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Member since: Fri Aug 13, 2004, 03:12 PM
Number of posts: 22,884

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OK, Explain This To me Like I'm a Complete Idiot, Part 13: Small Businesses and Min. Wage Increase.

So on FB today, random small business owner was griping that, in regards to his business:

a) labor costs are running 38-40%
b) a minimum wage increase translates to an across-the-board increase for ALL employees
c) barely get by, work 60-80 hrs a week, blah blah blah (because your average working stiff, of course, doesn't even come close to that Not belittling him, but don't make this a dick-swinging contest).
d) a 20% increase in payroll would mean he would have to increase prices 20%
e) mega-corps can handle the wage increase, small businesses can't.
f) 12 people would be out of work and he'd have to close down.

Now, while this is a concern, here are my questions:

Is this situation the fault of the government for trying to make things an atom speck fairer for severely underpaid workers or is this situation the fault of said short-term/short-sighted small businessperson for being under the mistaken notion that the ridiculously low 7.25 an hour insult would remain in place for eternity? Is the small business owner under the notion that workers in 2014 are paid too much? Fact after chart after graph after study proves that idea dead freaking wrong, and if you have workers with no disposable income, there will be no DEMAND. That's not "Economics 101", that's Common Freaking Sense.

I mean, no one wants an entrepreneur to feel pain or close down. That's not what the intent of this discussion is about. I just have to understand why these people thought that they could get away with paying people a pittance forever . . . and it IS a pittance. With studies showing that 40% of workers now making LESS than the inflation-adjusted minimum wage of 1968, it borders on idiotic to think that a proper inflation correction (which used to be sound economics and sound capitalism but is now apparently "SOSHULTITS" in 2014) is "asking too much".

Is it that they just want every other company besides theirs to get demand going by increasing worker's wages? Or should it be phased in gradually for small businesses, right away for large ones? Is that a fair plan or is there more to it than that?

RWNJ Kevin O'Leary on CNBC: "Let's take a state, and remove the minimum wage for a year."

" . . . and see what happens."

Oh, and he's also arguing that "the market should decide the minimum wage" . . . should that be 8, 7 or 6 dollars an hour. Yeah, that 6 dollar/hour figure is also from him.


Anyone who thinks a 7.25 minimum wage is too high . . . yeah, I instantly don't take you seriously. AT all. Suggesting lower than that . . . well, you need to look up the term "Not Even Wrong".

10.10 isn't even a proper inflation correction.

Oh, and Kevin . . . aren't you CANADIAN??? What do YOU care what OUR wage is or what our market sets or whatever? I feel sorry for the citizens of that great nation now belching out nutters like this . .. and Harper.

A meme for the terminally clueless:

Don't usually delve into the Wonka memes, but had to make this one for the "bumper sticker brilliant" . . . .

All this talk of Christie giving the Failure Fuhrer love reminds me of a great artist . . .

Villainous One Percent Dept: The poor should stop whining, says luxury CEO.


Bud Konheim has a message for all of the 99 percenters: You're luckier than you think.

Konheim, CEO and co-founder of luxury-fashion company Nicole Miller, said on CNBC's " Squawk Box " on Wednesday that Americans not in the top 1 percent would be considered wealthy in most of the world. He said the 99ers should stop complaining and understand how lucky they are.

"We've got a country that the poverty level is wealth in 99 percent of the rest of the world," he said. "So we're talking about woe is me, woe is us, woe is this." He added that "the guy that's making, oh my God, he's making $35,000 a year, why don't we try that out in India or some countries we can't even name. China, anyplace, the guy is wealthy."

Konheim's comments are sure to provoke the inequality crusaders. After all, here is the wealthy CEO of a luxury company that sells $800 sequined dresses and $250 clutches saying that people who make $35,000 a year should be grateful.


But as we all know, wealth is relative to those around you-and the costs of the country and city or town that you live in. Even Konheim would admit that $35,000 may go a long way in rural India or China, but it would be a struggle in many parts of the U.S.

Article was written by Robert Frank, the . . . are you ready . . . CNBC Wealth Editor.

Do we REALLY have a correspondent solely dedicated to reporting on and defending the extremely wealthy?

Can you say "Propaganda Arm", kids? I knew you could.

Stealing. That's right on the money.

Posted by HughBeaumont | Tue Feb 4, 2014, 10:19 AM (0 replies)

OK, Explain This To me Like I'm a Complete Idiot, Part 12: Working Harder and Making Better Choices?

If education and lack of skills were the crux of America's economic problems (as most Conservative pundits and peasants will repeat ad nauseum), can you explain to me why we now have the most educated workforce; more credentialed and certified than any time in our history, but a 13-year track record of such dismally weak job creation and wage gains to SHOW for it?

It's just that they say "Supersize yer skill set, haw haw"; but the thing is, lots of people HAVE done that and ARE doing that, whether it's through degrees, certification, credentials, training, etc. and it doesn't really appear to be paying off as it should be. Wages haven't moved with inflation since 1979. We're creating jobs, but what are they paying? Are they on par with the birth/death rate and the incoming/outgoing work force? They don't appear to have answers other than "life isn't fair".

"The Myth Of Wage Stagnation" . .. is there NO LOW CNBC will not descend to?

So now we're getting our paid shills in the form of assistant professors at Troy University?


Looking at just average hourly wages adjusted for inflation using the Consumer Price Index (CPI) shows that earnings increased only 5.58 percent since 1964. However, this statistic and others like it are misleading because they do not factor in new forms of growing employee compensation and they overstate the erosion of purchasing power. Once these contributions are taken into account, a much more clear and positive picture of the average incomes surfaces.

Over the last few decades, employees have been receiving an increasingly larger portion of their overall compensation in the form of benefits such as health care, paid vacation time, hour flexibility, improved work environments and even daycare. Ignoring the growth of these benefits and looking at only wages provides a grossly incomplete picture of well-being, and the increase in compensation for work. While it is difficult to adjust for all of these benefits that workers are now receiving, one measure of wage and salary supplements show they have nearly tripled since 1964. Total compensation, which adds these benefits to wages and salaries, shows that earnings have actually increased more than 45 percent since 1964.

Dear God Danny, you CANNOT be this DAFT.


Wealth Gap: A Guide to what it is, why it matters.


Q. Hasn't there always been a wide gulf between the richest people and the poorest?

A. Yes. What's new is the widening gap between the wealthiest and everyone else. Three decades ago, Americans' income tended to grow at roughly similar rates, no matter how much you made. But since roughly 1980, income has grown most for the top earners. For the poorest 20 percent of families, it's dropped. Incomes for the highest-earning 1 percent of Americans soared 31 percent from 2009 through 2012, after adjusting for inflation, according to data compiled by Emmanuel Saez, an economist at University of California, Berkeley. For the rest of us, it inched up an average of 0.4 percent. In 17 of 22 developed countries, income disparity widened in the past two decades, according to the Organization for Economic Cooperation and Development.


Q. So why has income inequality worsened?

A. There's no simple answer. Globalization has created "superstars" and concentrated pay among corporate executives, Wall Street traders, popular entertainers and other financial elite. At the same time, factory workers now compete with 3 billion people in China, India, eastern Europe and elsewhere who weren't working for multinational corporations 20 years ago. Many now make products for Apple, Intel, General Motors and others at low wages. This has depressed middle-class pay. And pay has risen much faster for college graduates than for high-school graduates. These trends have contributed to a "hollowed out" labor market, with more jobs at the higher and lower ends of the pay scale and fewer in the middle.

Oh, by the way . . . . PLLLEEEEAASSSE don't read the comments section. It's too early and you'll just get angry at the ridiculous amount of red-baiting, dog-whistling, false dilemma "arguments", Horatio Alger paens and general stupidity that's expected of the Cheeto munching basement dwellers that comprise Yahoo's audience.

Yahoo Comment Clowns: Our Hatred Burns Like An Eternal Flame, No Matter WHAT the Subject Is.


Utterly amazing that, even on a story so apolitical as this one, the Yahoo Comment Clowns will come up with SOME creative way to get around saying "I hate (insert racial slur here)s, expeshially that (racial slur) in the White House!!1!!!"

What must it be like to live with such blatant contempt and hatred and willingly never change or turn it off for even a second?
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