But Romney displayed again his proclivity to lie on specifics and distort the broader reality, too, writes Robert Parry. But Mitt Romney is one of that rare breed on matters both big and small. And with some polls showing his surge toward victory on Nov.
I have opinions about economics, finance and public policy. Opinions expressed by Forbes Contributors are their own. The law professor, James Kwak, has treated us to his thoughts on the minimum wage. There being a couple of problems with this assertion. The first is that Kwak has missed that all economists, without fail, agree that the economics explanation is true at some level of a minimum wage.
The only debate actually happening within economics is what is that definition of too high? At which point Mark Perry seems to have the measure of the piece: In the above examples, a higher minimum wage will raise labor costs.
But many companies can recoup cost increases in the form of higher prices; because most of their customers are not poor, the net effect is to transfer money from higher-income to lower-income families.
No, this has been studied. The majority of people earning minimum wage are not in poor households. But the majority of people consuming the products of minimum wage labour are themselves in the lower reaches of the income distribution.
Changes in wages there, changes in prices there, are going to affect the lower ends of the income distribution therefore. And when we do more detailed empirical studies we find that the majority of a minimum wage rise would not go to the poor but the majority of the costs of higher prices would.
The actual effect is the opposite of that assumed by Kwak. In addition, companies that pay more often benefit from higher employee productivity, offsetting the growth in labor costs. Even Paul Krugman has pointed out the error with this one.
You only get that higher productivity by paying more than other employers. Justin Wolfers and Jan Zilinsky identified several reasons why higher wages boost productivity: They motivate people to work harder, they attract higher-skilled workers, and they reduce employee turnover, lowering hiring and training costs, among other things.
They also argue that because there are cases in which companies paying above-market wages reap offsetting gains in the form of lower turnover and greater worker loyalty, raising minimum wages will lead to similar gains. But in any case there is a fundamental flaw in the argument: A higher minimum wage motivates more people to enter the labor force, raising both employment and output.
So, more of those 96 million not currently working think that wages are now high enough to tempt them to go look for work. Or, as we use the word, unemployed. Because poor people spend a relatively large proportion of their income, a higher minimum wage can boost overall economic activity and stimulate economic growth, creating more jobs.
This effect does indeed exist. And we do also need to note that the economy does not live by consumer demand alone. Investment, financed from savings, also matters.Talk:Anarchism/Archive Jan 03, · The Democratic Party is one of the two major contemporary political parties in the United States, along with the Republican Party.
Tracing its heritage back to Thomas Jefferson and James Madison 's Democratic-Republican Party, the modern-day Democratic Party was founded around by Andrew Jackson, making it the world's oldest active party. Remarks by the President on Raising the Minimum Wage.
East Room. P.M. EDT.
THE PRESIDENT: Thank you, everybody. Please have a seat. Either you’re in favor of raising wages for hardworking Americans, or you’re not. they’ve blocked our efforts to make sure women receive equal pay for equal work. They’ve stood in the way as we. Mitt Romney Lies to the World October 9, • 48 Comments Exclusive: Mitt Romney gave a rousing speech about how his foreign policy would be much more muscular than President Obama’s.
Follow-up and feedback. In Latin America raising women’s wage to the same as their male counterparts would increase national output by 5 %. especially for leslutinsduphoenix.com the participation of stakeholders in their formulation and are meant to be designed at the national level.
President Obama’s State of the Union Address. Equal pay for equal work, paid leave, raising the minimum wage. All these things still matter to hardworking families; they are still the.