That quote is from another poor article from Wapo published today (link is below). The quote is already pushing max length for a title so here's the full quote that has one extra line:
“I'm not much into all these speculations and all these polls,” Sanders said. “One day a poll has me doing great, the next day a poll has me doing terrible. It has a lot to do with who you're polling and what questions you're asking. But at the end of the day, I think we're going to win, because we have an extraordinary grass-roots movement.”
The way I see it, raising the minimum wage significantly will have more negative impact than positive in our current economy.
The first issue being that large corporations aren't going to take a pay cut to implement it unless they are forced to, i.e. they will pass the cost off onto the consumer as much as possible. General cost of living will go up for everyone as prices are increased to compensate for lost profits. This would hit hardest for people that are already making $ 15 or more hourly and are still struggling. Someone who makes exactly 15$ an hour right now surely won't be getting a raise just because they're now making minimum wage.
Second, loss of jobs. I imagine if Bernie gets elected many businesses that employ entry level workers will begin preparing for an increasing minimum wage by shrinking their work force to only essential employees, many might lose jobs.
And third, the impact on small business. Many many small businesses struggle to get by as it is. Large corporations have more cushion and will survive, but a significant increase in labor costs could really hurt small businesses and startups.
Anyway, thanks for your input. Big fan of Bernie and his healthcare plan, also a big fan of his proposed speculation tax, I just would like to know how the minimum wage increase is proposed to work.
My two issues really are gun control and taxes but to be honest, I see him as a mostly positive change in the right direction. Our version of capitalism at this point is so tilted to favor the wealthy, I feel that even if he accomplished half of what he wants to, we would end up with a much more fair system.
There is no first amendment without the second amendment. Slowly strip away the second amendment and you will see the first amendment follow. Mass shootings are absolutely a mental heath issue and we need to apply our efforts and resources towards helping sick people manage their illnesses.
Hello, after looking more in depth into the specific FTT Sanders plans on putting into place to allow this I have seen some things that are concerning. First his 5 point increase on HF trading would effectively eliminate this type of trade from the market while it makes up half of the markets volume. His projections for the money generated from this assume that volume would stay the same or barely decline. This doesnt make sense though based on the tiny margins HF trades have though. Additionally his .5% tax on trades in general is estimated to reduce volume on applicable trades by 85% while his projections do not account for the volume decline. Lastly his projections also seem to overstate the value of the conglomerate of derivatives trades being done on the market, inflating projected cash flow. All in all it seems this tax would only raise $ 400-500 billion over ten years instead of his projection of $ 2.4 trillion. Additionally the EU tried a very similarly structured tax plan and it only raised 10% of its goals. Maybe I am missing something but I would very much appreciate some input on this. Thank You! TL;DR his FTT seems to not account for the steep volume drop that would be associated with these taxes which would dramatically drop cash flow