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19. Re: Morning Metaverse Mar 5, 2014, 15:31 Retired
Verno wrote on Mar 5, 2014, 15:01:
xXBatmanXx wrote on Mar 5, 2014, 14:41:
I respect Buffet for what he has done in the media and speaks against the class warfare. Having many friends who work service industry, gotta respect his attitude of $15.00 min wage (I personally don't agree - but I have to respect it).

I used to be against a min wage increase but after more research I've completely turned around on it. When you look at how little wages have increased relative to inflation and contrast that against the massive rise in wealth disparity (executive compensation has gone through the roof for example) there can be no doubt that the middle class need help. The dual income lower middle class especially is really in trouble and that means their kids are in bigger trouble. Higher minimum wages tend to provide an economic surge as well, middle class spending is the primary driver of the economy. I'm all for a minimum wage increase, I'd prefer it would be for larger corporations who can afford it instead of Mom & Pop type stores. The problem there is they have effectively no political representation these days and corporate lobbies literally shit money everywhere.

The biggest problem I think that would occur are massive layoffs as companies try to avoid that initial hit.

That right there is the problem. Corporations start cutting with their workforce despite executive compensation being totally ridiculous. Profit and at the top enrichment over all other concerns.

Well....the CURRENT issue with increasing min wage is that the small businesses just pass off the increased costs to their customers. So you are robbing from peter to pay paul. I have a lot of friends (service industry) who own/work/etc small biz, bars, restaurants, service companies, etc., and they have flat out said "the increase in vegetables has forced me to increase my food costs" and "Obamacare has forced me to increase prices" and "if min wage goes up my prcies go up" and "gas prices has increased my prices from vendors and I pass that on to the consumer".

How is that helping anyone? Increase min wage by 30%, increase all goods by 30%.....sooooo....

Net zero. I am simplifying it to prove a point (econ major and did a shit ton of research on similar topics, taxes, bla bla bla) - but I think a greater attempt than just demanding it be raised must be attempted. wife works 3 jobs. She is a service industry gal. She has nothing to show for 20+ years of work. Is that her fault? Yes and no. She does have some investments because of a family member pushing her to invest years ago, but she is in the minority in that sense. It would directly benefit our house, but not in the current ideology. Min wage jobs typically (here is where I become curt and dismissive) are not life long jobs (they shouldn't be).

Can take offline as well, as I enjoy these types of topics......
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