COVID Relief Package

#401
#401
utvolpj said:
Worker goes from $9 to $15.

Cost of basket of goods doubles.

Net effect?

El: No one really knows since they're not an economist
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I know we're talking wages but think of another way too. Restaurants here have had to shut down because of increases in food costs and a market that refuses to pay more for goods. So if you're only boosting the wages of a portion of people, you're driving up costs but only getting money to, in the end, a handful of people. The majority of the market will continue on being inelastic and will just stop buying.
 
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#404
#404
utvolpj said:
That makes no sense when you look at net effects. Plus if the min wage goes to $15 the poverty line must also be adjusted
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Nonpartisan study says raising minimum wage would cost 1.4 million jobs but lift 900,000 people above the poverty line
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Not really that different from the logic used to justify obamaCare ... that's worked well.
 
#405
#405
evillawyer said:
Cbo says minimum wage would reduce poverty. Post I was responding to said it would increase poverty. I'll go with the cbo's conclusion.
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CBO concluded obamaCare and a lot of other things would work, too. CBO gets a lot wrong ... pretty much anything it touches.
 
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#406
#406
hog88 said:
What does a boost in earnings mean when cost of living goes up accordingly?
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At best people are stagnant with respect to living, but they are paying more in taxes. Everybody gets to pay the increase in sales tax, some get bumped into paying income taxes, and a lot get to pay more income tax on income that isn't doing them a bit of good. Can't get something for nothing.
 
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#411
#411
NorthDallas40 said:
So a twist on “you gotta pass it to see what’s in it” LMFAO. And no “hell let’s try this” is not a sound basis for legislation sister
🤡
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No, we know what's in it, and we know what the CBO has said about its likely effects. No one is ever going to definitively know what effect legislation will have until enacted.

God Vizzini, you're struggling today.
 
#412
#412
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#415
#415
evillawyer said:
You can take issue with the validity or methodology of the CBO study. I certainly don't have the expertise (nor does anyone else on this board) to challenge their methodology or conclusions. The facts are (1) they are non-partisan, and (2) they concluded that raising the minimum wage to $15/hr would have the net effect of lifting 900,000 people out of poverty. This contradicts the post I was responding to, which is all that I claimed.
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900k get out of poverty, 1.4M lose their job.
4zmfp2.jpg
 
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#416
#416
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