Beijing Biden Calls for “At Least” a $15 Minimum Wage
The D-bags destroyed small business with the political weaponization of COVID lockdowns.
This is the death blow.
Even the stock market tanked on this news.
We can see that the Bernie Sanders wing of the Democrat Party will have tremendous influence on the Biden Administration. Mandating a $15 minimum wage would devastate job growth. Businesses will just lay off employees to recover their losses. It is the economic environment that should determine the monetary value of an employee. If the economy is strong and open, then qualified people will be hired for a good salary.
Biden Calls for “At Least” a $15 Minimum Wage
By The Dan Bongino Show, January 15, 2021
The “Fight for Fifteen” movement has an ally in Joe Biden. On the issue of the minimum wage, he’ll be taking a page out of the Bernie Sanders playbook.
Last night he unveiled a $1.9 trillion stimulus package that included $1,400 stimulus checks (to boost the prior $600 payment to a total of $2,000), expanded unemployment benefits, an aggressive vaccination plan, and tax credits to families with children.
Biden also advocated for a higher minimum wage. “No one working 40 hours a week should live below the poverty line,” Biden said while addressing the nation Thursday. “That’s what it means, if you work for less than $15 an hour and work 40 hours a week, you’re living in poverty.”This is a common talking point from proponents of raising the minimum wage, and overlooks that poverty is a job problem, not a wage problem. As I wrote years ago: In 2015, only 11 percent of (working age) people in poverty worked full time. By contrast, 63 percent of those in poverty don’t work at all. Of full time workers in America, only 2 percent live in poverty (compared to 32 percent of the unemployed). If we look at those with families, the numbers become even more stark. For instance, in 2011 only 0.3 percent of families in poverty worked an hourly job earning the minimum wage.
Furthermore, a 2019 CBO study found that 81% of the benefits of raising the minimum wage to $15 would go to people already above the poverty line, while “increasing joblessness [by 1.7 million], reducing business income, raising prices, and lowering total output in the economy.”
In response, Seattle’s legislature, which commissioned the study, promptly fired all the University of Washington researchers for making the mistake of stumbling upon the truth.
For more rural areas with lower costs of living, a $15 minimum wage would be particularly devastating. Even implementing a $15 minimum wage in Seattle (hardly a cheap place) proved problematic. A study conducted by the University of Washington found that their $15 minimum wage law reduced hours by 9 percent, which caused wages to fall on net by 6 percent. And the kicker? That study was conducted when Seattle’s minimum wage had “only” risen from $10.50 to $13 an hour, as the $15 wage was phased in gradually. And despite that $2.5 an hour raise at the time of the study, workers were still $125 a month worse off.
In response, Seattle’s legislature, which commissioned the study, promptly fired all the University of Washington researchers for making the mistake of stumbling upon the truth.
A poll of professional economists in 2019 found 74% opposing a $15 minimum wage. That should deter any politician from supporting such a policy – but it doesn’t because the opposition to such a policy among economists is a mirror image of the opinion of non-economists, who overwhelmingly support it.
While a $15 minimum wage will be a disaster for many Americans put out of work by it, it will be great news for the nation’s unemployed robots.
A poll of professional economists in 2019 found 74% opposing a $15 minimum wage. That should deter any politician from supporting such a policy – but it doesn’t because the opposition to such a policy among economists is a mirror image of the opinion of non-economists, who overwhelmingly support it.
While a $15 minimum wage will be a disaster for many Americans put out of work by it, it will be great news for the nation’s unemployed robots.
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