Page 5 of 11 FirstFirst 123456789 ... LastLast
Results 61 to 75 of 160

Thread: The $15 Minimum Wage Moves Social Security To Solvency

  1. #61 | Top
    Join Date
    Jun 2020
    Posts
    29,740
    Thanks
    2,748
    Thanked 10,875 Times in 8,272 Posts
    Groans
    41
    Groaned 594 Times in 590 Posts
    Blog Entries
    7

    Default

    Quote Originally Posted by Walt View Post
    There is a best number, and if you go below or above that number, you get worse outcomes. Best guess is that best number is about $15. That could be a little low, but because it is so much higher than the current number, it is probably good to be a little low.

    Social Security taxes limit is about $140k. So increases in salaries above that make no difference. And unearned income makes no difference. So someone making $140k, is basically paying the same as someone making a salary of a billion dollars... But no one makes a salary of a billion dollars. Realistically, they would usually make a billion in unearned income, and not pay a penny in Social Security.

    While someone making minimum wage is paying full Social Security taxes. If you double their income, you double the Social Security taxes they will pay.
    So why not $50/ hour?

  2. The Following User Says Thank You to Yakuda For This Post:

    anonymoose (05-17-2021)

  3. #62 | Top
    Join Date
    Jan 2020
    Posts
    28,518
    Thanks
    3,858
    Thanked 12,022 Times in 8,279 Posts
    Groans
    29
    Groaned 2,673 Times in 2,479 Posts

    Default

    Quote Originally Posted by Yakuda View Post
    So why not $50/ hour?
    The short answer would be that is too high.

  4. #63 | Top
    Join Date
    Apr 2020
    Location
    Upstate NY
    Posts
    207
    Thanks
    100
    Thanked 82 Times in 62 Posts
    Groans
    1
    Groaned 6 Times in 6 Posts

    Default

    Quote Originally Posted by Yakuda View Post
    So you would like to see MW be $100/ hour?
    I would certainly have no objection to it if the gov't raised it to $100 per hour..
    When you cuss a farmer, don't talk with your mouth full.

  5. #64 | Top
    Join Date
    Jun 2020
    Posts
    29,740
    Thanks
    2,748
    Thanked 10,875 Times in 8,272 Posts
    Groans
    41
    Groaned 594 Times in 590 Posts
    Blog Entries
    7

    Default

    Quote Originally Posted by Walt View Post
    The short answer would be that is too high.
    Why?

  6. #65 | Top
    Join Date
    Jun 2020
    Posts
    29,740
    Thanks
    2,748
    Thanked 10,875 Times in 8,272 Posts
    Groans
    41
    Groaned 594 Times in 590 Posts
    Blog Entries
    7

    Default

    Quote Originally Posted by Gamewell45 View Post
    I would certainly have no objection to it if the gov't raised it to $100 per hour..
    Because you want to put people out of business?

  7. #66 | Top
    Join Date
    Jan 2020
    Posts
    28,518
    Thanks
    3,858
    Thanked 12,022 Times in 8,279 Posts
    Groans
    29
    Groaned 2,673 Times in 2,479 Posts

    Default

    Quote Originally Posted by Yakuda View Post
    Why?
    $50 is above the average hourly wage of little higher than $30, so it would require most Americans to get an unreasonable pay increase. $15 would only require a some Americans to get a pay increase. $15 would mean that many law wage workers would no longer need government benefits, so would save on taxes. It would move people into prime taxpaying earning rates.

    Why $15 rather than $20 is a harder question to answer. It appears that 50% of average wages works best as a minimum wage works best. There have been a huge number of studies, but it is not certain why.

  8. #67 | Top
    Join Date
    Jun 2020
    Posts
    29,740
    Thanks
    2,748
    Thanked 10,875 Times in 8,272 Posts
    Groans
    41
    Groaned 594 Times in 590 Posts
    Blog Entries
    7

    Default

    Quote Originally Posted by Walt View Post
    $50 is above the average hourly wage of little higher than $30, so it would require most Americans to get an unreasonable pay increase. $15 would only require a some Americans to get a pay increase. $15 would mean that many law wage workers would no longer need government benefits, so would save on taxes. It would move people into prime taxpaying earning rates.

    Why $15 rather than $20 is a harder question to answer. It appears that 50% of average wages works best as a minimum wage works best. There have been a huge number of studies, but it is not certain why.
    Any number you use is nothing but arbitrary. There is no reason why if you think $15 works than $50 works even better. The other factor is not everyone is worth $15 an hour and govt intervention to force a mw unnecessarily burdens businesses. Flipping burgers is not worth $15 in any universe.

  9. #68 | Top
    Join Date
    May 2018
    Location
    Anchorage, AK. Waikoloa, HI
    Posts
    18,755
    Thanks
    6,477
    Thanked 11,418 Times in 7,537 Posts
    Groans
    17
    Groaned 270 Times in 253 Posts
    Blog Entries
    25

    Default

    Quote Originally Posted by Yakuda View Post
    Any number you use is nothing but arbitrary.

  10. #69 | Top
    Join Date
    Jan 2020
    Posts
    28,518
    Thanks
    3,858
    Thanked 12,022 Times in 8,279 Posts
    Groans
    29
    Groaned 2,673 Times in 2,479 Posts

    Default

    Quote Originally Posted by Yakuda View Post
    Any number you use is nothing but arbitrary.
    That is not true. It is not certain, but there is a good distance between not certain, and arbitrary.

    Quote Originally Posted by Yakuda View Post
    There is no reason why if you think $15 works than $50 works even better.
    Pushing up minimum wages too much decreases employment, and pushes up inflation. Pushing down minimum wages too much decreases employment, and pushes up deflation. There is a middle ground that is perfect, which is usually in the neighborhood of 50% average hourly wages.

    Quote Originally Posted by Yakuda View Post
    Flipping burgers is not worth $15 in any universe.
    In Australia, they are.

  11. #70 | Top
    Join Date
    Jun 2020
    Posts
    29,740
    Thanks
    2,748
    Thanked 10,875 Times in 8,272 Posts
    Groans
    41
    Groaned 594 Times in 590 Posts
    Blog Entries
    7

    Default

    Quote Originally Posted by anonymoose View Post
    The Bureau of Labor Statistics gives us the actual picture

    https://www.bls.gov/opub/reports/min...5%20per%20hour.

    Minimum wage workers are mostly young work part time and lesser educated. In other words MW jobs are transitional. Everyone of us has had a mw job probably. I did but you don't stay there forever unless you're unmotivated. This is just another way leftists want to ruin America.

  12. #71 | Top
    Join Date
    May 2018
    Location
    Anchorage, AK. Waikoloa, HI
    Posts
    18,755
    Thanks
    6,477
    Thanked 11,418 Times in 7,537 Posts
    Groans
    17
    Groaned 270 Times in 253 Posts
    Blog Entries
    25

    Default

    Quote Originally Posted by Walt View Post

    In Australia, they are.
    Ever been there? About five years ago a pint of beer was $14. $15 /hr is nothing.

  13. #72 | Top
    Join Date
    Jun 2020
    Posts
    29,740
    Thanks
    2,748
    Thanked 10,875 Times in 8,272 Posts
    Groans
    41
    Groaned 594 Times in 590 Posts
    Blog Entries
    7

    Default

    Quote Originally Posted by Walt View Post
    That is not true. It is not certain, but there is a good distance between not certain, and arbitrary.



    Pushing up minimum wages too much decreases employment, and pushes up inflation. Pushing down minimum wages too much decreases employment, and pushes up deflation. There is a middle ground that is perfect, which is usually in the neighborhood of 50% average hourly wages.



    In Australia, they are.
    It's all guess work you just found a fancy way of describing it

    Putting it at $15 will have the same effect. It's artificial and that will screw the system but you know that don't you?

    What someone is paid is not evidence of what the job is worth. You get that right?

  14. #73 | Top
    Join Date
    Jan 2020
    Posts
    28,518
    Thanks
    3,858
    Thanked 12,022 Times in 8,279 Posts
    Groans
    29
    Groaned 2,673 Times in 2,479 Posts

    Default

    Quote Originally Posted by anonymoose View Post
    Ever been there? About five years ago a pint of beer was $14. $15 /hr is nothing.
    I remember they had high taxes on alcohol. They used to have bizarre rules for when you could drink, with bars closing at 6:00 pm. But a Big Mac costs an average of US$4.98, whereas it costs an average of US$5.66 in the USA. Apparently, higher burger flipper costs does not relate to higher burger costs.

    https://www.statista.com/statistics/...for-a-big-mac/

  15. #74 | Top
    Join Date
    May 2018
    Location
    Anchorage, AK. Waikoloa, HI
    Posts
    18,755
    Thanks
    6,477
    Thanked 11,418 Times in 7,537 Posts
    Groans
    17
    Groaned 270 Times in 253 Posts
    Blog Entries
    25

    Default

    Quote Originally Posted by Walt View Post
    I remember they had high taxes on alcohol. They used to have bizarre rules for when you could drink, with bars closing at 6:00 pm. But a Big Mac costs an average of US$4.98, whereas it costs an average of US$5.66 in the USA. Apparently, higher burger flipper costs does not relate to higher burger costs.

    https://www.statista.com/statistics/...for-a-big-mac/
    I just remember getting sticker shock for everything in Australia. And that’s coming from one who lives in Alaska and Hawaii.

  16. #75 | Top
    Join Date
    Jan 2020
    Posts
    28,518
    Thanks
    3,858
    Thanked 12,022 Times in 8,279 Posts
    Groans
    29
    Groaned 2,673 Times in 2,479 Posts

    Default

    Quote Originally Posted by Yakuda View Post
    Putting it at $15 will have the same effect. It's artificial and that will screw the system but you know that don't you?
    Right now, employers are being given unreasonable expectations, and working people are being driven into poverty. That is screwing the system, as we desperately try to pay for the damage such a low minimum wage is doing. It is making it difficult to find employees, and driving down investment in automation. It is destroying our economy.

    Our economy is a consumer based economy. You remove a huge chunk of consumers, and you have a mess.

    Quote Originally Posted by Yakuda View Post
    What someone is paid is not evidence of what the job is worth. You get that right?
    Placing a worth on a person's effort is beyond mere mortals to decide. What we are talking about is what is the best minimum wage for the overall economy.

Similar Threads

  1. Hiking the Minimum Wage to $15 Is Key — But It’s Hardly a Living Wage
    By signalmankenneth in forum Current Events Forum
    Replies: 5
    Last Post: 03-08-2021, 08:46 AM
  2. Should people on Social security also get a fair living wage ?
    By Bulletbob in forum Current Events Forum
    Replies: 46
    Last Post: 02-25-2021, 07:40 AM
  3. Minimum wage rates do not determine wage differentials.
    By Supposn in forum General Politics Forum
    Replies: 99
    Last Post: 04-20-2020, 10:05 PM
  4. Replies: 22
    Last Post: 04-02-2019, 08:03 PM
  5. Minimum Wage vs Minimum Basic Income
    By Timshel in forum Current Events Forum
    Replies: 6
    Last Post: 04-10-2014, 02:08 PM

Bookmarks

Posting Rules

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •