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

[Legion]

Biden has not said how he will get to $15, but it would probably be how NJ and other states are doing it.

So you're speculating.

 

[Legion]

Let's think about whose demand we are affecting with the increase to the wage, and how many people it affects....About 42% of US workers make less than $15/hr. That comes to about 58 million] people.
So...let's think this through logically. If those 58M people suddenly got big wage increases to $15/hr, what do you think they are going to do with that new money?

I think they're going to find that they still can't afford much when prices go up in tandem with wages.

Looks like the CBO agrees.

https://www.cbo.gov/publication/55410

 

[PoliTalker]

What I would like to see would be a maximum wage ratio, [total executive wages + perks + benefits + stock, all of it] vs [lowest wages paid in the organization.]

This would force highly profitable companies that earn more to pay more.

Also factor in something about company profits.

A creative law that says: 'If the company is doing really well, they need to pay the workers really well.' However that law wording needs to be structured.

Some businesses are just making an absolute killing, and they are not sharing it with the workers that produce it.

That's what needs to change.

Jeff Bezos is representative of everything that is wrong with capitalism. Likens it to feudalism.

 

[Legion]

Both. Higher employee wages however will have a greater impact on increasing demand. What do you suppose is the breakage on BOGO pizza deals? It's massive. Higher minimum wage means more consumer spending on pretty much everything.

So you're planning to avoid wage/price inflation by assuming that consumers will pay for stuff they don't actually consume?

 

[Walt]

Do you foresee having the government limit what someone could make? If you have a minimum wage why not a maximum wage?

Sweden, and to a lessor extent other Nordic Countries, keep talking about it. Not a new concept. Basically, if you increase progressive taxes to 100% after a certain point, that is the maximum wage. They have not gone through with it, but they have nearly gone through with it. They have pulled back from that recently.

 

[Jerome]

Is that so?

Tell the forum how much income tax flows into the federal treasury from low-income workers, and explain how minimum wages workers will be able to "consume" good and services whose prices increase to offset higher labor costs.

Why bother? We've explained it to everyone in this thread, multiple times, using links and economic resources, and you dipshits are still asking questions that make it painfully clear you read none of it.

Them explain how much the tax base will be increased by American businesses forced to cut hours or close down because they cannot compete with international rivals who pay their workers lower wages.

Will higher unemployment and impacts on social welfare programs cost taxpayers anything?

Maybe we should just cut wages to 10 cents per day, like China, because by your logic that will create a utopia of successful businesses with low overhead, and cheap products.

Right?

 

[Sailor]

I think they're going to find that they still can't afford much when prices go up in tandem with wages.

Looks like the CBO agrees.

https://www.cbo.gov/publication/55410

There is not a Democrat on this board than can balance a check book let alone talk economics intelligently. They are all real good at googling and bullshitting though.

 

[Legion]

What I would like to see would be a maximum wage ratio, [total executive wages + perks + benefits + stock, all of it] vs [lowest wages paid in the organization.]

Then start a business and do that.

Naturally, I'll understand if you don't.

This would force highly profitable companies that earn more to pay more.

"Force". There it is. Who gets to decide which companies are "highly profitable"? Government bureaucrats? Politicians?

Also factor in something about company profits.

You want to tie profitability to wages? Doesn't that mean that extra profit would be subsumed by higher labor costs? Where will investment capital come from for innovation, expansion, and are shareholders supposed to accept the fact that their equity is offset by "social justice"?

A creative law that says: 'If the company is doing really well, they need to pay the workers really well.' However that law wording needs to be structured. Some businesses are just making an absolute killing, and they are not sharing it with the workers that produce it. That's what needs to change.

You think that would pass Constitutional muster?

Jeff Bezos is representative of everything that is wrong with capitalism. Likens it to feudalism.

Jeff Bezos is a DEMOCRAT who uses his wealth to propagandize for the DEMOCRAT Party, isn't he?

 

[Legion]

Why bother? We've explained it to everyone in this thread, multiple times, using links and economic resources, and you dipshits are still asking questions that make it painfully clear you read none of it.

Your capitulation is noted.

Maybe we should just cut wages to 10 cents per day, like China, because by your logic that will create a utopia of successful businesses with low overhead, and cheap products. Right?

Nobody suggested that, except you.

BTW, China is on track to outstrip the US already due to their low wages, slack environmental regulations, and disregard for individual rights.

But's that's not a problem, is it?

 

[Red Jenkins]

Do you not know how to scale up numbers? Or reduce fractions? You fucking tard?

$3 per hour x 40 hours per week, = $120/week or around $500 per month, or $6,000 per year.

Minus taxes. Are you always this much of a jerk?

 

[Red Jenkins]

Why bother? We've explained it to everyone in this thread, multiple times, using links and economic resources, and you dipshits are still asking questions that make it painfully clear you read none of it.



Maybe we should just cut wages to 10 cents per day, like China, because by your logic that will create a utopia of successful businesses with low overhead, and cheap products.

Right?

Why don't we just pay everyone $100 per hour?

 

[PoliTalker]

Hello Walt,

Actually, that is a map of what it was two years ago. NJ raised their minimum wage, as it goes to $15. Biden has not said how he will get to $15, but it would probably be how NJ and other states are doing it.

NJ raised its minimum wage first to $10, and then it was planned to raise it $1 per year until they got to $15. Most plans follow this basic pattern of around 10% a year, not doubling at once.

Yeah, I could have sworn CA went to $15 already too. I'd have to search on it to verify it, though.

 

[Jerome]

Minus taxes. Are you always this much of a jerk?

Uh, you DO get that $12 per hour is taxed as well, right?

And yeah, I'm a jerk to willfully dishonest right-wing shitheads.

 

[Jerome]

Why don't we just pay everyone $100 per hour?

We haven't raised the minimum wage in 11 years.

Do you think the COL has gone up since then? Or are you just being a shithead for shithead's sake?

 

[PoliTalker]

Hello Walt,

Sweden, and to a lessor extent other Nordic Countries, keep talking about it. Not a new concept. Basically, if you increase progressive taxes to 100% after a certain point, that is the maximum wage. They have not gone through with it, but they have nearly gone through with it. They have pulled back from that recently.

You could get creative with that. You could say: 'Either you spend [everything over a certain amount] for the good of society, (and make it something that can be verified) or we'll tax it away from you and do it ourselves. One way to spend it for the good of society would be to simply raise the wages of all the workers that earned it.

 

[PoliTalker]

I'll say another thing about MW that needs to be said.

Besides the rather obvious that it needs to go way up, simply to produce a floor below which workers do not sink, but what else needs to happen is that once that MW is at the ideal point that is acceptable to society in general, that it be thereafter tied to inflation, similar to the way Social Security is.

So every year, MW would go up by the same percentage as Social Security does, the so-called COLA Cost Of Living Adjustment.

Otherwise it just becomes increasingly worth less and less until it is pointless. Every year it won't buy as much as the year before.

 

[Walt]

Yeah, I could have sworn CA went to $15 already too. I'd have to search on it to verify it, though.

California is another state headed for $15, but not there yet. In California, it will be $15 for employers of 26 or more in 2022, and $15 for everyone in 2023. It is $14 now, and was $13 in 2020.

 

[PoliTalker]

You know the MW is too low when fewer and fewer jobs are paying the MW.

If it gets to the point where no minimum wage job has any applicants at all, then you know it is totally pointless.

 

[T. A. Gardner]

If that happens, then you're going to get a pay raise.

That'd be nice. The roughly equivalent to $50 an hour I make on retirement pay isn't enough for a really lavish lifestyle so getting more would be nice!

 

[Dutch Uncle]

The Republicans are wrong to continually throw a rod in the engine of progress. Get on board or get lost...

AKA My way or the Highway. I love how authoritarian Democrats look when the truth comes out.

Most Americans are not buying the shit you are selling, counselor.

No one on this forum needs to know who you work for or what you do but can you at least confirm you are not some corporate lawyer asshole representing the very same people you are fighting?

I can guarantee you this: I'm not one of them. I'm just a worker bee. I do understand the need for a Queen bee. OTOH, sometimes Queens need to be replaced. The Hive goes on. Just please confirm you are not a lawyer working for a corporation.