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President Trump: The NEW one and only politics thread

Discussion in 'Sports and News' started by Moderator1, Nov 12, 2016.

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  1. The Big Ragu

    The Big Ragu Moderator Staff Member

    Yup, classic case of my having no sense of humor.

    It's a great tact. If you insult me for no reason and I ignore it, you do it more. If I were to let loose on you personally the same way, I would be a jerk. And if I post something saying, "that isn't cool," I am humorless.

    You sure proved something about me there.
     
  2. cranberry

    cranberry Well-Known Member

    I'm sure this little dispute between you and RickStain wouldn't be happening right now if the central banks weren't printing money and distorting the markets with their bubble machines.
     
  3. QYFW

    QYFW Well-Known Member

  4. CD Boogie

    CD Boogie Well-Known Member

    And lose out on making money while simultaneously inconveniencing people? Not his style.
     
  5. RickStain

    RickStain Well-Known Member

    Careful
     
  6. RickStain

    RickStain Well-Known Member

    People say worse things about me every week here. I've always found it hilarious.
     
  7. cranberry

    cranberry Well-Known Member

  8. The Big Ragu

    The Big Ragu Moderator Staff Member

    I have no idea how accurate that study is in quantifying just how many people (and it goes way beyond low wage workers) were hurt by that city council. But reality = the real minimum wage is zero. .. no matter where they try to price fix wages. The higher they try to price fix it, the more people it hurts.

    If $13 or $15 is a good idea and it doesn't hurt anyone (the way these idiotic price-fixing schemes try to sell it), why not make the minimum wage $1,000,000 an hour?

    You don't really need a study to see the predictable happening. Fewer people with minimal skills have jobs, or they slip farther into part-time work as hours get cut back. Restaurants on the margin are forced out of business. In the restaurants that stick around, you get higher prices passed onto consumers. And sadly, it was / is entirely predictable. Draw any supply / demand curve. Unless demand is inelastic, the more something costs, the less of it there is demand for. It may as well be one of the laws of physics.
     
  9. RickStain

    RickStain Well-Known Member

    Anytime someone says "you don't need to empirically study the effects, it follows predictably from my worldview," you know you don't have to listen.

    Just like this study showed that this large minimum wage increase had this effect, others have shown that smaller ones did not.
     
  10. JohnHammond

    JohnHammond Well-Known Member

    Now run some regressions. Follow up with few diagnostics; and then hit the showers.
     
  11. cranberry

    cranberry Well-Known Member

    Yeah, Seattle's minimum wage increase was the largest and the study says the first phase had little affect on hours, which suggests to me that Seattle just didn't find the sweet spot. There's definitely a tipping point.
     
  12. The Big Ragu

    The Big Ragu Moderator Staff Member

    Assuming that a minimum wage is an actual price floor (i.e. -- they set the minimum wage ABOVE the market equilibrium price for labor). ... minimum wage regulations are guaranteed to do some combination of (and usually all of them to varying degrees) the following: 1) Cost low-skilled workers jobs, 2) Cost low-wage workers hours, therefore reducing their income, 3) drive some marginal businesses that were previously viable out of business (taking jobs with it), 4) Cost consumers in the form of higher prices, 5) Reduce the income of business owners.

    Any study that somehow comes to a conclusion that it hasn't done a combination of those things has flawed methodology (if it has any real methodology at all) and has come to bullshit conclusions.

    If someone suggested that dropping a 100 pound anvil on my foot is going to hurt my foot, no one would suggest that you need to study it to be sure (or that a study that somehow says otherwise isn't ridiculous).
     
    Last edited: Jun 26, 2017
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