Minimum thought
Minimum thought
By The Mogambo Guru
To show you the kind of idiocy that passes for economics, The Wall Street Journal, in a story about the imminent rise in the minimum wage to $7.25 an hour from $6.55, notes that the Economic Policy Institute "estimates that the minimum-wage increase will add $5.5 billion to the economy" which makes me laugh - Hahaha! - in a mocking-yet-scornful way as my humble way of saying, "These guys are idiots!"
If another lousy 70 cents an hour will add $5.5 billion to the economy, then raise the minimum wage by $7 an hour and add $55 billion! Or raise the minimum wage by $70 an hour and add $550 billion! Hahaha!
So I've got a real Hot Mogambo Tip (HMT) for these Economic
Policy Institute ("a liberal think tank", says the WSJ) weenies: Wrong-o! Morons!
For one thing, money does not appear out of nowhere, including that $5.5 billion. It has to come from somewhere. And since these dorks obviously have no idea what in the hell they are talking about (which explains why the WSJ called them a "liberal think tank", which is a euphemism for "idiots in a room"), the fact is that the businesses that pay the higher wages are going to have to charge more for their output to make up for the higher labor expenses or make $5.5 billion less in profits, which does not even include the higher charges for the employer-half of taxes on wages, higher unemployment insurance premiums or other expenses linked to wages.
http://www.atimes.com/atimes/Global_Economy/KG16Dj01.html
Think again...
It is a blight on our society that people who work hard, many times even two or three jobs, cannot have a standard of living that enables them to live above the poverty level and to be able to pay their bills.
Creating communities that provide good jobs with decent pay should be an objective of every responsible business owner, because, as Henry Ford showed, if your employees make enough money to buy the products you make, your company will experience great financial and community success.
http://www.boston.com/bostonglobe/editorial_opinion/letters/...
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It is good and proper to respect the U.S. flag, perpetuated with the blood of American heroes. It is a fatal mistake not to recognize those who wrap themselves in the same flag to cover up their crimes against the American people.
~ Sherman H. Skolnick
. @ @ . Power to the People!
@ O @ -----> PEOPLE
. @ @ . NOT Corporate Entities!
Henry Ford was working...
with a dollar worth more than 4 cents.
The inflation of our times has created the desperation felt by all low-income earners. Raising wages means higher prices as well which will be spread to every consumer of a product or service.
That is nothing new!
The cost of living has risen higher and faster than the typical low income employee's wages have risen for decades.
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It is good and proper to respect the U.S. flag, perpetuated with the blood of American heroes. It is a fatal mistake not to recognize those who wrap themselves in the same flag to cover up their crimes against the American people.
~ Sherman H. Skolnick
. @ @ . Power to the People!
@ O @ -----> PEOPLE
. @ @ . NOT Corporate Entities!
don't forget
a higher minimum wage also equates to less employment...thus making a bad situation worse.
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Although Rick Perry may be a paid advertiser on the Daily Paul, both he and Kay Bailey Hutchinson are neo-cons. Instead, vote Debra Medina in the Republican primary for Governor of Texas.
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"the only thing that keeps the banking system from failing is general ignorance about how the banking system works."
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In his critique of raising the minimum wage,
Jeff Jacoby cites economists who have predicted that jobs would be lost as a result of such an increase. He's certainly not talking to owners of small or mid-sized businesses. We hire workers because there is work to be done, and we certainly do not lay off someone because we are "forced" to pay $7.25 an hour. As a business owner who employs more than 700 people, most of whom are part time (the majority of whom make more than the minimum wage), I am never troubled by the raise of a minimum wage. In fact, many local entrepreneurs I work with are promoting a "living wage", which helps move more people out of poverty.
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It is good and proper to respect the U.S. flag, perpetuated with the blood of American heroes. It is a fatal mistake not to recognize those who wrap themselves in the same flag to cover up their crimes against the American people.
~ Sherman H. Skolnick
. @ @ . Power to the People!
@ O @ -----> PEOPLE
. @ @ . NOT Corporate Entities!