Would you republicans vote for a $12 minimum wage?

Minimum wages are in response to inflation, they do not and cannot cause it.

Inflation is caused by the federal reserve, in cahoots with banks, controlled by the discount rate ( I mean the rate the fed charges banks for money ) as the 'gas pedal' resulting in a swelling money supply which accrues faster than productivity, resulting in too much money chasing too few goods.

Any other causes of rising prices at natural supply and demand forces, of one kind or another, is not inflation.

imagine you are in a pool, and there are ripples, waves, up and down portions of the water by natural forces, people jumping in and out of the pool, causing ripples and waves, but the pool's aggregate level wont rise until you pump more water in the pool.

In that analogy, pumping water and swelling the money supply faster than production are the same thing, and the natural supply and demand forces push it up and down, but without pumping money into the pool faster than production can match it, THAT is what inflation is. Without that, prices can rise, but they will average out and the trend will be flat. Inflation is the ever increasing trend, not the temporal ups and downs, and that happens via too much money chasing too few goods and services.

So, Fed can also raise or lower the federal discount rate, which makes it cheaper or more expensive to borrow money from the Fed itself. This is an attempt to increase demand and raise prices or lower demand and lower prices, depending on what the fed wants to do.

Other tools that the Fed uses to manage inflation are:

Reserve requirements (the amount banks hold in reserves)

Open market operations (buying or selling U.S. securities from member banks)

Reserve interest (paying interest on excess reserves)

The minimum wage is an effect of inflation, NOT the cause of it.

 

Good thread.

Asking Republicans to support a minimum wage of only 12 USD per hour must first assume that Republicans actually respect life and are not a death cult. That's a tall order.

But alas, the days of Republicans actually loving the USA and wanting people to prosper are long gone. And wishing for Republicans to actually care about the well being of people without finding a way to satisfy their greed" is about as fruitful as say, wishing that Gollum would actually be a dashing character in middle Earth or that Freddy Mercury would in reality be a lady's man. Ain't gonna happen.

The sad truth is that we are going to have to drag the neanderthal whigs, kicking and screaming, with us into the future, otherwise they will just pee endlessly in the space-time continuum and do not much of anything.

Interestingly enough, there are arch-conservative economists out there who are backing up a minimum wage increase. But this doesn't mean that they are being accepted by the p****grabbing, 30,000 times over lying Trumpublicans.

 

Again they not only can they do what the fed and the banks control is interest rates inflation. What control they have of interest rates is a function of controlling the money supply and interest and there by the cost of money. Raise intterest rates and the cost of money increases, this has negative consequences for both economic growth and therefore theoretically reduces inflation rates.

 

Correct.

And let's all please remember that the "fed", meaning, the Federal Reserve, is a private entity and not a government agency. The name trips people up quite often.

 

100% wrong. The Economy benefits from a minimum wage when it is placed at a level whereupon people can live on it.
The key to the economy is disposable income for the lower and middle class. If people cannot live on a wage, then they go on government assistance, and when they do that, it's de facto corporate welfare, because it's money the corporations should have been paying.

http://www.politicalforum.com/index...12-minimum-wage.585770/page-2#post-1072490876

Minimum wages are in response to inflation, they do not and cannot cause it.

Inflation is caused by the federal reserve, in cahoots with banks, controlled by the discount rate ( I mean the rate the fed charges banks for money ) as the 'gas pedal' resulting in a swelling money supply which accrues faster than productivity, resulting in too much money chasing too few goods.

Any other causes of rising prices at natural supply and demand forces, of one kind or another, is not inflation.

Imagine you are in a pool, and there are ripples, waves, up and down portions of the water by natural forces, people jumping in and out of the pool, causing ripples and waves, but the pool's aggregate level wont rise until you pump more water in the pool.
In that analogy, pumping water and swelling the money supply faster than production are the same thing, and the natural supply and demand forces push it up and down, but without pumping money into the pool faster than production can match it, THAT is what inflation is. Without that, prices can rise, but they will average out and the trend will be flat. Inflation is the ever increasing trend, not the temporal ups and downs, and that happens via too much money chasing too few goods and services.
So, Fed can also raise or lower the federal discount rate, which makes it cheaper or more expensive to borrow money from the Fed itself. This is an attempt to increase demand and raise prices or lower demand and lower prices, depending on what the fed wants to do.

Other tools that the Fed uses to manage inflation are:
Reserve requirements (the amount banks hold in reserves)
Open market operations (buying or selling U.S. securities from member banks)
Reserve interest (paying interest on excess reserves)
The minimum wage is an effect of inflation, NOT the cause of it.


FYI, my suggestion was $12 as the floor, since it was the same, adjusting for inflation, that $1.60 was in 1968, when unemployment was 3.8% ( disproving the argument that a minimum wage causes unemployment).

 

Thank you for proving min wage is a good thing.

 

How much is a 16 year old child or other person with no work experience guaranteed to be worth to a small business?

Until radical leftists decided to con people they think are dumb enough to vote for them, no one ever claimed that the minimum wage was anything but an entry level standard not intended to live on.

With one exception, when Y2K drove a high tech employment bubble, every minimum wage increase since the 1960s resulted in a recession. In 2007, Pelosi and Reid caused the Great recession, holding Katrina Victims and Veterans hostage for their economy killing minimum wage increase.

 

It may amount to a few hundredths of a percentage point. Statistically insignificant.

 

that is wholly incorrect, aka, patently untrue, aka posits facts not in existence.

 

There's "intended to happen" and then there's "what actually happens" the two are not often the same.

 

In 2019, around 1.6 million workers made minimum wage or less. An increase in minimum wage will benefit a subset of them; those who can keep their jobs. It will be a short term benefit as rents and other costs of living adjust up to leave them with the same or less buying power. Bear in mind, of those 1.6 million, less than 400,000 made the minimum wage. The rest made less in hourly wages, which implies that they are tip earners. Their actual pay is unknown, but is almost certainly in excess of the minimum wage.

Whereas, there were 5.8 million unemployed who will be directly harmed by the inflationary effects, and the loss of job opportunities. There were 45 million retired, most of whom are on fixed incomes, who any increase in the price of a loaf of bread represents a significant hit to their monthly budget. This doesn't even take into account the millions who are living poor, not retired, and not looking for work. Collectively, these are the poor. They are all harmed by increases in the minimum wage.

Why would you support a temporary benefit for 1.9% of hourly workers, when it will permanently harm the poor?

 

My solution is for the state to own the land, and individuals can own the structures, wherein the land is leased according to income.

You're not going to stop people from hording real estate.

Today, a minimum wage earner must share an apartment or rent a room in a house. I did that when I got out of high school.

 

Again you're ignoring the down stream effects of colas and other things.

 

Because it won't.

 

Would that be diet cola?

 

Where I live(New York State) the minimum wage is already at $12.

 

Present your documentation.

 

By the way, what kind of inflation are you talking about here?? I think much of inflation is just an excuse by the government to raise their paycheck and agency funding every year. It doesn't follow the experience of the private sector.

 

Your source for that, ähm, "document"? Link?

 

Some people only want pay increases for themselves. It’s called being a selfish c¥^#

 

You've yet to provide a single link ,,, just aped someone elses narrative. I gave you the sequence of bills and recessions. Wiki even has that stuff. If you want me to do your work for you, you're going to have to pay me up front. Do you know how to use venmo?

 

All of it? Hell no. From my cold dead hands. Thats straight up feudalism.

Real estate is ultimately the only property that has real and lasting value. No way shall the govt own it all.

 

Why pick that specific year? What's so special about 1968? Why not use 1950 when minimum wage was $0.75? Or 1938 when it was $0.25? Or 1976 when it was $2.30? Why did you pick such an arbitrary date?

 

Was looking for homes in the Villages around 2010. Many bar tenders were Lawyers and other professionals from Leesburg. They gave up their careers to make a killing in tips tending bar. Can't do that everywhere, which also supports the contention that a one shoe fits all minimum wage makes no sense.

 

Never! The federal government and voters should have no say in my wages. If I determine working for $5 is better for my financial interests than $15 I must be allowed to work for $5/hr.