4um: Trump: The Minimum Wage Has to Go Up

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Title: Trump: The Minimum Wage Has to Go Up
Source: Epj
URL Source: http://ww.economicpolicyjournal.com ... minimum-wage-has-to-go-up.html
Published: Jul 29, 2016
Author: .
Post Date: 2016-07-29 10:35:54 by Artisan
Keywords: None
Views: 1720
Comments: 52

Donald Trump displays more economic ignorance.

Minimum wage laws are evil.
If Trump becomes president, I am going to have no problem finding material for EPJ.
Come to think of it, I won't have problems with material if Hillary is president either,
Donnie or Hillary as president won't be good for most of you, but it will be a gift to EPJ.
Poster Comment:
Video of trumps remarks at source
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Begin Trace Mode for Comment # 26.
#3. To: Artisan (#0)
Donald Trump displays more economic ignorance.
Minimum wage laws are evil.

Question for unknown author...
If federal minimum wage was abolished, would wages increase, remain the same, or decrease?
Question number 2...
With removal of wage law, would the author also abolish the tax code that sets limits of money withheld from wage earners? If so would the author support direct tax increase on employers?

Cynicom posted on 2016-07-29 10:53:44 ET Reply Untrace Trace Private Reply
#6. To: Cynicom (#3)
Here are some of his previous posts on it. www.wenzelnotes.com/2016/05/minimum-wage- laws.html 2013/02/the-wrong-way-to-argue-against- minimum.htmlnday, February 17, 2013 The Wrong Way to Argue Against Minimum Wage Laws Don Boudreaux reproduces a letter he sent to a woman who objected to his anti-minimum wage position.
The problem with the letter is that he buys into the notion that empirical studies can somehow prove or disprove logical deductions. He attacks the empirical studies of those who claim minimum wages do not decrease employment by listing other empirical studies that point in a different direction. He does this rather than recognize the fact that you can't conduct empirical studies in the science of economics, in the first place, the way you can in the physical sciences. He is getting sucked into the trap.
The simple fact is that if you force people to pay more for something, they will buy less of it. No empirical tests, required. It's basic logic.
This is a basic supply and demand curve, graphically making the point.

Here's a graph showing the shortages and over-supplies that would occur at prices different from the market price. The market price being where supply and demand are equal. A minimum wage increase above the market price would occur where instead of a market clearing wage of p*, the wage would be above p*. At all minimum wage levels above p*, the quantity of workers hired would fall.

There are no empirical studies that can refute this. It is pure logic. And no empirical studies are needed to prove the argument. They can't.
Anyone using empirical data to try and prove or disprove logic is a quack.
Although it appears he wasn't familiar with the proper (deductive) methodology for the sciences of human action, developed by the Austrian school, Richard Feynman understood at a gut level that the empirical testing being done in the social sciences is hocus pocus.
_____________ 2016/05/one-of-most-dishonest-things- minimum.html One of the Most Dishonest Things Minimum Wage Advocates Say People who make the federal minimum wage of $7.25 an hour can’t find an affordable place to live anywhere in the country, says a new report from the National Low Income Housing Coalition.
Think about this for a minute.
Does this mean everyone who has a minimum wage job is homeless, since there is no place to rent on a minimum wage?
Obviously, the Coalition report is leaving out some factors, since nearly everyone working at the minimum wage has a place to live.
That is, they are young people living with their parents, they are sharing space with others, etc.
The scare report about the minimum wage and affordable space is dishonest. It implies a situation that is almost totally non- existent. The report takes factors, the minimum wage and rents, and blends them in a manner that real actors in the real world are obviously not, since real minimum wage earners are not in the homeless predicament that the Coalition raises as a great horror.

Artisan posted on 2016-07-29 11:07:00 ET Reply Untrace Trace Private Reply
#14. To: Artisan (#6)
I watched closely his Minimum Wage week.
$10 an hour; states would go higher. Create more 50-100 hourly jobs for people to get off minimum wage. Yada yada

Rotara posted on 2016-07-29 12:16:22 ET Reply Untrace Trace Private Reply
#15. To: Rotara, NeoconsNailed, Artisan (#14)
Being against the Wall and for increasing the minimum wage is for Dummies. Being for the Wall means wages will go up automatically.

Horse posted on 2016-07-29 12:27:05 ET Reply Untrace Trace Private Reply
#17. To: Horse (#15)
Business pays whatever they have to pay to attract the type/quality workers that they need to conduct their business successfully.

Lod posted on 2016-07-29 12:31:09 ET Reply Untrace Trace Private Reply
#21. To: Lod (#17)
Henry Ford tried paying his workers a higher wage.
It brought the wrath of industry down on his head. It is all there in the records. Ford was paying over five dollars a day, making a fortune, then he fell on his own sword.
Henry got greedy, paying five dollars a day and turning out a hundred cars a day, he reverted to the standard mentality of all business owners, speed up the assembly line, pay the same wage, turn out a hundred and ten cars a day.
When the workers dared complain and strike, the strikers were shot and killed.
Labor history in this country is not a nice one.

Cynicom posted on 2016-07-29 13:00:57 ET Reply Untrace Trace Private Reply
#22. To: Cynicom (#21)
I'm talking about today's reality, not that of a century ago. Believe it or not, things have changed for the better. Workers today are paid what their labor is worth.

Lod posted on 2016-07-29 13:11:39 ET Reply Untrace Trace Private Reply
#23. To: Lod (#22)
I'm talking about today's reality, not that of a century ago.

Really???
Today then.
Locally we have five gas stations, five large international oil companies.
The price of gasoline is exactly the same at all five. They all pay their employees the exact same wage, minimum wage.
We are to believe that if minimum wage were eliminated, there would be a change in gasoline pricing?
If that happened, say a dollar a gallon, would that dollar come from the owner or from the worker????

Cynicom posted on 2016-07-29 13:34:31 ET Reply Untrace Trace Private Reply
#24. To: Cynicom (#23)
They're being paid what the local market commands; the skills required are lower than a hamburger construction worker. If the workers want higher wages, they should acquire higher skills to make themselves more valuable to an employer, or start a business of their own.
The price of fuel has nothing to do with what the person in a glass box is paid to sell cigarettes, snuff, and lighters. Don't be naive. The price of crap sold could rise, but not the price of fuel.

Lod posted on 2016-07-29 14:10:21 ET Reply Untrace Trace Private Reply
#26. To: Lod (#24)
The price of fuel has nothing to do with what the person in a glass box is paid to sell cigarettes, snuff, and lighters. Don't be naive. The price of crap sold could rise, but not the price of fuel.

I been accused of being stupid, but naive, never.
No one will answer my question, if the minimum wage law is withdrawn, would wages go up, down or remain the same. Simple question.
There is an example. After WWII, when wage and price controls were withdrawn, wages went down and prices went up.
Industry DEMANDED wage control, when there was no labor to be had. They got it immediately. Been there Lod, human nature is always the same. Sharing the wealth has NEVER been a human characteristic.
Demeaning basic human labor is Ayn Rand thinking and agreement.

Cynicom posted on 2016-07-30 9:34:51 ET Reply Untrace Trace Private Reply
Replies to Comment # 26.
#27. To: Cynicom (#26)
The market determines what labor is worth, not any artificial "minimum wage." There are restaurants here advertising for beginning workers to earn $12/hour; not very "demeaning" as a starting wage for an unskilled worker.

Lod posted on 2016-07-30 10:05:01 ET Reply Untrace Trace Private Reply
#29. To: Cynicom, lod, neoconsnailed (#26) (Edited)
Industry DEMANDED wage control, when there was no labor to be had. They got it immediately. Been there Lod, human nature is always the same. Sharing the wealth has NEVER been a human characteristic.

================================================
Greed is not respecter of persons, and it possesses and tortures both the rich and the poor.
The rich don't want to lose what they have, don't want to spend a penny of it on anyone else, and usually don't want anyone else (e.g, the poor) to get it either. They will spend large fortunes just protecting their money from someone else getting it. They lay awake in bed at night worrying about who is trying to get their money.
The poor don't want to keep what they have, are always complaining of not having anything, and usually want (covet) what everyone else who is not poor (e.g., the rich) has. They will spend most of their waking hours thinking about what they don't have, and what the rich have instead. They lay awake in bed at night worrying about how they can get more money.
Both have a soul, and both have an eternity to spend the consequences of their life's decisions in.
But for right now, this country, and most of the world is in the same, usual, old cultural clash of the classes where another world war, controlled by the rich (and powerful) will yet again be the victors, at the expense of the powerless, and poor.
Hundreds, instead of tens of millions of people will perish in the next one though.
All driven by greed.

HAPPY2BME-4UM posted on 2016-07-30 10:34:57 ET Reply Untrace Trace Private Reply
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