mortgage backed securities ring a bell?
Stop. You're making an ass out of yourself. Again.
In 1968, minimum wage went up by 14.29%. Unemployment climbed from 3.5% to 6% by 1971.
In 1974, minimum wage went up by 18.75%. Unemployment climbed from 4.6% to 9% by 1975.
In 1978, minimum wage went up by 15.22%. Unemployment climbed from 6% to over 10% by 1983.
In 1990, minimum wage went up by 13.43%. Unemployment climbed just over 5% to almost 8% by 1993.
In 2007, minimum wage went up by 13.59%. Unemployment climbed from 4% to over 10% by 2009.
How does losing an investment make people lose their jobs?
Are you serious? Can you not connect the dots between a financial crash, the credit market (you know, the stuff businesses use to expand ((Omfg)), retraction of GDP, and unemployment?
GTFO. You can't have this discussion.
How inflation eats up non-indexed minimum wage
Don't you think indexing short changes those that live in higher cost areas?How inflation eats up non-indexed minimum wage
predatory + sub-prime lending, piggyback mortages, etc, should never have been written by the lenders. So yes, the lenders DID cause the unqualified borrowers to default.
Research Papers on The Impact of the Minimum Wage on Jobs
Two decades of rigorous economic research have found that raising the minimum wage does not result in job loss. While the simplistic theoretical model of supply and demand suggests that raising wages reduces jobs, the way the labor market functions in the real world is more complex. Researchers have examined the scores of minimum wage increases that have occurred at the state and federal level and found that these raises have not cut jobs or slowed job growth.
http://www.raisetheminimumwage.com/pages/job-loss
That's a great link. I was reading from it earlier and ran across this study. http://www.irle.berkeley.edu/workingpapers/166-08.pdf
It's pretty thick, but the summaries are reasonably clean.
minimum wage jobs prevent the least employable people from getting jobs.
example,
black teens have an unemployment rate of 40%. why are you such a rascist?
Some wingnut on WBAP was ing about this and I wanted to pistol whip him. He was saying that minimum wage folks aka the working class don't need to be paid higher. They just need more skills according to him. That asshole should come work at a retail store, a department store, a fast food place, or a restaurant and see if he likes making 8 dollars an hour and being treated like a minion. Hard work does not always equate success. You have to have connections, lie, cheat, steal, stab people in the back, and have a little luck.
What happens if you superimpose illegal immigrant levels?How inflation eats up non-indexed minimum wage
Those have nothing to do with my claim.
I challenge any of you to disprove the 5 timelines I listed as not having an effect of the following unemployment, where the sudden increase of minimum wage was 13% or more.I am an advocate of slowly raising the minimum wage. Like anything economic, I am against anything sudden.
Looking up information, I just discovered something I didn't know. The reason why the data is funny in some online databases is where they get the information from. There is the original 1938 act, a 1961 amendment, and a 1966 supplement. The minimum wage in 1968 was $1.60/hr, but only for some jobs. The actual minimum wage was $1.15/hr. There were three job categories until 1978 when they were uniform.
The above first two were $1.60 in 1968 from $1.40 the previous year. They increased to $2.00, $210, and $2.30 in '74, '75, and '76. The third catagory which now adds fast food, farming, etc. to a guaranteed minimum wage is:The 1938 Act was applicable generally to employees engaged in interstate commerce or in the production of goods for interstate commerce.
The 1961 Amendments extended coverage primarily to employees in large retail and service enterprises as well as to local transit, construction, and gasoline service station employees.
The 1966 Amendments extended coverage to State and local government employees of hospitals, nursing homes, and schools, and to laundries, drycleaners, and large hotels, motels, restaurants, and farms. Subsequent amendments extended overage to the remaining Federal, State and local government employees who were not protected in 1966, to certain workers in retail and service trades previously exempted, and to certain domestic workers in private household employment.
1967 $1.00
1968 $1.15
1969 $1.30
1970 $1.45
1971 $1.60
1974 $1.90
1976 $2.00
1977 $2.30
Last edited by Wild Cobra; 02-15-2013 at 03:54 AM.
Did you consider the different amount of labor involved in each?
This article is a lie
1967 $1.00
1968 $1.15
1969 $1.30
1970 $1.45
1971 $1.60
1974 $1.90
1976 $2.00
1977 $2.30
Looks pretty close to me.Today’s minimum wage is equivalent to just $1.10 an hour in 1968 dollars
If you say so. I understand the connection you make, but keep in mind, if a company is operating in "need to borrow" mode, then they are ready to fail under any economic hiccup.
There is a clear connection between large mandated increases in minimum wages, and recession. Recession has always followed large minimum wage increased over the last 50 years, except for the latter 90's when we had the trifecta. Y2K scare, internet boom, and a paradigm shift in semiconductor manufacturing. Then it crashed when these bubbles burst, just after 2000.
The national minimum needs to be pro-rated for the well-known, long-history COL index per region, and then also inflation-indexed.
one-mw-fits-everywhere is probably a stupidity Congress will maintain.
Some cities and states already have mw's above the federal. And they are welcome to continue that. "It's Their State" -- dubya
And of course it's nearly always the Confederate/flyover/rural/low-wage states that have have a minimum wage at or BELOW federal:
http://en.wikipedia.org/wiki/Minimum..._United_States
WTF? very few companies can finance operations and expansion out of cash flow, and so they are indebted, NOT ready to fail. there's the famous "debt to equity" ratio which needs to be watched, but NO debt is extremely rare, esp for medium/large companies.
I like to see how many companies in those holding $2T+ of cash are simultaneously holding debt.
your connection between raising the minimum wage and recession is too simplistic. Raising the minimum wage could be aligned with unstable capitalism's business cycles, raised when the cycle is up. You need to show several, even many studies "proving" explicitly that minimum wage hikes CAUSE recession. And with the minimum wage raised, the business cycle still returns to boom, and unemployment rate drops. How do you explain that?
Believe as you wish Boutons.
Please note that I said:very few companies can finance operations and expansion out of cash flow
If you wish not to be honest in a debate, I won't bother treating you like an adult.if a company is operating in "need to borrow" mode
Does this make any sense?
Now in 2007, the largest minimum wage increase in decades was implement. Unemployment skyrocketed shortly afterward.
Again Fuzzy, you think you are a genius to misrepresent what I say. Are you capable of absorbing everything I said?
I quoted you, dumbass. How does one misrepresent when you are quoted in totality and with precision?
By taking a single passage rather than the sum/context of my several posts you dumb . Attaching two more quotes the way you did.
Does that make you feel like a genius?
How about directly telling me what you disagree with?
No. Why would it?
And I still fail to see how taking a post, the whole post, is a misrepresentation. I don't really give a about your typical dissembling. i just find it hilarious how you dumb down time and again. Just because you get called on it then go google hunting does not make your initial statement any less idiotic.
Are you saying you no longer stand by that statement?
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