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Thread: Democrats vow cheaper drugs, higher minimum wage

  1. -1
    BAMAPHIN 22's Avatar
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    Democrats vow cheaper drugs, higher minimum wage

    If they retake control of Congress, Democrats will act quickly to increase the minimum wage, lower prescription drug costs and slash interest rates on student loans, House Minority Leader Nancy Pelosi said Saturday.

    The ideas are part of the Democrats' new domestic agenda, named "New Direction for America," which the party rolled out during the past week. Pelosi, D-California, promoted the plan in the Saturday radio address.

    "A new direction means expanding access to affordable health care for Americans. We will begin by lowering the cost of prescription drugs by putting seniors ahead of pharmaceutical companies and HMOs," Pelosi said.
    "A new direction means broadening opportunity by addressing the soaring costs of higher education. We will begin by making tuition tax-deductible and cutting the interest rates of student loans in half."

    Pelosi also pledged to improve security, reduce dependence on foreign oil, maintain Social Security and oppose deficit spending. Under the plan the minimum wage would rise from $5.15 to $7.25 over two years, the interest rate on student loans would be cut to 3.4 percent and Democrats would approve a "pay as you go" budgeting rule.

    http://www.cnn.com/2006/POLITICS/06/....ap/index.html
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    adamprez2003's Avatar
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    yeah thats the solution. lets raise the minimum wage while the Fed is raising rates to combat inflation. brilliant!
    Better than Chris Long and Vernon Gholston
    PHILLIP MERLING
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    finfansince72's Avatar
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    Quote Originally Posted by adamprez2003
    yeah thats the solution. lets raise the minimum wage while the Fed is raising rates to combat inflation. brilliant!
    Can you honestly sit here with a straightface and tell me that a human being can live off of 5.15$ and hour? Even 7$ is all but impossible to live off. This is a life quality issue and one that won't destroy the economy. People that make a good living that continually hold down the minimum wage need to go live off 5.15 an hour.
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    cnc66's Avatar
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    People that make a good living that continually hold down the minimum wage need to go live off 5.15 an hour.
    I agree
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  5. -5
    Jimmy James's Avatar
    You sit on a throne of lies!

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    Quote Originally Posted by finfansince72
    Can you honestly sit here with a straightface and tell me that a human being can live off of 5.15$ and hour?
    You're presupposing that minimum wage should equal living wage. I don't think you're entitled to do that. Argue it.

    When you put price floors in place, you eliminate the jobs that aren't worth paying the higher wage for. Before you go suggesting that those jobs don't exist, I have seen with my own eyes businesses that hire on people and pay them a very low wage essentially just out of pity. Turning around and telling those people they have to pay a much higher rate will lead to those jobs going away in many cases.

    I'm not opposed to an increase in the minimum wage, but I am skeptical of it to say the least.

    On a different note, it will really irk me if they slash student loan interest rates and do nothing for those of us who have consolidated at higher rates. That's okay, though -- I know what you have to do in order to re-consolidate, and I'm already in planning on what my next degree will be.




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    adamprez2003's Avatar
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    why should 97% of the people be punished to help out the 3% who earn the minimum wage (many of those 3% work in the food service industry where tips supplement the minimum wage)

    According to Current Population Survey estimates for 2003, some 72.9 million American workers were paid at hourly rates, representing 59.6 percent of all wage and salary workers.1 Of those paid by the hour, 545,000 were reported as earning exactly $5.15, the prevailing Federal minimum wage, and another 1.6 million were reported with wages below the minimum.2 Together, these 2.1 million workers with wages at or below the minimum made up 2.9 percent of all hourly-paid workers. Tables 1 - 10 present data on a wide array of demographic and socioeconomic characteristics for these low-wage workers. The following are some highlights from the 2003 data.


    Are we supposed to tank the economy for the benefit of 3 million people, half of which were under 25

    http://www.bls.gov/cps/minwage2003.htm
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    Awsi Dooger's Avatar
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    Quote Originally Posted by adamprez2003
    yeah thats the solution. lets raise the minimum wage while the Fed is raising rates to combat inflation. brilliant!
    Hysterical. You're the same guy who loves to argue numbers in relation to decades ago, deficit in regard to percentage of GDP, gas prices compared to 1973 dollars, etc. Now you want to conveniently ignore that and cuddle the corporations, leaving the federal minimum wage at 1997 level, which is where it's been. That's the longest gap between a raise since instatement.

    The minimum wage has varied from a maximum of 90% of the poverty level in 1968, and has been between 53 and 62% since 1985. Right now we're at the lowest percentage since the poverty level was established in 1959. The bar chart graph is straight downward, in terms of real dollars and percentage of poverty level.
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    Awsi Dooger's Avatar
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    Quote Originally Posted by adamprez2003
    Are we supposed to tank the economy for the benefit of 3 million people, half of which were under 25
    Nice pathetic fearful try. Your own argument is it's only 3 million people. How does that tank the economy?

    Oh, I almost forgot, that old right wing ignorant claim that raising the minimum wage causes job loss and ruins local economies. Disregard that's been shot down by recent studies, based on states which have raised minimum wage far beyond the national level. What actually happens is that low income people spend the extra money in their own neighborhoods, so they actually boost small business and the local economy. It works exactly the opposite of what Republicans have fed the public for all these years. Big surprise.

    http://www.charlotte.com/mld/charlot...s/14680106.htm

    "States that have boosted their minimum wages far above the federal floor of $5.15 have seen job growth keep pace with, if not exceed, national averages, federal data show.

    U.S. Bureau of Labor Statistics figures poke holes in a key business lobby argument, even as they raise questions over how the wage should be adjusted at the national level."

    <snip>

    "As of this month, 20 states and the District of Columbia have minimum wages higher than $5.15. Only a handful of states had their own minimum wage laws a decade ago.

    The Massachusetts Senate on Thursday OK'd raising that state's minimum wage to $8.25 an hour, which would be the highest in the nation. It also would join four other states that tie or will tie the minimum wage to inflation.

    Those states -- Florida, Vermont, Oregon, and Washington -- have seen jobs grow since they raised their minimum wages, Bureau of Labor Statistics show.

    In Florida, Oregon and Washington, overall job growth was hotter than in North Carolina in 2004 and 2005, where jobs grew at 1.3 percent and 2 percent respectively. Vermont's job growth was 1.5 percent and 1.2 percent during those years."

    <snip>

    "It's unknown whether job growth would have been even more brisk in those other states if they had not raised the minimum wage. But data suggest that the market has an ability to create and sustain jobs for a growing population.

    "Raising the minimum wage seems to have no negative effect on jobs," said Mike Wald of the Bureau of Labor Statistics in Atlanta.

    Moreover, those states have seen growth in service and hospitality sectors, areas that business interests say are vulnerable to minimum wage increases."
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    adamprez2003's Avatar
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    Quote Originally Posted by Awsi Dooger
    Nice pathetic fearful try. Your own argument is it's only 3 million people. How does that tank the economy?

    Oh, I almost forgot, that old right wing ignorant claim that raising the minimum wage causes job loss and ruins local economies. Disregard that's been shot down by recent studies, based on states which have raised minimum wage far beyond the national level. What actually happens is that low income people spend the extra money in their own neighborhoods, so they actually boost small business and the local economy. It works exactly the opposite of what Republicans have fed the public for all these years. Big surprise.

    http://www.charlotte.com/mld/charlot...s/14680106.htm

    "States that have boosted their minimum wages far above the federal floor of $5.15 have seen job growth keep pace with, if not exceed, national averages, federal data show.

    U.S. Bureau of Labor Statistics figures poke holes in a key business lobby argument, even as they raise questions over how the wage should be adjusted at the national level."

    <snip>

    "As of this month, 20 states and the District of Columbia have minimum wages higher than $5.15. Only a handful of states had their own minimum wage laws a decade ago.

    The Massachusetts Senate on Thursday OK'd raising that state's minimum wage to $8.25 an hour, which would be the highest in the nation. It also would join four other states that tie or will tie the minimum wage to inflation.

    Those states -- Florida, Vermont, Oregon, and Washington -- have seen jobs grow since they raised their minimum wages, Bureau of Labor Statistics show.

    In Florida, Oregon and Washington, overall job growth was hotter than in North Carolina in 2004 and 2005, where jobs grew at 1.3 percent and 2 percent respectively. Vermont's job growth was 1.5 percent and 1.2 percent during those years."

    <snip>

    "It's unknown whether job growth would have been even more brisk in those other states if they had not raised the minimum wage. But data suggest that the market has an ability to create and sustain jobs for a growing population.

    "Raising the minimum wage seems to have no negative effect on jobs," said Mike Wald of the Bureau of Labor Statistics in Atlanta.

    Moreover, those states have seen growth in service and hospitality sectors, areas that business interests say are vulnerable to minimum wage increases."

    you do not raise minimum wage in times of slowing growth and rising interest rates. How do you think the Fed is going to react? What do you think its going to do to inflation?
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    adamprez2003's Avatar
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    Quote Originally Posted by Awsi Dooger
    Hysterical. You're the same guy who loves to argue numbers in relation to decades ago, deficit in regard to percentage of GDP, gas prices compared to 1973 dollars, etc. Now you want to conveniently ignore that and cuddle the corporations, leaving the federal minimum wage at 1997 level, which is where it's been. That's the longest gap between a raise since instatement.

    The minimum wage has varied from a maximum of 90% of the poverty level in 1968, and has been between 53 and 62% since 1985. Right now we're at the lowest percentage since the poverty level was established in 1959. The bar chart graph is straight downward, in terms of real dollars and percentage of poverty level.
    How many corporations pay minimum wage?

    545,000 were reported as earning exactly $5.15, the prevailing Federal minimum wage, and another 1.6 million were reported with wages below the minimum.2 Together, these 2.1 million workers with wages at or below the minimum made up 2.9 percent of all hourly-paid workers.

    Minimum wage workers tend to be young. Slightly over half of workers earning $5.15 or less were under age 25, and about one-fourth were age 16-19. Among teenagers, about 10 percent earned $5.15 or less. About 2 percent of workers age 25 and over earned the minimum wage or less. However, among those age 65 and over, the proportion was 4 percent. (See table 1 and table 7.)

    More than two-thirds of all low-wage workers in 2003 were in service-type occupations, mostly in food service jobs.

    Many of these earn tips to offset their minimum wage jobs.


    Once again I will reiterate that you dont raise the minimum wage during rising interest rates and slowing growth. That is economic stupidity. You wait until inflation is at bay and economic growth is certain. Timing is everything
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