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

[Legion]

The truth is the money for 15 exists in the economy right now. It is just confiscated by the owners.

So this is a redistribution scheme.

Is this an accurate reflection of your beliefs?

[Legion]

What is your preferred pronoun?

I prefer to be addressed as a "Deity". Make it so.

[danielpalos]

Does the multiplier effect theory (which I suspect you don't understand and cadged from a leftist website) guarantee that an unearned increase of income for one specific group won't drive consumer prices up in reaction to increased labor costs, thus negating the intent of the law?

"We" don't "know" that. You believe that. Prove it, if you can.

It’s not true that wages have been “flat” for “decades.” Wages have risen, faster than inflation, over the last several presidencies.

https://www.factcheck.org/2019/06/ar...ising-or-flat/

What makes you say that?

Is that so? Why stop there? Maybe in your fantasy world there's an unlimited pot of money available to pay people more than they agreed to work for when they accepted employment. Is that the case?

I suspect you understand even less since you resort to ad hominems instead of rational arguments. You are begging the question regarding "unearned" increase in income for any given specific group; WWII which was all about price controls is what achieved full employment and help raise the standard of living for that generation.

Yes, I do know that because it is already documented and was happening and is a reason Congress had to fund Government in the past.

That wasn't true for the minimum wage for around a decade. And, here is another perspective:
https://www.marketwatch.com/story/de...ce-2019-01-10#

I say that because many people claim even fifteen dollars an hour won't cover expenses in high cost of living areas.

Not my fantasy world; I know how to read as well as you if not better:

Had the federal minimum wage risen alongside productivity, it would be more than 18 dollars per hour today, this according to the report.
https://www.novoco.com/sites/default/files/052615.pdf

[danielpalos]

That's not an example of a boost in minimum wages driving economic improvement, and it's not even close to analogous to what's being proposed. An employee requesting a wage increase or an employer granting one due to seniority is not the same thing as government forcing employers to increase pay for everyone in a wage bracket regardless of experience or productivity.

It is an example of market based arbitrage after Government "moves the goalposts"; the private sector is a price taker not a price maker regarding statutory minimum wages.

[Legion]

I suspect you understand even less since you resort to ad hominems instead of rational arguments.

Risible attempt at deflection.

You are begging the question regarding "unearned" increase in income for any given specific group; WWII which was all about price controls is what achieved full employment and help raise the standard of living for that generation.

Is that so? Can you explain how that claim is relevant to the subject?

Yes, I do know that because it is already documented and was happening and is a reason Congress had to fund Government in the past.

So you say. Cite the alleged documentation and produce evidence that this was supposedly a reason Congress had to fund Government in the past. Then establish relevance.

I'll wait.

That wasn't true for the minimum wage for around a decade.

When was that, and how is it relevant to the present?

here is another perspective: I say that because many people claim even fifteen dollars an hour won't cover expenses in high cost of living areas.

Moving the goalposts from inflation to COL, and unwittingly acknowledging that my assessment is valid. Have you considered the impact that higher wages have on the cost of living?

Not my fantasy world; I know how to read as well as you if not better.

I've seen nothing to substantiate such a claim. Want to keep trying?

Had the federal minimum wage risen alongside productivity, it would be more than 18 dollars per hour today, this according to the report.

"According to the report" from the National Low Income Housing Coalition, which is buried in a podcast summary from 2015 touting "green investments" as a source of federal funding.

You still haven't presented a justification for tying the minimum wage (entry level work) to overall productivity (all work, including specialized, professional, and technical labor).

[danielpalos]

So? 2012? Really?

BTW, the inflation rate is 1.4%.

https://www.usinflationcalculator.com/inflation/current-inflation-rates/

California mandated incremental minimum wage increases in 2017. They are still are experiencing higher than average rates of poverty, homelessness, and dependence on public assistance.

https://www.thecentersquare.com/california/california-continues-to-have-the-highest-poverty-level-in-the-nation/article_45a6e2fc-f9f8-11ea-a19d-cf1649965470.html

While that is still true, it must be less true now with the higher minimum wage than before especially when minimum wage workers share household expenses. And, California still has the largest economy in the US.

[Legion]

It is an example of market based arbitrage after Government "moves the goalposts"; the private sector is a price taker not a price maker regarding statutory minimum wages.

So you say.

Can you substantiate that claim?

So far, the noble experiment seems to be having a negative effect in the jurisdictions where it's been implemented.

[danielpalos]

Risible attempt at deflection.

Is that so? Can you explain how that claim is relevant to the subject?

So you say. Cite the alleged documentation and produce evidence that this was supposedly a reason Congress had to fund Government in the past. Then establish relevance.

I'll wait.

When was that, and how is it relevant to the present?

Moving the goalposts from inflation to COL, and unwittingly acknowledging that my assessment is valid. Have you considered the impact that higher wages have on the cost of living?

I've seen nothing to substantiate such a claim. Want to keep trying?

"According to the report" from the National Low Income Housing Coalition, which is buried in a podcast summary from 2015 touting "green investments" as a source of federal funding.

You still haven't presented a justification for tying the minimum wage (entry level work) to overall productivity (all work, including specialized, professional, and technical labor).

You still haven't presented any valid rebuttals; simply claiming you are Right merely because you are on the right wing is not very convincing.

[danielpalos]

So you say.

Can you substantiate that claim?

So far, the noble experiment seems to be having a negative effect in the jurisdictions where it's been implemented.

So you say. What you claim only happens in the short run not the long run since higher paid labor creates more in demand and generates more in federal income tax revenue in every long run equilibrium.

[Legion]

While that is still true, it must be less true now with the higher minimum wage than before especially when minimum wage workers share household expenses.

Why "must it be less true with the higher minimum wage than before especially when minimum wage workers share household expenses?

Are you under the impressions that minimum wage workers did not share household expenses formerly?

California still has the largest economy in the US.

You cannot keep repeating the mantra that "Calipornia still has the largest economy in the US" as a talisman without acknowledging that it also has higher than average rates of poverty, homelessness, and dependence on public assistance in spite of mandated incremental minimum wage increases since 2017.

[Legion]

So you say. What you claim only happens in the short run not the long run since higher paid labor creates more in demand and generates more in federal income tax revenue in every long run equilibrium.

I don't recall making any claims. Can you cite what I supposedly claimed?

I'd be interested in learning what led you to believe that "higher paid labor creates more in demand and generates more in federal income tax revenue in every long run equilibrium" in light of the fact that low-income Americans pay no federal income tax, and according to Statista, 71% of American households with an income below $40K annually paid no federal income tax in 2019, and about 46.6 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid none.


https://www.statista.com/statistics/242138/percentages-of-us-households-that-pay-no-income-tax-by-income-level/

[danielpalos]

Why "must it be less true with the higher minimum wage than before especially when minimum wage workers share household expenses?

Are you under the impressions that minimum wage workers did not share household expenses formerly?

You cannot keep repeating the mantra that "Calipornia still has the largest economy in the US" as a talisman without acknowledging that it also has higher than average rates of poverty, homelessness, and dependence on public assistance in spite of mandated incremental minimum wage increases since 2017.

Simple math. Higher paid labor creates more in demand and generates more in federal income tax revenue.

I am saying it must be more true for minimum wage workers making a higher minimum wage than before. Simple, self-evident truths.

Yes, I can when labor is generating more income to help fuel the multiplier.

[danielpalos]

I don't recall making any claims. Can you cite what I supposedly claimed?

I'd be interested in learning what led you to believe that "higher paid labor creates more in demand and generates more in federal income tax revenue in every long run equilibrium" in light of the fact that low-income Americans pay no federal income tax, and according to Statista, 71% of American households with an income below $40K annually paid no federal income tax in 2019, and about 46.6 percent of U.S. households with an income between 40,000 and 50,000 U.S. dollars paid none.


https://www.statista.com/statistics/242138/percentages-of-us-households-that-pay-no-income-tax-by-income-level/

It depends on the earned income tax credit; higher paid labor peaks out with that credit and can receive less of a tax credit due to higher wages paid which means more federal income tax generated by those individuals.

Why not raise the minimum wage until the earned income credit is abolished? Higher paid labor creates more in demand and generates more in federal income tax revenue.

[TexanManWithPlans]

You're really fucking dumb aren't you?

You have a habit of calling your intellectual superiors dumb.

[TexanManWithPlans]

No, but I worked a NEAR minimum wage part time job (that 1st job, in 2008, paid $8/hr, and my pay rate went up to just under $10/hr by the time that I quit it, after I received my Associates in Accounting degree, and then I started my currently held full time job, which paid slightly more than the almost $10/hr that I left behind when I started this 2nd job with zero experience, but today that same job pays quite a bit more since I now have experience under my belt and have taken on additional duties).


No, they can't. Do you realize how much it would cost McDonalds to raise their employees rates by even 50 cents/hr?


Price controls do not work, dude... They create shortages, in this case a shortage of jobs. There will be LESS JOBS AVAILABLE... Minimum wage is much better than ZERO wage...

And yet economists disagree with you. In countries where minimum wages are higher, the price of goods is the same as in the US.

Go figure.