Bernie Sanders in New Push for $15 Minimum Wage Under Biden: ‘For Me, It’s Morally Imperative’
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The Congressional Budget Office forecast that 1.3 million workers would become jobless due to an increase to $15. That study also forecast that 27 million workers would receive pay increases thanks to a $15 minimum, and the number of people in poverty would decline by 1.3 million.
Arindrajit Dube, an economics professor at the University of Massachusetts, Amherst, said a review of economic studies shows that “more ambitious minimum wage policies have yet to produce any clear impact on jobs, even though it has certainly raised wages and reduced inequality”.
“Overall, the body of literature shows it has very little effect on low-wage jobs,” Dube said. “My work shows it leads to a reduction in poverty and increased family earnings, and maybe 35¢ on the dollar goes back to the government through reduced public assistance.”
Differing with Dube, economists David Neumark and Peter Shirley, in a newly released review of minimum wage research, conclude that “most of the evidence indicates the opposite – that minimum wages reduce low-skilled employment,” with the strongest effects on teens, young adults and the less-educated.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction
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January 27, 2021 at 10:47 AM #398521
well, it sure made a difference to me when my state raised its minimum.
if it makes so little difference, lets just go with $1 an hour. somebody will work for that if thats the going rate. more for the masters of mankind snarfle snarfle snort
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January 27, 2021 at 3:08 PM #398563
I am totally for the raise to $15 an hour because it is the right response to the fact that it has been so long since their has been a raise in wages. BUT my grandson asked me a question that I had no answer for. He makes $16 an hour as the manager of a parts department at a Ford dealership. He asked how we were going to buy the hamburger etc. from the fast food joint when everyone there makes $15 an hour? He also suggested that there will be a rise in robotics in the lower income jobs.
What is the thinking about these issues?jwirr
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January 28, 2021 at 7:30 AM #398879
Tell him that the value of the minimum wage in constant dollars was highest in 1968 and has been going downhill ever since. I don’t recall fast food affordability as a problem in 1968.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction
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January 28, 2021 at 1:56 PM #398920
I will tell him that. That issue is why I support the $15 raise and would like to see it move up from now on according to the cost of living.
jwirr
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January 28, 2021 at 2:55 PM #398924
And everybody tended to see their wages go up. That includes people like your grandson. More people have more money that they can spend on things like car parts.
As for hamburgers, studies have shown that an immediate increase to $15/hr could be paid for by an increase in 25 cents per Big Mac.
It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs
You can jail a revolutionary, but you can't jail the revolution.--Fred Hampton
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January 28, 2021 at 5:02 PM #398945
As for everyone’s wages going up that was the practice for many years. Today in this world of greed and CEOs I am not so sure. If that happens then the raise will help everyone.
jwirr
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