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September 02, 2014 06:28 AM UTC

Tuesday Open Thread

  • 31 Comments
  • by: Colorado Pols

Walkin’ down the street the other day
I saw an apparition comin’ my way
He said Randee, set the government and animals free
I said, hey, either way it’s fine with me

–Randee of the Redwoods

Comments

31 thoughts on “Tuesday Open Thread

  1. For those wondering whethwer raising the minimum wage is likel to cost jobs:

    Thirteen states raised their minimum wage on January 1st of this year. Did the rise in wages lead to widespread job losses as the fear-mongering Republicans wanted you to believe? No. In fact, The Center for Economic and Policy Research repoPercent change in employment by staterted that when Goldman Sachs looked at the impact of the states’ minimum wage increases between December and January, the analysis found that these states had faster employment growth than the states where minimum wage remained at its 2013 level.

    http://bluenationreview.com/republicans-predict-economic-collapse-minimum-wage-raised-actual-results-may-shock/

        1. Indeed! And thanks for highlighting the minimum wage battle. Only 23 more Representatives need to sign the discharge petition to allow HR1010, the Fair Minimum Wage Act, to come to a vote.

          Colorado roll call: Cosponsors and signers of the discharge petition: Degette, Polis, Perlmutter.

          Cowardly Republicans who won't even let minimum wage come up for a vote:

          Tipton, Lamborn, Gardner, and Coffman.  Call or write your reps and tell them to sign the petition. According to the CBO, raising the minimum wage will lift over 900,000 people out of poverty. As BC proved above, ^^^^ minimum wage laws lead to net gains in jobs, net gains for the economy., Republicans can hold to their dour talking points all they want on the merits of the law, but at least sign the fricking discharge petition to let it be voted up or down.

    1. It would obviously be foolish to say the minimum wage has no effect.  The reality seems to be that it has offsetting effects.   A minimum wage of $100 an hour would basically leave only doctors and hedge fund managers with a job.  A minimum wage of $1 an hour is nonsensical, when the market clearing rate is so much higher.   So, 1, What is the market-clearing rate and 2, what is the effect of a reasonable wage hike?

      In the first place, it's not clear what a market clearing rate is because labor, unlike wheat, is not a fungible commodity.  Some physically or mentally handicapped workers just aren't worth $7.25 an hour, let alone $10.  It's thus wise to just ignore them for this purpose and subsidize their jobs with tax credits or other implying that the market-clearing rate is already well above the current minimum for able workers. A phased-in increase to $10 –still low by historical standards–would thus not cost many jobs initially.  But it would cost some..would right wingers go on paying shills at pols if it cost them more?  But even if AC and moddy lost their jobs in the first wave, they might win them back in the second wave.  Minimum wage workers have a very high marginal propensity to consume — they are so close to the line they spend about every dime they earn, and spend it quickly.  If that money comes from corporate profits — which are basically not being invested now except in buying back their own stock — the result is a huge increase in demand, with the usual multiplier effects.  So Suzie minimum wage buys her kids new shoes and moddy and AC get hired as shoe salesmen.  Demand creates jobs.  And Moddy and AC finally get to do something useful with their lives.

      So a reasonable minimum wage hike should help create jobs in an economy where consumer demand is still limp.   We are in just such an economy

      1. I lost a section saying I often see fast-food shops advertising for beginning workers at $8.50 or more, implying the current minimum is already below the market clearing rate.

      2. Well reasoned. Of course nobody but righties suggests Dems are saying the sky's the limit on minimum wage. One thing I'd add is that those fast food purveyor's who have significantly raised wages already say they are better off because they don't have to spend so much on constant turn over and training. They feel it works fine for the bottom line as well as for creating consumers with more money to spend. 

        I honestly think it doesn't matter how many pictures you draw on all of this for righties, how many stats, graphs or charts you use to show the win/win benefits of paying people decent wages or at least as decent as those same wages were years ago. They just think lower echelon workers are natural born peasant losers and deserve to be treated as such. If God loved them they'd be rich, right?

        1. Sad…isn't it?

          Made me think of this….

           

           

          Big money goes around the world
          Big money give and take
          Big money done a power of good
          Big money make mistakes

          Big money got a heavy hand
          Big money take control
          Big money got a mean streak
          Big money got no soul

                                                  Rush/1985

           

           

           

  2. As the Supes said, Money is Speech, and the more you give the sooner you're Rep or Senator will set up a meeting to listen to you speak:

    You have to realize, when you start contributing to all these guys, they give you access to meet them and talk about your issues,” said Sabin, who has given away more than $177,000. “They know that I’m a big supporter.”

    Sabin and other wealthy political contributors have more access than ever to candidates since the ruling in McCutcheon v. Federal Election Commission. More than 300 donors have seized the opportunity, writing checks at such a furious pace that they have exceeded the old limit of $123,200 for this election cycle, according to campaign finance data provided by the Center for Responsive Politics, a nonpartisan research organization.

    Try to imagine what these guys think about Joe Sixpack and his $50 donation…..

  3. More from site referenced above:

    New Jersey is the only state out of the 13 states that increased their minimum wage, that hasn’t seen employment rise; and 9 out of the remaining 12 states are in the higher median. The minimum wage-raising states average employment change is +0.99% while the states that didn’t raise the minimum wage have an average employment change of +0.68%.

    Not only do these numbers look very favorable for the future of other states to follow these 13 states lead and raise the minimum wage, but possibly it will give more fuel to the fire to the effort of raising the federal minimum wage to $10.10 per hour.

     

     

  4. Food stamps became part of American life 50 years ago this Sunday when President Lyndon B. Johnson signed the Food Stamp Act into law on Aug. 31, 1964. The program has been a whipping boy almost ever since…

    The Right’s Food Stamp Embarrassment: A History Lesson for the Haters

    Much like grocers in the stamp towns of the late 1930s, grocery chains today continue to bring in increased sales from SNAP receipts during recessions. Remember last winter when stimulus funds expired and Wal-Mart disclosed lower than expected fourth quarter profits? While Wal-Mart refuses to disclose its total revenues from SNAP, it is estimated they took in 18 percent of total SNAP benefits in 2013, or close to $13 billion in sales. They publicly reported lower earnings per share as “the sales impact from the reduction in SNAP benefits that went into effect Nov. 1 is greater than we expected.”

    SNAP recipients, then, are not the program’s only beneficiaries. Businesses profit handsomely from them, too. How ironic that in today’s concentrated grocery-retail market, the chains most ideologically opposed to welfare spending benefit the most from this welfare program. Even more ironic is the fact that the idea behind SNAP originated with grocery men in the 1930s who saw a way to route welfare spending through their businesses. When will today’s conservatives claim as their own these daring and entrepreneurial businessmen who, in part, made the Food Stamp Program possible?

  5. Race isn't a problem anymore. Yeah right.

    CHARLOTTE, NORTH CAROLINA—The stars of North Carolina’s Moral Mondaysmovement took the stage on Labor Day at Charlotte’s Marshall Park to condemn the state’s record on voter suppression and racial profiling, and urge the community to organize and turn out at the polls this November. Just a few hundred feet away, police cuffed and arrested local LGBT activist and former State Senate candidate Ty Turner as he was putting voting rights information on parked cars.

    “They said they would charge me for distributing literature,” Turner told ThinkProgress when he was released a few hours later. “I asked [the policeman] for the ordinance number [being violated], because they can’t put handcuffs on you if they cannot tell you why they’re detaining you. I said, ‘Show me where it’s illegal to do this.’ But he would not do it. The officer got mad and grabbed me. Then he told me that I was resisting arrest!”

        1. To make a long-story short, it's a ticking time-bomb: a lot of of investors who have gotten in the rental game are overleveraged and when interest rates go up, they're toast. What happens to the tenants of the rentals isn't entirely clear. 

          The article I linked above notes that there's been a lot of the deals like the one described in your Forbes link–a crash could have systemic consequences–it's not just a few insolated incidents. 

          1. I needed a closer to for dummies explanation of exactly how securitizing rentals works, what securitized rental market means in the first place, and found the article I linked helpful for me in understanding the one you linked. Yours requires knowing WTF in the first place. I didn't.wink

  6. Nine Weeks Out

    On a national level, the story nine weeks from now will be the US Senate. Currently there are 53 Dems, 2 non-Dems who caucus with the Dems and 45 Republicans.  In order for the Republicans to control the Senate they need to pick up 6 seats.

    As of today a pick up of 3 seats is pretty much a sure thing.  The races in South Dakota, West Virginia and Montana are over.  RCP has the Republicans picking up a total of 7 seats.  I happen to agree.  But that said 7 is the middle of a range that if everything went the Dems way might be a low of 3 and if everything went the Republican way might be a high of 11.  So what are the 8 seats that are really in play that will determine the fate of the Senate and the order in which they fall?  Here is my take:

    4 Louisiana

    5 Arkansas

    6 North Carolina

    7 Alaska

    8 Iowa

    9 Colorado

    10 New Hampshire

    11 MIchigan

    The polling in some of the states is spotty or non-existant.  In Colorado the most recent polling was done in July.  But each of these states has polling that indicates the candidates are within the polling margin or error.  Personally, I think Michigan, if it now really is in play, is unlikely to be in play in Novmeber.  I think the Republicans pick up 3 from the 4 races which are 4-7 and either Iowa or Colorado.

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