Michigan considers $10 minimum wage

[Imperiatom]

Higher wages will result in greater consumer purchacing power, thus there will substantial economic growth making up for any short term losses.

And the businesses whose operating costs have just sky-rocketed will respond how?

Huge blaring trumpet!!! Increase my price

[Welstonia (Ancient)]

Higher wages will result in greater consumer purchacing power, thus there will substantial economic growth making up for any short term losses.

All this proves why economic growth is not the be all and end all. Yes in technical terms we have more growth whoo!! in reality we have a total clusterfuck in the real economy and hyperinflation, totally screwing over the old and the unemployed and most working people to for that matter. Economic Armageddon !!!!!

I live in the US, this place is going economically down hill in real terms, and has been my entire life, for the poor and middle classes. Our infrastructure is falling apart. And our life expectancy isn't increasing for the bottom classes. I blame Reagan.

[New Rogernomics]

Higher wages will result in greater consumer purchacing power, thus there will substantial economic growth making up for any short term losses.

All this proves why economic growth is not the be all and end all. Yes in technical terms we have more growth whoo!! in reality we have a total clusterfuck in the real economy and hyperinflation, totally screwing over the old and the unemployed and most working people to for that matter. Economic Armageddon !!!!!

Oh dear, another Reaganomics and Thatchernomics fan:
http://www.raisetheminimumwage.com/pages/job-loss
http://www.cepr.net/documents/publicati ... 013-02.pdf

(2013) reviews the past two decades of research on the impact of minimum wage increases on employment: this study concludes that the weight of the evidence points to little or no effect of minimum wage increases on job growth. The study also finds that a review of the minimum wage literature commonly cited by minimum wage opponents is flawed because it is subjective, relies in large part on studies of wage increases in foreign countries, and fails to consider the most sophisticated and recent minimum wage studies.

[Imperiatom]

All this proves why economic growth is not the be all and end all. Yes in technical terms we have more growth whoo!! in reality we have a total clusterfuck in the real economy and hyperinflation, totally screwing over the old and the unemployed and most working people to for that matter. Economic Armageddon !!!!!

I live in the US, this place is going economically down hill in real terms, and has been my entire life, for the poor and middle classes. Our infrastructure is falling apart. And our life expectancy isn't increasing for the bottom classes. I blame Reagan.

Don't blame Reagan he is my favorite politician after Thatcher .

You should see our country (UK) after 13 years of socialist mismanagement. Poor are now reliant on government handouts and the middle classes are being pushed closer to the lower end of the middle class. Whilst we the rich have never had it so good since before 1900.

[New Rogernomics]

I live in the US, this place is going economically down hill in real terms, and has been my entire life, for the poor and middle classes. Our infrastructure is falling apart. And our life expectancy isn't increasing for the bottom classes. I blame Reagan.

Don't blame Reagan he is my favorite politician after Thatcher .

You should see our country (UK) after 13 years of socialist mismanagement. Poor are now reliant on government handouts and the middle classes are being pushed closer to the lower end of the middle class. Whilst we the rich have never had it so good since before 1900.

Thatchers economists are to blame, not Thatcher exclusively.
*cough* 'evil socialism' destroyed Australia and New Zealand so much.

[Imperiatom]

All this proves why economic growth is not the be all and end all. Yes in technical terms we have more growth whoo!! in reality we have a total clusterfuck in the real economy and hyperinflation, totally screwing over the old and the unemployed and most working people to for that matter. Economic Armageddon !!!!!

Oh dear, another Reaganomics and Thatchernomics fan:
http://www.raisetheminimumwage.com/pages/job-loss
http://www.cepr.net/documents/publicati ... 013-02.pdf

(2013) reviews the past two decades of research on the impact of minimum wage increases on employment: this study concludes that the weight of the evidence points to little or no effect of minimum wage increases on job growth. The study also finds that a review of the minimum wage literature commonly cited by minimum wage opponents is flawed because it is subjective, relies in large part on studies of wage increases in foreign countries, and fails to consider the most sophisticated and recent minimum wage studies.

That foreign country has got to be somewhere Why can't it be britian? Touche

[Welstonia (Ancient)]

I live in the US, this place is going economically down hill in real terms, and has been my entire life, for the poor and middle classes. Our infrastructure is falling apart. And our life expectancy isn't increasing for the bottom classes. I blame Reagan.

Don't blame Reagan he is my favorite politician after Thatcher .

You should see our country (UK) after 13 years of socialist mismanagement. Poor are now reliant on government handouts and the middle classes are being pushed closer to the lower end of the middle class. Whilst we the rich have never had it so good since before 1900.

It's more or less the same here across the pond, except there are not real left wing parties, and nobody will talk about the wealth divide because it's considered un-American or something. You have no idea how utterly stupid at-least half of my country men are.
Also, the temporary welfare state has been all but wiped out, leaving mainly disability which is meant to be a permanent solution to attempt to take care of the masses. That is actually Clinton's fault.

[Imperiatom]

Don't blame Reagan he is my favorite politician after Thatcher .

You should see our country (UK) after 13 years of socialist mismanagement. Poor are now reliant on government handouts and the middle classes are being pushed closer to the lower end of the middle class. Whilst we the rich have never had it so good since before 1900.

Thatchers economists are to blame, not Thatcher exclusively.
*cough* 'evil socialism' destroyed Australia and New Zealand so much.

*cough* They both have a much lower tax burden than the UK, Work that one out?

[Sibirsky]

That is not what he said.

Labor is typically a business' largest cost. You just increased that cost by a factor of 5 or 6. How do you propose that cost be paid for?

Well if you look back in history, the minimum wage from the early 70's translates into about 16 dollars an hour today. So I think we can manage the slightly higher costs, and I think the owners of Walmart and McDonalds can handle paying their people a bit more.

They can. That doesn't mean they will. Walmart has already been cutting back.

So... not to mention that we were discussing New Rogernomics' proposal of $50-$60 minimum wage.

There would be almost no jobs left.

[New Rogernomics]

Oh dear, another Reaganomics and Thatchernomics fan:
http://www.raisetheminimumwage.com/pages/job-loss
http://www.cepr.net/documents/publicati ... 013-02.pdf

That foreign country has got to be somewhere Why can't it be britian? Touche

*shrug*

I think they thinking more in terms of South East Asia and the UAE.

[Agymnum]

About damn time the forgotten worker gets his dues. Good on you, Michigan!

[Sibirsky]

S10 is still wage slavery, propose $50-60 an hour and I might consider supporting it with great applause.

Your probably looking at 25 being ideal.

The ideal minimum wage is $0.

[The New Sea Territory]

Well if you look back in history, the minimum wage from the early 70's translates into about 16 dollars an hour today. So I think we can manage the slightly higher costs, and I think the owners of Walmart and McDonalds can handle paying their people a bit more.

They can. That doesn't mean they will. Walmart has already been cutting back.

So... not to mention that we were discussing New Rogernomics' proposal of $50-$60 minimum wage.

There would be almost no jobs left.

This is what happens when you let a leftist control any economic position. Disaster. He needs to learn to enjoy a good thing, and not get too hands on...

[Agymnum]

Your probably looking at 25 being ideal.

The ideal minimum wage is $0.

Because fuck protecting workers, am I right?

[Sibirsky]

All this proves why economic growth is not the be all and end all. Yes in technical terms we have more growth whoo!! in reality we have a total clusterfuck in the real economy and hyperinflation, totally screwing over the old and the unemployed and most working people to for that matter. Economic Armageddon !!!!!

I live in the US, this place is going economically down hill in real terms, and has been my entire life, for the poor and middle classes. Our infrastructure is falling apart. And our life expectancy isn't increasing for the bottom classes. I blame Reagan.

There is more than just 1 person to blame.

[New Rogernomics]

Thatchers economists are to blame, not Thatcher exclusively.
*cough* 'evil socialism' destroyed Australia and New Zealand so much.

*cough* They both have a much lower tax burden than the UK, Work that one out?

Well the free market model (the uncorrupted one) has no taxation, tarrifs or monopolies (so no government or corporate entities); today it is just hybrid systems fighting it out.

[Frisivisia]

They can. That doesn't mean they will. Walmart has already been cutting back.

So... not to mention that we were discussing New Rogernomics' proposal of $50-$60 minimum wage.

There would be almost no jobs left.

This is what happens when you let a leftist control any economic position. Disaster. He needs to learn to enjoy a good thing, and not get too hands on...

Yeah, just like how the economy crashed when FDR took office. Oh wait. But then again, the economy crashed as leftists Truman, Eisenhower, and JFK remained in office. Oh wait.

[Frisivisia]

The ideal minimum wage is $0.

Because fuck protecting workers, am I right?

Gilded Age is best age.

[The New Sea Territory]

About damn time the forgotten worker gets his dues. Good on you, Michigan!

Yeah! Good on you that the economic state of America is ONCE AGAIN f-cking itself! Good on you that all small businesses will be thrown out the window! Good on you that socialism creates what it seeks to destroy: serious income inequality! Good on your for corporate partnering! Good on you for ignoring all economics in favor of equality! Good on you for hatred of rich people!

[Augarundus]

Oh dear, another Reaganomics and Thatchernomics fan:
http://www.raisetheminimumwage.com/pages/job-loss
http://www.cepr.net/documents/publicati ... 013-02.pdf

(2013) reviews the past two decades of research on the impact of minimum wage increases on employment: this study concludes that the weight of the evidence points to little or no effect of minimum wage increases on job growth. The study also finds that a review of the minimum wage literature commonly cited by minimum wage opponents is flawed because it is subjective, relies in large part on studies of wage increases in foreign countries, and fails to consider the most sophisticated and recent minimum wage studies.

IIRC, Reagan actually raised the national minimum wage (The effects of which on employment were offset by inflation during the Reagan years, lowering the actual purchasing power/value of the minimum wage increase).

In any case, here's a brief review of the CEPR report you posted. Murphy concludes that, on the contrary, the minimum wage does have a negative effect on employment.

It's also just ridiculous to believe otherwise if you've ever studied economics. Demand curves are downward sloping - the entire logic underpinning all of modern economics isn't overturned by a couple of flawed, narrow studies by Krueger and the CEPR. Here's a pretty good article refuting the empirical/positivist arguments for the minimum wage.

Note that both of my articles are well-qualified (both have degrees - Caplan's a Ph.D., and I believe Murphy has one too - in economics, are/were professors of economics, etc.), so I'm not just citing some libertarian blogger on the matter (that is to say, these articles are worth your reading).

[Agymnum]

This is what happens when you let a leftist control any economic position. Disaster. He needs to learn to enjoy a good thing, and not get too hands on...

Yeah, just like how the economy crashed when FDR took office. Oh wait. But then again, the economy crashed as leftists Truman, Eisenhower, and JFK remained in office. Oh wait.

Clearly we were much better off under people like Harding, Coolidge, and Hoover.

[Welstonia (Ancient)]

Well if you look back in history, the minimum wage from the early 70's translates into about 16 dollars an hour today. So I think we can manage the slightly higher costs, and I think the owners of Walmart and McDonalds can handle paying their people a bit more.

They can. That doesn't mean they will. Walmart has already been cutting back.

So... not to mention that we were discussing New Rogernomics' proposal of $50-$60 minimum wage.

There would be almost no jobs left.

Yeah, I'm a pretty hard core leftest, and even I think that is too high, I think 15 would probably be about right, but 25 is where it should be. (An immediate increase to 25 would shock the system to much.)

[The New Sea Territory]

This is what happens when you let a leftist control any economic position. Disaster. He needs to learn to enjoy a good thing, and not get too hands on...

Yeah, just like how the economy crashed when FDR took office. Oh wait. But then again, the economy crashed as leftists Truman, Eisenhower, and JFK remained in office. Oh wait.

FDR would never have gotten this country on it's feet. Only WW2 did that, and he never wanted to fight until Japan attacked us. So, in an akward way, we should thank imperialists...for attacking us.

[Frisivisia]

About damn time the forgotten worker gets his dues. Good on you, Michigan!

Yeah! Good on you that the economic state of America is ONCE AGAIN f-cking itself! Good on you that all small businesses will be thrown out the window! Good on you that socialism creates what it seeks to destroy: serious income inequality! Good on your for corporate partnering! Good on you for ignoring all economics in favor of equality! Good on you for hatred of rich people!

Good on you for creating strawmen!

[The New Sea Territory]

Yeah, just like how the economy crashed when FDR took office. Oh wait. But then again, the economy crashed as leftists Truman, Eisenhower, and JFK remained in office. Oh wait.

Clearly we were much better off under people like Harding, Coolidge, and Hoover.

Actually it would be better if their was no president. Vote for Nobody! Nobody will solve your problems!