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MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL???
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 2014-01-29 4:57 AM |
Member  1293    Pearland,Tx |  Subject: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL???http://money.cnn.com/2014/01/28/news/economy/minimum-wage-state-of-... Edited by strykergt 2014-01-29 4:57 AM |
| 2014-01-29 7:04 AM in reply to: strykergt |
Extreme Veteran 3025 Maryland | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? I DONT KNOW GUYS WHAT DO YOU THINK ABOUT THIS. |
| 2014-01-29 7:14 AM in reply to: 0 |
Regular 1023 Madrid | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? I don't think this is the headline grabber it appears to be. If I'm not mistaken isn't it raising the minimum wage just for new federal government contracts ? With Obama downsizing the military and post office effectively he's reducing benefit and pension obligations and increasing part time workers. Also isn't it by executive order which means his own party doesn't support it ? If he really wanted to do something positive he'd reduce payroll and income taxes to improve the general standard of living. I only kind of glanced over it so apologies if I misinterpreted the story. OK reread the story. He'll increase min wage for govt conr¡tract workers by executive decree and put the general population raise to congress. I still don't see how this helps in the long term other than to increase pay for part time workers. It might actually backfire as employers having to take on a 40% increase in payroll may even have to cut staff. Edited by gr33n 2014-01-29 7:37 AM |
| 2014-01-29 8:02 AM in reply to: gr33n |
Master 2946 Centennial, CO | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? So I'm not a big fan of Obama, and so this may sound critical, but he made the statement, "This will help families. It will give businesses customers with more money to spend. It doesn't involve any new bureaucratic program. So join the rest of the country. Say yes. Give America a raise." Then why does he need to do this by executive order. Why not just do it. If it is such a great idea and everyone can get behind it. Why does he have to circumvent congress.
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| 2014-01-29 8:06 AM in reply to: velocomp |
Extreme Veteran 3025 Maryland | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? Originally posted by velocomp So I'm not a big fan of Obama, and so this may sound critical, but he made the statement, "This will help families. It will give businesses customers with more money to spend. It doesn't involve any new bureaucratic program. So join the rest of the country. Say yes. Give America a raise." Then why does he need to do this by executive order. Why not just do it. If it is such a great idea and everyone can get behind it. Why does he have to circumvent congress.
because the republicans in congress reject any proposal he makes, simply because he makes the proposal. |
| 2014-01-29 8:36 AM in reply to: dmiller5 |
Regular 1023 Madrid | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? This is a lot closer to a zero sum game than a win win. If I'm a small business owner with mostly part time workers and my labor costs just went up by nearly 40% I've got 2 choices. Cut staff or raise prices. |
| 2014-01-29 9:09 AM in reply to: gr33n |
Champion 6993 Chicago, Illinois | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? As of today this probably effect 0 people. Its federal contractors and only affect new hires. If you are in charge of serving military men there lunch and that company is downsizing it will not affect that company one bit. If anything it might help people not lose there jobs because if your pay them 7.1 why fire them and hire someone at 10.10 |
| 2014-01-29 9:14 AM in reply to: gr33n |
Alpharetta, Georgia Bronze member | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? Originally posted by gr33n This is a lot closer to a zero sum game than a win win. If I'm a small business owner with mostly part time workers and my labor costs just went up by nearly 40% I've got 2 choices. Cut staff or raise prices. I was going to mention this but was sure I was missing something. So when the minimum wage is raised, business owners compensate by actions gr33n mentioned, right? Otherwise they would go out of business. Those people who suddenly "have more money to spend" are forced to spend it on the same things they were before just at higher prices, and it all evens out , no one is really better off. No? What am I missing? |
| 2014-01-29 9:17 AM in reply to: lisac957 |
Extreme Veteran 3025 Maryland | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? only businesses that were paying minimum wage to begin with would raise prices, so only the price of select things would go up. Not to mention that fact that big business is more profitable now than ever in our history compared to the wages payed to the employees. Many of them can afford it without raising prices. |
| 2014-01-29 9:26 AM in reply to: lisac957 |
| Deep in the Heart of Texas | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? Originally posted by lisac957 Originally posted by gr33n This is a lot closer to a zero sum game than a win win. If I'm a small business owner with mostly part time workers and my labor costs just went up by nearly 40% I've got 2 choices. Cut staff or raise prices. I was going to mention this but was sure I was missing something. So when the minimum wage is raised, business owners compensate by actions gr33n mentioned, right? Otherwise they would go out of business. Those people who suddenly "have more money to spend" are forced to spend it on the same things they were before just at higher prices, and it all evens out , no one is really better off. No? What am I missing? While there is some truth to that, the idea that the cost of widgets goes up proportionately to the increase of minimum wage assumes that labor costs are 100% of the expense of making the widgets. There likely will be increases, but it won't be one for one. Businesses are more likely to make up the difference in cutting jobs, cutting hours, and/or not adding new workers.
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| 2014-01-29 9:34 AM in reply to: Hook'em |
Champion 6993 Chicago, Illinois | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? I never understood the cutting jobs / hours if your making x widgets. if people can make 10 a day an you have 10 people that is 100 widgets a day. If your profit goes from $10 to $8 per widget but if you also go from 10 to 8 people then you are making 64 a day instead of 80. Not only that but if a machine is making the widget is idle that cost of the machine is now lost too. I can see if the demand dropped from 100 to 80 widgets. What if the demand for new widgets goes up because more people can afford them? |
| 2014-01-29 9:38 AM in reply to: 0 |
Member 1293 Pearland,Tx | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? i am going to stereotype here and i dont mean to sound like a racist: So Obama is about to give amnesty to Millions of illegals and he is already promising raises to them ??? Edited by strykergt 2014-01-29 9:38 AM |
| 2014-01-29 9:42 AM in reply to: 0 |
| Deep in the Heart of Texas | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? Originally posted by chirunner134 I never understood the cutting jobs / hours if your making x widgets. if people can make 10 a day an you have 10 people that is 100 widgets a day. If your profit goes from $10 to $8 per widget but if you also go from 10 to 8 people then you are making 64 a day instead of 80. Not only that but if a machine is making the widget is idle that cost of the machine is now lost too. I can see if the demand dropped from 100 to 80 widgets. What if the demand for new widgets goes up because more people can afford them? Because when faced with increased labor costs, businesses look to labor-saving devices such as increased automation, outsourcing, and getting more out of fewer people. Edited by Hook'em 2014-01-29 9:43 AM |
| 2014-01-29 9:48 AM in reply to: chirunner134 |
Champion 6993 Chicago, Illinois | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? if you can do that then why not do it now.? |
| 2014-01-29 10:28 AM in reply to: strykergt |
Champion 7821 Brooklyn, NY | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? Originally posted by strykergt i am going to stereotype here and i dont mean to sound like a racist: So Obama is about to give amnesty to Millions of illegals and he is already promising raises to them ??? You don't mean to, yet you do. How does raising the minumum wage for less than half a million government contracted workers have anything to do with illegals? |
| 2014-01-29 11:08 AM in reply to: chirunner134 |
Extreme Veteran 799 | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? Originally posted by chirunner134 if you can do that then why not do it now.? It is based on cost. Say you're making widgets and paying someone $8 an hour. You've looked into automation, but the cost of that would end up being $9. This automation cost would include original purchase price, maintenance costs, etc. So currently this isn't a good option, but if the cost of labor goes up to $10 an hour it is a simple decision. It may also be a company that could change to automation of off-shoring and lower costs, but that wants to employ people to help their community. If labor costs go up to a point that their product is no longer priced competitively they may have the choice to either automate or shutdown. I honestly don't think the above scenario would occur very often. I'm pretty sure everyone would survive if we increased the minimum wage, but I don't know if those that received more in wage would be much better off. If the earned income tax credit doesn't change, I don't believe many of them would end up with more money throughout the year. In another forum someone put in blog entry concerning the earned income tax credit that I found interesting. http://gregmankiw.blogspot.com/2013/12/the-eitc-is-better-than-mini... |
| 2014-01-29 11:14 AM in reply to: jmk-brooklyn |
Elite 4564 Boise | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? I don't have an answer but I do have some interesting facts. - Adjusted for inflation, the minimum wage today is about 30% lower than in 1968.  - Corporate profits are at an all time high  - Wages as a % of the economy are at an all time low   - Average household income, adjusted for inflation is down from a high of ~55k in 2000 to ~52k today  It is clear to me that a lot of the country is falling behind and they want something done. I don't know that there really is anything that can be done. Much of the standard of living for the last few decades has been based off of credit and economic growth. Now that we don't have the growth, the credit has become a huge drag. |
| 2014-01-29 1:21 PM in reply to: JoshR |
Extreme Veteran 799 | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? Originally posted by JoshR It is clear to me that a lot of the country is falling behind and they want something done. I don't know that there really is anything that can be done. Much of the standard of living for the last few decades has been based off of credit and economic growth. Now that we don't have the growth, the credit has become a huge drag. Isn't that what the earned income tax credit is for? If we raise minimum wage there will be a very large number of teenagers that have extra spending money for things like clothes and beer. With the tax credit, it just goes to those who support themselves and families. |
| 2014-01-29 1:36 PM in reply to: 0 |
Extreme Veteran 3025 Maryland | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? Originally posted by jmcconne Originally posted by JoshR It is clear to me that a lot of the country is falling behind and they want something done. I don't know that there really is anything that can be done. Much of the standard of living for the last few decades has been based off of credit and economic growth. Now that we don't have the growth, the credit has become a huge drag. Isn't that what the earned income tax credit is for? If we raise minimum wage there will be a very large number of teenagers that have extra spending money for things like clothes and beer. With the tax credit, it just goes to those who support themselves and families. Yeah things like clothes and beer......and college....... ETA: The majority of minimum wage income earners are not teenagers. Edited by dmiller5 2014-01-29 1:37 PM |
| 2014-01-29 1:49 PM in reply to: dmiller5 |
Pro 15655 | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? Originally posted by dmiller5 Originally posted by jmcconne Originally posted by JoshR It is clear to me that a lot of the country is falling behind and they want something done. I don't know that there really is anything that can be done. Much of the standard of living for the last few decades has been based off of credit and economic growth. Now that we don't have the growth, the credit has become a huge drag. Isn't that what the earned income tax credit is for? If we raise minimum wage there will be a very large number of teenagers that have extra spending money for things like clothes and beer. With the tax credit, it just goes to those who support themselves and families. Yeah things like clothes and beer......and college....... ETA: The majority of minimum wage income earners are not teenagers. What's the source for that? I'm asking, not calling BS, because this came up in a discussion outside of this board and I'm curious. |
| 2014-01-29 2:02 PM in reply to: Left Brain |
Extreme Veteran 3025 Maryland | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? |
| 2014-01-29 2:17 PM in reply to: dmiller5 |
Master 2946 Centennial, CO | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? Originally posted by dmiller5 Originally posted by velocomp So I'm not a big fan of Obama, and so this may sound critical, but he made the statement, "This will help families. It will give businesses customers with more money to spend. It doesn't involve any new bureaucratic program. So join the rest of the country. Say yes. Give America a raise." Then why does he need to do this by executive order. Why not just do it. If it is such a great idea and everyone can get behind it. Why does he have to circumvent congress.
because the republicans in congress reject any proposal he makes, simply because he makes the proposal. And Vice Versa... |
| 2014-01-29 2:20 PM in reply to: dmiller5 |
Master 2946 Centennial, CO | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? Originally posted by dmiller5 only businesses that were paying minimum wage to begin with would raise prices, so only the price of select things would go up. Not to mention that fact that big business is more profitable now than ever in our history compared to the wages payed to the employees. Many of them can afford it without raising prices. This is not true. Most of them are beholden to stock holder who will not stand to have their stocks devalued. |
| 2014-01-29 2:23 PM in reply to: 0 |
Member 1293 Pearland,Tx | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? Originally posted by jmk-brooklyn Originally posted by strykergt i am going to stereotype here and i dont mean to sound like a racist: So Obama is about to give amnesty to Millions of illegals and he is already promising raises to them ??? You don't mean to, yet you do. How does raising the minumum wage for less than half a million government contracted workers have anything to do with illegals? Theres alot contractors of government projects hire immigrants here in Texas . I bet ya the legalized illegals will be one of those start working with the contractors and be working in roads and bridges and they will get their share of $10.00/hr. Edited by strykergt 2014-01-29 2:24 PM |
| 2014-01-29 2:25 PM in reply to: strykergt |
Pro 15655 | Subject: RE: MIN WAGE $10./HR. DO KIDS NEED TO FIN. SCHOOL??? Originally posted by strykergt Originally posted by jmk-brooklyn Theres alot contractors of government projects hire immigrants here in Texas . I bet ya the legalized illegals will be one of those start working with the contractors and be working in roads and bridges and they will get their share of $10.00/hr. Originally posted by strykergt i am going to stereotype here and i dont mean to sound like a racist: So Obama is about to give amnesty to Millions of illegals and he is already promising raises to them ??? You don't mean to, yet you do. How does raising the minumum wage for less than half a million government contracted workers have anything to do with illegals? Good for them! |
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