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

Laughable.
This from a conservative rag that promotes trickle down.
Raising the minimum wage stimulates the economy. You do get that more money spent increase demand.

 

Yes, Beijing Donnie implied the coronavirus crisis was a hoax. As we all know, anytime Lying Donnie said something was a hoax, it turned out to be true.

 

It is a hoax. How many people do you know who have died from covid? How many that have died in car accidents? Case closed.

 

Well ... US are the homeland of the "poor jobs".
In Italy if you don't work you obtain more money from the state than American "poor workers".

It's a choice: what if US renounce to "poor jobs"?

 

Yes it does. It’s magic. It’s called spending....weeeooo

 

Sure. All those hospital workers are commies.

 

Well, we’d tell you all but it might be too big to grasp so, we’ll just say “bunches”.

 

By conservative logic, if we had everyone work for free, the economy would really flourish. Let’s start with all republicans. They should do their part and work for free....

 

Step one: close your business to the public. (Except walmart who we hate)

Step two: pay any employees that still have jobs a minimum of 15 an hour.

Step three: the energy your business needs now costs twice as much.

Step four: booming economy

Makes sense.

 

Households provide firms with resources, firms provide households with goods and services. Conservatives do not believe everyone works for free. That's a socialist idea.

 

It is magic! Why not a $50 minimum wage?

 

Trump has not set Biden up for success, in fact Trump set the economy up for a crash worse then 1929

 

when it needs to be, I will be there asking for it to be

if the right had their way, the min wage would be 50 cents an hour like my grandma was paid when she was young

 

More alternate reality.

 

How do you determine "when it needs to be?" Is there an actual economic criteria for determining these wage hikes?

 

same way we have in the past, when inflation has outpaced the min wage

the way I would do it is I would tie min wage increases to congresses cost of living increases - republicans in congress always seem to support that

 

So there isn't any economic rationale for the wage being at a particular level, only the increase.

 

how do they determine when Congress needs a "Cost of living" increase - tie it to that economic rationale

 

Since I can't justify a Congressional pay raise, nor do I think anyone else can, you're arguing the wrong point with me.

 

you asked how I would do it, I told you, that is the easiest way to make sure the min wage never falls this far behind inflation again

 

Do you have any statistics to back up this claim? Do you have any idea what mortgage interest rates were during the Jimmy Carter administration or what odd/even gas rationing was like?

 

https://evonomics.com/economists-agree-democratic-presidents-better-making-us-rich-eight-reasons/

 

Well this provides a single number for Republican and Democrat growth since 1945, i.e. for 75 years. Shouldn't we also consider inflation and debt in evaluating economic performance?

I know for me personally Jimmy Carter was about as bad as it could get. My economic state was pretty good under Clinton, e.g., I made a lot of money in the stock market. But on the other hand one could argue the Clinton was responsible for the subprime mortgage crisis.

As I have noted in PF many times, both parties spend money like drunken sailors.

I feel pretty sure not too many middle class people are going to get rich under Biden. But his rich backers will likely get richer.

 

I don't think it did say otherwise.
Think about every layoff. You always get rid of your least valuable workers.
So give the math a go using 7.25 for the low and $9 for the median.

 

The key word is up to 3.7 millions. Its between zero jobs and 3.7 million jobs killed. The CBO puts the estimate at 1.3 million. At the same time the wages of 17 million workers will be boosted, another 10 million might see their wages go up as well, and 1.3 million will be lifted out of poverty.