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Editorial
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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: 2304
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 # 17.

#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  

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  

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  

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  

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  

#19. To: Lod (#17)

I wonder if the next world reserve currency will be devalued by 50% or more at the Great Reset.

Rotara  posted on  2016-07-29 12:37:22 ET  Reply   Untrace   Trace   Private Reply  

Business pays whatever they have to pay to attract the type/quality workers that they need to conduct their business successfully.

History past and present proves that is untrue.

Cynicom  posted on  2016-07-29 12:38:12 ET  Reply   Untrace   Trace   Private Reply  

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  

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