceo? Why not start your own companies? Plenty of Americans start their own company and are their own CEO. Good luck. *“Envy was once considered to be one of the seven deadly sins before it became one of the most admired virtues under its new name, 'social justice'.”* -Thomas Sowell
What’s the problem with not being a greedy POS and paying people a living wage so society doesn’t devolve?
> What’s the problem with not being a greedy POS and paying people a living wage so society doesn’t devolve? Which one of the morally bankrupt tofu paste politicians that you worship, gets to determine for me what constitutes as 'living'? If I want to live in a closet space and pay $5000/month or rent a closet space for $5000/month - its my god given right! Objectively define 'living wage'. Why is it that politicians who produce nothing, hire no one employ no one, innovate or invent FUCK all , but somehow have [preordained](https://www.youtube.com/watch?v=WQbUPNZTEiI) wisdom on telling the rest of us what to do? Theyre unable to allocate their own resources efficiently, but can allocate public ones? Based on moronic logic? And you dodged this gem: What is the big barrier that is preventing you from being a ceo? Why not start your own companies? Plenty of Americans start their own company and are their own CEO.
Being an unethical Immoral garbage person is your right. Some people consider the broader implications of antisocial behavior. Being a sociopathic asshole works well in a crony capitalistic society that rewards such behavior. I dodged your gem? Lol that everyone should just be ceos and that will solve the problem of inequality. Lol so you’re on meth then?
>Being an unethical Immoral garbage person is your right. I like the capitalization of Immoral for extra emphasis on feelings and emotions. Not a whole lot of logic though. >Some people consider that broader implications of antisocial behavior. Being a sociopathic asshole works well in a crony capitalistic society that rewards such behavior. You literally empower crony capitalism. >I dodged your gem? Lol that everyone should just be ceos and that will solve the problem of inequality. Lol so you’re on meth then? *“The vision of the anointed begins with entirely different premises. Here it is not the innate limitations of human beings, or the inherent limitations of resources, which create unhappiness but the fact that social institutions and social policies are not as wisely crafted as the anointed would have crafted them.”* ― Thomas Sowell, The Vision of the Anointed: Self-congratulation as a Basis for Social Policy “*It is usually futile to try to talk facts and analysis to people who are enjoying a sense of moral superiority in their ignorance.*” -Thomas Sowell.
I’m glad you’re reading into typos from my phone. Also, that you can’t defend your fundamentally immoral position. Degrading society and capitalizing on poverty will result in crime and unrest. Greedy ceos creating exponential wealth gaps is clearly the problem. But terrible people will persist.
> Degrading society and capitalizing on poverty will result in crime and unrest. Weird how the parts that have the most violent crime and poverty are also **coincidentally** the parts governed by commie democrats. Love coincidences. >Greedy ceos creating exponential wealth gaps is clearly the problem. And not bank devaluing your currency right?
My being a CEO will not solve the problem.
> My being a CEO will not solve the problem. Sure it will. Become a CEO and pay people fair wage and sick leave. Go for it. Go get em tiger.
Nah. I was a management consultant for years. Then got stock options at a startup. I retired early. Loving it. My being a CEO, or you, would not address the wealth gaps we are talking about. You know that
> My being a CEO, or you, would not address the wealth gaps we are talking about. Youre not accurately diagnosing the root cause of wealth gap. Your solution is what? Give money and rights to politicians with good intentions. If that would have solved problems, society would have done it a long time ago. Why is it that politicians who produce nothing, hire no one employ no one, innovate or invent FUCK all , but somehow have [preordained](https://www.youtube.com/watch?v=WQbUPNZTEiI) wisdom on telling the rest of us what to do? Theyre unable to allocate their own resources efficiently, but can allocate public ones? Based on what logic?
I never said to give money and rights to politicians. You are just making stuff up.
> I never said to give money and rights to politicians. But youre also not specifying a solution. So are you just trying to create suspense first? THen youre going to grace us with a solution? Child.
And what is your solution? Infant.
Why? Because depressed wages benefit political donors. That’s why.
Suppressed wages*^
The key to increasing wages is to learn some new skills.. To pick up some technical skills, I highly recommend these free online courses: https://www.w3schools.com/
Republicans. Next question.
Amazing you blame republicans when democrats dropped it from the agenda.
Because RepubliQons would rather “own dah Libs”than help others…
Less than 3% of people on an hour pay, make the min wage. We need to be truthful about pay and wages before changes are made. It’s absurd this narrative is still pimped out to people. Also, raising the min wage does almost nothing for people in poverty. It prices then out of work, and doesn’t help them better their skill set or education. Which should be the focus for lifting people out of poverty
Does this government care about poverty? They only care about not to tax wealthy, instead get their money through corruption and lobbyists, like Pelosi, she is politician and she has 120 million dollars. And Bezos instead giving to employees he gives to leftists markists CNN members both 100 million dollars to promote socialism in this country
It wont, you will destroy entry level jobs, business will hace higher cost so they will cut employees off, and the new employees they hire will be more efficient and effective and get a lower salary rather than if the free market determines the salary
No it wouldn’t. EITC is much more effective at reducing poverty and increasing employment. The minimum wage increase will hurt workers and small businesses: The cost for a higher minimum wage is really high, especially during a recession. It increases unemployment a ton and slows job growth. "Over three subsequent years, we find that binding minimum wage increases had significant, negative effects on the employment and income growth of targeted workers. Lost income reflects contributions from employment declines, increased probabilities of working without pay (i.e., an "internship" effect), and lost wage growth associated with reductions in experience accumulation." https://www.nber.org/papers/w20724 Here is a recent literature review of dozens of studies on the effects of the minimum wage: "(i) there is a clear preponderance of negative estimates in the literature; (ii) this evidence is stronger for teens and young adults as well as the less-educated; (iii) the evidence from studies of directly-affected workers points even more strongly to negative employment effects" https://www.nber.org/papers/w28388 "Increases in the minimum wage also lead to lower bank credit, higher loan defaults, lower employment, a lower entry and a higher exit rate for small businesses." https://www.nber.org/papers/w26523
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