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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: RMF who wrote (890659)	9/30/2015 1:47:07 AM
From: i-node	Respond to of 1575396

>> Try telling that to the guy that's working 3 jobs and just trying to pay his rent. Sure, it is hard to tell that guy but try telling him he lost his job because his labor isn't worth $15/hour. And that's how economics works. A business will not pay $15/hour for labor that can't produce some multiple of that in value. (One of the liberal magazines, Slate I believe, was not paying its interns and a few people made noise about it. They said, fine, we're going to start paying minimum wage to interns. But we'll only have 10 instead of 12 next year. You will not find this story in Google, even though it happened only about 2 yrs ago). But there is no doubt that people don't understand the issues surrounding minimum wage. They just don't. Mostly because politicians (left and right) don't. But there is truly no free lunch. >> The U.S. should have gone to the German system of education long ago I don't know how it is now but my best friend in graduate school, where I was studying operations research, was a German who came here to get his Masters. His knowledge of mathematics was astounding, and he explained that he got most of it in high school. I was impressed. But then he explained that people were "selected" to either get higher education or not. There was no freedom. This would have been in the 70s, so I don't know how different it is today. But I realized at once that their system would have left me with no opportunity, since I was a slacker in high school but became a good student in college. The decision in Germany at that time was made based on high school performance. That may be a good thing, but it is very far from any equality in education.

To: RMF who wrote (890659)	9/30/2015 1:53:33 PM
From: TimF	Read Replies (1) \| Respond to of 1575396

inode already covered the main/best response with - "Sure, it is hard to tell that guy but try telling him he lost his job because his labor isn't worth $15/hour." Which can also apply to that guy, who might lose one or more of his jobs. But to the extent that the relative elasticities of demand are such that the main impact doesn't hit the worker, then it will also hit him as a consumer. Higher costs put upward pressure on prices. To the extent that more demand is created (which is questionable since your just the employer and fired or never hired workers/potential workers lose what the people who keep their jobs and make more gain, but that seems to be part of the justification, or even part of the motivation, for some people's support of higher minimum wages), then yes housing will also be affected.