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Thread: Boosting the economy from the bottom up

  1. #11
    Southern Strategy Liberal OldGaffer's Avatar
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    https://psmag.com/economics/trickle-...-indeed-a-joke

    The IMF report, authored by five economists, presents a scathing rejection of the trickle-down approach, arguing that the monetary philosophy has been used as a justification for growing income inequality over the past several decades. "Income distribution matters for growth," they write. "Specifically, if the income share of the top 20 percent increases, then GDP growth actually declined over the medium term, suggesting that the benefits do not trickle down."

    According to the IMF, countries looking to boost economic growth should concentrate their efforts on the lower segments of society rather than bolstering so-called "job creators" with tax breaks. The study results suggest that raising incomes for the poor and middle class yields measurable improvements to the national economy: Increasing the income share to the bottom 20 percent of citizens by a mere one percent results in a 0.38 percentage point jump in GDP growth. By contrast, increasing the income share of the top 20 percent of citizens yields a decline in GDP growth by 0.08 percentage points.
    But what would the economists at the International Monetary Fund know, right? Just more people with too much education...and wasting time doing phony "scientific studies", right?
    Thanks from BigLeRoy

  2. #12
    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by Kallie Knoetze View Post
    Mr. Swimmer,

    With regard to the restaurant industry, aren't all goods produces mostly by minimum wage workers?
    No.

  3. #13
    Veteran Member TNVolunteer73's Avatar
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    Quote Originally Posted by RNG View Post
    Now ask yourself this. Why are the markets booming and the middle class dying?
    The middle class WAS DYING

    the cutting of regulations and promises of tax cuts. Middle class is changing in the US it is growing because since trump became POTUS, 1,000,000+ part time jobs (28hour/week or less) have been upsized to 40 hours/week. and 500,000+ new jobs have been created.

  4. #14
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    Quote Originally Posted by OldGaffer View Post
    No.
    Mr. Gaffer,

    Sorry, the correct answer is "yes, yes of course you are correct Mr. Knoetze."

    Which industry needs minimum wage workers the most? - ABC15 Arizona

    But thank you for playing. We have some nice parting gifts for you.

  5. #15
    Moderator libertariat720's Avatar
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    Quote Originally Posted by RNG View Post
    Let me preface the main thrust of this post by saying that up until about 12 years ago I was a trickle down believer. Then I retired and got the time to study it and I am now the opposite. But here is an issue that I am not sold on, either way.

    An op-ed appearing on the CBC site today reports on a study done by the National Employment Law Project which says that in fact increasing minimum wage has a "trickle out" effect and in fact increases employment. (My phrase.) Both the op-ed and the study are linked below.

    Their claim is that from studying US data from the 1930s till now, they have concluded that not only did increasing the minimum wage not hurt employment, about a year after each federal minimum wage the employment figures increased.

    I had a chat with Mr. Google and could learn very little about the NELP. One hit was a "help wanted ad" for a position as Senior Policy Analyst under a Harvard Law School letterhead.

    Comments?

    'Boosting the economy from the bottom up': Why minimum wage hikes are a good thing - Business - CBC News

    http://www.nelp.org/content/uploads/...orrelation.pdf
    Then why is $15 an hour the threshold? Why not $18 an hour? What about $25? $50? Who made up this arbitrary number?

    Seattle enacted the minimum wage law a couple years ago. It hasn't worked out the way NELP has purported.


  6. #16
    Southern Strategy Liberal OldGaffer's Avatar
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    One word: Australia

  7. #17
    RNG
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    Quote Originally Posted by Kallie Knoetze View Post
    Mr. Swimmer,

    With regard to the restaurant industry, aren't all goods produces mostly by minimum wage workers?
    Bought any beef lately? Looked at rent for the space?

    There are lots of other costs going into the meal you get.

  8. #18
    Southern Strategy Liberal OldGaffer's Avatar
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    Quote Originally Posted by libertariat720 View Post
    Then why is $15 an hour the threshold? Why not $18 an hour? What about $25? $50? Who made up this arbitrary number?

    Seattle enacted the minimum wage law a couple years ago. It hasn't worked out the way NELP has purported.

    Your chart is two years out of date and only show 4 months of the time period that included the minimum wage increase. What is the job status RFN in Seattle?
    Thanks from RNG

  9. #19
    Southern Strategy Liberal OldGaffer's Avatar
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    Newer charts that come up to Jan/2017

    https://www.forbes.com/sites/erikshe.../#438bb6683579

  10. #20
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    Quote Originally Posted by RNG View Post
    Bought any beef lately? Looked at rent for the space?

    There are lots of other costs going into the meal you get.
    Mr. RNG,

    In virtually every industry, labor represent the greatest overhead and the greatest risk.

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