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Congressional Stimulus Talks Stall... Congressional Stimulus Talks Stall...

03-10-2021 , 07:40 PM
Quote:
Originally Posted by RFlushDiamonds
NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.
That's a massive pivot, and you missed the point of the paper, and why it was cited. The only thing that paper was used to prove was the abundance of data available from peer reviewed sources that indicate just what I'm saying in this thread, to which you all seem inexplicably unaware of. Just go look at the bibliography to find your peer reviewed sources that support the contentions I'm making.

Last edited by itshotinvegas; 03-10-2021 at 07:47 PM.
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03-10-2021 , 08:27 PM
Quote:
Originally Posted by Sir Huntington
Go hop into a food processor then.
Show me the pretty pictures first.
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03-10-2021 , 08:35 PM
Quote:
Originally Posted by itshotinvegas
That's a massive pivot, and you missed the point of the paper, and why it was cited. The only thing that paper was used to prove was the abundance of data available from peer reviewed sources that indicate just what I'm saying in this thread, to which you all seem inexplicably unaware of. Just go look at the bibliography to find your peer reviewed sources that support the contentions I'm making.
The study was incorrectly cited as showing a particular result.

When you claim pointing that out is a pivot it is you who are pivoting.

What a tool.
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03-10-2021 , 10:04 PM
Quote:
Originally Posted by RFlushDiamonds
The study was incorrectly cited as showing a particular result.

When you claim pointing that out is a pivot it is you who are pivoting.

What a tool.
What? Cupee wants peer reviewed research supporting my contentions. John21 posted a article that has an entire bibliography of peer reviewed research supporting my contentions. The papers authors conclusions are irrelevant to what Cupee was asking for. The paper was a study of peer reviewed research on the issue. It's conclusions about those studies are tangential to what Cupee wanted.

Are you and Cupee seriously denying the existence of an enormous amount of peer reviewed literature indicating minimum wage lessens demand for labor?
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03-11-2021 , 01:54 AM
Quote:
Originally Posted by RFlushDiamonds
The study was incorrectly cited as showing a particular result.
No, it was cited to provide examples of empirical studies showing negative elasticities. So sure you can dismiss the author's methodology or conclusion on how the balance of those studies leans or even challenge their validity but I doubt many would accept the conclusion that opposing studies don't exist. In fact I'd say it's widely accepted that that they do:


https://www.cnbc.com/2020/01/02/seat...ut-so-far.html
Quote:
Seattle passed a $15 minimum wage law in 2014. Here’s how it’s turned out so far

No consensus among economists

Studies of the effects of the Seattle wage hike have had different findings: A 2017 University of Washington study found that while wages went up, hours worked declined, resulting in less pay for low-wage workers. But in a follow-up published last year, the authors noted that this wasn’t the case for everyone, and experienced workers in low-wage jobs saw their earnings rise.

Another from researchers at the University of California, Berkeley released in 2018 found that the wage hikes increased pay and have not led to job losses. The Berkeley and Washington studies measured different groups of workers, with varying results.

The conflicting studies highlight a broader debate about what a $15 federal minimum wage might do for businesses and workers nationwide. Federal Reserve Chairman Jerome Powell even touched on the issue during his testimony before the House of Representatives this summer saying. “there is no consensus among economists … economists are all over the place on this.”

Last edited by John21; 03-11-2021 at 02:00 AM.
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03-11-2021 , 02:15 AM
Don't waiters in Europe and Australia make like $20hr?
How's that working for them?
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03-11-2021 , 09:30 AM
Quote:
Originally Posted by itshotinvegas
What? Cupee wants peer reviewed research supporting my contentions. John21 posted a article that has an entire bibliography of peer reviewed research supporting my contentions. The papers authors conclusions are irrelevant to what Cupee was asking for. The paper was a study of peer reviewed research on the issue. It's conclusions about those studies are tangential to what Cupee wanted.

Are you and Cupee seriously denying the existence of an enormous amount of peer reviewed literature indicating minimum wage lessens demand for labor?
To be clear, since you are not being that, I explicitly said tons of material exists on both sides of this debate and what i asked for was real world examples tied to a minimum wage raise and actual job losses across the board within that segment.

I said I had seen and could show many such examples where it was raised and the job market grew but could not find examples of the opposite so I asked you to cite them so I could review.

I will review your citations here in the next couple hours. I hope that is what they show.
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03-11-2021 , 10:43 AM
Quote:
Originally Posted by John21
No, it was cited to provide examples of empirical studies showing negative elasticities. So sure you can dismiss the author's methodology or conclusion on how the balance of those studies leans or even challenge their validity but I doubt many would accept the conclusion that opposing studies don't exist. In fact I'd say it's widely accepted that that they do:


https://www.cnbc.com/2020/01/02/seat...ut-so-far.html
This was the claim

Quote:
"
That's ironic, because the minimum wage encourages the companies to hire part time workers, so they can be more efficient with the hours they allot, and avoid UI claims."
I don't think the fact that there are peer reviewed studies was ever in question.

There are peer reviewed studies that show smoking isn't bad for your health too.

We're trying to see if there's any reasonable support for IHIV's claim. Right ?
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03-11-2021 , 10:46 AM
Quote:
Originally Posted by itshotinvegas
What? Cupee wants peer reviewed research supporting my contentions. John21 posted a article that has an entire bibliography of peer reviewed research supporting my contentions. The papers authors conclusions are irrelevant to what Cupee was asking for. The paper was a study of peer reviewed research on the issue. It's conclusions about those studies are tangential to what Cupee wanted.

Are you and Cupee seriously denying the existence of an enormous amount of peer reviewed literature indicating minimum wage lessens demand for labor?
I'm ignorant of the existence of anything that supports your claim that raising the MW forces employers cut the same amount of hours over more employees.
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03-11-2021 , 12:18 PM
OK IHIV, maybe I missed it, as i hate reading these things on my phone, so please point me to the correct sections if I did.

What I am reading seems to agree exactly with what i said. And that is that the 'proof' of MW reducing jobs is theoretical or based on projections, especially around things like 'job elasticity' and 'comparisons of neighbouring jurisdictions', where they are calculating that 'if not for the MW increase jobs would have grown QUICKER'.

Meaning that there was job growth PRIOR and it continued AFTER a MW increase but they are saying the MW slowed that growth. Is that it?


Because that is what I said also. I am aware there are all sorts of studies saying that and just as many who use the same data and counter that. There is lots of 'both sides' on this issue and I am not in denial.

What I asked (and again maybe I missed it) was if there was any proof of a MW being implemented where actual jobs in the MW segment, in the region shrank. There were X jobs before the MW went in and then X-minus after? As there are tons of examples of X jobs prior and X-plus jobs after.

And again I get that you could say without the MW increase that might be X-plus-plus-plus instead as a theoretical counter so please don't.
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03-11-2021 , 02:36 PM
Quote:
Originally Posted by RFlushDiamonds
This was the claim



I don't think the fact that there are peer reviewed studies was ever in question.

There are peer reviewed studies that show smoking isn't bad for your health too.

We're trying to see if there's any reasonable support for IHIV's claim. Right ?
https://www.nber.org/system/files/wo...532/w23532.pdf

Quote:
Minimum Wage Increases, Wages, and Low-Wage Employment: Evidence from Seattle

ABSTRACT
This paper evaluates the wage, employment, and hours effects of the first and second phase-in of the Seattle Minimum Wage Ordinance, which raised the minimum wage from $9.47 to as much as $11 in 2015 and to as much as $13 in 2016. Using a variety of methods to analyze employment in all sectors paying below a specified real hourly wage rate, we conclude that the second wage increase to $13 reduced hours worked in low-wage jobs by 6-7 percent, while hourly wages in such jobs increased by 3 percent. Consequently, total payroll for such jobs decreased, implying that the Ordinance lowered the amount paid to workers in low-wage jobs by an average of $74 per month per job in 2016. Evidence attributes more modest effects to the first wage increase. We estimate an effect of zero when analyzing employment in the restaurant industry at all wage levels, comparable to many prior studies.

7. Conclusion
[....]
Our preferred estimates suggest that the Seattle Minimum Wage Ordinance caused hours worked by low-skilled workers (i.e., those earning under $19 per hour) to fall by 6.9% during the three quarters when the minimum wage was $13, resulting in a loss of around 3 million hours worked per calendar quarter and more than 5,000 jobs. These estimates are robust to cutoffs other than $19 per hour.74 A 3.2% increase in wages in jobs that paid less than $19 per hour coupled with a 6.9% loss in hours yields a labor demand elasticity of roughly -2.6, and this large elasticity estimate is robust to other cutoffs.
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03-11-2021 , 02:45 PM
Quote:
Originally Posted by Cuepee
OK IHIV, maybe I missed it, as i hate reading these things on my phone, so please point me to the correct sections if I did.

What I am reading seems to agree exactly with what i said. And that is that the 'proof' of MW reducing jobs is theoretical or based on projections, especially around things like 'job elasticity' and 'comparisons of neighbouring jurisdictions', where they are calculating that 'if not for the MW increase jobs would have grown QUICKER'.

Meaning that there was job growth PRIOR and it continued AFTER a MW increase but they are saying the MW slowed that growth. Is that it?


Because that is what I said also. I am aware there are all sorts of studies saying that and just as many who use the same data and counter that. There is lots of 'both sides' on this issue and I am not in denial.

What I asked (and again maybe I missed it) was if there was any proof of a MW being implemented where actual jobs in the MW segment, in the region shrank. There were X jobs before the MW went in and then X-minus after? As there are tons of examples of X jobs prior and X-plus jobs after.

And again I get that you could say without the MW increase that might be X-plus-plus-plus instead as a theoretical counter so please don't.
The problem with the way you're framing this is that the sort of granular big data required to establish anything constituting proof simply doesn't exist. And that cuts both ways. Sure, you can point to studies that e.g. show no effect with restaurant workers in NY but you can't conclude from there that a restaurant equipment supply company in TX employing minimum wage workers won't be impacted. Likewise with the other side of the debate: we don't know if the low-wage employees getting replaced by robots didn't then get jobs building robots or went to trade school and found employment in some other occupation.
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03-11-2021 , 03:25 PM
Quote:
Originally Posted by John21
Quote:
These results suggest a fundamental rethinking of the nature of low-wage work. Prior elasticity estimates in the range of zero to -0.2 suggest there are few suitable substitutes for low-wage employees, that firms faced with labor cost increases have little option but to raise their wage bill. Seattle data show – even in simple first differences – that payroll expenses on workers earning under $19 per hour either rose minimally or fell as the minimum wage increased from $9.47 to $13 in just over nine months. An elasticity of -2.6 suggests that low-wage labor is a more substitutable, expendable factor of production. The work of least-paid workers might be performed more efficiently by more skilled and experienced workers commanding a higher wage. This work could, in some circumstances, be automated or delegated to consumers. In other circumstances, employers may conclude that the work of least-paid workers need not be done at all.
That's not cutting hours, that's cutting the job.

Just sayin'.
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03-11-2021 , 03:29 PM
And of course there are studies critiquing that one.

https://www.epi.org/publication/the-...mum-wage-incr/

Quote:
In this report, we describe the most important shortcomings in the new analysis and make suggestions for how the researchers can attempt to correct for these problems in future iterations of their long-term study of the Seattle minimum wage. These shortcomings include:

The employment responses estimated by the authors are well outside the bounds of most published research, and indeed all of the research cited by the authors implies much smaller and even no employment changes in response to wage increases similar to those experienced so far in Seattle. After accounting for Seattle’s much higher wage structure, the increase of the minimum wage to $13.00 in the city is within the range of increases that other research has found to have had little to no effect on employment.

The study implausibly finds employment changes due to the minimum wage in parts of the labor market where there should have been none. The study’s own estimates inaccurately imply the minimum wage caused large gains in the number of jobs paying above $19.00 per hour and in the number of hours worked in those jobs—even though those jobs are well above the wage range where the $13.00 minimum wage should be having measurable effects. These spurious results strongly suggest that the study’s methodology fails to account properly for the booming Seattle labor market during the period being studied—a labor market that has been shifting employment from lower-paid to higher-paid jobs.

The study excludes an important group of workers, representing roughly 40 percent of the workforce: those working for employers with businesses in multiple locations. By omitting all multi-location businesses, such as chains, in Seattle, the authors bias their results toward showing job loss if there has been a shift in employment from small, single-location establishments toward larger firms with multiple locations.
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03-11-2021 , 03:36 PM
Quote:
Originally Posted by John21
The problem with the way you're framing this is that the sort of granular big data required to establish anything constituting proof simply doesn't exist. And that cuts both ways. Sure, you can point to studies that e.g. show no effect with restaurant workers in NY but you can't conclude from there that a restaurant equipment supply company in TX employing minimum wage workers won't be impacted. Likewise with the other side of the debate: we don't know if the low-wage employees getting replaced by robots didn't then get jobs building robots or went to trade school and found employment in some other occupation.
Not sure what you are saying here.

Up until 1980 the MW was raised every 5 years or so. You can look at job growth across all categories in that time frame both Nationally and by State and we see growth in all categories generally including that which is in the MW segment.

That is the data I am suggesting.


Now, a potential counter to that is, as I mentioned, 'ya it was growing all through that period but without the MW being raised it would have grown MORE.'
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03-11-2021 , 05:16 PM
Quote:
Originally Posted by RFlushDiamonds
I'm ignorant of the existence of anything that supports your claim that raising the MW forces employers cut the same amount of hours over more employees.
Do a search of the of the terms "force" or "forces" together with my username...
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03-11-2021 , 05:22 PM
Only on this forum do you have to explain how a reduction of hours is one of the many possible outcomes when when demand for labor drops.
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03-11-2021 , 05:56 PM
Quote:
Originally Posted by itshotinvegas
Only on this forum do you have to explain how a reduction of hours is one of the many possible outcomes when when demand for labor drops.
The demand for labor didn't drop, the cost went up.

It's possible from the one study that the demand for inexperienced labor dropped a bit after a large increase was put in over a short period of time. But that wasn't verified across multiple studies.

The bottom line is, the economy in Seattle is growing and the MW didn't stop that growth or cause companies that want to profit from that growth to leave.

It's left you guys pretending to care about the inexperienced HS kids.
Which is always cute, like when you 'care' about the blacks and the poors.
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03-11-2021 , 06:47 PM
Quote:
Originally Posted by RFlushDiamonds
The demand for labor didn't drop, the cost went up.


Quote:
Economists call this the Law of Demand. If the price goes up, the quantity demanded goes down (but demand itself stays the same). If the price decreases, quantity demanded increases.


Quote:
The bottom line is, the economy in Seattle is growing and the MW didn't stop that growth or cause companies that want to profit from that growth to leave.
More likely, it did harm some, and helped others. One of the reasons this issue has no real consensus (among those who engage in political discourse about it) is people like you say stuff like this, but the results you are so proud of are significantly more complicated, and not as clear cut as your portray here.


Quote:
Higher labor costs reduce employment and/or the hours worked by individual employees. Laws that raise labor costs can either increase total employment or increase hours per worker, but they cannot do both. ... This loss must be traded off against the benefits that higher costs might provide to specific groups of workers.
https://wol.iza.org/uploads/articles...-for-labor.pdf
You all present this **** like it's (i.e. minimum wage, etc) a silver bullet and argue against very real drawbacks that exist with your magic pills for society. It's not that you don't contend with them, you deny the very existence of drawbacks, then gas light people for bringing them up (i.e. call them crazy).

Quote:
Originally Posted by RFlushDiamonds
It's left you guys pretending to care about the inexperienced HS kids.
Which is always cute, like when you 'care' about the blacks and the poors.
Ah, the ad hominem, attack on motivations that you portend to know better than the person you are discussing things with. That is, and always will be weak. I'm an hourly worker, are you?

Last edited by itshotinvegas; 03-11-2021 at 06:53 PM.
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03-11-2021 , 07:14 PM
Quote:
Economists call this the Law of Demand. If the price goes up, the quantity demanded goes down (but demand itself stays the same). If the price decreases, quantity demanded increases.
LOL

A roofer gets the job of a lifetime. He'll need to hire 3 new teams to do it.
The MW goes up. So now he doesn't do the job because.....economics.
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03-11-2021 , 07:18 PM
Quote:
Originally Posted by itshotinvegas
More likely, it did harm some, and helped others. One of the reasons this issue has no real consensus (among those who engage in political discourse about it) is people like you say stuff like this, but the results you are so proud of are significantly more complicated, and not as clear cut as your portray here.




You all present this **** like it's (i.e. minimum wage, etc) a silver bullet and argue against very real drawbacks that exist with your magic pills for society. It's not that you don't contend with them, you deny the very existence of drawbacks, then gas light people for bringing them up (i.e. call them crazy).



Ah, the ad hominem, attack on motivations that you portend to know better than the person you are discussing things with. That is, and always will be weak. I'm an hourly worker, are you?

Look, it's well established that a reasonable MW is better for the economy than not having one.

If you want to argue that child labor laws hurt our competitiveness you can do that also. But modern, civilized people think the trade off is worth it.

There is no magic bullet. But there are certain things that make for a stronger middle class. If you have no interest in a middle class and prefer a landed gentry and a serf class, that's fine. But don't pretend you're looking out for the good of the people in your class or below.

If you're an hourly worker and you're reading web sites funded by the people who are exploiting your labor you're not going to get very far.
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03-11-2021 , 07:52 PM
Quote:
Originally Posted by itshotinvegas
More likely, it did harm some, and helped others. One of the reasons this issue has no real consensus (among those who engage in political discourse about it) is people like you say stuff like this, but the results you are so proud of are significantly more complicated, and not as clear cut as your portray here.




You all present this **** like it's (i.e. minimum wage, etc) a silver bullet and argue against very real drawbacks that exist with your magic pills for society. It's not that you don't contend with them, you deny the very existence of drawbacks, then gas light people for bringing them up (i.e. call them crazy).


...

IHIV do you accept any of the studies and data that investing in building the middle class has been one of the most historical beneficial ways to build the economy for all?


I am not asking with regards to any time frame specifically, and am just asking if you think that is true in principle.
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03-11-2021 , 07:56 PM
Is there a real example where capitalism provides an environment where no people get screwed over? Seems like either way there is just gonna be slaves or a ton of poor people doing all the work. I'm not a socialist, I just see the flaws and see that **** rolls down hill and there will always be people that get **** on until there is a more scientific economic plan.

It seems from the math of things, there will always need to be a class of people that get paid peasant wages until robots come in play in so many sectors that even DRs will be replaced. I don't think capitalism will ever really work for a lot of people regardless of minimum wage laws. It comes from a horrifically flawed time. The pull yourself up by the boot straps argument is comical when metaphorically some people don't even have feet to support themselves. Arguing about MW seems like a waste of time, energy, resources. How do we create a better economic reality seems the better question.
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03-11-2021 , 08:12 PM
Quote:
Originally Posted by Original Position
NYT:
Quote:
Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic.

Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.

The bailout targets multiemployer pension plans, which bring groups of companies together with a union to provide guaranteed benefits. All told, about 1,400 of the plans cover about 10.7 million active and retired workers, often in fields like construction or entertainment where the workers move from job to job. As the work force ages, an alarming number of the plans are running out of money. The trend predated the pandemic and is a result of fading unions, serial bankruptcies and the misplaced hope that investment income would foot most of the bill so that employers and workers wouldn’t have to.
Cuepee, given your views on moral hazard, I'm curious what your view is on this bailout.
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03-11-2021 , 08:20 PM
Have they said any cutoff dates for this stimulus? My income in 2019 cut my previous stimulus money down but my 2020 income would qualify. I filed on Feb 21st, it was accepted the next day but it’s still currently processing.
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