So Elizabeth Warren's gonna help us some more

[M-technik-3]

She wants to raise Min Wage to $22 and hour. Yeah lady thinking that's not such a smart idea.

http://news.yahoo.com/22-minimum-wage-could-pass-congress-145204898.html

If wages jump that dramatically as do prices so what really does that help? Now don't get me wrong min wage should increase over time but to jump from $7.25 to $22 in a couple of years is not going to help the economy.

[Farbin Kaiber]

I forsee $76.99 McDonalds Value Meals.

[sumoashe]

She wasn't advocating the jump to that. She was stating info gathered that if min. wage followed the increase's in productivity that the wage should be at $22. That same info stated that given all factors it should actually be closer to $32 an hour.

"If we started in 1960 and we said that as productivity goes up, that is as workers are producing more, then the minimum wage is going to go up the same. And if that were the case then the minimum wage today would be about $22 an hour," she said, speaking to Dr. Arindrajit Dube, a University of Massachusetts Amherst professor who has studied the economic impacts of minimum wage. "So my question is Mr. Dube, with a minimum wage of $7.25 an hour, what happened to the other $14.75? It sure didn't go to the worker."

Dube went on to note that if minimum wage incomes had grown over that period at the same pace as it had for the top 1 percent of income earners, the minimum wage would actually be closer to $33 an hour than the current $7.25.

It didn't appear that Warren was actually trying to make the case for a $22 an hour minimum wage, but rather highlighting the results of a recent study that showed flat minimum wage growth over the past 40-plus years coinciding with surging inequality across a number of economic indicators.

As for the whole pay vs. price thing. The only reason for an increase in price is greed. All studies done on min. wage increases show that even with an increase businesses would still turn a hefty profit. But why treat your employees like people and make 10 mil profit when you can treat them like shit and make 100 mil profit. During the same session a exec for a fast food chain said they could cover the increase to $22hr by raising their prices by .04-5 cents. Not dollars. So your supersized value meal would only cost a nickel more. OH GOD NOOOOOOO!!!!

Don't forget that all the republican's just voted down an increase to $10hr. Let alone $22. Remember money=power, it they allow the 99% of us to get a little more money they fear they'll lose all power over us.

[fatsooo]

As for the whole pay vs. price thing. The only reason for an increase in price is greed. All studies done on min. wage increases show that even with an increase businesses would still turn a hefty profit. But why treat your employees like people and make 10 mil profit when you can treat them like shit and make 100 mil profit. During the same session a exec for a fast food chain said they could cover the increase to $22hr by raising their prices by .04-5 cents. Not dollars. So your supersized value meal would only cost a nickel more. OH GOD NOOOOOOO!!!!

I'm not a politics type of person at all, or by any means near it, but I see this as being the case for only huge corporations. it'll raise the prices by a fraction, but that's just the huge corporations. what about all the small businesses who don't have the financial backing and ability to receive bailouts as these large corps do. i def think raising the min wage would raise their prices substantially, which in turn would mean no customers = bankruptcy. opening more doors for big time corporations. just my .02

[sumoashe]

fatsooo. I understand where your coming from, and it's a valid concern. It def would have an impact on small business. But I'm just not sure it would be an overall negative effect. I could see smaller businesses cutting employees, or their benefits. But at the same point would they be more likely to cut people from the low end jobs, the ones they actually need to have to keep running. Or cut people from middle and upper management, the ones that are redundant or just simply over payed for what they produce. Or simply stop overpaying the higher up folks. In order to stay in business places will have to truly look at who is important and how much they pay everyone.

I think it'll do alot of weeding out of useless position's, or salaries that far outweigh the benefit to the company. Basically forcing places to get lean and efficient. It'll also help weed out sub par companies. The one's that do good work or make a good product will still survive. The one's that do a so so job or make a so so product will die.

Raising min wage will have impacts on small business, no question. But one of the reason's small business is going away is cause people don't have money as is. Gotta have it to spend it at small business. Plus people in this country need to start taking the personal responsibility to choose small business over big box store. Do you shop at walmart cause it's better, or cause it's easier?

The biggest reason small business can't compete is cause the big corporations own the government. Bending or simply creating policy that benefit's only them. As well as getting away with things that would have a small business owner in trouble or in prison.

[M-technik-3]

Minimum wage is not gonna raise at the same rate as most economy. If it does it's counter productive. Want to earn more money attend community college or do it online. Plenty of ways to get out of poverty. Please don't expect the government to do it for you.

At some point you need to put forth some effort.

[z31maniac]

lulz at conservatives who vehemently protesting raising the minimum wage, yet complain about all the people on public assistance. We have to people in these low paying jobs, so "get an education" is not the answer. We need people to serve us food, answer the phone at the front desk, etc.

Yet don't see anything wrong with the avg pay of CEO/Executive level increasing hundreds of times, while the middle class and lower have had no income growth compared to inflation since the 70s.

[herbivor]

We have to people in these low paying jobs, so "get an education" is not the answer. We need people to serve us food, answer the phone at the front desk, etc. .

This. Service people are necessary. So for those against a minimum wage, are you advocating that service people should remain in poverty, sort of like slave labor?
Or are you advocating for stronger unions that can have more collective bargaining power with employers to negotiate the wages as they do in the Scandinavian countries. Incidentally, those countries do not have a minimum wage yet those such as Denmark have basic service jobs at around $19 per hour because they have strong unions that work well with employers to negotiate wages.
As I see it, if minimum wage did go up to $22 per hour the biggest impact would be felt on food. Durable goods would not increase that much. So instead of a $1.50 hamburger at McDonalds, you may have to pay $3. Oh the horror. How would we survive? /sarcasm But maybe to stay competitive, the company decides to lower it's executive's pay a bit now that their minimum wage employees can no longer be treated as slaves. So prices really wouldn't go up that much.
I don't know the answer, but staying with the status quo of encouraging poverty doesn't seem like a good solution to me.

[z31maniac]

So for those against a minimum wage, are you advocating that service people should remain in poverty, sort of like slave labor?

Just applying the lessons learned from "Globalization" internally.

[nick123]

The minimum wage argument is one of the best indicators of whether someone is knowledgeable in economics or not. 9 times out of 10 it leaves me broken hearted.

Please, all of you, read a god damn book for once in your fucking lives.

[z31maniac]

The minimum wage argument is one of the best indicators of whether someone is knowledgeable in economics or not. 9 times out of 10 it leaves me broken hearted.

Please, all of you, read a god damn book for once in your fucking lives.

I love the "I'll talk down to you because of my superior knowledge, whilst not actually displaying any of that knowledge" post.

In before, "Go do some fucking research you 'tard."

[mar1t1me]

lulz at conservatives who vehemently protesting raising the minimum wage, yet complain about all the people on public assistance. We have to people in these low paying jobs, so "get an education" is not the answer. We need people to serve us food, answer the phone at the front desk, etc.

Yet don't see anything wrong with the avg pay of CEO/Executive level increasing hundreds of times, while the middle class and lower have had no income growth compared to inflation since the 70s.

Not to mention the death of small town businesses, neatly replaced by the SuperCenter at the edge of town, reduced tax bases and incomes. I own a small business and no one makes min wage, even in entry level positions because it would put them on welfare! That's called accountability. And yet I am still profitable. Could I have more money in the bank by fucking my employees? You bet! But that's not how I run my business.

[asetliff]

I hate unions, in general. If I cannot trust a business, I will not work for them. Capitalism is great, it works. What sucks is when the feds jump in, when a business becomes "too big to fail," when the government decides what products we will want as consumers..

I do believe in education. It is sad that it is easier to fail than to succeed in this country. But I believe that entitlements, should be called what they are, handouts. I believe that you should be able to get a job and survive. You should fail if you fail to work. It is not my job to pay for your free ride. This country has too many people riding in the wagon, and not enough pulling the wagon.

I have worked hard to get where I am, and in a few more years, I hope to start seeing some of the benefits.

I believe this is still a land of opportunity. I believe people who want to succeed can, and those who don't want to succeed, shouldn't.

Just my .02

[Farbin Kaiber]

Not to mention the death of small town businesses, neatly replaced by the SuperCenter at the edge of town, reduced tax bases and incomes. I own a small business and no one makes min wage, even in entry level positions because it would put them on welfare! That's called accountability. And yet I am still profitable. Could I have more money in the bank by fucking my employees? You bet! But that's not how I run my business.

Truth. I will spend the additional money to not shop at Wal-Mart, or chains in general whenever possible. I live in a super small town, and run a business in a rather small, albeit larger than my hometown.

[sumoashe]

lulz at conservatives who vehemently protesting raising the minimum wage, yet complain about all the people on public assistance.

Whats funnier is that these are the same people that claim to be super christians/catholics, yet forget the basic teachings of taking care of the poor and needy.

It's ironic how those that take advantage of a system loophole to hide money and not pay taxes are seen aw smart businessmen. But someone who uses a system to feed themselves and their family are seen as pieces of shit.

Its easier to hate the people using a messed up system than it is to fix the system.