[GeronL]

right on.

Sounds like Walter Williams doesn't he? Except he didn't mention making his wife wash his car or anything.

[spetznaz]

Raising the minimum wage seems like a nice warm-hearted thing to do since it would 'uplift' the masses who 'toil' in low-wage jobs and give them extra cash in their pocket, but if you erase 'feel-good economics' and stick to real-world economics, mucking with the minimum wage is a bad thing. Most economists would show how raising the minimum wage would lead to mroe hurt than benefit, but this is a political issue, and it seems to make sense, hence no one will care about the true ramifications.

Basically the minimum wage is a veritable price-floor, with the product being labor. That would pollute the economic equilibrium, and lead to less demand for labor. Hence those employed in minimum wage jobs would indeed get paid more, but there would be many that are either let go or not employed in those same jobs.

Why not try something radical! For example ....umm......letting the MARKET take care of things?

Sadly politicians love such issues ......they strike at the heart and not the head, and this is a perfect case example (outsourcing is another). I am sure Lou Dobbs will be salivating over this.

[gakrak]

I really get tired of listening to these Hollywood dolts.
Here we have another actor that has never held a job other than acting with barely any education beyond high school addressing the congress of the United States. What amazes me is that through acting one can become a expert authority on everything from foreign policy, economics,health care and all things political. Another Teddy (splash) barf alert.

[R. Scott]

Ben Affleck came to the Capitol today to testify on behalf of Sen. Ted Kennedy's bill calling for a hike of $1.85 in the nation's minimum wage.

If he’s just a rich Hollywood type, what can he possibly testify to? Will he swear that his maid, chauffer, bodyguards, groundskeepers etc. are grossly underpaid?

[CDHart]

I sent the following to Farah -- be interesting to see if I get a reply.

Carolyn

One more point re minimum wage -- take the # of people who are on minimum wage times the dollar amount of the proposed increase. Then multiply that answer by 2080, which is the number of working hours in a year. Take that answer and multiply by 15.3%. That is the increased amount that the government can expect to take in for FICA and Medicare.

You may be surprised how large it is. I figured it out once -- but don't have my almanac handy that gives me the number of workers on minimum wage.

You see, an increase in MW doesn't really help the employee, because prices will go up correspondingly and things will level out again. But it really helps government by putting more money into their coffers.

Also, when the minimum wage is raised, other employees usually get an increase because it's "not fair" that the new people make close to what the current employees are making. So across the board, the only beneficiary of the minimum wage increase is government.

I would be interested in hearing your take on this.

[kdot]

Now that Arnold left, Affleck is Ted's new dog.

[Capitalism2003]

ugh, the stupidity among the left never stops...

Some big leftist arguments get debunked very nicely at the links below. I don't want to advertise but we could always use a few more Freepers to debate the DU morons who have infiltrated this board. Check these threads out.

economics

http://www.conservativeunderground.com/forum/phpBB2/viewtopic.php?t=4566&sid=42591f9597b5006af06bd63e368bfbe6

minimum wage

http://www.conservativeunderground.com/forum/phpBB2/viewtopic.php?t=4651&sid=42591f9597b5006af06bd63e368bfbe6

[Capitalism2003]

Why don't we knock out the 7.5% FICA tax along with the employer's 7.5% matching "contribution" which comes directly out of people's paychecks? Every worker in America would get an instant 15% raise if we did this. How would that help with your retirement savings?

I recall reading an interesting book a while back..It had some statistics in it about what the average person COULD have had they not been forced to 'contribute' to social insecurity throughout their workinglife. Assuming you make an average salary of $20,000 from age 16-65...adjusting for inflation, had you invested your social insecurity taxes in a conservative mutual fund averaging 10% a year, at retirement you would have a private account worth roughly 1.2 MILLION DOLLARS. Drawing 5% interest on this account would equal a $60,000 annual pension, and you will NEVER touch the principle!!! Every penny in the account could be passed to your children or to charity. Of course, if we were to do this, every worker in America would be better off. They would OWN their retirement, rather than relying on government handouts. People would be completely independent, and a major piece of the welfare state would no longer be needed...an absolute NIGHTMARE for the socialist left.

[DC Packfan]

I like the idea of portraying victims of social security.

[Capitalism2003]

bump!