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  1. #1351
    Batoutahelius road runner's Avatar
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    One of Jono's pet excuses for inequality, mobility, is dealt a body blow. Y'know, by evidence.

    Inequality Is Killing The American Dream
    Ben Casselman
    fivethirtyeight.com

    Decades of rising income inequality and slowing economic growth have eroded a pillar of the American dream: the hope that each generation will do better than the one that came before, according to new research released Thursday.

    If the findings hold up, they have profound economic, social and even political implications. The decline in what economists call “mobility” — how easy it is to move up the income ladder over a lifetime or across generations — has been especially stark in the Rust Belt states that helped propel Donald Trump to victory in last month’s presidential election.

    In 1970, according to the research, conducted by Stanford economist Raj Chetty and several co-authors, roughly nine out of every 10 American 30-year-olds earned more than their parents did at the same age, after adjusting for inflation. In 2014, only half of 30-year-olds could say the same.1 The slowdown in mobility shows up in all 50 states and is true across the income spectrum. The biggest declines were among the children of middle-class families.

    The researchers identify two main drivers of the drop in mobility. First, economic growth has slowed in recent decades. That means the economic pie is growing more slowly than it used to, which makes it harder for each generation to surpass the previous one — there is less new income to go around. Second, income inequality has risen, which means that fewer people are benefiting from any new income being generated. Chetty and his colleagues estimate that inequality is more than twice as important as slowing growth, accounting for more than 70 percent of the decline in mobility.

    ...
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  2. #1352
    CC Grandmaster Capablanca-Fan's Avatar
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    The Minimum Wage Should Be Called the Robot Employment Act
    Mandating $15 an hour doesn’t help poor youth. It helps Flippy, the new burger-grilling machine.
    Andy Pudzer (former CEO of CKE Restaurants), WSJ, 3 April 2017

    Entry-level jobs matter—and you don’t have to take my word for it. In a speech last week on workforce development in low-income communities, Federal Reserve Chair Janet Yellen said that “it is crucial for younger workers to establish a solid connection to employment early in their work lives.”

    Unfortunately, government policies are destroying entry-level jobs by giving businesses an incentive to automate at an accelerated pace. In a survey released last month, the publication Nation’s Restaurant News asked 319 restaurant operators to name their biggest challenge for 2017. Nearly a quarter of them, 24%, said rising minimum wages.

    It’s no surprise that restaurants are rolling out the robots. McDonald’s said last November that it would install self-order kiosks in all 14,000 of its U.S. restaurants. Wendy’s announced in February it would add kiosks at about 1,000 locations to “appeal to younger customers and reduce labor costs.”

    The trend toward automation is particularly pronounced in areas where the local minimum wage is high. Eatsa, a 21st-century version of the automat, now lists seven locations in four cities, each of which will be subject to a $15 minimum wage within the next 36 months.

    Taking automation to the next step, Miso Robotics and the owner of CaliBurger announced in March they have developed a robotic arm, called Flippy, that can turn burgers and place them on buns. CaliBurger plans to install them over the next two years in 50 restaurants world-wide.

    By encouraging automation, cities that significantly raise the minimum wage destroy opportunities for the least-skilled workers. In 2015 a scholar at the Federal Reserve Bank of San Francisco released a paper summarizing the available research on this effect. “The most credible conclusion,” he wrote, “is a higher minimum wage results in some job loss for the least-skilled workers—with possibly larger adverse effects than earlier research suggested.”

    The loss of entry-level jobs also worsens racial disparities. In a 2011 report from the nonpartisan Employment Policies Institute, two university economists examined nearly 20 years of data containing 600,000 observations. They compared how each 10% increase in the minimum wage affected the employment of young males without a high-school diploma. For whites, the drop was 2.5%. For blacks, it was 6.5%.

    In her speech, Ms. Yellen praised the potential of a pilot program appropriately called Pocket Change. It was designed to reduce youth unemployment in Somerville, Mass., “through internships, training in job skills, and reinforcement of important soft skills such as punctuality and effective communication.” If high minimum wages didn’t price young people out of the job market, they could learn these skills in entry-level jobs, without yet another government program.
    1. In the USA, state after state votes to keep marriage as it's always been.
    The Left: judges should overrule the people.

    2. In Australia, the people vote to allow gay marriage.
    The Left: the minority should shut up and let the majority have its way.

  3. #1353
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    Quote Originally Posted by Capablanca-Fan View Post
    The Minimum Wage Should Be Called the Robot Employment Act
    Mandating $15 an hour doesn’t help poor youth. It helps Flippy, the new burger-grilling machine.
    Andy Pudzer (former CEO of CKE Restaurants), WSJ, 3 April 2017
    So where are the Flippies in Australia, which already has a $15 minimum wage?

  4. #1354
    Batoutahelius road runner's Avatar
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    When you can buy a machine that last for years for a few thousand bucks to replace a worker, it makes no difference if the worker was making $15 or $3 - he stands no chance.

    Would scribes have held off the printing press if only they had worked for less?
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  5. #1355
    CC Grandmaster Capablanca-Fan's Avatar
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    Quote Originally Posted by road runner View Post
    When you can buy a machine that last for years for a few thousand bucks to replace a worker, it makes no difference if the worker was making $15 or $3 — he stands no chance.
    But there is a difference when these machines become more economical than a worker. The cost of a machine and costs to set it up and maintain might well be uneconomical for business compared to $7.50/hr but economical at $15/hr.

    Quote Originally Posted by road runner View Post
    Would scribes have held off the printing press if only they had worked for less?
    You raise a fair point. This also goes to Trump's crass blaming of ‘free trade’ (such as it is in protectionist America) for loss of jobs, whereas automation is more of the ‘culprit’. And this is not a bad thing; we should be more concerned about producing goods and services than ‘jobs’ for the sake of jobs.

    Milton Friedman told of his encounter with a government jobs program where workers were digging with spades. He asked, why not use machines? Response: more jobs are available if they use spades. Friedman: then why not give them spoons?
    1. In the USA, state after state votes to keep marriage as it's always been.
    The Left: judges should overrule the people.

    2. In Australia, the people vote to allow gay marriage.
    The Left: the minority should shut up and let the majority have its way.

  6. #1356
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    After Studying Basic Economics, Mayor Vetoes Minimum Wage Increase
    Brittany Hunter, FEE, 5 April 2017

    Last week, Baltimore’s new Democratic Mayor, Catherine Pugh, surprised her constituents by changing her position on the issue of raising the city’s minimum wage to $15 an hour.

    This came as a shock to those who had previously supported her during her mayoral run when she not only vocally promised to support the legislation, but also said in writing on a union questionnaire that, "I am aware of the current initiative to raise the minimum wage in the City Council to $15 per hour and when it reaches my desk I will sign it."

    However, after she was elected into office and when the minimum legislation did reach the new Baltimore Mayor’s desk, instead of signing the legislation, Mayor Pugh used her power to veto it!

    Pugh, who is only four months into her term as mayor, did what many mayors have not taken the time, nor had the courage to do: she actually researched the economic policies set to be implemented in the legislation, and the potential harm these policies could cause in Baltimore.

    As a result of what she learned, Pugh decided she could no longer in good conscience support or sign the legislation when the economic repercussions were potentially dangerous enough to harm her entire city.

    In other words, while $15 an hour might sound like a great way to help the country’s lowest-earners, the reality of the situation isn’t so simple. Employers will go out of business if they consistently pay workers more than the revenue their work brings in. If the minimum wage is higher than a worker's marginal productivity, the employer will have no other choice than to lay him or her off.

    Pugh believes that a city-wide raise in the minimum wage could very likely cause Baltimore businesses to shut down if they are unable to afford the higher wages. Additionally, with so many workers vying for these “too good to be true” jobs, many Baltimore residents will likely look for jobs elsewhere, causing many to relocate in nearby Washington D.C. or Virginia, and taking revenue away from the city.
    1. In the USA, state after state votes to keep marriage as it's always been.
    The Left: judges should overrule the people.

    2. In Australia, the people vote to allow gay marriage.
    The Left: the minority should shut up and let the majority have its way.

  7. #1357
    Batoutahelius road runner's Avatar
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    Quote Originally Posted by Capablanca-Fan View Post
    But there is a difference when these machines become more economical than a worker. The cost of a machine and costs to set it up and maintain might well be uneconomical for business compared to $7.50/hr but economical at $15/hr.
    If it's not economical being supported by minimum wage workers, wait for the next version.

    This also goes to Trump's crass blaming of ‘free trade’ (such as it is in protectionist America) for loss of jobs, whereas automation is more of the ‘culprit’. And this is not a bad thing; we should be more concerned about producing goods and services than ‘jobs’ for the sake of jobs.
    I agree but the transition aint going to be pretty.
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  8. #1358
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    Quote Originally Posted by road runner View Post
    If it's not economical being supported by minimum wage workers, wait for the next version.
    Probably true. But why accelerate the job loss by government force?

    Quote Originally Posted by road runner View Post
    I agree but the transition aint going to be pretty.
    Probably not, but the typists and typewriter manufacturers who lost their jobs after computers and word processors, horse-and-buggy industry after the motorcar, icebox industry after refrigerators, managed to adapt for the most part. Is there any advance that has improved our lives that has left no one worse off?
    1. In the USA, state after state votes to keep marriage as it's always been.
    The Left: judges should overrule the people.

    2. In Australia, the people vote to allow gay marriage.
    The Left: the minority should shut up and let the majority have its way.

  9. #1359
    CC Grandmaster Ian Murray's Avatar
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    US Fox News is reeling, following a string of sexual harassment allegations, the sacking of the CEO, Megyn Kelly jumping ship and now the dumping of anchor Bill O'Reilly

  10. #1360
    Batoutahelius road runner's Avatar
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    Quote Originally Posted by Ian Murray View Post
    US Fox News is reeling, following a string of sexual harassment allegations, the sacking of the CEO, Megyn Kelly jumping ship and now the dumping of anchor Bill O'Reilly
    Bill O'Reilly? He's a militant right wing Christian isn't he?
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  11. #1361
    CC Grandmaster Ian Murray's Avatar
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    Quote Originally Posted by road runner View Post
    Bill O'Reilly? He's a militant right wing Christian isn't he?
    Hard to put a label on him (other than sexual predator) but he was a Murdoch Media golden boy, which wouldn't help any left wing credentials. His family background is Irish Catholic.

  12. #1362
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    Quote Originally Posted by Ian Murray View Post
    US Fox News is reeling, following a string of sexual harassment allegations, the sacking of the CEO, Megyn Kelly jumping ship and now the dumping of anchor Bill O'Reilly
    Kirsten Powers accused Bill O’Reilly of sexism Wednesday, but in 2014 she sang a different tune
    Sara Gonzales

    But in 2014, Powers herself was a staunch defender of O’Reilly after former State Department deputy spokeswoman Marie Harf accused him of being sexist, even going so far as to pen a USA Today op-ed titled, “Bill O’Reilly is not sexist.”

    “Sexism is a serious problem and a serious accusation. It’s true there are many people who dismiss women as unserious and out of their depth not because they are, but because they are women. Bill O’Reilly isn’t one of them,” she wrote in September 2014.

    “I know. As a Fox News contributor, I’ve worked with him for eight years, including weekly segments where we often disagree heatedly. O’Reilly does not discriminate when it comes to expressing tough judgments. Anyone with a passing familiarity with his work knows this, which is what makes Harf’s accusation so irresponsible.” Powers wrote.

    Powers clearly stated that O’Reilly’s character was being assassinated because of “trigger happy” Democrats who purposely look for sexism in everything.

    Powers did not immediately respond to a request for comment on her change in stance.
    1. In the USA, state after state votes to keep marriage as it's always been.
    The Left: judges should overrule the people.

    2. In Australia, the people vote to allow gay marriage.
    The Left: the minority should shut up and let the majority have its way.

  13. #1363
    CC Grandmaster Capablanca-Fan's Avatar
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    Milton Friedman discusses the moral values encouraged by economic systems and explains that a primary difference between capitalism and socialism is the difference between free choice and compulsory force:

    1. In the USA, state after state votes to keep marriage as it's always been.
    The Left: judges should overrule the people.

    2. In Australia, the people vote to allow gay marriage.
    The Left: the minority should shut up and let the majority have its way.

  14. #1364
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    Quote Originally Posted by Capablanca-Fan View Post
    Milton Friedman discusses the moral values encouraged by economic systems and explains that a primary difference between capitalism and socialism is the difference between free choice and compulsory force: ...
    So how does he deal with the fact that all existing capitalist societies are built on socialist ideas (such as the old age pension, unemployment benefit, free medical care, etc)?

  15. #1365
    CC Grandmaster Ian Murray's Avatar
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    Fox paid out $13 million to settle harassment claims against him before caving in to the exodus of his show's advertisers
    https://apnews.com/46a4547285844f9598949bcda54d4939

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