Will Biden raise the federal minimum wage from 7.25 USD per hour to 15 USD? - page 2.

stompix

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Quote from: redsun114 on January 27, 2021, 12:47:49 PM

Can you imagine a company that bankrupts all because instead of paying 7.25 to their workers, they paid 15 bucks and that was all it took, they are all gone and they are done and they can't survive and first they lay off workers and then they bankrupt? That company should be gone anyway, why should there be companies like that? Let them get lost and there will be bigger and better places trust me.

Yeah right, it's only 7.75$.
Multiply this by the number of workers and the days in a year and if that is peanuts to you feel free to send me that amount to my bitcoin address.
I love how people are so giving when it's not their money, but I bet you're not willing to pay somebody when it works for you that generously, typical socialist behavior, easy to talk about spending when your not spending a dime out of your own pocket.

You say so easily that business could go bankrupt, how about people not willing to work for low ages and quit their jobs and seek a better one?!
I'm willing to bet that a large number of businesses closing down ain't going to relieve the pressure on the jobs market right now, you're just adding fuel to the fire and throwing a bit of gas on your house too.

Quote from: uneng on January 26, 2021, 03:03:55 PM

That is pure populism.

Exactly.
His whole program is aimed at buying votes from the poor while keeping them captive in their current state.
The same strategy as in 3rd world countries, poor people will be willing to vote for them on those empty promises not realizing that they will get paid twice while everything goes up in 2.5 in price. I've seen this shit so many times in Europe I'm getting tired of it.

Reid

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That means passing it to Congress first.
It's not just Biden that can decide everything even if he is the president.

Congress means owners of businesses or friend of friends of business owners that will argue about it.
I doubt it will be passed that early without an economic breakdown or even if they will be bountiful for the next year.
They would rather give that stimulus check over and over rather than have a law of giving out $15 per hour which will last for a long time.

DrBeer

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And what is the purpose of such a step? Benefit?
For example, I understand that raising the minimum level, the owners will be forced to reduce their profits and turnover funds, as well as pay more taxes, which will almost certainly lead to a wave of bankruptcies. People's incomes will grow, consumption will theoretically grow, but bankruptcies will lead to a reduction in the filling of the market with goods and services, which means there will be a shortage of goods. In one word, dubious benefits

redsun114

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Do not be worried about the economy of these places that had to close shop during covid, or would have to close shop during the period where they are not making money, you know why? Because if they can't afford to pay their workers 15 bucks an hour, they shouldn't be a business at all.

Can you imagine a company that bankrupts all because instead of paying 7.25 to their workers, they paid 15 bucks and that was all it took, they are all gone and they are done and they can't survive and first they lay off workers and then they bankrupt? That company should be gone anyway, why should there be companies like that? Let them get lost and there will be bigger and better places trust me.

Amazon is not even paying 15 bucks, they are paying more in many places, and they find workers in bunches, like people line up to work there, let the small unsuccessful ones go away and let their owners become amazon workers instead. That is what you get for not being capable of running with 2020 budgets and offer 1970 salaries to people.

Hydrogen

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California implemented mandatory minimum wage hikes to $13 in january 2020. With catastrophic results.

Many small US businesses are taxed and regulated so heavily. Mandatory wage hikes force them to file bankruptcy and close businesses down.

This is one of the driving forces behind residents and business owners fleeing california for other US states.

Princejebs

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I don't really know how their system works but I know American doesn't belong to a party system, it has been either the Republicans or the Democrat.
This is about national adjustment that need so thorough investigation before they are pass on an even if they are, ot everyone would like to pass the vote in the House for the first hearing.
I love Biden but I just feel his soft feeling will cause him more harm than good

uneng

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Quote from: davis196 on January 22, 2021, 02:28:45 AM

Will the US business suffer from the increased labor costs?
Will Biden and the democrats keep their promise?
Stupid question:Will the American working class buy more Bitcoin,if they have bigger salaries? Grin

Some economists say that the current federal minimum wage is way lower than the labor productivity,so increasing the minimum wage will lower the profits of the business,while boosting the consumption of the working class.

That is pure populism. The minimum wage is raised, but the costs of everything else rises proportionally, if not more than the minimum wage itself. I mean you can increase the minimum wage, but it doesn't mean you are increasing the purchasing power.

Furthermore I will give an example: if I'm a business owner and have to raise my employees' wages I will raise my services costs to customers so I can dilute this *loss* and keep my profit intact. In the end the customers (who are also earning 15$ hourly) will have to pay more for the same services they were paying cheaper before.

2double0

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USA used their stimulus checks to buy enough btc and it is proven that during their phase 2, we saw so much buys from their side. If their wages will increase, so their expenditures too will not remain the same because either they will look and go for a change in their lifestyle or higher inflation will take place which will balance their new wages with the expenses they used to pay less when they had lesser wages, so an equation may be seen.

slapper

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Raising the minimum wage will strongly affect the lives of everyone living in the USA, especially when they double the amount like this. This improvement deeply ameliorates the society where workers and normal citizens are given more money to spend on anything that they want and I do believe that some of them will choose to buy bitcoin.

However, we are still very far from this implementation since it is just the beginning of Biden's term. Hope that he will do a lot to change the country, most of all, repel the attack of covid-19

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Quote from: BigBoy89 on January 25, 2021, 11:04:22 PM

IMO $15 is unrealistic, but the Democrats & Republicans can reach an agreement around $10-$11 as it's not increased for more than ten years.

$15 is too high for more of the pooper states and could lead to many business bankruptcies.

These sort of statements will make the Democrat base happy and Biden is only concerned about that. Any increase in minimum wage will be having a catastrophic impact on the businesses, at a time when the pandemic has wiped out most of their business. If they are forced to increase their wages, it would mean only one thing. Many of the fringe workers will lose their employment. Either the businesses will be forced to cut the strength, or they will be forced to declare bankruptcy. If implemented, this will be the most ridiculous pandemic-era policy.

BigBoy89

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Quote from: davis196 on January 22, 2021, 02:28:45 AM

https://www.cnbc.com/2021/01/14/biden-calls-to-raise-the-federal-minimum-wage-to-15-per-hour.html

Quote

The federal minimum wage is poised to get its first update in more than a decade.

President-elect Joe Biden on Thursday said he will ask Congress to boost the federal minimum wage to $15 per hour from the current $7.25 per hour. The federal minimum wage has not been increased since 2009.

The call to raise the federal minimum wage is part of a larger $1.9 trillion coronavirus aid package called the American Rescue Plan aimed at helping boost the U.S. economy from the damage of the pandemic.

“There should be a national minimum wage of $15 an hour,” Biden said during a Thursday night speech. “Nobody working 40 hours a week should be living below the poverty line.”

Will the US business suffer from the increased labor costs?
Will Biden and the democrats keep their promise?
Stupid question:Will the American working class buy more Bitcoin,if they have bigger salaries? Grin

Some economists say that the current federal minimum wage is way lower than the labor productivity,so increasing the minimum wage will lower the profits of the business,while boosting the consumption of the working class.

IMO $15 is unrealistic, but the Democrats & Republicans can reach an agreement around $10-$11 as it's not increased for more than ten years.

$15 is too high for more of the pooper states and could lead to many business bankruptcies.

CarnagexD

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I don't think business owners will suffer huge losses from paying their employees fairly. If anything, this allows the people to have more power in their hand especially those in the borderline poverty whose forced to work for multiple jobs to make ends meet. I don't think it's unfair for them to earn more yet still fairly for a fair day's pay.

Ziskinberg

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That's 100% of the present minimum wage, I think it needs to be carefully evaluated since it requires a lot of budget for that to be realized. Politicians always gives promises but sometimes not all that promises will be fulfilled once they are already setting in their position, that's the sad truth, so let's see how this goes.

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Quote from: Lucius on January 22, 2021, 10:45:41 AM

I would first single out the way Biden said it (if the text is correct in OP), and these are the following words:

-"President-elect Joe Biden on Thursday said he will ask Congress.
- “There should be a national minimum wage of $15 an hour”.

I will ask someone about something, and there should be something are very common words of politicians, but in at least 90% of cases it is pure populism, because one of the skills of politics is to say what people want to hear. If it was something Biden could do without Congress or the Senate it would be a whole other matter - he has a proposal that depends on a lot of interest, and we all know that lobbying has been brought to perfection in US politics.

I wonder why go with the idea of a 100% increase right away? It is something that will definitely be approved by the workers, but how will the employers deal with it? I assume that employers have to get some tax relief or some other benefits in order to be able to pay a worker a minimum of $15 per hour - or maybe the state will co-finance workers' salaries?

theres more than meets the eyes here. easy to say but there will be a lot of steps to go thru before this will be a reality. Jawhead already listed some of the significant factors if this will just be done in haste. so nope, i dont think they can increase the min wage in a snap. great to hear but not easy to implement. we are still in pandemic crisis, so not favourable to the employers. unless, they want to close down most of the businesses here...

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Quote from: davis196 on January 22, 2021, 02:28:45 AM

https://www.cnbc.com/2021/01/14/biden-calls-to-raise-the-federal-minimum-wage-to-15-per-hour.html

Quote

The federal minimum wage is poised to get its first update in more than a decade.

President-elect Joe Biden on Thursday said he will ask Congress to boost the federal minimum wage to $15 per hour from the current $7.25 per hour. The federal minimum wage has not been increased since 2009.

The call to raise the federal minimum wage is part of a larger $1.9 trillion coronavirus aid package called the American Rescue Plan aimed at helping boost the U.S. economy from the damage of the pandemic.

“There should be a national minimum wage of $15 an hour,” Biden said during a Thursday night speech. “Nobody working 40 hours a week should be living below the poverty line.”

Will the US business suffer from the increased labor costs?
Will Biden and the democrats keep their promise?
Stupid question:Will the American working class buy more Bitcoin,if they have bigger salaries? Grin

Some economists say that the current federal minimum wage is way lower than the labor productivity,so increasing the minimum wage will lower the profits of the business,while boosting the consumption of the working class.

Biden doesn't have the ability to raise the federal minimum wage. It will take a new law passed by the Congress in order to do so. The best Biden can do is advocate for it and attempt to broker a deal to get enough Republican support to pass it. Although now that Democrats control both houses and the presidency, this is more likely than it was under Trump.

bitgolden

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I doubt that it could go from 7.25 to 15 that easily. I feel like Bernie Saners being the head of budget committee will be a great addition to this Biden presidency, it is very easy to lose the senate, democrats won it very very difficulty even after 4 years of trump hate, we are talking about 4 years of mocking, hating, humiliating and everything you can find against someone who has committed literal crimes that would put you in federal prison if you did it as citizen, and in the end there was a storming of capitol which would have resulted with people killing elected officials (we literally saw people with zip ties to get elected officials as hostages) and yet senate is 50-50 right now.

This is a clear indication that democrats could lose senate in 2022 on the next elections, which means they have a very limited time to take the federal minimum wage higher, and if they do not act quick, they are going to fail.

Lucius

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I would first single out the way Biden said it (if the text is correct in OP), and these are the following words:

-"President-elect Joe Biden on Thursday said he will ask Congress.
- “There should be a national minimum wage of $15 an hour”.

I will ask someone about something, and there should be something are very common words of politicians, but in at least 90% of cases it is pure populism, because one of the skills of politics is to say what people want to hear. If it was something Biden could do without Congress or the Senate it would be a whole other matter - he has a proposal that depends on a lot of interest, and we all know that lobbying has been brought to perfection in US politics.

I wonder why go with the idea of a 100% increase right away? It is something that will definitely be approved by the workers, but how will the employers deal with it? I assume that employers have to get some tax relief or some other benefits in order to be able to pay a worker a minimum of $15 per hour - or maybe the state will co-finance workers' salaries?

Jawhead999

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The increase is doubled from the current wage, this will be make many significant factors changed in US.

1. Inflation, money will go brrrrrrr and become worthless.
2. Small business will be bankrupt soon since they can't pay the employees or fire their employees.
3. Imbalance of economy since the labor cost is changed, so they need to set new price.
4. Increasing unemployment.

Quote from: davis196 on January 22, 2021, 02:28:45 AM

Stupid question:Will the American working class buy more Bitcoin,if they have bigger salaries? Grin

Yes it should be though since USD value will be decreased due to inflation, so it's more safe convert to Bitcoin or Gold.

stompix

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Quote from: Coyster on January 22, 2021, 03:36:34 AM

I don't think the employers of labor in the U.S. are going to suffer, the thing in business is about making profits and if the minimum wage is increased, businesses that prolly can't afford to pay all their workers that particular amount will have to make some changes, cutting down on workers is one option, or increasing the cost of the service they render to their customers, one way or another a business must make profit or else it's going to close down.

I will bet on the second.
If raising the minimum wage was such a good solution, why not raise it to 100$?
Everybody would be happy, have thousands of dollars to spend...on a 100$ pizza since now if the pizza boy takes 20 minutes to deliver your order just his wage before takes is 5$, not adding all the taxes and the profit the company has to make. Go to a car wash, 100$ as there are two guys taking care of your car for an hour, and suddenly you will realize that you make triple but all the prices have tripled also.

Why has all the manufacturing gone to China, Vietnam, and a lot of other countries in Southern Asia?
But no problem, now you will have more money to spend on stuff produced by others while you produce nothing but debt, how could this utopia fail? Grin

Germany had no minimum wage till 2014 yet people from all over the world wanted to come there to work.

Quote from: Lorence.xD on January 22, 2021, 03:03:31 AM

The only people who will consider increasing the wages of their workers will cost them profits are the greedy capitalist of USA, like Bezos and other uber rich businesses.

Down with the kulaks and their greedy profit fueled capitalism..
But when you seek a product and it's cheaper on Amazon you forget about everything and place your order.

Smartprofit

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Socialist principles in a capitalist society can lead to negative consequences.

In fact, enterprises will have to pay high wages to workers. But who, amid the global economic crisis and the coronavirus pandemic, can guarantee high profitability to small and medium-sized businesses? It turns out that Joe Biden's ideas are populism (destruction of the economy). We are now seeing the destruction of the market economy in the United States.

This will likely lead to an increase in the price of Bitcoin.

Topic: Will Biden raise the federal minimum wage from 7.25 USD per hour to 15 USD? - page 2. (Read 536 times)