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Conservative economist says Black people aren't worth $15/hr
Posted: Tue Jun 08, 2021 11:38 pm
by Scooter
Conservative Economist Says the Quiet Part Out Loud About Who Is 'Worth $15 an Hour' and Who Isn't
The federal minimum wage has remained stagnant at $7.25 per hour in the United States for more than a decade, but Democrats have called for a raise in the federal minimum wage to at least $15 per hour—the bare minimum to afford basic needs in with a full time job in most states.
Republicans have railed against raising the wage, arguing that paying a livable wage would harm business owners and result in inflation. They've also insisted that minimum wage jobs were designed as stepping stones to livable wages.
In a recent interview with Fox News, conservative economist Art Laffer said that some people weren't worth $15 per hour in the first place.
Laffer said:
"For those people who are coming into the labor force brand fresh, not old timers who've been around for a while—the poor, the minorities, the disenfranchised, those with less education, young people who haven't had the job experience—these people aren't worth $15 an hour in most cases."
He continued:
"And so therefore when you have a $15 an hour minimum wage, they don't get that first job, they don't get the requisite skills to earn above the minimum wage, and after a few years they become unemployable and after becoming unemployable, they become hostile."
People were amazed Laffer said the quiet part out loud.
Re: Conservative economist says Black people aren't worth $15/hr
Posted: Wed Jun 09, 2021 1:22 pm
by Big RR
Since Laffer is a well known supply side economist, the comments don't surprise me. However, he seems to ignore that economic theory when it comes to wages, apparently believing that there is a predestined wage for each person based on his/her skill level (and other intangibles as discussed below) that is somehow inviolate, and that the least experienced among us are not deserving of a wage they could live on. It's not a matter of the labor market and supply and demand, it is a predestined amount that cannot/will not be exceeded regardless of economic conditions;and ignoring it will result in rampant inflation.
Of course, wen he drew his formulated curve for tax rates vs revenue he didn't look at things that way (hell, that's why there's a curve which varies as economic conditions vary), but with labor we need this absolute number. The hypocrisy is almost amusing.
And while I can understand (even though I don't entirely agree, a wage system based on merit, what this has to do with anything other than ability, and especially this has to do with poverty, disenfranchisement, or minority status. Supply siders are happy to say that wages should be based on ability/value to the employer, but then drivel like race or economic status makes its way into the equation. What an ass.
It's no wonder we need some sort of wage floor to be set by law--people may possess and/or gain valuable skills, but they will still always be minorities and will not progress beyond the low level jobs because of this; minorities are just not worth the extra money. At least that's how I read his comments.
Re: Conservative economist says Black people aren't worth $15/hr
Posted: Wed Jun 09, 2021 2:03 pm
by MajGenl.Meade
OK sorry. This will probably come back to haunt me in 12 years time and I'll lose my job.
Re: Conservative economist says Black people aren't worth $15/hr
Posted: Thu Jun 10, 2021 2:36 am
by Burning Petard
That is the basic principle of American/GOP economics and business: we must have a level playing field and it must tilt in my direction.
The big news on CNN today was that Elon Musk, Jeff Bezos, and Warren Buffett paid ZERO income tax some years in the recent past.
This is news only if you have not heard Mr. Buffett lobbying congress and some of his rich friends for HIGHER taxes because he loudly and repeatedly notes the unfairness of paying less federal tax than his secretary.
snailgate.
Re: Conservative economist says Black people aren't worth $15/hr
Posted: Thu Jun 10, 2021 7:05 am
by Econoline
Wealth, shown to scale
Go to this link and right-scroll.
ALL the way: don't get bored and give up one-third or half the way through. Keep going.
And then come back and tell me we don't need a wealth tax.
Re: Conservative economist says Black people aren't worth $15/hr
Posted: Thu Jun 10, 2021 7:09 am
by Econoline
Burning Petard wrote: ↑Thu Jun 10, 2021 2:36 am
The big news on CNN today was that Elon Musk, Jeff Bezos, and Warren Buffett paid ZERO income tax some years in the recent past.
Here's the story, from ProPublica.
Re: Conservative economist says Black people aren't worth $15/hr
Posted: Thu Jun 10, 2021 1:14 pm
by ex-khobar Andy
The real scandal is that there is no allegation that these guys did anything wrong.
In defense of Soros, he gave many billions to charity in some of those years so it's quite possible that, after the deductions, he had zero income and hence zero tax. Buffett has a similar reputation: don't know about the eleemosynary proclivities of Musk and Bezos.
Soros still owes me for all those Women's Marches I went on. He knows my address and that I take PayPal so he's running out of excuses.
Re: Conservative economist says Black people aren't worth $15/hr
Posted: Thu Jun 10, 2021 1:27 pm
by Big RR
True, it's more of an indictment of the system than of them.
Re: Conservative economist says Black people aren't worth $15/hr
Posted: Thu Jun 10, 2021 1:56 pm
by Sue U
ex-khobar Andy wrote: ↑Thu Jun 10, 2021 1:14 pm
Soros still owes me for all those Women's Marches I went on. He knows my address and that I take PayPal so he's running out of excuses.
Andy, we have been through this before:
viewtopic.php?p=262791#p262791