Posted on 02/24/2020 7:46:45 AM PST by rktman
A proposal from Democratic presidential candidate Tom Steyer to increase the federal minimum wage to $22 per hour would body-slam the economy, according to a former CEO of one of America's major corporations.
Earlier this month, Steyer proposed increasing the federal minimum wage, which is currently $7.25 per hour, to $22 per hour, according to Fox Business. Other major Democratic presidential candidates have lined up behind a $15 minimum wage, according to The Washington Post.
(Excerpt) Read more at wnd.com ...
Dem plan for minimum wage ‘just isn’t workable,’ says McDonald’s ex-CEO
What would he know. /s
”From the accepted doctrine that the United States is a government of delegated powers, it follows that those not expressly granted, or reasonably to be implied from such as are conferred, are reserved to the states, or to the people. To forestall any suggestion to the contrary, the Tenth Amendment was adopted. The same proposition, otherwise stated, is that powers not granted are prohibited [emphasis added].” —United States v. Butler, 1936.
All they care about is that promising higher minimum wage to low-information voters wins them enough votes to help keep them in power imo.
Remember in November!
MAGA, now KAGA! (Keep America Great Always!)
Supporting PDJT with a new patriot Congress that will promise to fully support his already excellent work for MAGA will effectively give fast-working PDJT a third term in office imo.
At this point I am pro worker, even union ones. I am not going to squeeze American labor and workers because 10% are unions. American labor has been beaten down now for what, 30+ years?
You’re missing all the other expenses involved. John isn’t making widgets at $0 cost per widget.
The value of John’s work is $1 per widget, or 1 widget per 6 minutes of work.
You’re ignoring supply-and-demand. The value of work John supplies hasn’t actually increased, only the representation of that value has changed; his work is only worth 1/10th the price of a widget, and paying him 50% more to make it will consequentially cause the price of widgets to increase 50%.
Prices are still proportionally competitive.
If you increase the pay for commodity work 3x from $7.25 to $22/hr, those 3x more productive at $22/hr initially will likewise demand a 3x increase in pay - why should they be 3x more productive for the same pay? $22/hr will slide up to $66/hr, pushing $66/hr up ... and so on.
A thing is worth what another will give for it.
Workers are, on the whole, paid what they’re worth - which is in proportion to the rest of the economy, not simply based on a fiat declaring what wages “should” be.
In your example, John the widget maker’s work is worth 1/10th the price of the widgets he makes. Increase his wage 50% by fiat, and the price of widgets will rise accordingly - because that’s what his work is worth; he isn’t magically worth 50% more.
In this case the cost of labor went up all a once a whopping 50% and the final product widget process went up 5%.
But let say the widget maker hourly rate went up a more likely $1.00/hr. The widget would go up a whopping $.10/widget. Wow, end of the world inflation! /sarc
It is important to see the relationship between labor costs and the final unit selling price. Even if you can't understand this simple relationship I hope others can.
I convinced you may be mentally impaired or just stupid. You cannot understand basic math.
“The current min wage is $7.25/hr which is just as ridiculous as the proposed $22.00/hr.”
I have never believed in the minimum wage concept but if we are to have one then $7.25 truly is absurd, it has maybe half the purchasing power of the 1963 minimum of $1.25. My question to those who do believe in the concept is why not have a minimum of at least a hundred per hour if they think it really works?
You are being ridiculous and flippant and the GOP is alienating 10's of millions of wage earners. It is a political issue more than an economic one. If you and the GOP won't take this issue seriously then we will get a President Sanders one day. Deservedly so.
You’re completely missing supply-and-demand, making the exact same mistakes progressive socialists make: it’s the proportions that matter, not the fiat-established numbers.
Having increased the pay of those making widgets (and everything else), the supply of widgets has not changed. The newfound supposed wealth of widget makers (and everyone else) doesn’t mean they can suddenly buy 50% more widgets, because there aren’t more than the usual supply of widgets. To keep supply-and-demand balanced, the price of widgets will rise 50%.
Think about it until you agree. Entire economies have crashed because people like you didn’t.
You still need to explain, objectively, why $22/hr is reasonable while $100/hr isn’t.
If you don’t understand the role of supply-and-demand in this, you’ll fail.
You’re an idiot. You keep saying the demand for widgets has to go up 50% to cover a 5% increase in production costs. What planet are you from? Planet Stupid?
If the minimum wage goes up to $15 an hour, the widget maker can continue to sell the widgets for $10 each. All he needs to do is to replace his current workers with illegal aliens who will work for $10 an hour and not complain to the authorities.
I didn’t say $22/hr was reasonable you boob. I said $12.00/hr would be a good counter offer. PLEASE READ MY POSTS CAREFULLY.
This thread is why I know the Republican Party will never advance beyond a minority party.
You’re not bothering to try to understand my point.
When there’s a significant increase to minimum wage, price of essentials rises in kind.
You’re missing the role of “supply and demand”, and like every progressive who tries to ignore it you’re going to find out the hard way that the supposed “5% increase in production costs” will work out much higher. We’re not talking an exclusively isolated case, we’re talking about a broad-based increase in minwage - and the corresponding consequences impacting all other pricing.
Why should I read your posts carefully when they’re full of insults?
Why is “$12/hr a good counter offer” when the whole point is that a thing is NOT worth more than what another will pay for it? When your John the widget maker’s employer is ordered to, for no apparent reason, pay John 50% more, said employer is far more likely to simply fire John and pay a substantially lower price to automate the process ... now John makes $0/hr, you happy now?
What changed? I just read yesterday that he polled high enough to earn a podium spot on the stage. I think it's great, dueling morons, it's just too bad that these idiots aren't forced to explain what a $15 or $22 minimum wage will do to prices across the board.......or the wages of everyone else still working.
What happens when a apprentice in a skilled trade is now receiving the same or less than an unskilled busboy?
What happens to seniors on social security when prices go up across the board on everything to pay for the new minimum?
What happens to all the minimum wage workers that get laid off because employers need to trim their overhead and the workers whose job load gets increased to cover it? Or those whose job flat out disappears because the big burger chains(and others) switch to kiosks for ordering so no more cashiers and robots to cook assemble and wrap the food? A win win for the employer with a one time cash outlay, no payroll or payroll taxes or calling in sick or sudden month long trips back south of the border?
These are the things, or some of them that these social justice morons never talk about or even acknowledge are effects of a major minimum wage increase, especially for jobs that were intended as temporary entry level positions for students and others just entering the job market, not for raising a family or as the left likes to call it a 'living wage'. A living wage comes from a job you earn after learning a sufficient skill set or skilled trade.
Eggs-act-lee. Pretty certain that my former employer ain’t gonna bump my retirement up because everything else is going up. Not the way it works apparently. LOL!
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