MINIMUM WAGE
Studies have found that raising the minimum wage could come with UN-INTENDED CONSEQUENCES, including more automation, hurting small businesses, and higher prices.
A recent STUDY by the nonpartisan Congressional Budget Office (CBO) found that the proposal to raise the minimum wage to $15 an hour would RESULT in the LOSS of 1.4 MILLION JOBS but would ONLT LIFT 900,000 workers out of POVERTY
“HIGHER WAGES would INCREASE the COST to EMPLOYERS of producing goods and services,” the CBO concluded.
“Employers would PASS some of those increased costs on to CONSUMERS in the form of HIGHER PRICES, and those higher prices, in turn, would lead consumers to purchase fewer goods and services.
Employers would consequently produce FEWER goods and services, and as a result, they would tend to REDUCE their employment of workers at all wage levels.”
Meanwhile, Biden’s economic adviser Jared Bernstein effectively argued that we should all STOP “focusing on the BIG NEGATIVES” of the minimum wage and SUPPORT IT ANYWAY.
EQUALITY vs OPPORTUNITY
KEYNESian ECONOMICS – WHAT WENT WRONG?
I – PRIMING the PUMP, WHILE (simultaneously) DRAINING the POOL
II – “STIMULATION” – POOL BUCKET “SIMULATION”
take a bucket … go to the “DEEP END” and FILL IT
NOW WALK OVER to the “SHEEP END” and POUR IT
WHAT is the “NET EFFECT”?
INVENTIVES (the Morality of More VS the Logic of Less)
III QUICK SAND TEST
IV “the BUCK PASSES HERE” – IRRESPONSIBILITY …
GENERATIONAL THEFT – MAKING “OTHER” OAY FOR SELF’
‘The PROBLEM with SOCIALISM is EVENTUALLY YOU RUN OUT of SPENDING SOME ELSE’s MONEY” …
UNINTENDED CONSEQUENCES MADE PEOPLE ”SAVE”, NOT“STIMULATE”
KEYNES NOT BEING ABLE to “ANTICIPATE” and “PREDICT”
PEOPLE “SAVE” (out of personal interest) WHEN THEY are THOUGHT to “SPEND” (for collective benefit)
PEOPLE are NOT “PREDICTABLE” …
MARKETS CAN BE IR-RATONAL LONGER THAN YOU CAN REMAIN “RATIONAL” (solvent)