Many on this list, several months, or a couple of years, ago, were doom-sayers about the raising of the minimum wage.
Some, Jack Perrine and ABINC@aol.com, in particular, predicted a lot of business failures and loss of jobs, if the minimum wage was raised to $5.50 an hour.
Where are your previous predictions of doom for jobs, the stock market, and the economy, now, Jack and ABINC?
They're in the toilet with all the other members of the ".. high-employment-causes-Inflation- Club's" predictions.
Just recently, some of Jack's posts talk about relative costs of living, as the means of judging whether a wage was "a slave labor wage. " Jack correctly points out that the number of hours worked to pay for an item, then versus now, is the key criteria.
In one post, Jack points out that it would take a $30 an hour to buy a book that 25 cents an hour bought back then. Three hours work bought a $1.40 book, then, that costs $90.00 now.
Jack, don't you see that RELATIVE wages are depressed, as no job making 25 cents/hr, then, pays $30 dollars an hour, now? Would that define "slave labor wages", Jack?
Too bad, Jack doesn't see that economic benefit of higher wages for the worker, RELATIVE to the trickle up effect of better wages, for the entire economy.
The economic writer for the Christian Science Monitor, David Francis, points out that in the last three years the top ten percent of wage earners in the US got a 4.3% increase in income.
The middle ten percent enjoyed a 5.0% increase.
The bottom ten percent reaped an 8.7% increase.
I ask all, you anti-minimum wage observers. Has this trickle up of the minimum wage helped or hurt the economy?
Anyone with any ability in Logic would be able to point out to the" anti-low-unemployment-club", led by Greenspan, THAT the fraudulent propaganda that says higher inflation is caused by low unemployment, is THE BIG LIE, NOW.
The present economic situation proves that flagrant LIE. More higher paid workers, means more money in the economy. They spend the money and it "trickles up."
The Greenspan Club, all, predicted that we could not have higher employment without higher inflation, caused by "demands for higher wages that result from full employment."
Do you see the fraudulent policy, as exposed, now?
Full employment does not cause higher prices. Higher prices ARE caused by a higher cost of money, however.
If you raise the cost of money, Interest Rates, then everything goes up and instead of fighting "Inflation" the higher costs trickle down. Everyone is worse off with higher interest rates, EXCEPT THE BANKSTERS.
In short, when they admit that 2/3rds (two-thirds) of the Gross Domestic Product is consumer spending, the trickle down theory does not work for the good of all, whether its trickle down of upper income tax breaks, or trickle down of higher interest rates.
"Trickle up" of more money in the hands of the consumer is the right policy, if you really want prosperity.
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