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Thread: IMF To US: Raise The Minimum Wage

  1. #1
    Veteran Member Madeline's Avatar
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    IMF To US: Raise The Minimum Wage



    The International Monetary Fund on Wednesday cut its estimate for U.S. economic growth for this year from 2.4 percent to 2.2 percent, and urged several measures to reduce growing poverty in the country. Christine Lagarde, the IMF’s managing director, said the U.S. economy was “overall, in good shape,” but she highlighted four areas of concern: declining labor-force participation, lower productivity growth, income inequality, and “very high levels” of poverty.

    Boosting productivity growth is another policy imperative. Productivity gains must inherently be based in the private sector. But public policies can help. A better tax system, efforts toward more trade integration, better infrastructure, a stronger and more vocationally oriented education system would all support higher productivity growth.
    The full text of Lagarde's speech is found here:

    2016 Article IV Consultation with the United States of America: Concluding Statement of the IMF Mission

    The number one suggested means to reduce poverty was to increase the minimum wage.

    That surprises me, as I would have thought that was too risky. I have to assume the IMF knows more about economic impacts than I do.

    Your thoughts?

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    Cat-tastic Babba's Avatar
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    Well, since corporations' profits have risen considerably in the past decade but labor income hasn't, I can see how they would call for a minimum wage hike.

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    Veteran Member Madeline's Avatar
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    Call me dense, but I have trouble grasping how a huge increase in minimum wage can fail to injure small businesses.

  4. #4
    Cat-tastic Babba's Avatar
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    It is true that at first some small businesses will have difficulty adjusting. But once the adjustment is made, small business reaches equilibrium. But the minimum wage should be tied to inflation rather than governments arbitrarily raising it.
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    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by Babba View Post
    It is true that at first some small businesses will have difficulty adjusting. But once the adjustment is made, small business reaches equilibrium. But the minimum wage should be tied to inflation rather than governments arbitrarily raising it.
    Which should be around 12 an hour nationwide ATM, with more in very high cost of living areas. Someone should have that as a policy plank...oh, wait, they do.
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    Cat-tastic Babba's Avatar
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    Quote Originally Posted by OldGaffer View Post
    Which should be around 12 an hour nationwide ATM, with more in very high cost of living areas. Someone should have that as a policy plank...oh, wait, they do.
    Yes, $12 an hour in NYC is poverty wages.
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    Southern Strategy Liberal OldGaffer's Avatar
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    Over 50% of all workers earn less than $15 an hour. It is not just uneducated fast food workers, but many trained professionals and low level managers.
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    Veteran Member Kontrary's Avatar
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    Quote Originally Posted by Babba View Post
    Yes, $12 an hour in NYC is poverty wages.
    Thats homeless wages in NYC
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    Veteran Member Madeline's Avatar
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    Quote Originally Posted by OldGaffer View Post
    Over 50% of all workers earn less than $15 an hour. It is not just uneducated fast food workers, but many trained professionals and low level managers.
    Is this because they work more than 40 hours?

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    Veteran Member bajisima's Avatar
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    Quote Originally Posted by OldGaffer View Post
    Over 50% of all workers earn less than $15 an hour. It is not just uneducated fast food workers, but many trained professionals and low level managers.
    I think when people think of per hour it doesn't resonate. If we translate it to a salary, 15 dollars an hour is 31,000 dollars a year. Believe the average in the entire country is around $44,000. Pretty amazing. Our school district hires entry level teachers for far less than that.

    The average American made $44.6K last year
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