“Raise the Wage Act”, (H.R. 258) would have increased most USA’s wage-earning families’ incomes.

Supposn · Aug 26, 2020

“Raise the Wage Act”, (H.R. 258) would have increased most USA’s wage-earning families’ incomes.

The last minimum wage bill that was proposed and considered in congress, was H.R. 258, “Raise the Wage Act”. It was passed by the Democratic majority house, then passed on to the Republican majority senate, (where it now lies effectively dead).
Refer to the Congressional Budget office’s, (i.e. CBO’s) minimum wage rate report,
https://www.cbo.gov/publication/55681, and follow the link’s instructions to obtain the HR 258 interactive graphs.

Referring to the graph entitled “Average Percentage Change in Real Family Income, by Income Group”: The graph indicates average incomes of families earning less than 3 times the poverty threshold increase. Average incomes of higher income families do not perceivably begin to decrease until those incomes achieve 6 more times the poverty threshold;

(i.e. CBO’s study confirms minimum wage rate’s beneficial effects upon job’s rates are inversely related. Employees within the lowest wage rate brackets most benefit in proportion to their incomes, and those benefits (proportional to incomes) are incrementally lesser as incomes increase. Thus, the wage incomes of most USA’s wage earners would have benefit or would not be detrimentally affected by passage of H.R. 258.

[Six, (6) times a family of three’s income equal or exceeding 6 times the poverty threshold would be $122,000 per year and for a family of four it would well exceed $125,00 per year expressed in 2018 U.S. dollars.]
Respectfully, Supposn

Polydectes · Aug 29, 2020

Supposn said:
“Raise the Wage Act”, (H.R. 258) would have increased most USA’s wage-earning families’ incomes.

The last minimum wage bill that was proposed and considered in congress, was H.R. 258, “Raise the Wage Act”. It was passed by the Democratic majority house, then passed on to the Republican majority senate, (where it now lies effectively dead).
Refer to the Congressional Budget office’s, (i.e. CBO’s) minimum wage rate report,
https://www.cbo.gov/publication/55681, and follow the link’s instructions to obtain the HR 258 interactive graphs.

Referring to the graph entitled “Average Percentage Change in Real Family Income, by Income Group”: The graph indicates average incomes of families earning less than 3 times the poverty threshold increase. Average incomes of higher income families do not perceivably begin to decrease until those incomes achieve 6 more times the poverty threshold;

(i.e. CBO’s study confirms minimum wage rate’s beneficial effects upon job’s rates are inversely related. Employees within the lowest wage rate brackets most benefit in proportion to their incomes, and those benefits (proportional to incomes) are incrementally lesser as incomes increase. Thus, the wage incomes of most USA’s wage earners would have benefit or would not be detrimentally affected by passage of H.R. 258.

[Six, (6) times a family of three’s income equal or exceeding 6 times the poverty threshold would be $122,000 per year and for a family of four it would well exceed $125,00 per year expressed in 2018 U.S. dollars.]
Respectfully, Supposn

Higher income in the number of dollars does not equal more wealth. It just makes the dollar less valuable. The reason why wage earners are doing worse now then they did in the past even though they had a lower dollar pay is because of inflation. The dollar is less valuable because there is more of them.

Well shouldn't be measured in dollars, a dollar represents a fraction of value and if you divided up into a smaller fraction more dollars will equal the same value.

Don't get me wrong I want people working low-wage jobs to be more prosperous. I think that's good for everyone. I don't think increasing the number of dollars and decreasing the value of them is going to do any good.

Supposn · Aug 30, 2020

Polydectes said:
Higher income in the number of dollars does not equal more wealth. It just makes the dollar less valuable. The reason why wage earners are doing worse now then they did in the past even though they had a lower dollar pay is because of inflation. The dollar is less valuable because there is more of them.
Well shouldn't be measured in dollars, a dollar represents a fraction of value and if you divided up into a smaller fraction more dollars will equal the same value.

Don't get me wrong I want people working low-wage jobs to be more prosperous. I think that's good for everyone. I don't think increasing the number of dollars and decreasing the value of them is going to do any good.

Polydectes, we’re both in favor of improving the financial condition of USA’s working-poor and their families that are dependent upon their wage earnings. We both agree that increased dollar amounts of the minimum wage rate are reduced in value to the extent that the U.S. dollar’s purchasing power is reduced over time.

That’s why the “raise the wage act” would have been in the best interest of our nation’s best economic and social wellbeing.
The minimum rate would have been incrementally increased until it reached $15 per hour in 2025. Thereafter, the rate would be annually monitored and adjusted to retain its purchasing power.

“We all do better when we all do better”. Respectfully, Supposn

Polydectes · Aug 30, 2020

Supposn said:
Polydectes, we’re both in favor of improving the financial condition of USA’s working-poor and their families that are dependent upon their wage earnings. We both agree that increased dollar amounts of the minimum wage rate are reduced in value to the extent that the U.S. dollar’s purchasing power is reduced over time.

That’s why the “raise the wage act” would have been in the best interest of our nation’s best economic and social wellbeing.
The minimum rate would have been incrementally increased until it reached $15 per hour in 2025. Thereafter, the rate would be annually monitored and adjusted to retain its purchasing power.

“We all do better when we all do better”. Respectfully, Supposn

Honestly by then I would think $15 would be worth less than $9 is now.

Increasing the number of dollars does not increase wealth. It just divides it up and smaller pieces

Supposn · Aug 30, 2020

Polydectes said:
Honestly by then, [i.e. 2025], I would think $15 would be worth less than $9 is now.

Increasing the number of dollars does not increase wealth. It just divides it up and smaller pieces

Polydectes, if the minimum wage rate's not increased and $15 dollars in 2025 will, (as you suggest may be of purchasing power equal to $9 in 2018, then the federal minimum wage rate will then be equal to (9/15 )(7.25) = $4.35 in 2018 dollars. After 2025, the Raise the wage Act would annually monitor, and modify the minimum rate to keep abreast with changes of USA's median wage rate.

This is not quite as good as the minimum rate act I would prefer, but its superior to Republican Party's preferences. Respectfully, Supposn

Excerpted from the thread, “Democrats should now confront the minimum wage rate”:

Supposn said:
Democrats regained the congressional House. Now they should immediately confront the federal minimum wage rate issue.

I’m among those that advocate a minimum wage rate gradually increased to higher purchasing power and thereafter monitored and (when necessary to retain its targeted purchasing power), it should be updated prior to New Year’s date of the following year. In my opinion, annual increases of 12% until the rate achieves 125% of its February 1968 purchasing power is reasonable. ... [/QUOTE

Polydectes · Aug 30, 2020

Supposn said:
Polydectes, if the minimum wage rate's not increased and $15 dollars in 2025 will, (as you suggest may be of purchasing power equal to $9 in 2018, then the federal minimum wage rate will then be equal to (9/15 )(7.25) = $4.35 in 2018 dollars. After 2025, the Raise the wage Act would annually monitor, and modify the minimum rate to keep abreast with changes of USA's median wage rate.

This is not quite as good as the minimum rate act I would prefer, but its superior to Republican Party's preferences. Respectfully, Supposn

Excerpted from the thread, “Democrats should now confront the minimum wage rate”:

I don't think either party has a good idea about this there are equally terrible. The best way to increase the wealth of people not just the number of dollars they have in their wallet, is to cut federal spending and quit printing more and more money.

a777pilot · Aug 31, 2020

There ought NOT be any minimum wage!

What is needed is a Universal Minimum Income. We can then get rid of the 280 agencies that monitor a couple of hundred war on poverty programs.

It's income and the person that gets it can do anything they want with it. Buy drugs? Great! Then starve to death, because there will be no government program to feed you.

Strange as this might seem, this is an idea from Milton Friedman, the conservative economist and great supporter of Capitalism!

Supposn · Aug 31, 2020

a777pilot said:
There ought NOT be any minimum wage!

What is needed is a Universal Minimum Income. We can then get rid of the 280 agencies that monitor a couple of hundred war on poverty programs.

It's income and the person that gets it can do anything they want with it. Buy drugs? Great! Then starve to death, because there will be no government program to feed you.

Strange as this might seem, this is an idea from Milton Friedman, the conservative economist and great supporter of Capitalism!

AA777pilot, as I previously quoted within this thread and posted within the Government/Politics forum’s “Democrats should now confront the minimum wage rate” thread:
“I’m among those that advocate a minimum wage rate gradually increased to higher purchasing power and thereafter monitored and (when necessary to retain its targeted purchasing power), it should be updated prior to New Year’s date of the following year. In my opinion, annual increases of 12% until the rate achieves 125% of its February 1968 purchasing power is reasonable. …”.

I do not believe our U.S. Congress would even consider and is highly unlikely to pass a Universal Minimum Income Act until we have previously experienced functioning with a federal minimum wage rate of such desirable attributes.

Respectfully, Supposn

“Raise the Wage Act”, (H.R. 258) would have increased most USA’s wage-earning families’ incomes.

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