Life in the Bush Economy

Cypress said:
U.S. lost 4,000 jobs in August. Zero job growth, and in fact, a nominal loss of jobs, for the first time since 2003.


http://www.reuters.com/article/ousiv/idUSN0636897520070907?src=090707_0903_TOPSTORY_job_losses
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Good point cypriss, the only thing that has changed is Democrat's got control of congress and now we have job losses.

Weren't you guys warned OVER and OVER that the minimum wage has been known to cause job losses? Didn't you respond OVER and OVER that that was not true? And the Liberal Democrats passed the increase anyway...

In perfectly competitive markets, the market price settles to the marginal value of the product. Therefore, absent a minimum wage, workers are paid their marginal value. As is the case with all (binding) price floors above the equilibrium, minimum wage laws are predicted to result in more people being willing to offer their labor for hire, but fewer employers wishing to hire labor. The result is a surplus of labor, or, <drum roll> unemployment.
 
Weren't you guys warned OVER and OVER that the minimum wage has been known to cause job losses? Didn't you respond OVER and OVER that that was not true? And the Liberal Democrats passed the increase anyway...
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LOL.
 
TheDanold said:
Good point cypriss, the only thing that has changed is Democrat's got control of congress and now we have job losses.

Weren't you guys warned OVER and OVER that the minimum wage has been known to cause job losses? Didn't you respond OVER and OVER that that was not true? And the Liberal Democrats passed the increase anyway...

In perfectly competitive markets, the market price settles to the marginal value of the product. Therefore, absent a minimum wage, workers are paid their marginal value. As is the case with all (binding) price floors above the equilibrium, minimum wage laws are predicted to result in more people being willing to offer their labor for hire, but fewer employers wishing to hire labor. The result is a surplus of labor, or, <drum roll> unemployment.
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BLS said the job losses were focused in construction, manufacturing, and government. Which overwhelmingly aren't minimum wage jobs.

Do you actually do any research, before you post a knee-jerk reaction, that you think is humorous?
 
Cypress said:
BLS said the job losses were focused in construction, manufacturing, and government. Which overwhelmingly aren't minimum wage jobs.

Do you actually do any research, before you post a knee-jerk reaction, that you think is humorous?
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They are overwhelmingly covered by unions who tie wage increases in with the minimum wage hike. They are actually some of the very few who actually benefit from minimum wage increases because the vast majority of even McDonald's workers make more than the minimum wage.

Before you post a knee-jerk answer do you imply that unions do not tie wages in with minimums?
 
Damocles said:
They are overwhelmingly covered by unions who tie wage increases in with the minimum wage hike. They are actually some of the very few who actually benefit from minimum wage increases because the vast majority of even McDonald's workers make more than the minimum wage.

Before you post a knee-jerk answer do you imply that unions do not tie wages in with minimums?
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You were a tad quick on the draw with your "LOL", Damo:


BLS: "In August, employment in manufacturing, construction, and local government education declined (largely NON-MINIMUM wage jobs), while job growth continued in health care and food services (where a lot of minimum wage are).
 
It's kind of ludicrous to go screaming "minimum wage increase" without any causal evidence or backup at all. It would be like me screaming "it's because the Iraq War is costing so much!", without even looking at the details of the job report, or what people on Wall Street & in the industry are saying....
 
Cypress said:
BLS said the job losses were focused in construction, manufacturing, and government. Which overwhelmingly aren't minimum wage jobs.

Do you actually do any research, before you post a knee-jerk reaction, that you think is humorous?
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Didn't the Bush admin revise the rules such that people in fast food places for example who "make" burgers are included in manufacturing?


Also I don't consider the sound economic theory to be a "knee-jerk reaction", do you?

By the way, Speaker Pelosi knew full well of the effects of the minimum wage increase which is why the Liberal Democrats exempted it in certain places like American Samoa where the effect would be much more drastic and noticeable.
http://www.capmag.com/article.asp?ID=4959
 
Onceler said:
It's kind of ludicrous to go screaming "minimum wage increase" without any causal evidence or backup at all. It would be like me screaming "it's because the Iraq War is costing so much!", without even looking at the details of the job report, or what people on Wall Street & in the industry are saying....
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This is sort of like saying you need to examine the details of the law of gravity in order for it to be true.

Again:
In perfectly competitive markets, the market price settles to the marginal value of the product. Therefore, absent a minimum wage, workers are paid their marginal value. As is the case with all (binding) price floors above the equilibrium, minimum wage laws are predicted to result in more people being willing to offer their labor for hire, but fewer employers wishing to hire labor. The result is a surplus of labor, or, <drum roll> unemployment.
 
good luck convincing americans that the minimum wage is creating the cratering of jobs. Only dittoheads will buy it, and they'll never vote democratic anway.

Minimum wage is one of the most popular laws in the land. And that ain't going to change.
 
"This is sort of like saying you need to examine the details of the law of gravity in order for it to be true."

Do you understand what you're saying here?

If I may paraphrase, you are saying that every time there is a downturn in the employment report, it is due to the minimum wage...
 
As for government job losses, well that would be a great thing, especially after the amount of bloated growth we've seen for decades.

Thank you for the good news there cypress!
 
Cypress said:
good luck convincing americans that the minimum wage is creating the cratering of jobs. Only dittoheads will buy it, and they'll never vote democratic anway.

Minimum wage is one of the most popular laws in the land. And that ain't going to change.
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Yeah stupid, all those economists who believe in labor market theory are really just "dittoheads".
Yes it's popular, so what? That only proves that it's because the negative effects are largely spread out and not explicitly seen to be correlated to job loss by laymen, not that they are a good thing.
 
TheDanold said:
Didn't the Bush admin revise the rules such that people in fast food places for example who "make" burgers are included in manufacturing?


Also I don't consider the sound economic theory to be a "knee-jerk reaction", do you?

By the way, Speaker Pelosi knew full well of the effects of the minimum wage increase which is why the Liberal Democrats exempted it in certain places like American Samoa where the effect would be much more drastic and noticeable.
http://www.capmag.com/article.asp?ID=4959
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You are so full of shit Dano, that truly you sicken me like noone else on this site. I personally suspect you are paid by a republican or libertarian organization.

Study after study has shown no adverse effects on employment rates, and in fact, the raising of the minimum wage can increase employment because the more disposable income people have, the more they spend it, and that creates more jobs.

Really, I am at the point where I am just going to IA you, if I want to read garbage that someone puked up, I can go the white house website. You are beyond the pale, truly.
 
TheDanold said:
Yeah stupid, all those economists who believe in labor market theory are really just "dittoheads".
Yes it's popular, so what? That only proves that it's because the negative effects are largely spread out and not explicitly seen to be correlated to job loss by laymen, not that they are a good thing.
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Hundreds of economists sign statement saying "Raise the Minimum wage"

http://www.epi.org/content.cfm/minwagestmt2006

Dano is a liar.
 
Again, Dano - are you contending that every employment downturn is due to the minimum wage?

That seems to be what you are saying; just wanted to clarify...
 
Darla said:
Hundreds of economists sign statement saying "Raise the Minimum wage"

http://www.epi.org/content.cfm/minwagestmt2006

Dano is a liar.
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Darla, don't even worry about it. The minimum wage is totally popular, and there's no macro economic evidence that it has any statistically significat effect on depressing employment.

Its a talking point that circulated in CATO and their propogandists, but it won't make an iota of difference to mainstream american voters.
 
Onceler said:
Again, Dano - are you contending that every employment downturn is due to the minimum wage?

That seems to be what you are saying; just wanted to clarify...
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Of course, wall street has been awaiting this report to see how the housing crisis and the credit problem was going to affect the job market. This has nothing to do with minimum wages and you will not find one credible report claiming it does.

Dano, is a liar. I believe he is paid to be a liar, but paid or not, he's a liar.
 
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