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Economy Right wing economic theory BTFO again.

Discussion in 'The War Room' started by no fat chicks, Oct 11, 2021.

  1. MoparOrNoCar Silver Belt

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    Democrats in the midst of tanking the economy while talking about how terrible Republican economics are?

    Yeah not good timing on that one folks.
     
  2. HereticBD Plutonium Belt

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    Yeah, and what are the wages in that system like? Is that somehow irrelevant to the system that has created so many rich people?

    Define "long run".
     
  3. nostradumbass Yellow Card Yellow Card

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    Lol, it's my goal in life to be taken seriously by a guy called "no fat chicks" on a karate forum making threads screeching about capitalism. You're a walking caricature.
     
  4. Jack V Savage Secretary of Keepin' It Real/Nicest Guy on Sherdog

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    Right-wing economic theory is not actually called capitalism. The empirical revolution in economics brought on by the recipients of the Nobel Prize this year has increasingly moved our understanding to the left, as a lot of beliefs about capitalism that had become popular in the '70s turned out to be false. We know now, for example, that real-world MW increases generally don't have a negative impact on employment, that regressive tax cuts don't boost growth noticeably (and that the idea that they boost growth so much that they're self-financing is equivalent to flat Earthism), that some regs enhance growth, etc.
     
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  5. Jack V Savage Secretary of Keepin' It Real/Nicest Guy on Sherdog

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    The economic isn't tanking, genius. GDP growth this year will be the strongest we've seen in decades, and it'll be very strong next year at least, too.
     
  6. panamaican Senior Moderator Staff Member Senior Moderator

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    This question doesn't make sense. What are the wages like? Is that asking if they're high, low, etc? Is it a relative question or an absolute one? Is it a question of if they resemble some other model or is it about the method by which they're administered. Because the "wages" cover a pretty broad spectrum. Too broad to be "like" anything without a more specific question.

    Of course wages are relevant to the system.

    Let's call it 7-10 years.
     
  7. Aegon Spengler Gold Belt

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    Repealing NAFTA and allowing Mexico to protect their agricultural industry with tariffs would go a long way to reducing illegal immigration. Call your local republican and suggest it, see what they say.
     
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  8. Jack V Savage Secretary of Keepin' It Real/Nicest Guy on Sherdog

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    The reason people don't support tariffs generally is that they help a few favored businesses at the expense of lower wages, higher unemployment, lower consumer options. The tradeoffs are not good for a developed nation.
     
  9. Striderxdj Black Belt

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    But Jack, the price of gas is slightly higher than normal and its certainly not related to normal summer price increases, opec cutting production and pandemic related transportation shortages... its because of some nebulous super liberal polices Biden implemented that immediately affected the entire world economy...
     
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  10. Jack V Savage Secretary of Keepin' It Real/Nicest Guy on Sherdog

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    I think even that's giving too much credit. I think it's just that the wrong party is in the WH, therefore the rightist media is going to present the economy as being bad, and consumers of that media will buy it.
     
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  11. Rational Poster Actually the Best Poster

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    (Gasoline prices peaked higher in 2018/2019 than it is currently)
     
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  12. HereticBD Plutonium Belt

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    Okay, well I'm certainly interested in your theory in how if all the wealth was taken out of the economy in one fell swoop, how the economy would stabilize in a mere 7-10 years. Enlighten me.
     
  13. panamaican Senior Moderator Staff Member Senior Moderator

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    I have no theory on that because it's impossible. I said if the rich moved to the Cayman Islands. They can't move the wealth.

    The wealth is tied up in the infrastructure (facilities, equipment, etc.), the customer base, the knowledge centers (the people who perform the daily operations of the businesses), etc. Those things don't move as easily as the mega-wealthy at the top of the hierarchy.

    Moreover, so long as they're American citizens, they're subject to our taxes. If they give up U.S. citizenship, the wealth earned in the U.S. is still taxed. To move it out of the U.S. would require a bunch of financial transactions and restructuring that would frequently be hit with one time taxes. And once those things and people are outside of the nation's economic system, they've also cut themselves off from the very thing that generated the wealth in the first place. Someone else will step up and take their place.

    But to return to the post - the ease with which wealthy people live outside of the country should not be confused with the difficulty of permanently removing their assets from the country. Especially when so much of it is illiquid.
     
  14. chrisdiaz Black Belt

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    I remember when minimum wage jobs werent supposed to pay as much as an entry level IT position...People never think about the business owners in these situations. Like some small town diner in rural america is going to be able to afford 15 dollars an hour...The thought is just ridiculous and would lead to even more corporations taking out small business. Let the states set their wages and rules. The states that are dumb like CA get to watch the multi billion dollar corps like Toyota and Tesla flee to TX.
     
  15. panamaican Senior Moderator Staff Member Senior Moderator

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    Is that a problem with the minimum wage or a problem with the declining rate for the entry level IT position?

    Because I would say that requiring people on minimum wage to make substandard wages in order to justify the IT position dropping in value doesn't make sense. It's pushing blame in the wrong direction. It means that the minimum wage worker is blamed for wanting a decent salary but leaves the IT employer off the hook for not increasing his wages accordingly.

    Or to put it another way - just because the IT worker has decided to take pennies on the dollar doesn't mean the minimum wage worker has to suffer for it.
     
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  16. JudoThrowFiasco Charming Quark Platinum Member

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    The study done in the 80's? Is there an update to it -- none of it is really covered in the article.
     
  17. chrisdiaz Black Belt

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    Its a problem with a national minimum wage. Let the states decide like I said. Your not supposed to be able to have a mortgage and a car payment in an entry level position that takes no skills. People think you are for some reason.
     
  18. Jack V Savage Secretary of Keepin' It Real/Nicest Guy on Sherdog

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    The award isn't for the particular finding; it's for basically initiating evidence-based economics, which revolutionized the field. Lots of people have studied the issue since, though (and their findings have held up--now pretty much conventional wisdom).
     
  19. JudoThrowFiasco Charming Quark Platinum Member

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    Ok, but TS should update the link to include the original study or have a better detailed break down in the OP. I dont even think he read the link he posted.
     
  20. Striderxdj Black Belt

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    This same excuse has been used for years. If these "small town businesses" are on such a knife edge of failure that an increase to payroll will outweigh a slight price increase they could implement and more people eating there, they shouldn't be used as an economic "canary in the coal mine", they're half dead already.
     
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