Economy Rashida Tlaib: The federal minimum wage 'should be $20 an hour'

[pride_is_back]

The funny thing is her people are hurt the most because they operate liquor stores. Hehehe

 

[Lead]

totally agree. This a city level argument. Look at a place like Illinois. Chicago can afford $15 an hour meanwhile a farmer hours away would be put out of business.

It's not just a farmer. Something like a fast food chain likely has a much smaller profit margin than one in the middle of a city. It would affect a lot of different types of business and organizations even at $15.

 

[Headkicktoleg]

It's not just a farmer. Something like a fast food chain likely has a much smaller profit margin than one in the middle of a city. It would affect a lot of different types of business and organizations even at $15.

absolutely I just used two very different businesses to try to help those that think $15 everywhere is great understand

 

[vanillaisis]

It's not just a farmer. Something like a fast food chain likely has a much smaller profit margin than one in the middle of a city. It would affect a lot of different types of business and organizations even at $15.

Inflation will continue on whether minimum wage goes up or not. Any and all businesses should expect over time to have to pay workers more than before in accordance with society's progression. Every few years minimum wage has to be raised.

 

[Lead]

Inflation will continue on whether minimum wage goes up or not. Any and all businesses should expect over time to have to pay workers more than before in accordance with society's progression. Every few years minimum wage has to be raised.

I agree with that. I’m not 100% on board with it but could be open to pegging the wage to inflation. That’s a completely different argument then $20 though.

 

[vanillaisis]

I agree with that. I’m not 100% on board with it but could be open to pegging the wage to inflation. That’s a completely different argument then $20 though.

Right now I think $9 or $10 per hour is fair and in line with current inflation. I'm a moderate who's happy to see Democrats trying to push a high number. Realistically it should end up around $10-11 and by the time it happens that will be where it should be.

 

[D3thr0n3d K1ng]

You guys are a hoot . . . and riiiight . . . I'm the "triggered" one here.

Oh shove it with your privilege crap

Youre right bro you werent triggered at all

 

[D3thr0n3d K1ng]

All I am saying is that if manufacturing costs of an item rises, the price of that item will undoubtedly rise. Also, with the talks of Medicare for all, you think they are suddenly going to increase what they pay providers as well? That is what many salaries are based on. You can't expect agencies to pay clinicians more than they are being re-imbursed by payers like Medicare.

They dont need to increase provider pay. Doctor pay in Murka is among the highest or highest in the world. And do you really think a doctor making a million a year gives a zhit about someone getting paid $20/hr? They would probably laugh. Nurses might get triggered as it is closer to their pay but no nurse is gonna quit and flip burgers for 10$ less an hour.

Anyway you are going off topic. I dont think raising the MW to 15 or 20 will make Big Macs cost 50$ nor will it make a doctor or nurse quit their lucrative jobs to be the grill master at Mcdonalds, nor will it make someone drop out of medical or nursing school to be the Mcds crew trainer. That is fear-mongering talk.

 

[JudoThrowFiasco]

I've already said that there are several good arguments against raising the minimum wage, and I specifically mentioned the negative impact it could have on small businesses.

If you'd been talking about small businesses from the beginning, we would have agreed and it would have been over.

But the argument that more money would ruin poor kids' work ethics or simply encourage their wasteful spending makes 0 sense to me. And those of you upset that a teenage could make $20 an hour are backwards and should go live in some poor country where the government doesn't do shit for the people.

The minimum wage in Australia is $22 an hour and their government literally pays young people to travel internationally. Australian kids still work hard, get educated, and live good lives.

Incomplete argument. They tier it based on age and sector -- 21 and under make the equivalent of 13.50 usd per hr and 16 and under around 6 usd per hour. Factor in PPP its even lower.

 

[D3thr0n3d K1ng]

This is still how it is in many parts of the world. I don't understand why yall are so thirsty for the poor to suffer.

Its funny how these guys advocate for policies that zhit on the poor just to help rich people who dont give a flying fvk about them and they you point it out to them and theyre like "I dont know what youre talking about!! I dont want to hurt poor people! I want to give them character!!!"

Truly brainwashed.

 

[BudKing8806]

They dont need to increase provider pay. Doctor pay in Murka is among the highest or highest in the world. And do you really think a doctor making a million a year gives a zhit about someone getting paid $20/hr? They would probably laugh. Nurses might get triggered as it is closer to their pay but no nurse is gonna quit and flip burgers for 10$ less an hour.

Anyway you are going off topic. I dont think raising the MW to 15 or 20 will make Big Macs cost 50$ nor will it make a doctor or nurse quit their lucrative jobs to be the grill master at Mcdonalds, nor will it make someone drop out of medical or nursing school to be the Mcds crew trainer. That is fear-mongering talk.

There are other clinicians out there who aren't doctors or nurses. LPN positions do not make $20 an hour either. How am I off topic? We aren't just talking about fast food here. We are just going to have to agree to disagree on this.

 

[Lead]

Right now I think $9 or $10 per hour is fair and in line with current inflation. I'm a moderate who's happy to see Democrats trying to push a high number. Realistically it should end up around $10-11 and by the time it happens that will be where it should be.

I belive if you adjusted for inflation since the last law, it would be around that number today so it makes sense.

 

[spamking]

Youre right bro you werent triggered at all

You think that indicates I'm "triggered"?

Wow.

 

[spamking]

I've already said that there are several good arguments against raising the minimum wage, and I specifically mentioned the negative impact it could have on small businesses.

If you'd been talking about small businesses from the beginning, we would have agreed and it would have been over.

Ha. I doubt it.

But the argument that more money would ruin poor kids' work ethics or simply encourage their wasteful spending makes 0 sense to me. And those of you upset that a teenage could make $20 an hour are backwards and should go live in some poor country where the government doesn't do shit for the people.

I don't recall saying it would ruin anyone's work ethic . . . but who cares at this point. I think I'm all talked out about this at the moment.

The minimum wage in Australia is $22 an hour and their government literally pays young people to travel internationally. Australian kids still work hard, get educated, and live good lives.

Okay.

 

[fishNjits]

Well there is a Big Mac Index you can check to see the prices. Here are some examples:

US: 5.51
Norway: 5.22
Sweden: 5.83
Switzerland: 6.57

So, as you can see, despite paying a living wage, there are European countries where the Big Mac is actually cheaper. So the logic of 'ermagerd, if we pay people living wages, Big Macs will go up!'isnt necessarily true.

I'm not sure this should be the takeaway from the Big Mac Index. The Big Mac Index is used to determine the appropriate exchange rate to achieve purchase power parity (PPP).

Suppose the currency exchange rate between the U.S. dollar and Danish Kroner is $1/kr6 while a Big Mac in the U.S costs $5 and in Denmark costs kr20. In U.S. dollars, the Big Mac cost $3.33 (20/6) in Denmark. What this implies is that Kroner is too weak and should appreciate to $1/kr4, so that the price in Denmark in U.S. dollars is $5.

In a single commodity/two country world, PPP should hold due to trade (although this assumes that trade is frictionless). If a Big Mac is cheaper in Denmark, entrepreneurs would buy in Denmark and ship Big Macs to the U.S. to make an arbitrage profit. Demand for Kroner would cause it to appreciate relative to the dollar until PPP was in balance.

This has been a fun thread. Get to think about things I haven't had to think about in a while.

 

[D3thr0n3d K1ng]

You think that indicates I'm "triggered"?

Wow.

Unless you were just zhit posting. You think "Oh shove it with your priviledged crap!"

Is either 1) not triggered or 2) a good argument?

 

[D3thr0n3d K1ng]

I'm not sure this should be the takeaway from the Big Mac Index. The Big Mac Index is used to determine the appropriate exchange rate to achieve purchase power parity (PPP).

Except that all those amounts are already in US dollars so you can easily compare. A country like Norway which has an effective MW of around $20/hr for adults(since there is no legislated one but it is one reached through collective bargaining) actually charges less than third-world Murka whose MW is like 7$ or whatever. And despite this, Mcdonalds still successfully operates restaurants there.

The Big Mac there costs 42 NOK Norwegian krone but converted to dollars is $5.22 compared to Murkas $5.51.

 

[fishNjits]

Except that all those amounts are already in US dollars so you can easily compare. A country like Norway which has an effective MW of around $20/hr for adults(since there is no legislated one but it is one reached through collective bargaining) actually charges less than third-world Murka whose MW is like 7$ or whatever. And despite this, Mcdonalds still successfully operates restaurants there.

The Big Mac there costs 42 NOK Norwegian krone but converted to dollars is $5.22 compared to Murkas $5.51.

I understand that's all in dollars. What you failed to understand is that currencies will adjust so that in dollars, the price of a Big Mac in U.S. dollars will be equal excluding friction costs. Ceteris paribus, of course.

The Economist magazine invented the Big Mac Index as an easy means to determine if a currency was under- or overvalued.

Here's a really good article on purchase power parity and the Law of One Price. It was written in May 2019. For what it's worth, it calculates the price of a Big Mac in Norway as currently being higher than in the U.S.

https://nomadcapitalist.com/2019/03/21/big-mac-index/