Get Your Taxes Ready Save $$ on your tax preparation software and keep more of your refund! See Deals
Forum Thread
The Wall Street Journal Discounts, Deals and Coupon Codes

NYT endorses Obama's minimum wage proposal, but called for scrapping it in 1987....

rrc06 31,796 2,385 February 18, 2013 at 07:43 AM Get The Wall Street Journal Coupons
Wonder what changed....

New York Times Called To Abolish The Minimum Wage In 1987
[huffingtonpost.com]

Quote :
In a 1987 editorial unearthed by Mark Perry, an economics professor at the University of Michigan-Flint and circulated by the conservative American Enterprise Institute, the Grey Lady argued that the "minimum wage is an idea whose time has passed."

"Raising the minimum wage by a substantial amount would price working poor people out of the job market," the editorial reads. "A far better way to help them would be to subsidize their wages or - better yet - help them acquire the skills needed to earn more on their own."

That position, more often heard these days from the likes of Michele Bachmann and Ron Paul, is a far cry from the NYT's 2013 take on the minimum wage.
Now we have the NYT [nytimes.com] endorsing the "Minority Youth Unemployment Act" [wsj.com]

Quote :
In the real world, setting a floor under the price of labor creates winners and losers. Some workers will get a $1.75 raise. Great. But others—typically the least educated and skilled—will be priced out of the job market and their pay won't rise to $9. It will be zero.

University of California at Irvine economist David Neumark has looked at more than 100 major academic studies on the minimum wage, and he says the White House claim of de minimis job losses "grossly misstates the weight of the evidence." About 85% of the studies "find a negative employment effect on low-skilled workers."

The minimum wage is also an ineffective way to reduce poverty. Most families in poverty don't have someone who works, so making it more difficult to get a job exacerbates poverty. Mr. Obama says that a "family with two kids that earns the minimum wage still lives below the poverty level. That is wrong."

He left out that most minimum-wage earners are not the primary bread winner. Nearly 40% live with a parent or relative. The average family income of a household with a minimum-wage worker is about $47,023—which is far above the poverty line of $23,550 for a family of four.
Quote :
The damage from a minimum wage hike depends on the overall labor market. If the job market is buoyant, as it is in the fracking boomtown of Williston, N.D., fast-food workers may already make more than $9 an hour. But when the jobless rate is high, as it still is in California and New York, the increase punishes minority youth in particular.

That is what happened during the last series of wage hikes to $7.25 from $5.15 that started in July 2007 as the economy was headed toward recession. The last increase hit in July 2009 just after the recession ended, and as the nearby chart shows, the jobless rate jumped for teens and black teens especially. For black teens, the rate has remained close to 40% and was still 37.8% in January.

A study by economists William Even of Miami University and David Macpherson of Trinity University concludes that in the 21 states where the full 40% wage increase took effect, "the consequences of the minimum wage for black young adults without a diploma were actually worse than the consequences of the Great Recession."
Quote :
Republicans may fold again to take the issue off the table in 2014, but it's a tragedy that those who will suffer the most are Mr. Obama's most ardent supporters.

172 Comments

8 9 10 11 12

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
#166
Quote from DJPlayer View Post :
http://en.wikipedia.org/wiki/DuckTales



as silly as this conversation may be.. it's all coming back to me now after reading this. Scrooge is always either protecting his wealth or going after some mysterious treasure that he has information on. When he goes after it... One of the villains is always there trying to beat him to it, or stop him from acquiring it. "Wealthiest duck in the world" he should be ashamed of himself.. I wonder what his effective tax rate is.....
Nobody is saying anything half as interesting as we are. Wink

Yea, the Magician Chick episodes are boring even though the Beagle Boys are mildly entertaining. I tune those out. Glomgold is my favorite character. He's Scrooge without the nephews and their conscience. My daughter loves Webby, naturally.

It's kind of an interesting show. The takeaway for me is that Scrooge would be absolutely horrible if not for the people around him tempering him. Money lust doesn't cast Scrooge in a good light. And it's not like Scrooge is a particularly endearing character throughout Disney lore. Ms. Beakley's entire purpose is basically to call out Scrooge.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
#167
Quote from DJPlayer View Post :
http://en.wikipedia.org/wiki/DuckTales



as silly as this conversation may be.. it's all coming back to me now after reading this. Scrooge is always either protecting his wealth or going after some mysterious treasure that he has information on. When he goes after it... One of the villains is always there trying to beat him to it, or stop him from acquiring it. "Wealthiest duck in the world" he should be ashamed of himself.. I wonder what his effective tax rate is.....
It's funny how some people can watch something as simple as a cartoon and what they are seeing in their head differs from what is actually happening in the show. It's pretty enlightening.
Reply Helpful Comment? 0 0
All growth depends upon activity. There is no development physically or intellectually without effort, and effort means work. — Calvin Coolidge
"Under Barack Obama, the only 'change' is that 'hope' is hard to find" - Marco Rubio
This comment has been rated as unhelpful by Slickdeals users
Joined May 2005
L10: Grand Master
8,766 Posts
226 Reputation
#168
Quote from andyfico View Post :
It's funny how some people can watch something as simple as a cartoon and what they are seeing in their head differs from what is actually happening in the show. It's pretty enlightening.

Wonder what they get out of NEWer cartoons???
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jun 2005
All downhill from here...
9,586 Posts
394 Reputation
#169
Quote from loop610bob View Post :
Nobody is saying anything half as interesting as we are. Wink

Yea, the Magician Chick episodes are boring even though the Beagle Boys are mildly entertaining. I tune those out. Glomgold is my favorite character. He's Scrooge without the nephews and their conscience. My daughter loves Webby, naturally.

It's kind of an interesting show. The takeaway for me is that Scrooge would be absolutely horrible if not for the people around him tempering him. Money lust doesn't cast Scrooge in a good light. And it's not like Scrooge is a particularly endearing character throughout Disney lore. Ms. Beakley's entire purpose is basically to call out Scrooge.
Not to mention the obvious allusion to Dickens.
Reply Helpful Comment? 0 0
bulb TIP: To avoid the stigma of literacy, listen to audio books.
This comment has been rated as unhelpful by Slickdeals users
#170
Quote from andyfico View Post :
It's funny how some people can watch something as simple as a cartoon and what they are seeing in their head differs from what is actually happening in the show. It's pretty enlightening.
I watched it this weekend. The first four, just because they're my favorites. They really went off the rails about halfway through the 1st season and the 2nd is just a hot mess.

When was the last time you watched a full episode of Ducktales, hmmm?

Right. Shush then.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
#171
Quote from thikthird View Post :
i've misconstrued nothing. i pretty plainly said back to you what you've said and it seems you're ashamed or angered by your own words.
No, I'm annoyed that you can't seem to offer up a simple definition of what you think the word "exploit" means and instead insist on dodging and deflecting.

Now you come here acting accusing me of being angry or ashamed. This reeks more of an attempt at a personal attack rather than any kind of discussion.

Quote :
no one is willing to work for zero dollars. this is not a supply issue.
Do even you understand the concept of supply-demand? Labor is a commodity and like all commodities, pricing sends valuable information as to the relative availability of that commodity. When there is an oversupply of labor, like during a down-turn in the economy, people become willing to work for less because otherwise they work for nothing. When the economy is booming, the price of labor goes up because the supply becomes more limited.
To deny this is incredibly naive. Even the most liberal economists would agree. If you disagree, instead of trying to make a new personal attack, how about if you provide a link to demonstrate your position is correct.

The best thing we can do to increase the pay that entry-level workers get is to fix the economy.
Reply Helpful Comment? 0 0
Science is much more than a body of knowledge. It is a way of thinking. This is central to its success. Science invites us to let the facts in, even when they don't conform to our preconceptions.
~ Carl Sagan
This comment has been rated as unhelpful by Slickdeals users
#172
Quote from thikthird View Post :
no one is willing to work for zero dollars. this is not a supply issue.
http://www.econoclass.com/economi...rkets.html

http://www.cliffsnotes.com/study_...-9781.html

http://yourbusiness.azcentral.com...-1805.html
Reply Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
Joined Dec 2006
L10: Grand Master
10,824 Posts
1,184 Reputation
#173
Good heavens Miss Sakamoto - you're beautiful!"
There she goes again!
She blinded me,.. with basic economics.
Reply Helpful Comment? 0 0
Page 12 of 12
8 9 10 11 12
Join the Conversation
Add a Comment
 
Copyright 1999 - 2018. Slickdeals, LLC. All Rights Reserved. Copyright / Infringement Policy  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)  •  Interest-Based Ads
Link Copied to Clipboard