Minimum Wage: Running from the Facts

[My I]

To split a rhetorical hair, this is the correct assessment, as you yourself point out:

Yes, you have more money. But everything costs more and the costs went up MORE than your pay. They're finding this out in Seattle, San Fran and other liberal cities where they jumped on the wage hike wagon. But you don't believe that anyway right??

In short, inflation, which is a very good thing indeed for those of us with fixed. long term debt like mortgages and student loans, but perhaps not so good for others like young people.

I am DYING to hear how money being worth LESS is a good thing in ANYONE's bookkeeping. Please, PLEASE, explain that to us.

 

[astuffedshirt_perv]

I am DYING to hear how money being worth LESS is a good thing in ANYONE's bookkeeping. Please, PLEASE, explain that to us.

Seriously you don't know? Inflation is good for people or governments or companies who have long term loans, like mortgages. If you have a $5K monthly payment starting in year 0 for the next 360 months but there is 5% inflation, by year 1 the $5K is really only worth $5*95=$4,750 in year 0 dollars. By year 10 the 5K is worth less than 3K year 0 dollars.

Your paycheck/GDP/Revenue should rise with inflation by 5% per year also, so you are making more money. You make more $$$ but they are worth less, so your fixed payments are easier to make.

Inflation is not good for people on a fixed income or for people who do not have loans.

Pretty basic stuff.

 

[My I]

Seriously you don't know? Inflation is good for people or governments or companies who have long term loans, like mortgages. If you have a $5K monthly payment starting in year 0 for the next 360 months but there is 5% inflation, by year 1 the $5K is really only worth $5*95=$4,750 in year 0 dollars. By year 10 the 5K is worth less than 3K year 0 dollars.

Your paycheck/GDP/Revenue should rise with inflation by 5% per year also, so you are making more money. You make more $$$ but they are worth less, so your fixed payments are easier to make.

Inflation is not good for people on a fixed income or for people who do not have loans.

Pretty basic stuff.

Soooo.... Everything costs me more to a point where I can't buy as much as I did before but my fixed payments take a smaller percentage of my paycheck?

That sounds like the kind of BULLSHIT Sanders and Warren are spewing. "We're gonna make you mutherfuckers poorer than you've ever been, but you're gonna LOVE us for it."

 

[BotanyBoy]

Soooo.... Everything costs me more to a point where I can't buy as much as I did before but my fixed payments take a smaller percentage of my paycheck?

That sounds like the kind of BULLSHIT Sanders and Warren are spewing. "We're gonna make you mutherfuckers poorer than you've ever been, but you're gonna LOVE us for it."

No, it's very different than the bullshit Sanders and Warren are spewing.

It's basic math.

 

[dan_c00000]

Seriously you don't know?

Pretty basic stuff.

Unless it was in "The Klan's History of American: A Guide to Being a Shitty Racist" then bot/dawn/dump doesn't know shit about it.

For example, they don't realize that Warren and Sander's health care plans are tied to inflation.

See dump/bot/my i/dawn are so fucking clueless they don't even realize that there's a cost-of-living adjustment for Social Security that's calculated every year to help off-set the costs of inflation.

 

[PrincepsCyberius]

New York City Experienced Worst Decline in Restaurant Jobs since 9/11 After $15 Minimum Wage Win

 

[Ziggins]

If you're a restaurant worker in NYC, GTFO. Anywhere else has a lower cost of living. The millionaires can eat out of vending machines.

 

[colddiesel]

The adult minimum wage in Oz is AUD 19.49 /hour = USD 13.50.

The minimum wage for a 16 year old is AUD 7.98/hour = USD 5.50.

We have had indexed minimum wages for years, and provided they're not set too high or pushed up to fast they don't seem to affect overall employment rates all that much. The main difference noticed is that supermarket staff at weekend are all students - and are usually better quality than the minimum wage adults working during the week.

 

[astuffedshirt_perv]

We have had indexed minimum wages for years... they don't seem to affect overall employment rates all that much.

Maybe AUS indexed minimum wages don't affect the overall employment rate that much because they've been in place for years. Hence the deliciousness of the NYC data: make a change, see what happens, spawn an ocean of research.

 

[Fuzzy1975]

Maybe AUS indexed minimum wages don't affect the overall employment rate that much because they've been in place for years. Hence the deliciousness of the NYC data: make a change, see what happens, spawn an ocean of research.

Provence's in Canada have minimum wages. The previous Ontario government increased the minimum wages from around $9.00/hr up to $14.00/hr in a three year period. It was supposed to increase to $15.00/hr but after the election, the new government stopped it at $14.00/hr level. Everyone ( CoC, business owners etc) screamed this would put them out of business, or massive layoff's. Prior to the start of the increase's. Nothing happened, product prices rose marginally. At about the same rate as inflation.

That is what has happened, none of the doom and gloom that was forecast showed up. I suspect the owners profit margin declined a slight amount, but they still seem to be making money, and not folding up shop.

 

[magicalmoments]

Non-Compete clauses

Not minimum wage but employment related.

I read that the appropriateness of non-compete clauses are becoming an issue in the states.
Should a worker be required to agree to restrictions on what and where they can work when they leave the original employment.

I don't think so. In any country that considers itself to be operating a free market such restriction appear unwarranted and unfair. I can understand restrictions on taking the original employers business ideas and inventions, that would be theft, but other restrictions seem anti free market.

I don't see that any employer has the right to prevent a former employee setting up shop in competition. That's what the free market is all about, surely? The original employer does not own the customers, again they are free to go to anyone for goods and services they cannot be compelled to stick with a particular supplier.

Free market rulz!

 

[YDB95]

Non-compete clauses are usually unenforceable anyway. It's just a placebo to make power-hungry bosses happy.

 

[Rightguide]

What the Minimum Wage law really says:

If a potential employee cannot produce goods and services with a marketable value that absorbs his cost of employment and returns a profit to a prospective employer above the hourly rates specified by the government, it is unlawful for that employee to be employed in the United States.

 

[magicalmoments]

If a potential employer can't manage his business and his overheads to the extent that he can't afford to pay his employees minimum wage then he should think about throwing in the towel and becoming an employee himself.

 

[BotanyBoy]

If a potential employer can't manage his business and his overheads to the extent that he can't afford to pay his employees minimum wage then he should think about throwing in the towel and becoming an employee himself.

And who are you to decide that for everyone?

Typical lefty. And this is why under the table work happens.

 

[magicalmoments]

#90 above
And who are you to question my right to an opinion?
Typical liberal, always wants interrupted freedom for himself but would deny it to anyone else.

 

[BotanyBoy]

#90 above
And who are you to question my right to an opinion?
Typical liberal, always wants interrupted freedom for himself but would deny it to anyone else.

I never did any such thing.

Where did I try to deny it to anyone??

Your right to an opinion isn't a right to be free of criticism.

 

[Ziggins]

Self-employment is increasingly the best chance for a comfortable income, until the megacorps finally bury themselves with dependence on global commerce and other fossilized strategies.

 

[Rightguide]

If a potential employer can't manage his business and his overheads to the extent that he can't afford to pay his employees minimum wage then he should think about throwing in the towel and becoming an employee himself.

^^^^

Economic and business illiteracy on display.

 

[magicalmoments]

#92 above
It's a pity you can't take your own advice.

 

[magicalmoments]

#94 above
I'm happy to be lumped with all those millions of employers in civilised countries around the world who manage successful businesses and pay minimum wage in an open and competitive free market.

Seems economic and business illiteracy pays.

 

[BotanyBoy]

#92 above
It's a pity you can't take your own advice.

Where did I ever try to conflate my freedom to have an opinion with the freedom to be free from criticism??

#94 above
I'm happy to be lumped with all those millions of employers in civilised countries around the world who manage successful businesses and pay minimum wage in an open and competitive free market.

Seems economic and business illiteracy pays.

Doesn't change the fact that minimum wages = less free of a market.

That's rarely the case.

 

[YDB95]

^^^^

Economic and business illiteracy on display.

I guess we could ask how many payrolls you have been responsible for.
But more to the point, how do you figure magicalmoments is wrong? If you remember anything about Econ 101, surely you're familiar with elasticity. And you're probably also aware that people like you tend to pretend it doesn't exist.

 

[BotanyBoy]

But more to the point, how do you figure magicalmoments is wrong?

It's a non-responsive emotional reaction that doesn't address anything RG said.

He's not wrong, just a hysterical hater of freedom.

If you remember anything about Econ 101, surely you're familiar with elasticity. And you're probably also aware that people like you tend to pretend it doesn't exist.

And if you remember anything about elasticity you'll remember that depending on the demand for a commodity it might not exist.

Some commodities have a lot of elasticity....they tend to be more frivolous, unnecessary and expendable. Entertainment, recreation, unskilled labor.

Other things like food, fuel, medication, various skilled laborers, have the elasticity of a brick.

 

[magicalmoments]

#99 above
How have I demonstrated I am a "hysterical hater of freedom."
This it totally at odds with my self perception and what I attempt to convey in my posts on here.