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How to get the economy up and running.

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Jkid Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:06 PM
Original message
How to get the economy up and running.
Raise the minimum wage from $7.50 to $15 without benefits/$10 with benefits. It will get us out of the Great Recession a lot quicker.

Why hasn't Obama pushed Congress for this?
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anonymous171 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:07 PM
Response to Original message
1. Because he is a new democrat.
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Jkid Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:10 PM
Response to Reply #1
2. I voted him because he'll bring change.
This will be change for the good, so why not?
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DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:12 PM
Response to Reply #2
3. Me too
Im feeling foolish now.
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Uben Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:35 PM
Response to Reply #2
4. The quick answer is......
...that a lot of goods and services cannot be produced or performed at that rate of pay. They are essentially not profitable and would have to be outsourced to continue production. As wages rise, consumer goods would have to follow suit, sparking inflation, and so on and so on.

You can't arbitrarily raise wages without effecting the whole of our economy. Therefore, you would not be increasing the real income of the individual, you would just make those goods or services go somewhere else to be made.

When an employer has to raise wages, he has to raise prices to compensate. The worker loses any gains because he now has to spend it on more expensive goods.

Those on fixed incomes are the big losers when wages are raised because they aren't getting raises to compensate for increasing prices.

So, you're damned if you do and damned if you don't. As long as we continue on this "global economy" idea, we will continue to lose manufacturing jobs until third world nations catch up to our wages.



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Taitertots Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:56 PM
Response to Original message
5. Increase the marginal income tax for over $500,000 to 90%
and 95% over $1,000,000
Have anyone making below $40,000 a year pay no taxes
Spend more money



What do we do in the long run?
Restructure the FED. They are absolutely responsible for the economic meltdown and they should be held responsible.

Whenever GDP is increasing we should be increasing taxes and decreasing spending. Counter cyclical policy would have prevented this.
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