Biden's proposal to raise minimum wage to $15 could kill up to 3.7M jobs, CBO estimates

No more gratuitous that saying the CBO has magic formulary that works for every wage increase regardless of any other factor. If you actually read the legislation which is doubtful you ever would, the gbo is expected to monitor the incremental increases over the seven, not four year period. Only if conditions are acceptable will the wage increase stay on schedule. But of course, seeing the working poor increase their standard of living is never acceptable to the gop.

 

Keep reminding yourself that tax increases like reductions are not binary. No one can predict what will occur in every situtation . That’s why liberal legislation always includes the ability to monitor and adjust as opposed to fking lifetime tax cuts for the rich and sunset tax cuts for everyone else. That tells you everything you need to know about repos.

 

Guess you don’t believe in Keynesian economics. Incremental adjustments over time, including stimulus packages which are held hostage by deficit spending out of control, HAVE EVERYTHING WITH AVOIDING and minimizing recessions.

the huge tax cuts, just like those prior to the Bush recession, can handcuff good and proper legislation. Too bad you see no connection. Minimal deficits would allow immediate infrastructure spending pumping billions back into the economy and stave off recession causing forces....

The gop is king of “ free stuff” by refusing to pay their bills. ALWAYS HAVE BEEN.

 

Not sure why you think citing the GOP is relevant to a discussion with me.
I'm aware of the CBO monitoring provision in the legislation. So what? That's just another way of conceding the validity of the conclusion in the CBO analysis.

 

Irrelevant non-response.

 

Nothing has inhibited stimulus spending. Trump signed two stimulus bills. Keynes offers some insights and policy rationales, but no single school of thought is a comprehensive guide.

 

That’s hilariously funny. Deficits have ALWAYS been at the forefront of our failure to address infrastructure adequately for decades.

Trump signed two inadequate stimulus bills.
Keynesian is based upon science, unlike wishful thinking.
Monitoring and adjusting using real time evidence is at the fore front of Keynesian eco.

 

Truth? There shouldn't even BE a "minimum wage". The whole idea that the government should be dictating what wages must be to private enterprise is bullshit, and always has been! And, pay in civil service (government) jobs should be bracketed against the model of those relative pay-scales used by taxpaying, private companies and corporations.

I've said it a thousand times -- you get what you are WORTH in a free-market economic system. If you know little, have done little, have only little education, and are capable of doing little more in the future, you will (and should) earn far less than someone who is educated, experienced, accomplished, and has a solid resumé to PROVE it. If you are worth "little", you GET "little" -- get it...?

The acceptance and cultivation of "something-for-nothing" is promoted only in countries with Socialist or Communist governments....

Afterthought: Yes, probably in another 200 years, humans will have developed a variety of hardware and software technologies sufficient to just GIVE people what they want -- like crew members ordering food and drink on "star ships" -- but that time is not (NOT now!

. "We don't have "wages" -- we just have computers and robots give you everything!"

 

People are not asking for something for nothing. That is a false narrative. People are asking for livable wages.

We tried market driven wages a few decades ago and it failed utterly.

I don't agree with a 15 dollar minimum wage across the board but some regulation likely should exist to prevent the Milton Friedman style economics from driving wages to the dirt.

It can be a bit frustrating to see companies like walmart and Amazon taking in billions, avoiding taxes via loopholes, off the backs of low wage earners, while their employees get government handouts to supplement their wages which leads to higher taxes.

 

I don't recall anyone saying Trump's initial $2T stimulus was inadequate.
Your statement about deficits and infrastructure is incoherent. Deficit spending has enabled much infrastructure investment.
Keynesian economics is no more or less scientific than other schools of thought. Likewise "monitoring and adjusting" are common to all economics management.

 

It’s all “rational”
“Keynesian economics is a theory that says the government should increase demand to boost growth.1 Keynesians believe consumer demand is the primary driving force in an economy. As a result, the theory supports the expansionary fiscal policy. Its main tools are government spending on infrastructure, unemployment benefits, and education. ”

 

You weren’t listening then.
You’re only focused on the amount, not to where it went to. It’s inadequate NOW. Look at the economy. Look at the unemployment and the benefits that are due to run out. States are in a world of hurt trying to keep up. Obviously, too much went to big business and not enough to small.

 

Bull crap.
“The Keynesian model of business cycles is taught in most college and high school economics courses around the world. It is accepted wisdom in the halls of government.”

Trickle down ? ???

 

Dems claim to be the party of the working class, but results show the opposite. It takes a profound level of gullibility to believe the government cares about you. They care about power and that comes from taxation. In CA, taxes are the highest, yet the working class are worse off. Just driving a car is extremely expensive considering the high registration fees and 2 gas taxes that were added to fix the roads that have been crumbling. Of course, if the worker should fall behind, late fees will make it all but impossible for them to catch up and leave them taking the risk of driving with expired tags. Of course, police cars have high tech scanners so it won't take long to pull them over, increase the financial burden with more fines and impound the car until registration, late fees, fines, and storage can be paid. Of course, storage fees are more than the average worker makes in a day, so the car ends up government property and is sold at auction.

Believing politicians care about you requires ignoring results.

 

Let me ask you this... Why are companies like Amazon supporting a $15 minimum wage? The more small mom and pops close down, the more business is driven to the large conglomerates that either can afford a $15 minimum wage or they can afford to automate the majority of their workforce.


Small businesses in the crossfire of Amazon’s $15 minimum wage push

 

You :mean services the gop wants without paying taxes.

 

Increasing the top tax rate is insufficient if the tax loopholes afforded the wealthy are not plugged. They have to begin paying tax rates really reflective of their high income bracket. No longer have the Warren Buffett's paying a lower actual tax rate than their secretaries.

 

Sorry, but business cycles were observed, studied and theorized about for a century before Keynes. Keynesian ideas are now certainly part of the discussion, but they are neither universally accepted nor uniformly applicable. To contrast Keynes with "trickle down" is a demagogue's rant, not an economist's argument.

 

There were two Trump stimulus bills, totaling $2.6T. There is now a third on the table. The economy will be just fine.

 

dems try to pass bills that benefit the people

repubs try to pass bills that benefit the rich

 

Unemployment benefits are due to run out for millions. But they’ll be fine ?

 

Only because, as ALWAYS, Democrats are elected to clean up another mess.,

 

Both parties have made and cleaned up messes. At this point, even if Biden gets all he asked for, Trumps share of stimulus spending will still be larger.

 

Interesting angle. Perhaps there is some underlying truth to that but it is ultimatly speculation and not a reason to not support higher wages.

 

Obviously not by republicans who have started 11 of the last 12 recessions. Are you now claiming Keynesian is not taught in schools...you’re now smarter.