Minimum Wage Hike Would Boost Economy By Billions

[Shadowstar1922]

I don't understand how Republicans critize and blame Obama and Democrats for "ruining" the economy, but when they try to fix it, they block it. Okay. Amazing logic.

[GarthVader449]

It's all politics, the same is happening in the UK.

[ghost 9]

Increase minimum wage, increase inflation. Basic economics. Businesses will not yield on their potential profits, and trying to ask them nicely to do so is pointless. Either make it socialist and force them to be nice, or try to create incentives for higher wages. If you increase minimum wage as the current economy is, you'll break it in half. Whether accepted or not, we're still in a recession; with a stock market bubble no less, and a fractured housing market economy. Prices are going up for houses because INVESTORS are buying them, not because consumers are. If they can sell the houses they're investing in, then you can say the housing market is fixed, but not before.

[Shadowstar1922]

Increase minimum wage, increase inflation. Basic economics. Businesses will not yield on their potential profits, and trying to ask them nicely to do so is pointless. Either make it socialist and force them to be nice, or try to create incentives for higher wages. If you increase minimum wage as the current economy is, you'll break it in half. Whether accepted or not, we're still in a recession; with a stock market bubble no less, and a fractured housing market economy. Prices are going up for houses because INVESTORS are buying them, not because consumers are. If they can sell the houses they're investing in, then you can say the housing market is fixed, but not before.

Stop applying basic economics to complicated globalized economies in the world. Your basic economics don't work in complex, united, and flucuating economies that all the major developed countries have.

US's inflation is 1.6%, and minimum wage is currently 7.55$

Japan's inflation is 1.3%, while their minimum wage ranges from 8$-10.16$(depends which province/city you reside in)

Australia's inflation is 2.7%, while their minimum wage is 15$ (15.30 USD)

Ireland's inflation is -0.1% and their minimum wage is 8.69 Euros (11.09 USD)

Canada's inflation is 1.5%, while their minimum wage is 11$.

France's inflation is 0.9%, while their minimum wage is 9.53 Euros(11-13 USD)

The United Kingdom's inflation is 1.9%, while their minimum wage is 6.31 Euros (7-9 USD)

China's inflation is 2-2.5%, while their minimum wage ranges from 7 Yen to 15 Yen (1-5 USD)

Vietnam's inflation rate is 4.65%, while their minimum wage ranges from 1.05-3 million VD (50.25-112.85 USD per month)

So, as evidence is presented right now, you can see that minimum wage doesn't really affect inflation rates. You have countries with incredibly low minimum wages (Vietnam, China, UK) but have high inflations, you have countries with good minimum wages (Japan, Ireland, and France) but have decent to low inflation rates.

The fact that the American workforce has worked so hard and increased productivity so much and put a lot of money into the US economy, they would be making 24 dollars an hour as a minimum wage, if minimum wage kept up with productivity. The economy would obviously be able to handle 24 dollars an hour, since it is in ratio to productivity.

It's cute you nit pick with your basic economics, but it's time to grow up and look at evidence and facts, look at examples of other countries' raising their minimum wage and seeing how much their economy grows, expands, and profits from. Even states and cities within the United States who have raised minimum wage have seen dramatic expansions into economy and creation of new jobs and spiking profits for small and big businesses. Those are the facts. Starting using them.

[GarthVader449]

Don't really think minimum wage affects at all. It's really everything else.
Like to add, UK is now 1.6% haha lol. Yay!

[Shadowstar1922]

Don't really think minimum wage affects at all. It's really everything else.
Like to add, UK is now 1.6% haha lol. Yay!

It is a combination of other things, but minimum wage affects the living standards of the lower and middle class(sometimes for middle)

When it gets to the point where there are people in America where the poverty rate is 16%(46.5 million Americans) and people are literally starving to death or dying from disease(since they can't get decent health insurance and if they do, it's expensive af)

[Shadow00]

Don't really think minimum wage affects at all. It's really everything else.
Like to add, UK is now 1.6% haha lol. Yay!

It is a combination of other things, but minimum wage affects the living standards of the lower and middle class(sometimes for middle)

When it gets to the point where there are people in America where the poverty rate is 16%(46.5 million Americans) and people are literally starving to death or dying from disease(since they can't get decent health insurance and if they do, it's expensive af)

Sounding cynical, poverty rates mean nothing about 1st world countries.
People there had a chance and blew it. Wanna talk about fighting poverty? Try Third world countries, where people didn't blow their chances, as they had none.

[Shadowstar1922]

Don't really think minimum wage affects at all. It's really everything else.
Like to add, UK is now 1.6% haha lol. Yay!

It is a combination of other things, but minimum wage affects the living standards of the lower and middle class(sometimes for middle)

When it gets to the point where there are people in America where the poverty rate is 16%(46.5 million Americans) and people are literally starving to death or dying from disease(since they can't get decent health insurance and if they do, it's expensive af)

Sounding cynical, poverty rates mean nothing about 1st world countries.
People there had a chance and blew it. Wanna talk about fighting poverty? Try Third world countries, where people didn't blow their chances, as they had none.

Yes, because everyone in America has the same chance as everyone else, and it's not like anyone is born into poverty, disease, starvation, poor education, and/or drug families.

I get we should we helping 3rd-world countries with their problems, but we should be guiding them and helping them with economic and political reforms rather than throwing a bunch of cash in their face hoping their government spends it correctly. And advocating for these countries to work together on their economic and social growth and reformation with some bigger powers (e.g China helping Kenya, Angola, S. Africa, Nigeria etc growing their economies and social structure through corporate trade deals between each other) would be a more affirmative step.

Helping other countries who need it is great and all, but if a country had a serious poverty problem for their country, then they need to focus on that more. Poverty in one country is not the problem for another.

[Excalibur]

I don't think this is a substantive issue. It won't affect the most of us, and it's immediate effects will hurt rather than help the economy.

My reasons

1. Most of the people that get paid minimum wage (4 mill max) are young people 25 or less who work menial jobs. Raising the minimum wage will most likely result in a loss of jobs rather than an increase because these jobs are just not important.

2. I think it would just increase outsourcing even more.

3. It doesn't affect most of us, it would only effect about the 3.6 million that are working below or at the minimum wage.

[The Divine Potato]

Increase minimum wage, increase inflation. Basic economics. Businesses will not yield on their potential profits, and trying to ask them nicely to do so is pointless. Either make it socialist and force them to be nice, or try to create incentives for higher wages. If you increase minimum wage as the current economy is, you'll break it in half. Whether accepted or not, we're still in a recession; with a stock market bubble no less, and a fractured housing market economy. Prices are going up for houses because INVESTORS are buying them, not because consumers are. If they can sell the houses they're investing in, then you can say the housing market is fixed, but not before.

Stop applying basic economics to complicated globalized economies in the world. Your basic economics don't work in complex, united, and flucuating economies that all the major developed countries have.

US's inflation is 1.6%, and minimum wage is currently 7.55$

Japan's inflation is 1.3%, while their minimum wage ranges from 8$-10.16$(depends which province/city you reside in)

Australia's inflation is 2.7%, while their minimum wage is 15$ (15.30 USD)

Ireland's inflation is -0.1% and their minimum wage is 8.69 Euros (11.09 USD)

Canada's inflation is 1.5%, while their minimum wage is 11$.

France's inflation is 0.9%, while their minimum wage is 9.53 Euros(11-13 USD)

The United Kingdom's inflation is 1.9%, while their minimum wage is 6.31 Euros (7-9 USD)

China's inflation is 2-2.5%, while their minimum wage ranges from 7 Yen to 15 Yen (1-5 USD)

Vietnam's inflation rate is 4.65%, while their minimum wage ranges from 1.05-3 million VD (50.25-112.85 USD per month)

So, as evidence is presented right now, you can see that minimum wage doesn't really affect inflation rates. You have countries with incredibly low minimum wages (Vietnam, China, UK) but have high inflations, you have countries with good minimum wages (Japan, Ireland, and France) but have decent to low inflation rates.

The fact that the American workforce has worked so hard and increased productivity so much and put a lot of money into the US economy, they would be making 24 dollars an hour as a minimum wage, if minimum wage kept up with productivity. The economy would obviously be able to handle 24 dollars an hour, since it is in ratio to productivity.

It's cute you nit pick with your basic economics, but it's time to grow up and look at evidence and facts, look at examples of other countries' raising their minimum wage and seeing how much their economy grows, expands, and profits from. Even states and cities within the United States who have raised minimum wage have seen dramatic expansions into economy and creation of new jobs and spiking profits for small and big businesses. Those are the facts. Starting using them.

Not gonna say anything, except that we British people still use the British pound, not the euro.