Top Economists Are Backing Sen. Bernie Sanders on Establishing a $15 an Hour Minimum Wage

Over 200 signatures from top billed economists sign on in support of a $15 an hour wage:

We, the undersigned professional economists, favor an increase in the federal minimum wage to $15 an hour as of 2020. The federal minimum wage is presently $7.25, and was most recently increased in 2009. We also support intermediate increases over the current federal minimum between now and 2020, such as a first-step raise to $10.50 an hour as of 2016. The real, inflation-adjusted, value of the federal minimum wage has fallen dramatically over time. The real value of the federal minimum wage peaked in 1968 at 10.85 an hour, 50 percent above the current level. Moreover, since 1968, average U.S. labor productivity has risen by roughly 140 percent. This means that, if the federal minimum wage had risen in step with both inflation and average labor productivity since 1968, the federal minimum wage today would be $26.00 an hour. (References for all data cited in this petition can be found here: www.peri.umass.edu...)

If a worker today is employed full time for a full 52-week year at a minimum wage job today, she or he is making $15,080. This is 21 percent below the official poverty line for a family of three. Raising the minimum wage to $15 an hour would deliver much needed living standard improvements to 76 million U.S. workers and their families. The average age for these workers is 36 years old and they have been in the labor force for an average of 17 years. Only 6 percent of the workers who would benefit from this minimum wage increase are teenagers; i.e., 94 percent are adults.

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Today the corps (corporations) reap record profits, the worker earns less and less, one must question why this is?

Yes.

This is one way to purge the public assistance dependency dilemma.



Let's hope it doesn't create a new dependency group.

They are stupid that's why.

More money in less hands is better for the economy.

More money in more hands is bad for everyone.

God did you guys go to some public school for poor kids?

a reply to: AlaskanDad

I guess I won't be buying hamburgers any more.....

a reply to: nwtrucker

Good buy a salad. Maybe you won't have a heart attack after sitting in a truck eating cheeseburges for 20+ years.

Better for everyone.

Define "top economist."

originally posted by: onequestion
They are stupid that's why.

More money in less hands is better for the economy.

More money in more hands is bad for everyone.

God did you guys go to some public school for poor kids?

It’s Not What You Think,
but Why You Think It

www.asis.org...

I think a big raise in minimum wage should have happened at a time like the 90's, during the e-boom. A time when there are plenty of people spending plenty of money, and then carry that momentum over to higher wages. Doing it now, when people aren't spending money, well, say good-bye to your local used book store, your local small diner that you stop at for coffee and breakfast every now and then, good-bye to all the small businesses, and hello corporate America. Starbucks on every corner, and WalMart in every shopping center.

a reply to: whatmakesyouright

I think a big raise in minimum wage should have happened at a time like the 90's, during the e-boom.

Problem. The E-boom was based on nothing but speculation. That's why it collapsed.

A time when there are plenty of people spending plenty of money, and then carry that momentum over to higher wages.

Money that only existed when people sold their shares to suckers. That's a formula for massive inflation which really doesn't help people at the bottom of the ladder.

One of the issues I take with this is even most professional positions in small towns start under 15 dollars an hour. Ask your local cops and fireman what they start at in populations less than 10,000....key here is what they "start" at. You will find most are under 15 bucks an hour.

I'm cool with minimum wage being raised but I think you will see more people skip college and settle for an easier job...why be in debt after school when you can make 30k a year as a stress free janitor? And im in no way knocking janitors as cleaning around the house is one of the most relaxing things I do...I oddly enjoy cleaning and find it soothing...id love to do it for 15 bucks an hour.

This is just something im thinking of I honestly have no clue how this would turn out but id rather take a chill job for 15 bucks an hour than a hustle and bustle job for 20....

a reply to: Phage

True, but the "fake money" could have spread more evenly to the working class.

I'm not saying we need another E-boom, but some sort of technological advancement that creates jobs, lots of jobs. We need to invest in engineers and scientists as a nation, not bankers. We need people building, inventing, creating.

a reply to: whatmakesyouright
Yup.
What we don't need is encouragement for people to flip burgers. Encouragement in the form of a "living wage." Encouragement to do "good enough."

a reply to: whatmakesyouright

They aren't telling you this but the world has millions of engineers graduating every year and with the corporate take over of the world and global integration we need even less of them every year.

originally posted by: Phage
a reply to: whatmakesyouright
Yup.
What we don't need is encouragement for people to flip burgers. Encouragement in the form of a "living wage." Encouragement to do "good enough."

Do you enjoy going out to eat for dinner with your wife and kids?

Probably.

But those pieces of crap making your food are worthless right?

originally posted by: onequestion
a reply to: whatmakesyouright

They aren't telling you this but the world has millions of engineers graduating every year and with the corporate take over of the world and global integration we need even less of them every year.

Creeping Kapitalism is taking over creeping Socialism.

It worked for the Soviet Union satellites changeover and China (so far).

Maybe even Cuba soon.

a reply to: onequestion

Do you enjoy going out to eat for dinner with your wife and kids?

No wife, but I do enjoy going out with my daughter.

But those pieces of crap making your food are worthless right?

When I go out, we don't go to McDonald's.

a reply to: Phage

What's the difference between cooking a cheeseburger at McDonald's and In'n''out?

a reply to: onequestion

I don't what an "In'n"Out" is but I probably wouldn't go out to one of those either.
I go to restaurants that can cook better than I can. For a reason.

a reply to: Phage

You have no idea what it is but you'd probably never go there?

a reply to: onequestion

Yup.
Based on the name, it sounds like a fast food place.

Or a porno.