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Pugs will fight a minimum wage increase at their own peril

Corruptbuddha

Governor
Why just to 9.00?

Why not 19.00?

Or 29.00?

I mean, if it's good for people to bump it a buck or so, wouldn't it be better to bump it 10?
 

OldGaffer

Governor
At 9.00 it is less than the 1968 minimum in purchasing power.

When the 1968 minimum wage is converted into today's dollars using the official Bureau of Labor Statistics inflation calculator, it equals $10.55 an hour in 2012 dollars.

In other words, 1968 America legislated a minimum wage that would be the equivalent (in purchasing power) of $10.55 an hour today.

Some people might consider a $10.55 minimum wage to be unrealistically high, but that's what we had in 1968. And the unemployment rate in 1968 was 3.6 percent. Our high minimum wage didn't seem to prevent people from finding work.
 

fairsheet

Senator
The math suggests that in order for today's minimum wage to be consistent with minimums past, it should be close to around $13 an hour.
 
Why just to 9.00?

Why not 19.00?

Or 29.00?

I mean, if it's good for people to bump it a buck or so, wouldn't it be better to bump it 10?
What this post reveals is that you do not understand marginal analysis. Which is usually one of the first topics discussed in any good Econ 101 class.
 

GordonGecko

President
Rubio opposes the minimum wage.....after telling us in his speech that his dad working MINIMUM WAGE JOBS was what got them into the middle class in the 70s.....when the MW was closer to a living wage than its been for 20+ years now.
 
Rubio opposes the minimum wage.....after telling us in his speech that his dad working MINIMUM WAGE JOBS was what got them into the middle class in the 70s.....when the MW was closer to a living wage than its been for 20+ years now.
Just another one of the MANY logical contradictions in Rubio's speech....
 

Craig

Senator
Supporting Member
Rubio opposes the minimum wage.....after telling us in his speech that his dad working MINIMUM WAGE JOBS was what got them into the middle class in the 70s.....when the MW was closer to a living wage than its been for 20+ years now.
Another Republican failure on the minimum wage...


...President Obama’s State of the Union proposal to raise the minimum wage to $9 an hour and index it to inflation so that it keeps up with growth in the economy was quickly rebuked by top Republicans like Speaker John Boehner (R-OH) and Rep. Paul Ryan (R-WI), who claim the minimum wage will kill jobs and hurt small businesses.

Tennessee Rep. Marsha Blackburn (R) chose a different reason to oppose the proposal today. A stronger minimum wage, Blackburn said, would negatively affect the ability of young workers to enter the workforce as teenagers, and would prevent them from learning responsibility like she did when she was a teenage retail employee making a seemingly-measly $2.15 an hour in Mississippi:

BLACKBURN: What we’re hearing from moms and from school teachers is that there needs to be a lower entry level, so that you can get 16-, 17-, 18-year-olds into the process. Chuck, I remember my first job, when I was working in a retail store, down there, growing up in Laurel, Mississippi. I was making like $2.15 an hour. And I was taught how to responsibly handle those customer interactions. And I appreciated that opportunity.



Making $2.15 an hour certainly does sound worse than today’s minimum wage, which federal law mandates must be at least $7.25 an hour. But what Blackburn didn’t realize is that she accidentally undermined her own argument, since the value of the dollar has changed immensely since her teenage years. Blackburn was born in 1952, so she likely took that retail job at some point between 1968 and 1970. And according to the Bureau of Labor Statistics’ inflation calculator, the $2.15 an hour Blackburn made then is worth somewhere between $12.72 and $14.18 an hour in today’s dollars, depending on which year she started.

At that time, the minimum wage was $1.60, equivalent to $10.56 in today’s terms. Today’s minimum wage is equivalent to just $1.10 an hour in 1968 dollars, meaning the teenage Blackburn managed to enter the workforce making almost double the wage she now says is keeping teenagers out of the workforce.


http://thinkprogress.org/economy/2013/02/14/1596051/blackburn-minimum-wage-oops/?mobile=nc
 

NightSwimmer

Senator
At that time, the minimum wage was $1.60, equivalent to $10.56 in today’s terms. Today’s minimum wage is equivalent to just $1.10 an hour in 1968 dollars, meaning the teenage Blackburn managed to enter the workforce making almost double the wage she now says is keeping teenagers out of the workforce.

True enough... And yet, she only needs to convince Republicans.

Piece of cake! ;)
 

moddem38

Council Member
Research shows the minimum wage does more harm than good (Neumark 2008) It reduces skills by pricing teenagers out of many jobs. Even Alan Krueger, the president's chief economic adviser, has admitted it is a "blunt instrument" for combating poverty. A better solution would be reinstating the payroll tax cut or expanding the EITC. For proponents, here's a question: why does Walmart support it? It hurts their smaller competitord who can't cover the increasing costs.
 
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