About all of the minimum wage "Doom and Gloom"

[Ulaven_Demorte]

We hear lots of doomsday "OhMyGawd if we raise the minimum wage, everybody will go out of business and we'll have to eat bugs" types of things from some folks when the conversation gets a little heated, but the reality is something very different.

If every Walmart nationwide had a minimum wage of $12 per hour (and passed ALL of the cost along to the consumer, it would raise the average Walmart's shopper's trip cost by 1.1%.

OhMyGawd!

 

[pete]

We hear lots of doomsday "OhMyGawd if we raise the minimum wage, everybody will go out of business and we'll have to eat bugs" types of things from some folks when the conversation gets a little heated, but the reality is something very different.

If every Walmart nationwide had a minimum wage of $12 per hour (and passed ALL of the cost along to the consumer, it would raise the average Walmart's shopper's trip cost by 1.1%.

OhMyGawd!

just out of curiosity, what's your day job?

 

[KRCummings]

We hear lots of doomsday "OhMyGawd if we raise the minimum wage, everybody will go out of business and we'll have to eat bugs" types of things from some folks when the conversation gets a little heated, but the reality is something very different.

If every Walmart nationwide had a minimum wage of $12 per hour (and passed ALL of the cost along to the consumer, it would raise the average Walmart's shopper's trip cost by 1.1%.

OhMyGawd!

1.1 at Walmart.
1.1 at Kroger
1.1 at restaurants
1.1 at gas stations
1.1 at each of misc other stores that pay minimum or near

Adds up real quick

 

[landslider2000]

Min wage elevation would foment more employment of illegal immigrants?

 

[BotanyBoy]

1.1 at Walmart.
1.1 at Kroger
1.1 at restaurants
1.1 at gas stations
1.1 at each of misc other stores that pay minimum or near

Adds up real quick

And suddenly that 7.50/hr the morons on the left like UD here screamed was the savior of the poor a few years ago doesn't have any more buying power than the 5.50 did before they bumped it to 7.50 or that 9 or 12/hr will have a couple months after everyone's accounting/payroll dept catches up....still hanging by a thread, min wage will never afford anyone more than a shit shack to live in and top ramen to live on.

 

[Sean]

1.1 at Walmart.
1.1 at Kroger
1.1 at restaurants
1.1 at gas stations
1.1 at each of misc other stores that pay minimum or near

Adds up real quick

It still comes out overall to less than a 1.1% increase in consumer costs.

 

[RobDownSouth]

And suddenly that 7.50/hr the morons on the left like UD here screamed was the savior of the poor a few years ago doesn't have any more buying power than the 5.50 did before they bumped it to 7.50 or that 9 or 12/hr will have a couple months after everyone's accounting/payroll dept catches up....still hanging by a thread, min wage will never afford anyone more than a shit shack to live in and top ramen to live on.

Not everyone can rely upon the government to mooch off of like you do.

 

[BotanyBoy]

It still comes out overall to less than a 1.1% increase in consumer costs.

No...according to home slices's little diddy it's 1.1% at wal mart, not less than you fucking moron.

It could be more or less than 1.1% at another establishment, the smaller the company AND the more labor intensive companies the more that % will rise too.

You call people scum bag's for working....you have a broken understanding of business and you think the world owes you an income, kill yourself.

 

[BotanyBoy]

Not everyone can rely upon the government to mooch off of like you do.

So? WTF does that have to do with the price of tea in China?? Why you so mad about that?

Oh....dumb shit couldn't go any other way against that comment, woo woo woo.

Why do you hate the fact that soldiers get paid??

 

[RobDownSouth]

So? WTF does that have to do with the price of tea in China?? Why you so mad about that?

Oh....dumb shit couldn't go any other way against that comment, woo woo woo.

Why do you hate the fact that soldiers get paid??

The world is full of unmarried marriage counselors such as yourself.

 

[KRCummings]

It still comes out overall to less than a 1.1% increase in consumer costs.

No it doesn't but even if it did you're still talking about a significant increase because now instead of an increase of 2 bucks at walmart you're paying 100 bucks for every place.

 

[Sean]

No it doesn't but even if it did you're still talking about a significant increase because now instead of an increase of 2 bucks at walmart you're paying 100 bucks for every place.

No, you aren't. Let's say you spend a $100 a month at each of stores A,B,C and D. That's $400 a month. If each of those stores raises its prices by 1.1% you spend 101.1+101.1+101.1+101.1= $404.4 an increase of 1.1% When you factor in the purchase of services that don't pay minimum wage already, your mechanic, wshing machine repair man, prostitute, whatever the actual monthly increase is overall less than 1.1% of your total monthly outlay.

 

[RobDownSouth]

No it doesn't but even if it did you're still talking about a significant increase because now instead of an increase of 2 bucks at walmart you're paying 100 bucks for every place.

If you are paying 100 bucks more due to a 1.1 across the board price increase, that means you're spending about $9900 per month to begin with.

 

[KRCummings]

No, you aren't. Let's say you spend a $100 a month at each of stores A,B,C and D. That's $400 a month. If each of those stores raises its prices by 1.1% you spend 101.1+101.1+101.1+101.1= $404.4 an increase of 1.1% When you factor in the purchase of services that don't pay minimum wage already, your mechanic, wshing machine repair man, prostitute, whatever the actual monthly increase is overall less than 1.1% of your total monthly outlay.

We're looking at the same thing in two different ways.
However as was already pointed out, the smaller places would be more than 1 but we'll assume it's not. The WalMart example is still shit because saying "Hey, you'll only spend an extra couple bucks" is not true. You're going to spend an extra 50 or more.
And everyone has minimum wage workers. For every mechanic that makes 20 an hour there's a receptionist that makes 7.

 

[KRCummings]

If you are paying 100 bucks more due to a 1.1 across the board price increase, that means you're spending about $9900 per month to begin with.

100 was an example but 10K a month on expenses is reasonable. That would include loans that would not be affected but whatever.

 

[Killswitch]

No, you aren't. Let's say you spend a $100 a month at each of stores A,B,C and D. That's $400 a month. If each of those stores raises its prices by 1.1% you spend 101.1+101.1+101.1+101.1= $404.4 an increase of 1.1% When you factor in the purchase of services that don't pay minimum wage already, your mechanic, wshing machine repair man, prostitute, whatever the actual monthly increase is overall less than 1.1% of your total monthly outlay.

Percentages are funny like that.

lol

 

[KRCummings]

Percentages are funny like that.

lol

He's looking at percentages, I'm looking at totals. They come out the same. My fault for not paying attention.

 

[Killswitch]

He's looking at percentages, I'm looking at totals. They come out the same. My fault for not paying attention.

I always pay you attention.

 

[pete]

i like how this whole argument is based on a number from who-knows-where, coming from a guy who's creds are unknown.

i like this chart, it opens up the debate a little more

basically it says most m.w. employees are kids 19 and under, the better part of them don't have h.s. diplomas, are single and are mostly part-timers.

 

[RobDownSouth]

100 was an example but 10K a month on expenses is reasonable. That would include loans that would not be affected but whatever.

You're no fun.
I had a carefully laid trap for someone to come in and say that's a reasonable amount and I was going to hammer them on fixed rate mortgages. Killjoy.

10K a month expenditures implies a gross income of about $140K a year. While I know that everyone on Lit is slightly above average earnings-wise, that seems a bit of a stretch when you consider the annual average household income in Murica is something like 60K.

 

[KRCummings]

You're no fun.
I had a carefully laid trap for someone to come in and say that's a reasonable amount and I was going to hammer them on fixed rate mortgages. Killjoy.

10K a month expenditures implies a gross income of about $140K a year. While I know that everyone on Lit is slightly above average earnings-wise, that seems a bit of a stretch when you consider the annual average household income in Murica is something like 60K.

I didn't say it was average or even close to it, I said it was reasonable. 140K isn't much. About right for a white collar who's been around a while.

 

[unregistered]

 

[Sean]

Here's what a Nobel Prize winning economists says about the Minimum Wage Laws:

And he was wrong. "It will cost jobs!!!!!1" has been the cry every time a minimum wage has been proposed and there is exactly ZERO evidence that it has done so when introduced.

 

[RobDownSouth]

Here's what a Nobel Prize winning economists says about the Minimum Wage Laws: <derp snip>

A lot of research has happened since 1966.

Specifically, economists have proven that Friedman's hand-wringing about raising the minimum wage costing jobs is absolutely, positively wrong

 

[KRCummings]

And he was wrong. "It will cost jobs!!!!!1" has been the cry every time a minimum wage has been proposed and there is exactly ZERO evidence that it has done so when introduced.

I don't think raising the minimum has ever led to higher unemployment. I think it does lead to higher costs though. Somebody is paying for it and it won't be the shareholders.