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Politics : Mainstream Politics and Economics
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To: i-node who wrote (39006)2/13/2013 12:05:47 PM
From: Wharf Rat  Read Replies (1) of 85487
 
"And how is that a good thing?"

It's a mixed blessing; it means there are ,more cars on the road and more carbon in the air, but it means more money in circulation. It also shreds the tired old meme that government needs to do what households do, and quit spending. Turns out households do what the government does.

Following a minimum wage hike, household income rises on average by about $250 per quarter and spending by roughly $700 per quarter for households with minimum wage workers. Most of the spending response is caused by a small number of households who purchase vehicles. Furthermore, we find that the high spending levels are financed through increases in collateralized debt. Our results are consistent with a model where households can borrow against durables and face costs of adjusting their durables stock.
chicagofed.org

"What about the poor people who lost jobs?"

What people? Where are they? Long on bullshit, short on facts.

Two decades of rigorous economic research have found that raising the minimum wage does not result in job loss. While the simplistic theoretical model of supply and demand suggests that raising wages reduces jobs, the way the labor market functions in the real world is more complex. Researchers have examined the scores of minimum wage increases that have occurred at the state and federal level and found that these raises have not cut jobs or slowed job growth.
raisetheminimumwage.com

Simplistic ? Hey, we're talking wingers; minds don't come any simplier.
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