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Economy
Biden: $15 Minimum Wage Will ‘Bail Out' Small Businesses
2020-10-23
[Free Beacon] Democratic presidential nominee Joe Biden said a $15 federal minimum wage—which studies say will kill as many as two million jobs—was needed to "bail out" small businesses.

Biden again said that he would support a $15 minimum wage during Thursday night's debate, saying such a policy would help alleviate small businesses struggling amidst the coronavirus.

"I do because I think one of the things we're gonna have to do is we're gonna have to bail them out too," Biden said. "We should be bailing them out now, those small businesses."

A recent study from the pro-free market Employment Policies Institute (EPI) found that a $15 minimum wage would eliminate millions of jobs. The majority of jobs lost will be held by women, with the states of Texas, Pennsylvania, Florida, North Carolina, Ohio, and Georgia projected to be the hardest hit, according to the report.
Posted by:Besoeker

#16  Yup, unfortunately there is the funemployment/staycation is a thing.
Posted by: swksvolFF   2020-10-23 21:59  

#15  They'll be bailing out, all right.

And the real minimum wage is zero.
Posted by: KBK   2020-10-23 18:31  

#14  People can take some hints from the UAW and other organized labor unions; namely, price themselves right out of a job. Not related to the min. wage, but the principle is the same.
Posted by: Clem   2020-10-23 17:08  

#13  #9 Matt--please, please, please join the
Biden campaign and convince him. I could really use the money!
Posted by: Tom   2020-10-23 16:47  

#12  /\ Make everyone a daily millionaire and eliminate Poverty: 125,000 US$ hourly!
Posted by: magpie   2020-10-23 15:38  

#11  Why only $15/hour? That's only $30,000/year. Starvation wages.
Why not make the minimum wage $50/hour, so everyone makes $100K/year?
Yes, I am being sarcastic.
Posted by: Rambler in Virginia   2020-10-23 14:38  

#10  Inflation doesn't happen in Biden's Fantasy World when you double wages

Biden and his ilk just don't understand economics, that's all. It's not really 'inflation', more like massive raw cost increases. If you increase wages by a sizable amount, then the cost of any raw materials from the US would increase proportionately, due to compounded manufacturing/procurement/handling/shipping costs, etc. (i.e. increased cost of cheese/sauce/flour for a pizza that used to sell for $12 and is now $16 because everyone upstream got a big raise).

We'd have to go back to buying these materials from China or Mexico, and maybe that's been the plan all along.

Well, that and the vast numbers of newly unemployed living at the government's discretion.
Posted by: Mullah Richard   2020-10-23 13:45  

#9  A better plan would be for Joe and Jill to adopt everyone in the country. That way Burisma would have to pay us all $183,000 a month.
Posted by: Matt   2020-10-23 12:59  

#8  And watch everyone but Big Router fold.

The only people being hired would be the overqualified. 1st and 2nd jobs would disappear.

If at all, at a state level. New York is not New Mexico.

Every service not located on an Interstate, gone.

Of course, maybe that is the point.
Posted by: swksvolFF   2020-10-23 12:09  

#7  Also robotic and automated systems start becoming affordable at $15/h too. As Clem stated, not only do we have those kiosks (which I prefer), you will have a robot doing the burger flipping and assembling your food.
Posted by: DarthVader   2020-10-23 10:57  

#6  "You can't raise a family of four on less than $15/hr"

NO SHIT. If you're trying to raise a family of four, you shouldn't be making minimum wage, loser
Posted by: Frank G   2020-10-23 10:31  

#5  Amazing the rubbish about how a minimum wage (at ANY rate) is good. It is one cause of even more unemployment, even if people were willing to work for less (as it's "the law").

The automated kiosks at fast-food establishments are no accident.

The origins of the minimum wage were, ironically, established to shut blacks out of the labor force who were willing to work for less money.

But the last paragraph of B's post is spot on. If you want more unemployed Americans, just keep raising the minimum wage.
Posted by: Clem   2020-10-23 10:25  

#4  Inflation doesn't happen in Biden's Fantasy World when you double wages...
Posted by: magpie   2020-10-23 09:56  

#3  The federal minimum wage is $7.25, so everybody except wait staff (and other tipped employees, plus some handicapped employees and under 18 employees) should be making that. Here in Michigan it is $9.65, and increasing by about 40 cents a year, under the theory that it should match inflation.

I wish I could say this is the most destructive proposal Biden made last night, but banning fracking and a months-long lockdown would both be even worse...
Posted by: Vernal Hatrick   2020-10-23 09:00  

#2  No... it will sink them. Most small business owners are middle class. A huge minimum wage increase hurts them and the middle class and then the lower class.

First thing to go up, costs. Small business owners will raise their rates before the wage increase to build up capital to cover it. Poor and middle class hurt.

Wages go up for the lower class. They are now just where they were before because everything costs more. The wage increase will not hit the middle class for several years. They have the same income, but things cost way more.

That will put a lot of small business owners out of business. They have a hard time living on their salary and fewer customers. Lay off lower class. Wal-Mart and Amazon get richer.
Posted by: DarthVader   2020-10-23 08:47  

#1  A BIDENISM

What is a BIDENISM?
Something so damn stupid that a 6th grader knows better.
Example Given: A minimum $15 p/hr is needed to needed to "bail out" small businesses."


In my state of GA. $5.15 p/hr.
That is a 191.26% increase.

Also those making between $7+ ALREADY, will demand an increase equal to the Percentage of Min-Wage to $15 p/hr.

All it does is increase the prices, cause a reduction in force, Wildfire INFLATION, which devalues the US $.
Posted by: NN2N1   2020-10-23 07:08  

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