tag:blogger.com,1999:blog-582368152716771238.post7043043931940651956..comments2024-03-29T07:18:14.271-05:00Comments on The Grumpy Economist: Two cents on the minimum wage John H. Cochranehttp://www.blogger.com/profile/04842601651429471525noreply@blogger.comBlogger58125tag:blogger.com,1999:blog-582368152716771238.post-18667281738686960982014-09-19T00:51:54.866-05:002014-09-19T00:51:54.866-05:00What ever may be the wages the question rises whet...What ever may be the wages the question rises whether its meeting the requirements of the labors or not. After struggling for a long while if the minimum wage would not be able to meet the requirement of the labor then its kinda no use at all. Any contractor employing labors under his supervision has to follow up with the latest terms and conditions legally which keeps utmost importance with the segment. Here is one web link I encountered that defines the latest and updated norms for the legal terms. Check it out here - <a href="http://www.replicon.com/labor-law-compliance" rel="nofollow">http://www.replicon.com/labor-law-compliance</a>Anonymoushttps://www.blogger.com/profile/12142361861338859667noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-31923294160539837742014-04-12T23:40:46.384-05:002014-04-12T23:40:46.384-05:00Just want to say that the idea that minimum wage i...Just want to say that the idea that minimum wage is just for "teenagers and young adults" is BS. Look at small towns in rural areas and find that the only employment besides educators at the local school and the farmers way out in the sticks are: Wal-Mart, grocery stores, gas station/quick shops, fast food joints (and one feed store in my home town). Grown adults working many to all of these jobs with teenagers struggling to find a part time work through high school because the employers know the adults need the work more. I know this because that's where I grew up and many others scattered across the country are as well. I worked along side these adults with 2-4 kids. I saw them scraping by to afford payments on their trailers and beat up cars that were rusting away. <br /><br />The idea you want think that allowing the employer the chance to pay them less is ridiculous! All it does it pad the employers' wallets with very little trickle down. Many times the argument is, "If they aren't going to pay what you want, then go somewhere that pays better." Well what if there is no alternative? What if all these places, that know they hold the only chance of employment, offer spare change for a full day's work? Tell the workers, "Take it or leave it"? Of course they'll take it! Because they have to. This would lead to the sweat shops and what is practically slave labor.<br /><br />Basically, minimum wage="I'd pay you less if I could". <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-71787330804095247362014-02-28T12:34:46.257-06:002014-02-28T12:34:46.257-06:00"Minimum wages are about teenagers and young ..."Minimum wages are about teenagers and young adults"<br /><br />That is contradicted by BLS statistics:<br />http://www.bls.gov/cps/minwage2012.pdf<br /><br />"Minimum wage workers tend to be young. Although workers under age 25 represented only about one-fifth of hourly paid workers, they made up about half of those paid the federal minimum wage or less. Among employed teenagers paid by the hour, about 21 percent earned the minimum wage or less."<br /><br />So your thesis seems to be incorrect from a few angles.:<br /><br />1. Because young adults make up half of the low wage earners it as much about young adults as it is about older workers.<br /><br />2. Only 20% of working teenagers get paid minimum wage(or less). So to make a general statement about how low wage jobs is crucial to teenage work experience is just not matching the numbers.<br /><br />3. Is older worker, who needs a job, taking a job that a teenager would otherwise get really a bad thing?Antonhttps://www.blogger.com/profile/04526767009751543296noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-28907409849404297172013-02-28T08:19:55.191-06:002013-02-28T08:19:55.191-06:00If the workers at McDonalds were capable of doing ...If the workers at McDonalds were capable of doing the financial analysis you suggest, they wouldn't be working at McDonalds, nor would their wages be a concern.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-33655839394515884172013-02-27T15:51:56.106-06:002013-02-27T15:51:56.106-06:00If unions were bad for the economy, it should be b...If unions were bad for the economy, it should be booming right now! The economy also should have been struggling when union membership was at it's peak in the 1950s and 1960s. Unfortunately for union bashers, the opposite is true.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-54127324224506420852013-02-27T15:46:20.723-06:002013-02-27T15:46:20.723-06:00OK, you're on. I'll bet you two rounds of...OK, you're on. I'll bet you two rounds of caipirinhas to be taken at the Veloso Bar in Ipanema, where we can watch for a moça dourada or some other equally beautiful sight. See you there in four years when the dismal presidency of Obama is finally over. I'll be the unemployed dude drinking at the bar. Saude!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-56374755340791416622013-02-27T13:52:38.357-06:002013-02-27T13:52:38.357-06:00I would love to take a bet on that. Too bad you ar...I would love to take a bet on that. Too bad you are anonymous (like me)."O" Anonimohttps://www.blogger.com/profile/07896236826318022479noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-28258481486878390992013-02-27T09:03:37.878-06:002013-02-27T09:03:37.878-06:00It is bad for one person to consume 100 apples in ...It is bad for one person to consume 100 apples in 1 hour. By your logic, it would also be bad to consume 1 apple in 1 hourAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-38933332969503013312013-02-26T22:47:05.054-06:002013-02-26T22:47:05.054-06:00Here's another theory -- Obama wants to raise ...Here's another theory -- Obama wants to raise the min wage in anticipation of the Bernanke inflation hitting. Why wait for inflation to raise nominal wages when you can do it ahead of time? Maybe the $20 nominal wage, with a real of $6.50 in today's money, is not far ahead? Care to take a bet on that?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-6118261548115067762013-02-26T16:55:25.917-06:002013-02-26T16:55:25.917-06:00Heck why not $100 ? I know I want to eat $500 ste...Heck why not $100 ? I know I want to eat $500 steaks and drive a 3 million dollar car, doesn't everyone?KyleNhttps://www.blogger.com/profile/15766641765942339253noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-82476601728533570782013-02-26T16:34:41.143-06:002013-02-26T16:34:41.143-06:00It's all about the unions:
http://online.wsj....It's all about the unions:<br /><br />http://online.wsj.com/article/SB10001424127887324048904578318541000422454.html?KEYWORDS=minimum+wage+union+support<br /><br />Berman explains that many (unknown exactly how many) union contracts are tied to the minimum wage. That is, raising the minimum wage will force increases in union wage levels for many industries. The effect -- less employment across the board, but a victory for unions. Is this President political? Nah, that would be too simple an explanation .....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-89608672378528303062013-02-26T11:40:25.713-06:002013-02-26T11:40:25.713-06:00Which part of my view is not reality? Productivity...Which part of my view is not reality? Productivity is increasing, but incomes for the middle class aren't going up as fast. Why do you think they have so much debt?<br /><br />Sure, incomes for most people have outpaced inflation. But remember what inflation measures - the price of the same basket of goods and services over time. The only way living standards can increase is if incomes also rise with productivity. Otherwise, you fall behind.<br /><br />If you have an income that is the same (adjusted for inflation) as it was in 1980, you can only afford a 1980s lifestyle. No cell phone. No internet. No MRI. No Airbags in your car, etc.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-33303056479735708392013-02-25T19:26:06.111-06:002013-02-25T19:26:06.111-06:00Normally I would delete obvious spam like this, bu...Normally I would delete obvious spam like this, but I thought blog readers might enjoy the humor. Greg Mankiw says "why not $20?" I guess these guys took it seriously!John H. Cochranehttps://www.blogger.com/profile/04842601651429471525noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-58046074568976575782013-02-25T18:51:39.949-06:002013-02-25T18:51:39.949-06:00Please sign the We the People! petition: Raise min...Please sign the We the People! petition: Raise minimum wage to $19 per hour.<br />http://wh.gov/ve6g<br /><br />If the petition meets the signature threshold, it will be reviewed by the Administration and the Administration will issue a response.<br /><br />The petition applies relevant aspects of the White House rationale for raising the minimum wage to $9 per hour.<br />http://www.whitehouse.gov/the-press-office/2013/02/13/fact-sheet-president-s-plan-reward-work-raising-minimum-wage<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-77332869373313941562013-02-25T18:41:26.595-06:002013-02-25T18:41:26.595-06:00Your view is simply not reality. The way to increa...Your view is simply not reality. The way to increase incomes is through productivity increases. A mandated rise in the minimum wage, on top of not really helping anyone since it will only increase prices, would do nothing positive to increase productivity.<br /><br />Furthermore, I think that the actual buying power of the low wage workers has actually increased in the last twenty or so years, certainly as a result of both technology and the lowered consumer prices due to globalization. You cannot simply look at income but you have to also look at what that income can purchase.KyleNhttps://www.blogger.com/profile/15766641765942339253noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-66033426399408272722013-02-25T13:01:38.427-06:002013-02-25T13:01:38.427-06:00Many incomes at the low end are based on the minim...Many incomes at the low end are based on the minimum wage. Hotel housekeeping staff, Walmart employees, etc.<br /><br />Since we produce roughly 2% more per year on average, consumption must also increase about 2% per year. The only way this is sustainable is if incomes of consumers increase about 2% more than inflation. The fact that lower/middle incomes haven't kept up with production is a big part of our economic problems. Until 2007, consumers borrowed to make up for lagging incomes. Now that they are deleveraging, the economy is weak - and will continue to be weak until incomes increase or borrowing resumes. Which is sustainable?<br /><br />There is no getting around the fact that low consumer incomes = low consumption = weak growth. Legislation isn't a perfect way to achieve higher incomes but the only other realistic options isn't ideal either - more unionization and more strikes.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-67539429556425100492013-02-25T12:37:38.653-06:002013-02-25T12:37:38.653-06:00That's what unions used to do. The fact they a...That's what unions used to do. The fact they are irrelevant in the US today is one of the main reasons for falling worker pay and "free trade" with China...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-74991422459146112352013-02-24T16:39:06.030-06:002013-02-24T16:39:06.030-06:00Paying wages above the market rate does not cause ...Paying wages above the market rate does not cause waste?Falstaffhttps://www.blogger.com/profile/06865552505521389155noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-52482653090541372012013-02-24T16:37:25.970-06:002013-02-24T16:37:25.970-06:00No, TexasNo, TexasFalstaffhttps://www.blogger.com/profile/06865552505521389155noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-79820630804645221312013-02-24T16:36:53.164-06:002013-02-24T16:36:53.164-06:00No, Texas.No, Texas.Falstaffhttps://www.blogger.com/profile/06865552505521389155noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-54957504499858985002013-02-23T10:49:09.433-06:002013-02-23T10:49:09.433-06:00The one price that the public and government's...The one price that the public and government's are completely in love with fixing, is also the one price that can be fixed without causing waste. Must be destiny.Elihttps://www.blogger.com/profile/08248125800491388232noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-12174857893034921592013-02-22T10:01:29.078-06:002013-02-22T10:01:29.078-06:00Nothing you said is actually factual.Nothing you said is actually factual.KyleNhttps://www.blogger.com/profile/15766641765942339253noreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-1527683341053744032013-02-22T09:03:29.229-06:002013-02-22T09:03:29.229-06:00It seems to me that the picture of South Chicago i...It seems to me that the picture of South Chicago is exactly what one would expect from a policy of free trade. There are no jobs, for they have all been shipped to China.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-21179100435638636552013-02-22T08:57:42.136-06:002013-02-22T08:57:42.136-06:00John
You have convinced me.
Instead, why don&#...John<br /><br />You have convinced me. <br /><br />Instead, why don't we let workers set their wages by the same means as the boss does.<br /><br />Take your favorite restaurant, McDonalds. The head of that outfit has appointed several of his friends to a committee that sets his compensation, with full access to all the books of the Company.<br /><br />Let's just let the workers at the local McDonalds do the same: form a committee of their friends and set their own wages. Force McDonalds to open its books and let employees set their own wages. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-582368152716771238.post-39024180118731126572013-02-21T16:36:11.270-06:002013-02-21T16:36:11.270-06:00Have you seen the recent Boston College study link...Have you seen the recent Boston College study linking a 1% rise in minimum wage to an over 2% increase in violent crime?Anonymoushttps://www.blogger.com/profile/02569145244993818121noreply@blogger.com