tag:blogger.com,1999:blog-6616959642391988608.post419552682293691090..comments2024-03-28T00:18:25.641-07:00Comments on Calafia Beach Pundit: Minimum wage facts and fantasiesScott Grannishttp://www.blogger.com/profile/14028519647946868684noreply@blogger.comBlogger31125tag:blogger.com,1999:blog-6616959642391988608.post-19934526065082444282018-09-03T19:03:13.353-07:002018-09-03T19:03:13.353-07:00Bob, you may be right but many, maybe most, new jo...Bob, you may be right but many, maybe most, new jobs today are highlly skilled, as are your examples excepting Uber drivers. It’s been tough for unskilled workers to make a living for decades...the real minimum wage is worth 30 percent less today than it was in 1969. I hope you’re right about the future being golden but that hasn’t been the case in the Rust Belt and Appalachia as blue collar jobsRon Grunerhttps://www.blogger.com/profile/03824733166872110026noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-17148488663861968202018-09-03T08:17:16.652-07:002018-09-03T08:17:16.652-07:00Ron Gruner said;
"With technology replacing ...Ron Gruner said;<br /><br />"With technology replacing people what will we do with all the people that used to work in factories, Amazon warehouses and McDonalds? How will the cheapest workers earn a living when they can be replaced by a $2,500 kiosk?"<br /><br />Like every generation before us, with jobs that have not been invented nor needed until they are. <br /><br />App developer<Bobhttps://www.blogger.com/profile/13648863027179033696noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-58663553925184962262018-08-29T04:42:07.998-07:002018-08-29T04:42:07.998-07:00Tommy, You've identified one major reason why ...Tommy, You've identified one major reason why wages have been stagnant the last 40 years...<br /><br />"$15 an hour minimum is a job killer. Every McDonald's in my area has added kiosks replacing people because it cuts into their bottom line."<br /><br />With technology replacing people what will we do with all the people that used to work in factories, Amazon warehouses and Ron Grunerhttps://www.blogger.com/profile/03824733166872110026noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-83844157118185523972018-08-28T15:40:52.524-07:002018-08-28T15:40:52.524-07:00New York State’s Minimum Wage
As part of the 201...<br />New York State’s Minimum Wage <br /><br />As part of the 2016-17 State Budget, Governor Cuomo signed legislation enacting a statewide $15 minimum wage plan that will lift the earnings of more than 2.1 million New Yorkers, in all industries across the state. The Governor’s plan takes the needs of workers and businesses alike into account.<br /><br />As of December 31, 2016, the first in a Tommy Byrne's Bloghttps://www.blogger.com/profile/00258985223758625569noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-913806550277390002018-08-28T15:38:42.784-07:002018-08-28T15:38:42.784-07:00I believe a moderate increase and indexing the min...I believe a moderate increase and indexing the minimum wage to the inflation rate is a reasonable compromise to put this issue to bed once and for all. The lefts dream of $15 an hour minimum is a job killer. Every McDonald's in my area has added kiosks replacing people because it cuts into their bottom line.Tommy Byrne's Bloghttps://www.blogger.com/profile/00258985223758625569noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-14935054568659619962018-08-26T10:17:48.548-07:002018-08-26T10:17:48.548-07:00I happen to think mw is a mostly useless limitatio...I happen to think mw is a mostly useless limitation, but I wouldn't dismiss it that casually.<br /><br />When you raise the min wage $1 you capture all the people that are making in between the former and current min wage, but I suspect a large portion of people making close to mw start at mw and then get a 25 cent per hour raise or what have you, and so are 'not making minimum wage'.Flying Robothttps://www.blogger.com/profile/03083255627164328015noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-32669720922052740752018-08-24T06:12:23.771-07:002018-08-24T06:12:23.771-07:00Not saying this is MY argument, but if your stats ...Not saying this is MY argument, but if your stats are correct (as they surely are), then one could probably successfully argue that raising the minimum wage would have small impact on the economy since it would only affect a minuscule part of the working population. ?Unknownhttps://www.blogger.com/profile/02786429751644411058noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-80021828959795845092018-08-22T13:38:08.962-07:002018-08-22T13:38:08.962-07:00Did I say that department:
In my previous post on...Did I say that department:<br /><br />In my previous post on this thread,<br />I posted this comment about the article:<br /><br />"This is a ridiculous statement <br />-- a red herring not worthy <br />of anyone with an economics degree !"<br /><br />On second thought, that sounds rude, <br />and I apologize,<br />however to my credit <br />I did not compare anyone<br />to Stalin or The Cliff Claven of Financehttps://www.blogger.com/profile/13541954550199246606noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-23226997468484159272018-08-22T13:32:47.661-07:002018-08-22T13:32:47.661-07:00There is no logical reason to have a minimum wage ...There is no logical reason to have a minimum wage law<br />-- it just prevents some people from getting jobs,<br />discourages development of better job skills,<br />and discourages business formation / investment.<br /><br />There are many ways to avoid paying the minimum wage:<br /><br />- Hire people as self employed contractors,<br />(such as UBER drivers?) and the net pay after expenses<br /The Cliff Claven of Financehttps://www.blogger.com/profile/13541954550199246606noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-90465499012322960532018-08-21T11:02:51.986-07:002018-08-21T11:02:51.986-07:00The fact that so few people make minimum wage is e...The fact that so few people make minimum wage is evidence that it is not currently being set too high. But places that have set min wage at $15 hour (e.g., Seattle) are seeing rising unemployment, which suggests that $15/hr is too high. Government cannot set wages at a level that is too high for businesses to absorb. What's more likely is that the current minimum wage is just about right, butScott Grannishttps://www.blogger.com/profile/14028519647946868684noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-32574090647434117592018-08-21T10:57:46.905-07:002018-08-21T10:57:46.905-07:00Peter X: many thanks for spotting that typo!Peter X: many thanks for spotting that typo!Scott Grannishttps://www.blogger.com/profile/14028519647946868684noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-17670307844953740692018-08-21T07:27:01.717-07:002018-08-21T07:27:01.717-07:00Scott,
I know that you correct errors in your blo...Scott,<br /><br />I know that you correct errors in your blog post. In that vein, I believe that you meant 147 million people in the fourth paragraph of the current post, not 147 people.Peter Xhttps://www.blogger.com/profile/11693304189039289706noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-52228860693565617622018-08-21T06:17:32.245-07:002018-08-21T06:17:32.245-07:00Steve, I just ran six correlations skewing the BLS...Steve, I just ran six correlations skewing the BLS average wage from minus to plus three years relative to the minimum wage year. Correlations are above 0.98 when the average wage precedes or is the same year of a minimum wage increase and drop off to a low of 0.65 when the average wage lags the minimum wage. This suggests that if there is a causal relationship, it's average wages driving theRon Grunerhttps://www.blogger.com/profile/03824733166872110026noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-91028184593085098512018-08-21T05:17:28.313-07:002018-08-21T05:17:28.313-07:00Ron, did MW going up affect other wages or did oth...Ron, did MW going up affect other wages or did other wages going up affect MW? I doubt anyone knows for sure but it is the salient point. Wages go up due to supply/demand forces. Look at trucker wages. There's a paucity of truck drivers and lo and behold, their wages are going up!<br />Employers have to compete to attract workers-at all levels. Even workers with no/low skills will attract a stevehttps://www.blogger.com/profile/07387986994469835875noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-89226453062383527682018-08-21T03:09:05.980-07:002018-08-21T03:09:05.980-07:00Three comments on Sergio's question regarding ...Three comments on Sergio's question regarding whether minimum wage affects the wages above it. 1) There's a near perfect correlation (0.988487) between the minimum wage and BLS Average hourly earnings of production and non-supervisory employees from 1964 - 2017, 2) Inflation-adjusted average hourly earnings peaked at $22.87 (2017 dollars) in 1972, four years after the minimum wage peaked,Ron Grunerhttps://www.blogger.com/profile/03824733166872110026noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-34921067228537755892018-08-20T16:09:07.799-07:002018-08-20T16:09:07.799-07:00Leaving aside your heartfelt concerns for the &quo...Leaving aside your heartfelt concerns for the "young and inexperienced",<br /><br />If so few people are on minimum wage why are so many people so adamant that it will be a spectacular socialistic job-killer that will eat away at the very foundations of our capitalist society? Something's fishy here.<br /><br />Perhaps is it a just a libertarian / intellectual stance? <br /><br />bt1138https://www.blogger.com/profile/12843326237379459791noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-46798579551506475042018-08-20T14:42:21.152-07:002018-08-20T14:42:21.152-07:00By highlighting the destructive effects of a highe...By highlighting the destructive effects of a higher MW; The Cliff inadvertently illustrated how a rise in the MW would lower the productivity of the economy. Thus benefiting 0% (rounded to the nearest 1%).xr-3609https://www.blogger.com/profile/08361430517471885323noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-13562051738032183772018-08-20T13:08:47.236-07:002018-08-20T13:08:47.236-07:00Yup Matthew you are right re the Passion of the Le...Yup Matthew you are right re the Passion of the Left and min wage, abortion (forged aboud it), inequality and of course how guilty DT is with "colluding" with the Russians. Just to clear the air, while obviously no DT fan, this Mueller investigation is 100% BS. If he had anything we'd know it via leaks. DT is right on this one although he might express his opinion with a trite more stevehttps://www.blogger.com/profile/07387986994469835875noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-79970028863089713002018-08-20T12:58:57.551-07:002018-08-20T12:58:57.551-07:00The idiocy of even HAVING a minimum wage is one of...The idiocy of even HAVING a minimum wage is one of the more straight-forward topics in economics. That said, and I'm basing this on personal experience, do NOT raise this issue in a cocktail party setting. Intelligent people will agree with you which is fine but mostly uninteresting. The economically ignorant will go ape because, you see, this is a religious issue for them. Seriously, Grechsterhttps://www.blogger.com/profile/08898953158865778397noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-58654150654784427232018-08-20T12:43:51.575-07:002018-08-20T12:43:51.575-07:00The real question is: does minimum wage provide a ...The real question is: does minimum wage provide a floor to the wages that are right above it?<br />I am not a fan of minimum wage myself, but the discussion needs a deeper analysis IMHO.SergioThttps://www.blogger.com/profile/06587105277967281761noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-53120162799927819432018-08-20T12:05:20.479-07:002018-08-20T12:05:20.479-07:00If the federal government can mandate a minimum wa...If the federal government can mandate a minimum wage, then why not a maximum wage? Just imagine the possibilities that would open for progressive politicians! By imposing a maximum wage they could take anything earned in excess of that and increase the minimum wage to astounding new heights! Everybody would then be rich and living in a modern utopia. Of course hamburgers would cost several Anonymoushttps://www.blogger.com/profile/06291832111826208013noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-57894969624230843222018-08-20T11:18:29.509-07:002018-08-20T11:18:29.509-07:00I'll kick the hornet's nest here and sugge...I'll kick the hornet's nest here and suggest why not index the minimum wage for inflation as we've done for Social Security, income tax and maybe soon, capital gains? Measured in 2017 dollars the minimum wage peaked at $11.27 in 1968. Teen job growth continued growing strongly for years afterward (https://www.bls.gov/opub/mlr/2017/article/Ron Grunerhttps://www.blogger.com/profile/03824733166872110026noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-62590158113005167082018-08-20T08:03:45.616-07:002018-08-20T08:03:45.616-07:00I agree.
But then I would eliminate property-zoni...I agree.<br /><br />But then I would eliminate property-zoning too. And do everything possible to decriminalize push-cart vending or truck-vending.<br /><br />And is not high-time to sunset the USDA?<br /><br />Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-1277457440200874642018-08-20T07:32:11.519-07:002018-08-20T07:32:11.519-07:00Effects of a higher minimum wage?
Any employee ha...Effects of a higher minimum wage?<br /><br />Any employee had better be bringing in an appreciable multiple of what he is paid. For example, in food service, the cost of food, management, equipment, building property taxes, etc. If he is not, you are going broke. Rapidly.<br /><br />The other choice, is, of course, reduce profits. cap executive pay.<br /><br />Also, if I am running the burgers George Phillieshttps://www.blogger.com/profile/15430038472888222992noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-46674702570502299972018-08-20T07:27:04.905-07:002018-08-20T07:27:04.905-07:00I seem to recall that workers earning tips have a ...I seem to recall that workers earning tips have a different legal minimum wage.<br /><br />However, Massachusetts is in the process of doing this so we will see what happens.<br />Seatle iirc did this; neighboring Seatac did not. Supposedly the short term changes in unemployment were the same.George Phillieshttps://www.blogger.com/profile/15430038472888222992noreply@blogger.com