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posted by martyb on Sunday July 30 2017, @06:41AM   Printer-friendly
from the Lies,-Damned-Lies,-and-Statistics dept.

"In what has become a running joke amongst those skeptical of the claim that minimum wage increases have no effect on unemployment, a recent report by the Employment Policies Institute showed that 174 of the 184 co-sponsors of a bill to raise the federal minimum wage to $15 an hour hired unpaid interns."

"In a review of over 100 studies, economists David Neumark and William Wascher found that,A sizable majority of the studies surveyed ... give a relatively consistent (although not always statistically significant) indication of negative employment effects of minimum wages. In addition, among the papers we view as providing the most credible evidence, almost all point to negative employment effects, both for the United States as well as for many other countries." http://www.nber.org/papers/w12663.pdf

"Yes, minimum wages still do increase unemployment."

https://mises.org/blog/seattles-minimum-wage-supporters-ignore-facts


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  • (Score: 0) by Anonymous Coward on Sunday July 30 2017, @05:26PM (4 children)

    by Anonymous Coward on Sunday July 30 2017, @05:26PM (#546734)

    Rich people are hoarders, plain and simple. But instead of old newspapers, magazines, etc. They hoard money. This hoard is part of their emotional well being that like with the ones that hoard other objects, losing 'any' part of it is an emotionally painful experience. So they do 'anything' in their power to keep as much of it as possible. Sadly because of what they hoard they have a LOT of power allowing them to distort nation's economies and affect millions of people's well being.
    This also gained them fans and people who want to be like them so they support what they do. The subject starter of this post is a case in point. Eliminating the minimum wage will do nothing but allow them to either pay nothing or next to nothing to the majority of any workforce they have control over. And of course when one company does this, all the others in their field have to do the same or they are unable to compete. One only has to look at both the 1800's here and china in the past few decades to see what 'that' does to the average person.

  • (Score: 0) by Anonymous Coward on Sunday July 30 2017, @08:17PM

    by Anonymous Coward on Sunday July 30 2017, @08:17PM (#546806)

    After complaining about globalization they are now being sold theblie that businesses need to stay competitive which is why pay must decrease and more people slide into poverty.

  • (Score: 1) by khallow on Monday July 31 2017, @12:43PM (2 children)

    by khallow (3766) Subscriber Badge on Monday July 31 2017, @12:43PM (#547115) Journal

    Rich people are hoarders, plain and simple. But instead of old newspapers, magazines, etc. They hoard money. This hoard is part of their emotional well being that like with the ones that hoard other objects, losing 'any' part of it is an emotionally painful experience. So they do 'anything' in their power to keep as much of it as possible. Sadly because of what they hoard they have a LOT of power allowing them to distort nation's economies and affect millions of people's well being.

    Don't quit your day job. First, we start with an irrelevant and incompetent psychological diagnosis which completely ignores that money "hoarding" or investment/savings is vastly different from saving old newspapers. For example, it creates new jobs and businesses while your pile of old newspapers creates a fire hazard.

    Eliminating the minimum wage will do nothing but allow them to either pay nothing or next to nothing to the majority of any workforce they have control over.

    Because workers are powerless lemmings unable to make decisions for themselves or apply for jobs that pay more.

    And of course when one company does this, all the others in their field have to do the same or they are unable to compete.

    Except when paying more means you have the stable workforce and your competitor does not.

    One only has to look at both the 1800's here and china in the past few decades to see what 'that' does to the average person.

    I must admit when reading stuff this delusional that I hope someone figures out the consequences of throwing a bunch of people out of work.

    I have an alternate proposal. Let's make labor valuable again by cutting out all this crap that just discourages businesses from employing people.

    • (Score: 0) by Anonymous Coward on Monday July 31 2017, @03:56PM (1 child)

      by Anonymous Coward on Monday July 31 2017, @03:56PM (#547203)

      First off, other than hoarding, what need does anybody have with a billion dollars? $10m is more than enough to live an entire lifetime without having to do any work more onerous than changing ones own clothes.

      Secondly, the workers don't have any meaningful power here. The good jobs were mostly shipped to foreign countries or eroded by importing labor from other countries that can afford to do the work for significantly less, since their governments value education enough to make it affordable.

      You're whole premise assumes that there's ample higher paying jobs out there for anybody that wants to go to the effort of finding them. The reality is different though. With the skewed wealth distribution, there aren't anywhere near enough higher paying jobs out there for everybody that's willing to do the work and a lot of those minimum wage jobs are also ones that are incredibly hard.

      As for the last point, you're a hypocrite. Cutting regulations and allowing an impossibly low wage as the minimum has done nothing positive for the standard of living of the people doing the work. It's been failing to work for decades now, and I fail to see any reason why continuing in that direction is going to yield different results.

      The only thing that's going to solve this is to start actually taxing the wealthy. Chase them the hell out of the country if need be, but do not allow them to continue on welfare while the poorest workers are in poverty with little means of getting out..

      • (Score: 1) by khallow on Monday July 31 2017, @11:46PM

        by khallow (3766) Subscriber Badge on Monday July 31 2017, @11:46PM (#547418) Journal

        First off, other than hoarding, what need does anybody have with a billion dollars?

        Colonize Mars, for example. Just because you can't think of what to do with a billion dollars doesn't mean that the people who actually have that kind of money are similarly impaired.

        Secondly, the workers don't have any meaningful power here. The good jobs were mostly shipped to foreign countries or eroded by importing labor from other countries that can afford to do the work for significantly less, since their governments value education enough to make it affordable.

        Where would "here" be? The US is doing fine as a counterexample and many other examples of decently functioning countries (the Scandinavian countries, Germany, etc) are claimed to be doing even better. You just have to be willing to work.

        You're whole premise assumes that there's ample higher paying jobs out there for anybody that wants to go to the effort of finding them. The reality is different though. With the skewed wealth distribution, there aren't anywhere near enough higher paying jobs out there for everybody that's willing to do the work and a lot of those minimum wage jobs are also ones that are incredibly hard.

        Yes, I am.

        The only thing that's going to solve this is to start actually taxing the wealthy. Chase them the hell out of the country if need be, but do not allow them to continue on welfare while the poorest workers are in poverty with little means of getting out..

        The wealthy are already being taxed. Why isn't it working?