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Thread: What a $10.10 hourly wage would mean

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    What a $10.10 hourly wage would mean

    Supporters of raising the federal minimum wage to $10.10 an hour say it will increase productivity, lower turnover and increase wages for 28 million workers.

    Critics contend that a higher minimum will hurt jobs and consumers.

    A new analysis from the nonpartisan Congressional Budget Office indicates that both sides have a point.
    The key takeaways from the CBO report: Gradually raising the federal minimum wage to $10.10 from $7.25 would boost the incomes of most low-wage workers and lift 900,000 out of poverty. But it could also result in the loss of 500,000 jobs.
    Is 500,000 workers a lot? On the one hand that's half a million people who will be hurt by a loss of income. But on a more macro level, the CBO said it represents only a 0.3% decrease in employment.
    Why could there be job loss? A mix of reasons. A higher minimum wage raises payroll costs for an employer. That employer may handle those higher costs in any of several ways: cut jobs, reduce worker hours, curb summer hiring, opt not to replace workers who leave; book lower profits; or raise prices on customers.
    Given the uncertainty of estimates, however, the CBO said there is a good chance the job loss resulting from a higher minimum could be much less than 500,000 -- or could go as high as 1 million jobs.
    White House economists said they think the effect could be close to zero job loss since businesses' higher payroll costs could be offset by lower turnover and higher productivity.
    In any case, the move would boost wages for most low-wage workers, according to the CBO. Its report estimates about 16.5 million workers who make less than $10.10 an hour would see higher earnings once the higher minimum is fully implemented in 2016, which Democrats in the House and Senate have been calling for.

    Raising minimum wage would ease poverty but cost some jobs - Feb. 18, 2014

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    Southern Strategy Liberal OldGaffer's Avatar
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    It is worth it, more money in the hands of consumers will actually create more demand, and thus jobs. Throw that supply side voodoo economics bullshit out the door.

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    Quote Originally Posted by OldGaffer View Post
    It is worth it, more money in the hands of consumers will actually create more demand, and thus jobs. Throw that supply side voodoo economics bullshit out the door.
    Its a false premise. Some people get more money, other people get less money. The reason price floors create a deadweight loss is because the dollars lost by people who lose exceed the value of the dollars gained by people. Fact is society is worse off in the aggregate because while the winners exert more demand, the losers exert less demand.

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    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by Upsettion View Post
    Its a false premise. Some people get more money, other people get less money. The reason price floors create a deadweight loss is because the dollars lost by people who lose exceed the value of the dollars gained by people. Fact is society is worse off in the aggregate because while the winners exert more demand, the losers exert less demand.
    16 million get more money, less than 500,000 get less, you call that a wash?

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    Senior Member Raoul_Duke's Avatar
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    Quote Originally Posted by OldGaffer View Post
    16 million get more money, less than 500,000 get less, you call that a wash?
    And everything goes up in price so yeah, it's a wash (except for those additional 500,000 people out of work). See how the liberal agenda refutes itself?

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    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by Raoul_Duke View Post
    And everything goes up in price so yeah, it's a wash (except for those additional 500,000 people out of work). See how the liberal agenda refutes itself?
    That 500k number was a guesstimate even from the CBO, they said it could be negligible. So fear monger all you want, wages need to go up, and they will, with or without your support.

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    Senior Member Raoul_Duke's Avatar
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    Quote Originally Posted by OldGaffer View Post
    That 500k number was a guesstimate even from the CBO, they said it could be negligible. So fear monger all you want, wages need to go up, and they will, with or without your support.
    Yeah, they said it could be as high as a million. And, judging from their track record on predictions, it will likely be more like five million. But hey, that's cool as long as you progressives get to make those evil capitalists pay, right?

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    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by Raoul_Duke View Post
    Yeah, they said it could be as high as a million. And, judging from their track record on predictions, it will likely be more like five million. But hey, that's cool as long as you progressives make those evil capitalists pay, right?
    Minimum wage needs to go up, it is at a historical low.

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    I hope it goes up, I could use a raise.

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    the "good" prag pragmatic's Avatar
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    Quote Originally Posted by OldGaffer View Post
    Minimum wage needs to go up, it is at a historical low.
    Don't disagree. But at a moderate pace....

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