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Old 01-28-2014, 09:50 AM  
Msmith Msmith is offline
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Minimum wage will go up to $10.10 according to the Prez

It is only for new federal government contracts for services, like janitors and construction workers. What happens to the $15 minimum wage the fast food workers want?

Link: http://news.yahoo.com/obama-orders-m...010928340.html
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Old 02-22-2014, 02:04 PM   #136
HonestChieffan HonestChieffan is online now
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So what happens if one company reduces profits while another company raises prices or reduces workforce to the point where their product suffers? Or a new company comes in which is willing to operate on a slimmer profit margin while still keeping prices low? Which company will consumers flock to?

Also why is it that profits can only go up but never down? Profits are at record levels right now. They've been rising steadily for 30 years. So it's not like most companies labor/profit ratio is that high. I know Wal-mart sure as hell isn't. http://www.washingtonspectator.org/i...l#.Uwj37PRdW6g



To me it's pretty naive to think that profits can go up willy nilly, but faced with increased labor costs companies will always shoot themselves in the foot by laying people off or raising prices. You think Wal-mart wants to raise prices to the point where people say - "Screw it prices aren't cheap enough to justify the drive anymore, I'm going to Target"?

Sure if they *can* pass along the costs to the consumer they will. But then why weren't they doing that in the first place if they could have made more money by raising prices? Out of the goodness of their hearts? Who's naive again?

To be clear - I'm not doubting that prices will go up some with a min. wage increase. The economists on the side of min. wage would argue that's going to impact the lower and middle class a lot less than the benefit they get from higher salaries. So in that case where does the money come from? Look to the 1% for your answer. Min. wage (arguably) helps counteract the wealth inequality that has been running out of control in this country to 3rd world levels.

But again, I admit that one's a pretty intense economic argument that doesn't seem to have a consensus. I just know what I saw with my own eyes in the early 90s when according to republicans a min. wage increase was going to throw us into a permanent recession, and exactly the opposite happened.

God your level of stupid knows no bounds.
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Old 02-22-2014, 02:48 PM   #137
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Originally Posted by Loneiguana View Post
And that study is completely refuted:
http://www-rohan.sdsu.edu/~jsabia/do...n_ILLR2012.pdf
"We find robust evidence that raising the minimum wage from $5.15 to $6.75 per hour significantly reduced employment rates of less-skilled, less educated New Yorkers. Our estimates show that that the employment among all less-educated 16-to-29 year-olds fell by 20.2 to 21.8 percent, implying a median elasticity of around -0.7, large relative to consensus estimates."

Unlike your study, this one heavily controlled for factors. The biggest problem I have with the study you cited is, how in the world can you use unemployment rate as your main indicator for 16-25 year olds? Unlike older people, not everyone in this age group is necessarily in the job market. You don't count as unemployed if you don't have a job, but aren't in the job market.
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Old 02-22-2014, 10:19 PM   #138
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Originally Posted by HonestChieffan View Post
What would it cost you to buy a pound of beef...like a good quality steak? How much do you pay for diesel? How much income tax do you pay? Do you have a value added tax? Whats a decent bottle of wine cost?

We had this similar conversation on our trip to Italy last summer. Cost of living and just cost of stuff in general has to be looked into not just wages. Ill be interested in some of those things as it relates to New Zealand and Australia when I travel there i n 2015

A number of years ago I had to take a group of Australians on a agri tour of Kansas, and a few things stick in my mind from that...one, damn you guys can drink beer. Another was how things got going when we compared prices for grain and the prices for inputs here vs there. And how they bought every pair of Levis they could stuff in a bag when we hit one of the farm supply places that sells clothes. Price differences then were pretty amazing
Well yeah I suspect the cost of living has a bit to do with it- nice steak would be about $16 a kilo (roughly $8/Lb) diesel is around 1.60 / litre (what that is in gallons I wouldn't know, but anyway transport operators and primary producers get a 12% rebate on fuel) tax varies from 19% for up to 37,000, 32.5 up to 80,000, 37% up to 180000 etc. I expect that's a fair bit higher than the US rates but we get free health care, schools etc plus employers have to pay a extra %12 in superannuation, hell it would take all week to compare everything I guess.
You mentioned Levi's - try 70 -90 bucks for a pair of 901's last time I looked. I know we pay roughly double the US price for CD's and video games. One thing that's a major difference is the price of buying a house. My own place is worth about 360000. It's not anything special and I live about half an hour outside Australia's largest inland city - Wagga. Same house in a average suburb of Sydney or Melbourne would cost close to 1 million. I had a bit of a look around US real estate sites and find it amazing you can buy a 3 bedroom house for $5000 - $10,000 in Kansas City. You will not get a ****ing house for that here, anywhere. Unless you want to live in the desert 2 hours drive from the nearest town.
But back to the minimum wage. Australia's pretty much a socialist country, or socialist lite as i call it. People are free to sit on their arse and smoke dope while collecting unemployment for the term of their natural life if they want to be that useless, if they pop out a kid or two they'll get a free home from the dept of housing with rent capped at 15% (?) of their 'income' which will include very generous parenting allowance for each kid, so they got little reason to get a job that will make them about 50 - 100 bucks a week better off.
Christ I could go on all day.
Well if you're coming down for a holiday you'll see for yourself soon enough, NZ is much the same but the minimum wage there is a fair bit lower and their unemployment is higher which explains why so many of them move to Australia.
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Old 02-22-2014, 11:25 PM   #139
HonestChieffan HonestChieffan is online now
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Well yeah I suspect the cost of living has a bit to do with it- nice steak would be about $16 a kilo (roughly $8/Lb) diesel is around 1.60 / litre (what that is in gallons I wouldn't know, but anyway transport operators and primary producers get a 12% rebate on fuel) tax varies from 19% for up to 37,000, 32.5 up to 80,000, 37% up to 180000 etc. I expect that's a fair bit higher than the US rates but we get free health care, schools etc plus employers have to pay a extra %12 in superannuation, hell it would take all week to compare everything I guess.
You mentioned Levi's - try 70 -90 bucks for a pair of 901's last time I looked. I know we pay roughly double the US price for CD's and video games. One thing that's a major difference is the price of buying a house. My own place is worth about 360000. It's not anything special and I live about half an hour outside Australia's largest inland city - Wagga. Same house in a average suburb of Sydney or Melbourne would cost close to 1 million. I had a bit of a look around US real estate sites and find it amazing you can buy a 3 bedroom house for $5000 - $10,000 in Kansas City. You will not get a ****ing house for that here, anywhere. Unless you want to live in the desert 2 hours drive from the nearest town.
But back to the minimum wage. Australia's pretty much a socialist country, or socialist lite as i call it. People are free to sit on their arse and smoke dope while collecting unemployment for the term of their natural life if they want to be that useless, if they pop out a kid or two they'll get a free home from the dept of housing with rent capped at 15% (?) of their 'income' which will include very generous parenting allowance for each kid, so they got little reason to get a job that will make them about 50 - 100 bucks a week better off.
Christ I could go on all day.
Well if you're coming down for a holiday you'll see for yourself soon enough, NZ is much the same but the minimum wage there is a fair bit lower and their unemployment is higher which explains why so many of them move to Australia.
Pretty substantial differences for sure. In the ends you pay a hell of a lot more and get the shit taxed so people can sit on their ass and eat high priced steak…Here they eat the same steak and sit on the same ass and the same guy who works and makes something supports the same buggers.
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Old 02-23-2014, 03:47 PM   #140
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Pretty substantial differences for sure. In the ends you pay a hell of a lot more and get the shit taxed so people can sit on their ass and get high
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Old 02-25-2014, 07:30 AM   #141
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Originally Posted by chiefzilla1501 View Post
And that study is completely refuted:
http://www-rohan.sdsu.edu/~jsabia/do...n_ILLR2012.pdf
"We find robust evidence that raising the minimum wage from $5.15 to $6.75 per hour significantly reduced employment rates of less-skilled, less educated New Yorkers. Our estimates show that that the employment among all less-educated 16-to-29 year-olds fell by 20.2 to 21.8 percent, implying a median elasticity of around -0.7, large relative to consensus estimates."

Unlike your study, this one heavily controlled for factors. The biggest problem I have with the study you cited is, how in the world can you use unemployment rate as your main indicator for 16-25 year olds? Unlike older people, not everyone in this age group is necessarily in the job market. You don't count as unemployed if you don't have a job, but aren't in the job market.
Congratulations.

You found one study focused on one state. And one that says estimates.

My study actual showed what happened, not a guess at what may happen. Perhaps you can find what did happen?



http://ideas.repec.org/p/dkn/econwp/eco_2008_14.html
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Old 02-25-2014, 10:29 AM   #142
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Originally Posted by Loneiguana View Post
Congratulations.

You found one study focused on one state. And one that says estimates.

My study actual showed what happened, not a guess at what may happen. Perhaps you can find what did happen?



http://ideas.repec.org/p/dkn/econwp/eco_2008_14.html
interesting little pictures you got there

When during those studies did the minimum wage go up by 40%? I can't tell by the charts and I surely am not going to read all those study pages. I am sure you have so you can enlighten me. Current min wage to the proposed new min wage is 40%. It now creates compression against higher skill positions. Increases will continue to creep up the progession ladder
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Old 02-25-2014, 10:30 AM   #143
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