Congressional GOP Are Scum!

[Sava]

Republicans, present company included, are really the scum of the earth.

[Frozzy]

Originally posted by DanS
I think this concept is well understood by economists. I don't think I can add to their understanding by any proof that I could provide.

Well understood? It's high school economics!

Having said that, if the minimum wage is $5.15 p/hr, I hardly think a percentage increase will make that big a dent in the labour market, and calculate that over the amount going back into G/S, you're talking more labour required to make these G/S.

"Where does the money come from?!" ask the GOP? Well, look at Mr. Bushie's tax breaks last year... they could EASILY foot the small bill per capita.

[chequita guevara]

Why do you support child pvoerty? Why do you want children of single mothers to be homeless!?!

[Imran Siddiqui]

Originally posted by chegitz guevara
Why do you support child pvoerty? Why do you want children of single mothers to be homeless!?!

Cause they are smelly .

[DanS]

Having said that, if the minimum wage is $5.15 p/hr, I hardly think a percentage increase will make that big a dent in the labour market, and calculate that over the amount going back into G/S, you're talking more labour required to make these G/S.

The labor market overall isn't impacted too much by the change. However, the people in the labor market at that particular price point are substantially impacted.

[Frozzy]

The labor market overall isn't impacted too much by the change. However, the people in the labor market at that particular price point are substantially impacted.

Not if demand for labour goes up (which it will if there is more demand for G/S, regardless of price).

What is the unemployment benefit in the US at the moment?

[Odin]

Originally posted by Kalius


What is the unemployment benefit in the US at the moment?

Crap.

[Ogie Oglethorpe]

Originally posted by Imran Siddiqui
How much of a raise of min wage are we talking anyway? If it's like up to $7/hr, then its not a big travesty we are talking about.

No matter how you slice it, a 35% increase in labor costs is substantial. Who ends up eating it, the company, not bloody likely. That means a corresponding increase to end consumer in terms of actual cost and more likely a reduction in service as employed body count declines. Thats if and only if they have enough fat to manage it. The small company is the one most likely to be affected in terms of growth and/or viability.

[Frozzy]

No matter how you slice it, a 35% increase in labor costs is substantial.

Hmmm...

2,200,000 * 5.15 = 4,271,844
4,271,844 * 1.35 = 5,766,950

I'm sure a big country like the US can handle an extra 1.5m per hour. And remember that figure above is probably going to be less because of a temporary decrease in QLD.

[Ogie Oglethorpe]

I seem to recall any number of hot button issues during the last election cycle. Chief amongst those was job creation and the outsourcing phenom. So what we have is a desire to increase minimum wage to accelerate that process and in so doing offer a viable if unenviable career path to people who decide not to take the necessary additional steps to upgrade their skill sets to allow them to be competitive in the world market.

Seems to me we are incentiing the wrong thing.

[Sandman]

The minimum wage is by far the best method of wealth redistribution available. It's easy to enforce, it prevents dependency, it's dignified, it injects money into the economy and it opens the door for even better jobs. And there is not a shred of evidence that it damages the economy. One of Labour's good ideas was a national minimum wage for the UK, and unemployment is still very low.

I'd respect conservatives twice as much if, just for this issue, they stopped their delusional objections.

[pchang]

Our best evidence shows that the demand for labor at the low end is fairly inelastic. In addition, many of these jobs are service related and cannot really be outsourced. Those that can be outsourced would be outsourced even with no minimum wage. However, the cost of things produced by minimum wage labor tends to rise (creating inflation) which tends to decrease the benefit of raising the minimum wage. I believe California has the highest minimum wage in the US. There should be no harm and some good benefit to raising the national level to the same as California's.

[chequita guevara]

Originally posted by Ogie Oglethorpe
I seem to recall any number of hot button issues during the last election cycle. Chief amongst those was job creation and the outsourcing phenom. So what we have is a desire to increase minimum wage to accelerate that process and in so doing offer a viable if unenviable career path to people who decide not to take the necessary additional steps to upgrade their skill sets to allow them to be competitive in the world market.

What the bloody hell is the point of having a job that you can't live off of? If the job has to go to India to be profitable, then it isn't a that could support an American anyway. In any event, I'd like to see Walmart, Burger King, and the most of the rest of the min wage jobs outsource their jobs. I'm not flying to India to buy a cheeseburger.

[Thucydides]

well let's see. If higher minumum wages cause unemployment, then you probably will see correlation between states with higher unemployment and higher state minumum wages. Let's see what the stats say:

http://www.dol.gov/esa/minwage/america.htm

and

http://money.cnn.com/pf/features/lists/state_unemployment/

as you can see, there appears to be no connection. States with higher min. wage are ranked at the top and the bottom.

BTW, the state with the highest min. wage is Washington at 7.35, not California. It's followed by Oregon, Alaska and Vermont, all over $7.00

However, San Francisco has $8.50 minimum wage as a city ordinance, but I don't think that's Pchang was refering too.

[pchang]

Not so sure there isn't a correlation. Among the states with the highest minimum wages, the only one that as low unemployment is VT (CT is in the middle and the others are all at the upper end).