600 economists signed a letter in Jan. supporting raising the minimum wage. So why does the GOP believe they know more than the economists?

Question

They lie and say that 'it would be bad for the economy', 'it would be a job killer', and 'that it would raise the prices of EVERYTHING'. What say you?

Over 600 Economists Sign Letter In Support of $10.10 Minimum Wage
Economist Statement on the Federal Minimum Wage
http://www.epi.org/minimum-wage-statement/

Answer 1

stop using the word "lie". No one in politics ever sees a lie or intends to give one, what they do is promote their ideas which when presented they think their ideas will work. Now it could be that their ideas were not well thought out, were tested, or that they would work for everyone, but at least the ideas were submitted.



Any increase in wages ALWAYS increases the costs of everything else, like when employers have to pay out money for employees where do you think they get the money from? They get it from increasing their prices. Why does that statement not make sense to you? It's really very simple.



Sure there is a minimum wage but I assure you there will still be restaurant jobs that will continue on commission. I believe the decision of minimum wage should be made by each state individually and not by the federal government. Why? Because each state's economy is different. For instance California just had their state minimum wage increased to $15 and it's because of the high wages earned in California which then make things so expensive that people find it difficult to even rent. Same thing with New York, they need to raise their hourly wages. But there are states where people earn less, the cost of living is less. There's a problem with that also though in that say they left NY and went to a lesser income state, well they can never go back home to live or they will end up on the streets.



America is bad off in that we (all of us) owe $18 Trillion dollars now (our president keeps borrowing to keep our doors open, trying not to go bankrupt). When countries go bankrupt they still have to pay back what they owe. People will have to provide that so wages are being increases for the purpose to pay higher taxes. What's going on is a circular effect and that will never work in the long run.

Answer 2

What makes you or even 600 economists believe raising the minimum wage is a good thing when it is not true, never has been ... that's why it's bad, mini wages are and have always been bad , my guess is those for a raise are seeing DOLLAR SIGNS in their own eye's ... for the most even 20 $ an hour would not make a living either ... I'd love to see the politicians, the rich and or famous , etc living on 20$'s an hour and keep their greedy lifestyles --- NOT GONNA HAPPEN !

Answer 3

Maybe those economists would be willing to explain why a FEDERAL minimum wage should be enacted, when the cost of living varies so greatly from state to state?



$10.10/hour, which is what they are calling for, is roughly $20,000/year. A person living in New York City would need $44,000/year to enjoy the same standard of living as someone making $20,000 in Atlanta. For Seattle, it would be close to $25,000. Same with Central New Jersey. In Joplin, MO, your money would go further - you'd need only $18,000.



http://money.cnn.com/calculator/pf/cost-of-living/



How do these economists justify a national minimum wage when they, of all people, should know that there is no "National Cost Of Living"?



Given that fairly obvious hole in this argument, it's not really any wonder that only 600 of the over 12,000 economists in this country would be willing to sign onto such a ridiculous notion.



https://www.aeaweb.org/



Economists to not unilaterally agree on everything. 600 is a pretty small sample - and in scanning the list of signers it should be noted that most of them are university professors. That group tends to lean to the left in a great majority - so really your question should read, "600 Liberals, who happen to be economists or economics professors, signed a letter ..."



That is no surprise at all, and means nothing.



Although seven Nobel Laureates recently, endorsed an increase in the minimum wage, all they could say was that it wouldn't hurt, and might have a slight stimulating effect on the economy. Others, including last year's three winners, would not make such an endorsement. Eugene Fama, one of the three, wrote a letter saying,



"“I am against the concept of a mandated minimum wage,” Fama said in an e-mail. “Wages should be determined in the open market, without government interference.”



Milton Friedman, one of the most notable Nobel Prizewinners who has studied the minimum wage for over 50 years is against an increase as well ..



https://www.youtube.com/watch?v=ca8Z__o52sk

Answer 4

Because those 600 economists have never actually worked a real job in their life. They still reside in the education industry. I live in a heavy mushroom farming community. 80% of the labor force here are illegal migrant workers. They earn less than minimum wage already. The reason is simple, there would be no mushrooms without them. A very large portion of the American agricultural industry relies on that inexpensive labor to perform tedious or menial tasks to stay afloat. Your new minimum wage will not change any of that. It will not increase the mount of money available to pay employees. All it will do is drive more businesses to pull Obama's 5 million new illegals into other industries.

Answer 5

Yes, the GOP knows more than economists. Need evidence? OK. Economists have told politicians that its ok to spend more than we take in, and as a result, the national debt is over $17 Trillion. Thats called Keynsian economics. I'm sure most of the 600 economists thats signed your mystery letter are probably Keynsians. One would have to be a mentally R(E(T(A(R(D to believe that spending more than one earns is sound economic theory, but leftists do. The GOP doesn't! Thats my proof that the GOP really does no more than the 600 idiots that signed your mystery letter.

Answer 6

Libtards are soooooooooo funny the way they twist facts. The Republicans are against a $15 an hour minimum wage and that is what they are on record against. One of the agendas for the new congress is to consider a raise in the minimum wage from it's present position.

You might wish to have actual facts and truth in open debate--lies or spin get caught pretty much every time

Answer 7

The matter is that by rising the income ,rate of every thing will rise too ,even tax ,so at the end that rise will be less that same minimum wage .

A simple calculation will show you in a chart that rising the prices with rising income will have a double jump ,which a goods that it cost you $1.00 you will buy it at price of $1.50 and tax of the 12 cent which will be $1.62 according income rate rising you will pay 54 cents for more for a dollar .So it's not a economic solution ,but control of the prices in same rate for period time of the 5 to 10 years will help society get stronger for purchase and also computation for selling better quality goods will go above the standard .Which mean you buy better quality good or merchandise with same dollar .

Answer 8

Let those economists raise the pay for their employees. Now tell us what part of the Constitution of the United States gives the federal government the authority to dictate compensation levels for anyone not employed by it. BETCHA CAN'T!! I believe the GOP has more than 600 members, too. Majority rules, doesn't it?

Answer 9

John Maynard Keynes was an economist who promoted the idea that people and governments could make themselves rich by spending more than their income. Let that idea settle in and think about that for a moment.



The "Keynesian Theory" is still taught in some schools even today, and many in our current administration, including Obama himself, have said they believe in it (no wonder we have financial problems),



It doesn't matter that 600 economists signed a letter, or even 6-million for that matter. The number of people signing a document has exactly nothing to do with the veracity and accuracy of its content.

Answer 10

Same old same old. for everyone that says it will help, there is one that says it won't. Pretty much like every controversial subject out there now a days, for political ones, even the feds put out support for whatever side one wants, on their websites. Even the white house website will use the same studies, research, when supporting different arguments, depending on their purpose at the time. The media used to be the watch dogs, the ones that really dug into these things so the people, would know the truth, but now it's all pretty mush state run, and can't be trusted.

Answer 11

When I was 21 the minimum wage was $1.00. A new Mustang was $2600. Today the minimum wage is under $10.00 and a new Mustangs is $26,000. In fifty years of observation and living through it I have never seen buying power go up. It always goes down. If raising the minimum wage was the answer to our economic problems it should have worked the first time and never needed to be done again. It is not the answer.

Answer 12

600 economist aren't that many economist, especially since economists don't make policy, POLITICIANS do. when have politicians, liberal or conservative listened to experts?!

never



seriously, a vast majority of climate scientists believe in global warming. Do the GOP listen to them? no.



The politicians just care about themselves and how they can stay in power/make money, not what the people want.

Answer 13

Economist here also help establish the min. wage. Based on what the min. is for a family of 4 to live on working a 8 hour day and 6 day week. U.S. $7.50 a day. You see the min. wage is what you need working to live on here. Not what you think you need or think you must have. Globally U.S. $10 a day is the low rung of lowest middle class in todays world of wages. Were you can start to have some things you want. But not need to survive.

Answer 14

Observation.

Economists never know what is going on.

They are always 'surprised' at the financial happenings.



They seem more interested in their opinion of what 'should' happen than in what is actually happening.

Answer 15

I won't dispute the learned economists---even though there are sharp divisions among their OWN ranks. Instead, I'll just continue to monitor my own personal economy. When the price of fast food rises above my ability to afford------I'll eat at home. Period. When the prices rise at Walmart-----I'll do my shopping at garage sales. Period. " Good for the economy " is much like executing an innocent man. The state may actually believe the execution is for the good of society. But, the innocent man will-----again-----get shafted.

Answer 16

You have to understand: these are the same people who insist that the universe was created 6,000 years ago and that global warming is a hoax. Of course the GOP thinks it knows more than 600 economists.

Answer 17

Democrats are just as entrenched in the bed with the elite !% as republicans are. In fact, under the left and Obama's direction, the inflation rate and the price of everything (with the exception of gasoline only lately) has sky rocketed. Warren Buffet, Apple, Starbucks, GM, Nissan, George Soros (Rothschild's front man), and many more are all masons and all liberals.

Answer 18

if almost everything didn't increase in price because of raisng the minimum wage then it would make sense but business people know the more you have to spend then the more they can charge for what you were paying less for before. so it only works in theory. greed destroys the workability of raising minimum wage.

Answer 19

Employer has certain "pot" of money to pay payroll. SOME of his employees earn minimum wage. Minimum wage is raised. Employer has TWO choices: RAISE PRICES to be able to pay minimum wage employees more OR reduce their hours or lay them off to cover the additional cost. If YOU are this employer, which would YOU DO ????? NONE of these so-called economists are business owners and ALL are liberal Democrats, right >>??

Answer 20

The rich folks that own the GOP want to keep wages low, and would LOVE to get rid of the wage minimum, altogether. They always throw out the same crap every time this comes up, and what they claim never turns out to be the truth...

Answer 21

Oh gee! Obama comes up with an arbitrary number $10.10, and that JUST happens to be the "perfect" magic number that all these "economists" want to sign on too? Why do you ask for opinions when you don't listen to them? You only accept moronic "best answers" that simply stroke your political ego, like what these guys are doing with Obama.



The CBO has calculated that raising the minimum wage to $10.10 would result in the loss of 500 thousand jobs. It's not hard to figure out why. Besides, "all caring, all benevolent government" doesn't need to force businesses to pay their employees more. 90% or more of American business already pays their employees more than minimum wage.



Just WHAT is it that Republicans are "lying" about?

Answer 22

I'm not against raisikng the minimum wage, I am against raising it so high so fast

Answer 23

EPI is a liberal labor organization that is committed to liberal labor laws.



It gets 30% of its money from labor unions. These aren't independent economists. Notice they didn't list any names or where they are from, or what their credentials are. Take a look and you will see



ALL LIBERALS BOUGHT AND PAID FOR ECONOMISTS.

Answer 24

uh....you DO know for every economist who thinks it is a GOOD idea there is one who DOESN'T ?



There are thousands of economists. Only 600?

Answer 25

if you want to argue from numbers (i dont recommend it. how many people believe something does not make it true) there are more economists that argue for a free market to include no minimum wage at all.

Answer 26

Because they aren't real Americans. I think they are a hold over from the Nazi days the way they act towards anyone not like them.

Answer 27

There are way more than 600 economists, I do accept your point anyway.

Answer 28

The economists to which you refer are academics, they don't have to budget, and run businesses.

Answer 29

They are all knowing. Conservatives know more about the economy than nobel prize winning economists, and they know more about the environment than environmental experts, and they know more about global warming than any of the thousands of scientists who all agree on their findings. They know more about whether there are WMD in Iraq, without even going over there, than the trained weapons inspectors that actually spent years going to Iraq and looking for them. They are amazing!

Answer 30

Of those 600 economist how many are business owners, Thought so.

Answer 31

Academics are always on the wrong side of everything. Haven't you noticed?

Answer 32

Because the GOP operates by Mythos as opposed to Logos. They are more concerned with the story they tell themselves than they are with verifiable results.

Answer 33

Name one economist that has run a successful company.

Answer 34

Name one economist that has run a successful company.

Answer 35

Because God > logic and math

Answer 36

Of those 600 economist how many are business owners, Thought so.

Answer 37

I suspect that there are far more than 600 economists who oppose raising the minimum wage (or indeed oppose the minimum wage altogether). Surveys of economists have shown that a significant majority (i.e. in the two-thirds region) of economists are pretty tepid on the minimum wage. Of course, that doesn't necessarily mean that they're right, but it would be pretty audacious of you to suggest that 600 economists signing a letter calling for a higher minimum wage somehow proves that it is good policy.

Answer 38

Because God > logic and math

Answer 39

Raising the minimum wage interferes with all economical stricter of the country ,if you force you Bose to give you more money ,he like it or not will raise his prices to make the deference ,so all of as we have to pay more for the same think. Is very simple

Answer 40

Most economists agree that inflation will occur if the minimum wage is raised to $15. Even those who agree with the idea admit it will likely lead to some job losses occurring. However, lower income people, like those making minimum wage, spend the greatest proportion of their income on goods and services versus the wealthiest in our country. That increase in discretionary spending will increase our GDP.. Again, this is almost universally agreed upon. The fight is over whether the benefits of increasing the GDP will offset the negatives from job loss and inflation. Congress is made up mostly of lawyers. Law involves a great deal less math and is much more subjective than economics or science, which is why I don't listen to the opinion of anyone in Congress with regards to those areas.

Answer 41

Two Koch brothers trump 600 other professional.

Ask anybody the pair has previously purchased.

Answer 42

They know more because they know some companies will go out of business, if they are forced to pay their employees more.

Answer 43

I'm sure the GOP can find 600 economists with the opposite view although i do support a rise in the minimum wage.

Answer 44

They once saw the (very bad) movie "Atlas Shrugged" and now believe that they hold a PhD in economics themselves.

Answer 45

The GOP thinks they know rocket science, when they barely can wipe themselves. It is frustrating to deal with them.

Answer 46

They only know what the moneyed interests pay them to know. Not the people, not the experts, not scientists.

Answer 47

Yes, but 622 stated they disagreed with the idea(I got my number from the same place you got yours).

Answer 48

Such "experts" are the ones that put is into this mess in the first place.

Answer 49

just like global warming, you can find plenty of fools to sign anything if you try hard enough to select only those susceptible to your goal

Answer 50

Maybe because they have read a history book.

Answer 51

Because God > logic and math

Answer 52

so explain THIS! http://economistletter.com/