What happens if Biden gets his $15 minimum wage passed?

[Into the Night]

I'm sure you're aware of this, but you are debating economics with a yapping chihuahua. This guy has no clue.

Inversion fallacy.

[Into the Night]

He was not asking any relevant questions merely alleging he must be Right simply for being on the right wing.

Evasion. Answer the questions put to you.

[Into the Night]

Not everyone is, thrown out of work.

Never said they were, dumbass. Pay attention.

Automatic stabilizers such as unemployment compensation help stabilize that situation.

Welfare is not employment. Neither does socialism increase economies.

And, higher paid labor creates more in demand

They aren't higher paid labor if they are thrown out of work.

and generates more in federal income tax revenue.

There is no tax revenue from welfare or people thrown out of work.

In the long run, the economy will still grow and need more labor.

Nope. It won't. Putting people out of work is not a growth of economy.

Besides, your point is disingenuous when capitalists have no problem downsizing for profit

Wage controls cause capitalists to downsize so they can maintain a profit.

instead of the people without any wage increases.

Wage controls cause capitalists to downsize so they can maintain a profit.

Price controls do not work.

[Into the Night]

lol. You must be on the right wing. You need rational arguments for rebuttal not merely projecting and using the argument you projected onto me by appealing to your right wing stone instead of reason. Typical of the right wing who have only fallacy, but still want to taken as seriously as the "gospel Truth".

Fallacy fallacy. Bulverism fallacy. Bigotry.

[Stretch]

So, what happens if Biden gets the minimum wage to $15 an hour?

Here's were the minimum wage is right now:



In many states that more than doubles it overnight. Given the current state of business closures for Chinese Disease, will they just decide to close for good in those states? Will employers be able to take that big a wage hit? Will the states with larger portions of the population at minimum wage take a bigger hit?



How will this affect workers making $15 an hour or more?

My prediction is it is one of many blows that the economy will take causing recovery to grind to a halt... Will Biden blame Trump for that?

More small businesses will go under. This goes hand in hand with the plandemic to kill off the middle class business sector. The left wants
nothing but all-powerful wealthy elites and the dirt poor. Reliable, responsible self-sustaining middle class has got to go.

[Into the Night]

I agree to disagree. It is public policies than can make the difference in a mixed market economy. Besides, there are no true capitalism economies beyond the third world. Anarcho-Capitalism only worked for a relatively, little while until the fall of Mogadishu. Capitalism is about boom and bust and that form of inequality and is the reason we have socialism.

Capitalism has one and only one definition. Socialism has one and only one definition. There is no 'mixture'.

Capitalism is about equality. Everyone has equal opportunity to go out and create wealth.
Socialism is about inequality. Only the 'elite' or the 'welfare recipient' receives wealth. Wealth is stolen from productive member of society and given to unproductive members of society.

Socialism comes in two major forms: fascism, and communism.
Fascism is government control of markets.
Communism is government ownership of markets.

Capitalism has boom and bust cycles, but they automatically correct themselves. Socialism is only a bust. It produces nothing.

[Into the Night]

Our wage and wealth gap indicate an inequality that is the antithesis of socialism. Socialism is not the driver of the US economy. Capitalism is. If it wasn't, we wouldn't have the economic inequality that we have now.

There is no such thing as a 'wage and wealth gap'. Buzzword fallacy.

[Into the Night]

Congress commands fiscal policy and the fed commands monetary policy. Why do you believe (socialism) commanding an economy is not a driver of that economy?

Socialism does not work. It only brings misery. It is theft of wealth.

[Into the Night]

Government is spending is fiscal policy that Congress commands and controls. Our alleged wars on crime, drugs, and terror are sufficient proof. We have a command economy not free market capitalism.

You are correctly pointing out the fascist policies implemented so far by Democrats and RINOs.

A free market exists. You can't kill it. See your local drug dealer or smuggler for details.

[danielpalos]

It does not create more demand. Putting people out of work does not create more demand in the economy. It also generates LESS tax revenue.

Only considering the short run equilibrium is special pleading (a typical right wing modus operandi). Higher paid labor creates more in demand. The multiplier effect does the rest in the long run. And, higher paid labor also generates more in tax revenue. A fifteen dollar an hour minimum wage generates over nine times more federal income tax revenue than does the current minimum wage. So, from that perspective, anything less than a nine to one ratio of personnel getting laid off would still generate more federal income tax revenue from labor still working.

From another perspective that shows no taxes paid from labor making less than forty thousand a year, savings to the public sector still occur due to less earned income tax credit revenue claimed by labor with a higher income. And, that labor still creates more demand and still generate more general tax revenue by simply spending more money.

[danielpalos]

Math and history.

No, it didn't. Destruction of wealth is not useful.

Destruction of wealth is not an economy. Unemployment numbers are not an economy either..

So you say. Care to explain how that would happen? What was observed is different from what you claim.

[danielpalos]

Inflation is not growth. Money that is worth less than it was before it not growth. Money is not wealth. You are using 'mulitplier effect' as a buzzword...meaningless.

A rise in wages could be considered that form of inflation. You are claiming it does not result in growth of any demand or supply. Wages outpacing inflation and the multiplier is still considered growth, ceteris paribus.

[danielpalos]

Capitalism has one and only one definition. Socialism has one and only one definition. There is no 'mixture'.

Capitalism is about equality. Everyone has equal opportunity to go out and create wealth.
Socialism is about inequality. Only the 'elite' or the 'welfare recipient' receives wealth. Wealth is stolen from productive member of society and given to unproductive members of society.

Socialism comes in two major forms: fascism, and communism.
Fascism is government control of markets.
Communism is government ownership of markets.

Capitalism has boom and bust cycles, but they automatically correct themselves. Socialism is only a bust. It produces nothing.

Only if you limit yourself to dictionary definitions invented for the Cold War. Relying on (simplistic) dictionary definitions is special pleading. An encyclopedic definition is much more comprehensive. And yes, we do have a mixed market economy not true capitalism. Government is social-ism (socialism) not free market capitalism.

How did you reach that conclusion? Capitalism is about boom and bust and inequality based on price differentials, demand and supply, and the ability to arbitrage.

Socialism is about equality and in our case about equal protection of the laws. Capitalism offers no such protections. Slavery was part of Capitalism not Socialism.

Socialism is about social order. Government secures that via the coercive use of force. Democratic socialism is to the left of national socialism.

The collapse of the bronze Age was a capital bust, along with 1929. Socialism is about correcting for market failures when necessary.

[danielpalos]

Socialism does not work. It only brings misery. It is theft of wealth.

Socialism works anywhere Government works. Anarcho-Capitalism failed with the fall of Mogadishu. All capital economies without government are third world not first world.

[danielpalos]

You are correctly pointing out the fascist policies implemented so far by Democrats and RINOs.

A free market exists. You can't kill it. See your local drug dealer or smuggler for details.

There is no free market since the fall of Mogadishu.