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Wednesday, February 13, 2013

The State of the Union

Posted by on Wed, Feb 13, 2013 at 6:00 AM

In case you missed it last night. One of the most talked about moments was Obama's call for a national $9 minimum wage. Here in Washington State, it's worth noting, the minimum wage is already $9.19.

 

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GeneStoner 5
The profound ignorance of economics in this post is nauseating.

MacroEcon 101: 10-Rules of Economics.

5. "Minimum wage laws cause higher unemployment."

Why? Because whether you feel better or not about what some no-skilled high-school dropout makes due to their poor life decisions, businesses (contrary to popular belief) have limited resources. Payroll is one of those limited resources. So when you only have so much to allocate toward payroll, and the state says you MUST pay a certain amount, despite what the market would pay for the job, LESS PEOPLE GET HIRED.

Math people... Get some.
Posted by GeneStoner on February 14, 2013 at 12:03 AM · Report this
Will in Seattle 3
In about half of our state, the minimum wage is lower, because it's the federal minimum wage on all federal properties, including military bases.

That's what the Pres was talking about. Here in Seattle, not a lot of federal land (exception, a few buildings), but in the rest of the state it's different.
Posted by Will in Seattle http://www.facebook.com/WillSeattle on February 13, 2013 at 11:13 AM · Report this
Theodore Gorath 2
Linking the minimum wage to the cost of living index is likely the only way to reverse the trend of flat wages for workers. Businesses are obviously not looking out for their employees by offering fair pay based on cost of living, and if we raise the minimum wage a few bucks, those employers will be forced to raise their wages as well.

This is actually a high tide raising all boats, as it is bottom up economic growth instead of the demonstrably false trickle down approach.

This is why so many people can not afford to start families or buy homes until they are in their thirties anymore...wages are flat but the cost of living has shot up threefold, meaning the money earned now is worth so much less than it used to be.
Posted by Theodore Gorath on February 13, 2013 at 7:36 AM · Report this
1
The minimum wage needs to be $25 or higher, whether de facto or de jure.

One of the big things holding back technology is not having a middle class with the purchasing power to afford new and innovative products.

For example, we all want to get paid for authorship on the web right? How great would it be when spending $10 or $15 for subscriptions is well within the budget of the typical family.

More people making more money fuels the Retail Revolution. But we need more than $9...way more!

Posted by Supreme Ruler Of The Universe http://_ on February 13, 2013 at 7:24 AM · Report this

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