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Minimum wage hike would kill a half-million jobs: CBO

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posted on Feb, 18 2014 @ 04:37 PM
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Their recent report says 500,000 jobs could be in jeopardy.
reply to post by xuenchen
 


I am likely older than you, but in my lifetime I have seen the minimum wage raised twice since I started working. Both times you heard gloom and doom scenarios out of corporations....and do you want to know what happened? NOTHING.

Corporations have been making obscene profits and simply don't want to share. If workers wages had kept pace with production increases and cost of living....we should have a minimum wage of approx $24 per hour.

A time is coming where the middle class will have been destroyed and a permanant underclass will have been created. Things have never been so good for those with wealth.

All this is simply fear mongering.....their favorite tactic.
edit on 18-2-2014 by deadcalm because: (no reason given)




posted on Feb, 18 2014 @ 04:37 PM
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reply to post by RomeByFire
 


In your opinion, what would hurt the economy?

Is 20.00/hr too much?
25?
30?

What's the threshold, in your humble opinion, for economy pain?



posted on Feb, 18 2014 @ 04:40 PM
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reply to post by deadcalm
 





posted on Feb, 18 2014 @ 04:44 PM
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What's the threshold, in your humble opinion, for economy pain?
reply to post by beezzer
 


The only reason the economy is in trouble is because 90% of the economic gains in our society go straight to a tiny percentage of the population. They have captured our regulators and politicians. The law has been scewed in their favour. The banking and financial system is rife with corruption.

Until those issues are solved....there will be no meaningful raise in the minimum wage....nor will there be any recovery. We have to get money out of politics.

Even at $10.10 an hour you still aren't making a living wage.



posted on Feb, 18 2014 @ 04:50 PM
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reply to post by deadcalm
 


I keep hearing how raising the minimum wage would be such a good thing for the economy (by proponents).

My thought is this; if it were good for the economy, then wouldn't business have raised it on their own?

Or does business want to make less money?

But how does that make them greedier if they make less in a poor economy, and more in a good economy, and raising minimum wage would be good (as stated by proponents) for the economy?


It doesn't make sense to me.

Are corporations greedy? Sure.
Do they want more money? Sure.
Would they make more in a good economy? Sure.

In a bad economy they make less money. That's not good for greed.

So why aren't they raising the minimum wage on their own? They have the ability to pay whatever they want!

I'm no rocket surgeon, but even I see a dichotomy here.



posted on Feb, 18 2014 @ 04:55 PM
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reply to post by beezzer
 


The chart you cite is specific to teenagers....I'm talking about adults...you know...the ones who actually drive the economy.

Nice try though. Although teens do spend...they account for a very tiny percentage of economic spending. Just over 200 million dollars in 2012 the US....of course that was all money spent on them and by them. Teens actually made 91.1 million themselves...so again the vast majority of spending is done by the ADULTS.

www.statisticbrain.com...



posted on Feb, 18 2014 @ 04:58 PM
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deadcalm
reply to post by beezzer
 


The chart you cite is specific to teenagers....I'm talking about adults...you know...the ones who actually drive the economy.

Nice try though. Although teens do spend...they account for a very tiny percentage of economic spending. Just over 200 million dollars in 2012 the US....of course that was all money spent on them and by them. Teens actually made 91.1 million themselves...so again the vast majority of spending is done by the ADULTS.

www.statisticbrain.com...


Ok. The chart is for teens. Mea Culpa.

But my previous post still stands, if raising the minimum wage would be good for the economy, and a good economy means more money for business, then why doesn't business raise the minimum wage on it's own?



posted on Feb, 18 2014 @ 05:05 PM
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In a bad economy they make less money. That's not good for greed.
reply to post by beezzer
 


Let me see if I can simplify this. In a bad economy corporations get rid of employees to maintain profit margins for shareholders. This strategy has worked very well in the past....but won't for much longer.

You see...it's like this. The CEO's of these companies don't really care about the long term stability of the company beyond there time at said company. While that CEO is there, it is to his benefit to have profits as high as possible....assuring that he will get a great big bonus cheque at the end of the year. Raising the minimum wage would lessen that CEO's bonus cheque....meaning he isn't going to do something that will jeopardize his golden bonus.

I say it's different this time because this time the jobs will never be coming back. Even if the economy picks up these jobs will not be coming back....they have been shipped to third world countries where they will work for $2 dollars a day and no bathroom breaks. Americans simply can't work for these amounts....

Simply put....it makes little long term sense....but it the short term it makes perfect sense. After all....when society goes to hell....these CEO fatcats will be a long way from the suffering that the rest of humanity will have to endure.

Short answer....shortsightedness and greed are a powerful combination.



posted on Feb, 18 2014 @ 05:11 PM
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Raise the minimum wage all you like. I own a business and here is exactly what will happen.

I need a certain amount of my business to go right into my pocket. Currently due to a weak economy I am at what can only be called the smallest profit margins I have ever worked with. Anything that increases my operating costs at this point will be passed directly to the consumer.

Raise it to $30.00 an hour for all I care, I will charge what I need to charge my clients to make up for the loss.

Only a wage slave dumb ass does not realize this simple fact. Raise the minimums, costs for everything goes up. Get used to paying more money for services and goods than you should. All to support people that have no education or skills to earn more.



posted on Feb, 18 2014 @ 06:03 PM
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reply to post by Mamatus
 


Then we don't raise the minimum wage....people can't afford to shop at your business cause they can't even afford rent. When people are poor they get desperate....crime rates go up....society as a whole suffers. Kids don't eat....don't go to school....never get an education cause the cost of an education is INSANE and only getting worse.

More importantly....you'll end up paying in the end one way or the other....either through your taxes, which pay for their food stamps, welfare....ect, or you can see the minimum wage raised. Which means that someone will have the money to do business with you. After all...these folks will spend that money in their communities....meaning more velocity of money....meaning a stronger economy....meaning you don't go out of business in a long slow burn....which is going to happen anyway if something doesn't change....and soon.



posted on Feb, 18 2014 @ 06:50 PM
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reply to post by xuenchen
 


The problem I personally see, as an outsider, the American job market as being overly "widened". The wage caps between different jobs have become very significant compared to other nations. Technically there would lie no issue in raising the minimum salary higher, while keeping the prices same (or slight raise of price), although the problem lies in the money going up. I am not talking about some absolute equality based on position in the company, but the difference is signicant compared to most other nations and that is also the reason why the minimum wage tends to be lower.

The lower employees in US often make even less than similar jobs in other advanced countries, on the other hand the top makes significantly more. The money goes up. For example, a McDonalds employee might make 20k in US and 40k here, although the higher employees make 100ks a year in US, while here they earn 80k here. That is where the difference happens.

I can bring an example of an engineering company I stayed for a while in US. I used to work for the same company in another country as well. In US, the newer employees were usually either interns or got really low salary, while the CEO was making nearly 400k a year and all senior employees over 100k a year. In the other country, even the interns were paid reasonably well, nearly average salary of the country. Medium-level, roughly 2 averages and ceo under 3 average salaries.

I personally see raising the minimum salary as the only viable option, the prices will not rise significantly (maximum 10-20% on some less needed products), as the competition is still there and companies the one who can keep the lowest prices wins, this time though the lower prices are less dependent on the underpaid employees.



posted on Feb, 18 2014 @ 07:03 PM
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I am all for this, as long as small businesses pay less in taxes, that is.

Second line.



posted on Feb, 18 2014 @ 07:06 PM
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reply to post by rickymouse
 


They don't pay their loans until after college and most likely they will land a job that pays more than the minimum. Minimum is for teenagers. I used to make $5.50 an hour and moved up, way up. It's not meant to be permanent. I rather have a job then not have a job.



posted on Feb, 18 2014 @ 07:11 PM
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reply to post by xuenchen
 


What if we made the minimum wage one dollar per hour? Wouldn't that encourage businesses to hire massive numbers of employees? Our "jobless numbers" would fall like a stone, and there would be no downside that I can see. Sure, workers would have to work an extra job or two maybe, but that's what America is all about isn't it? Hard work? They may still be hungry, but they would be working and have their self respect. Maybe more importantly, they would have the respect of Sean Hannity. Seems like a no-brainer.



posted on Feb, 18 2014 @ 07:20 PM
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I see so much crying about raising the minimum wage so that the jobs that require next to no skill sets can pay a livable wage. What does that mean for entry level jobs that require some skill?? Are they going to scale up to make them worthwhile jobs? Very doubtful. You can rail against the evil corporations all you want, but without them there are no jobs period, unless you have the ability to start your own business. In which case you get to deal with all the extra hoops our friends trying to raise the min wage have set up. Permits, licenses and inspections all the fun hurdles you get to go through before even worrying about actual costs of day to day running. If you notice the trend when you work that unless you are a ceo or other corporate big wig, lots of people get a piece of your pie. The gov't wants it's taxes from the federal level on down, if you are in a union then hey gotta pay your dues and lets face it just going to work requires transportation and related expenses [unless you live close enough to walk]. So pardon me if I doubt our politican's [who do tend to come from monied backgrounds in both parties] actually are going to have the results come out positive.



posted on Feb, 18 2014 @ 07:30 PM
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zazen
reply to post by xuenchen
 


What if we made the minimum wage one dollar per hour? Wouldn't that encourage businesses to hire massive numbers of employees? Our "jobless numbers" would fall like a stone, and there would be no downside that I can see. Sure, workers would have to work an extra job or two maybe, but that's what America is all about isn't it? Hard work? They may still be hungry, but they would be working and have their self respect. Maybe more importantly, they would have the respect of Sean Hannity. Seems like a no-brainer.



Careful !!!

Some people might take that and like it !!




posted on Feb, 18 2014 @ 07:39 PM
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reply to post by Chrisfishenstein
 


You are missing the point. I already have a ton of student loans, I do not want to take out more loans that I could not possibly pay back. That would be dumb and irresponsible.

Moving is flat out not an option. We could move so I could find work, but then we would be in the reverse boat where my husband couldn't find work like we were 6 months ago.

No the jobs aren't out there, depending on your location. I spend my days days at the local employment services but I am limited by the fact that that I can not work in the food industry do to food allergies. I am not picky other than that.



posted on Feb, 18 2014 @ 07:58 PM
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Anyone buying a bridge?

Sure they want you to believe they cant afford to pay people 10$ an hour.

Burn these "capitalist" to the ground.



posted on Feb, 18 2014 @ 08:02 PM
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I see Obamacare costing over 500,000 jobs and they will blame the mininum wage increase.

It is a win win for tge politicians.

They need sonething to blame, guess what? You are next.

If you work, you are to blame.

Hell, i'm union. It's already my fault(sarcasm).



posted on Feb, 18 2014 @ 08:13 PM
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deadcalm
reply to post by Mamatus
 


Then we don't raise the minimum wage....people can't afford to shop at your business cause they can't even afford rent. When people are poor they get desperate....


People that live on minimum wage can't afford to use my business. Trying to speak economics to folks that have never owned a business does not seem to stick. I gave up trying a long time ago.



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