Tiberius Posted August 17, 2018 Posted August 17, 2018 1 minute ago, TPS said: Hmmm...I thought the minimum wage was supposed to raise youth unemployment? Your thoughts on Trump's and Liz Warrens ideas on corporate reform? Trump wants less reporting (or more spread out reporting) of corporate info and Warren wants more community and stock holder say on how things are done, like how campaign money is donated.
3rdnlng Posted August 17, 2018 Posted August 17, 2018 6 minutes ago, TPS said: Hmmm...I thought the minimum wage was supposed to raise youth unemployment? I shouldn't have to explain this to you but the economy is doing so well that it has overcome factors such as a higher minimum wage.
TakeYouToTasker Posted August 17, 2018 Posted August 17, 2018 8 minutes ago, TPS said: Hmmm...I thought the minimum wage was supposed to raise youth unemployment? ... It puts downward pressure on the number unskilled entry level positions. But, as you well know, that's not the only input. There are many other factors putting upward pressure on those positions. When labor becomes scarce due to a strong and growing economy, it lowers hiring standards. IE employers become more willing to dip deeper into the dredges of the labor pool. Things like drug tests, credit checks, and education levels go by the wayside as prospective employers have more difficulty finding qualified candidates.
TPS Posted August 17, 2018 Posted August 17, 2018 17 minutes ago, Tiberius said: Your thoughts on Trump's and Liz Warrens ideas on corporate reform? Trump wants less reporting (or more spread out reporting) of corporate info and Warren wants more community and stock holder say on how things are done, like how campaign money is donated. They aren't mutually exclusive. I like both. 11 minutes ago, 3rdnlng said: I shouldn't have to explain this to you but the economy is doing so well that it has overcome factors such as a higher minimum wage. Yes, it's precisely what those studies that suggest moderate rises in the minimum wage do not raise unemployment, rather macroeconomic performance is the main driver of employment. 11 minutes ago, TakeYouToTasker said: ... It puts downward pressure on the number unskilled entry level positions. But, as you well know, that's not the only input. There are many other factors putting upward pressure on those positions. When labor becomes scarce due to a strong and growing economy, it lowers hiring standards. IE employers become more willing to dip deeper into the dredges of the labor pool. Things like drug tests, credit checks, and education levels go by the wayside as prospective employers have more difficulty finding qualified candidates. See the response above. 1
TakeYouToTasker Posted August 17, 2018 Posted August 17, 2018 6 minutes ago, TPS said: Yes, it's precisely what those studies that suggest moderate rises in the minimum wage do not raise unemployment, rather macroeconomic performance is the main driver of employment. See the response above. So you're suggesting that wages are not an input into macroeconomic performance?
3rdnlng Posted August 17, 2018 Posted August 17, 2018 18 minutes ago, TPS said: They aren't mutually exclusive. I like both. Yes, it's precisely what those studies that suggest moderate rises in the minimum wage do not raise unemployment, rather macroeconomic performance is the main driver of employment. See the response above. Rises in the minimum wage have caused future problems in that some of those jobs have been replaced by automation. When the business climate takes a downturn there will be less jobs to go around.
TPS Posted August 17, 2018 Posted August 17, 2018 27 minutes ago, TakeYouToTasker said: So you're suggesting that wages are not an input into macroeconomic performance? Yes, higher wages raises consumption spending.
TakeYouToTasker Posted August 17, 2018 Posted August 17, 2018 3 minutes ago, TPS said: Yes, higher wages raises consumption spending. But, to be clear, you're saying that wages only have a one sided impact on the macroeconomic picture, and that artificial wage increases have zero impact on low skilled employment levels?
TPS Posted August 17, 2018 Posted August 17, 2018 11 minutes ago, 3rdnlng said: Rises in the minimum wage have caused future problems in that some of those jobs have been replaced by automation. When the business climate takes a downturn there will be less jobs to go around. Which capitalism has done since the beginning. One of the reasons economic growth was sluggish is low/stagnant wages, so there’s little incentive for labor-saving technology. Trumps jucing the economy with tax cuts and spending increases should raise productivity for exactly the reasons you describe, and it’s not just min wage hikes, it’s labor scarcity as tasker mentioned.
row_33 Posted August 17, 2018 Posted August 17, 2018 Inflation is the price to pay for lower unemployment and growth. when unemployment rises with inflation she’s trouble interest rates are very low
sherpa Posted August 17, 2018 Posted August 17, 2018 1 hour ago, Tiberius said: Your thoughts on Trump's and Liz Warrens ideas on corporate reform? Trump wants less reporting (or more spread out reporting) of corporate info and Warren wants more community and stock holder say on how things are done, like how campaign money is donated. Stock holders have plenty of say on how things are done. That's how publicly held companies are run. What she wants is the gov regulating how they are run, thus reducing stockholder's views.
TPS Posted August 17, 2018 Posted August 17, 2018 Just now, TakeYouToTasker said: But, to be clear, you're saying that wages only have a one sided impact on the macroeconomic picture, and that artificial wage increases have zero impact on low skilled employment levels? No. I’m saying the macro effect of higher wage income which increases sales tends to be greater than the micro effect of higher costs.
TakeYouToTasker Posted August 17, 2018 Posted August 17, 2018 (edited) 5 minutes ago, TPS said: No. I’m saying the macro effect of higher wage income which increases sales tends to be greater than the micro effect of higher costs. I'd argue that doesn't give a clear picture of real micro impacts. For the aggregate of all business transactions, that may be true (I'd be willing to entertain that argument), though I believe that the impacts in different industries and different regions are disparate; and that an over-arching macro picture doesn't give a fair accounting. For instance, looking at industries in which profit margins are narrow (5-10%), and low skilled labor cost are high (30-40%), the macro effects on the overall economy paper over what is happening to those industries. Edited August 17, 2018 by TakeYouToTasker
TPS Posted August 17, 2018 Posted August 17, 2018 1 hour ago, TakeYouToTasker said: I'd argue that doesn't give a clear picture of real micro impacts. For the aggregate of all business transactions, that may be true (I'd be willing to entertain that argument), though I believe that the impacts in different industries and different regions are disparate; and that an over-arching macro picture doesn't give a fair accounting. For instance, looking at industries in which profit margins are narrow (5-10%), and low skilled labor cost are high (30-40%), the macro effects on the overall economy paper over what is happening to those industries. I agree there are differential impacts, but there is no overall decline in employment. I think the more important point is that If you really want to help workers, you try to maintain full employment. Trump’s policies at this stage of the business cycle is really interesting (to me) in that respect.
boyst Posted August 18, 2018 Posted August 18, 2018 3 hours ago, TakeYouToTasker said: I'd argue that doesn't give a clear picture of real micro impacts. For the aggregate of all business transactions, that may be true (I'd be willing to entertain that argument), though I believe that the impacts in different industries and different regions are disparate; and that an over-arching macro picture doesn't give a fair accounting. For instance, looking at industries in which profit margins are narrow (5-10%), and low skilled labor cost are high (30-40%), the macro effects on the overall economy paper over what is happening to those industries. 1 hour ago, TPS said: I agree there are differential impacts, but there is no overall decline in employment. I think the more important point is that If you really want to help workers, you try to maintain full employment. Trump’s policies at this stage of the business cycle is really interesting (to me) in that respect. see TTYT, this is a worthy discussion that helps the board. so thank you both. 1
Thurmal34 Posted August 18, 2018 Posted August 18, 2018 Anybody have any stats that show wage increases since Jan ‘17?
3rdnlng Posted August 18, 2018 Posted August 18, 2018 5 minutes ago, Thurmal34 said: Anybody have any stats that show wage increases since Jan ‘17? 2.6% for 2018 so far.
Thurmal34 Posted August 18, 2018 Posted August 18, 2018 Just now, 3rdnlng said: 2.6% for 2018 so far. Source?
3rdnlng Posted August 18, 2018 Posted August 18, 2018 Just now, Thurmal34 said: Source? Me. Actually I heard it on the TV news. If you want a link you can Google it yourself.
Thurmal34 Posted August 18, 2018 Posted August 18, 2018 2 minutes ago, 3rdnlng said: Actually I heard it on the TV news. ? State TV?
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