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Sen. Elizabeth Warren Makes Case for $22-an-hour Minimum Wage.


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#61 teeray

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Posted 20 March 2013 - 08:58 AM

The job market is flooded with overqualified geriatric workers wiling to work for a fraction of their worth. Thanks to near zero interest rates, they'll take any money they can get for their highly developed skills. And they do. Meanwhile, younger workers in the heart of what would be the skill-developing portion of their careers are missing out and will never be as competitive as their older peers.


This is an example of you finding an opinion piece using snap shot statistics in a small period of time, and running with the opinion's explanation of data even though the explanation isn't true or is a half truth.

During recessions with stagnant job growth and a large increase in unemployment, older workers with work experience tend to find work easier than those without experience as employers were looking people that could increase production immediately instead of investing money in training of younger workers.

Keep in mind that older workers have almost always had the lowest unemployment rate so this isn't some new phenomenon brought on by the Fed:

Posted Image

Notice than that during every recession the gap in unemployment that arises between 25-54 and the 55+ ages. The number runs in very similar pattern, but during the times right after the recessions the 25-54 sees a much bigger spike in unemployment than the 55+. You see that in the gap increase between the red and gray lines get a bit wider during recessions and immediate recovery.

Now if you look here you will see that since 1993 there has been a steady increase in the 55+ demographic in the workforce.

Posted Image

What happened in the 90's that made 55 years of steady decrease in the 55+ workforce change into a steady increase over the last 20 years? It wasn't government or the Fed, it was a decision by the employer's to replace defined–benefit retirement plans with defined-contribution retirement plans, allowing employers to shift more responsibility for retirement income to the employee that really gained steam in the 90's. There are other factors as well, but that is more than a coincidence.

So the fact that older workers are always more employed than other workers, along with the fact that unemployment for older workers doubled during the recession, the 55+ workforce is larger than anytime in history, and the fact that there are limited jobs because of the recession it is very understandable and not anything conspiratorial that older workers are getting a high percentage of the jobs available.

Having said that the 55+ work force is polarizing because, although many of the new jobs were filled by them, that demographic still has the longest long term unemployment

Although the rate of unemployment among older workers is lower than that for their younger counterparts, older persons who do become unemployed spend more time searching for work. In February 2010, workers aged 55 years and older had an average duration of joblessness of 35.5 weeks (not seasonally adjusted), compared with 23.3 weeks for those aged 16 to 24 years and 30.3 weeks for those aged 25 to 54 years.

The longer duration of unemployment among older workers also is reflected in a higher proportion of the unemployed who have been jobless for extended periods. For example, nearly half (49.1 percent) of older jobseekers had been unemployed for 27 weeks or longer in February 2010, compared with 28.5 percent of workers aged 16 to 24 years and 41.3 percent of workers aged 25 to 54 years

http://www.bls.gov/o...der_workers.htm


Meanwhile the government is enslaving the young working class all the while making it harder for them to break free of their chains.


You linked to your thread about how college was a farce.

I find that hard to believe. During the worst part of the recession (07-09) here was the employment percentage changes by education level:


Total Change: -4.7%
No High School Diploma: -7.5%
High School Diploma Only: -6.8%
Some College (including associates degrees): -4.3%
Bachelor's Degree or higher: +.4%

http://research.stlo...01/Engemann.pdf


So during the recession, employment actually rose for those with a college education while all other levels were crushed.

So people with a college education actually saw slight job growth during the recession.

#62 Porn Shop Clerk

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Posted 20 March 2013 - 09:06 AM

raising minimum wage is like dipping a bucket in the deep end of the pool and pouring it the shallow end to make it deeper

#63 dos poptarts

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Posted 20 March 2013 - 09:58 AM

While I may disagree with Teeray on the causation/correlation, he does more homework than most in the tbox. Pie to teeray given.

The question I have is WHY are people over 55 wanting (needing) to continue employment?
They are expecting to live longer and to continue the lifestyle we've become accustom, gotta have 2-incomes. I doubt that curves gonna bend/trend down for a long time.

How do you fund your retirement:
Pensions (if any)
savings (with 0% interest, good luck with that)
investments (probably lost a decade of time with the tech bubble crash and housing/banking bubble). If over 50 you cannot afford to lose principle. You run out of time to recover.
Retirement savings - took a hit (see above) or not funded enough
SS - do you start drawing early or do you wait it out to get bigger bucks.
Family/children - I could never send my parents off to a retirement home, but that's me.

So does the current economic enviroment, make it inviting for those nearly retirement age to leave the job market? IMHO, I don't think so.

---not sure how this discussion on min wage reached the 55 and over workers.----

#64 pstall

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Posted 20 March 2013 - 09:38 PM

i already solved this a few pages back.

a populist move does not a solid economist make.

#65 Disinfranchised

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Posted 21 March 2013 - 05:27 PM

$22 per hour would put a lot of people on unemployment.

#66 g5jamz

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Posted 21 March 2013 - 09:12 PM

$22 per hour...there would be bread/cheese lines because costs of food would skyrocket.

#67 thatlookseasy

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Posted 21 March 2013 - 09:20 PM

$22 per hour...there would be bread/cheese lines because costs of food would skyrocket.


Yes, because everyone knows that when the minimum wage is raised, it causes people to eat more and food production to decrease

#68 g5jamz

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Posted 21 March 2013 - 09:23 PM

Yes, because everyone knows that when the minimum wage is raised, it causes people to eat more and food production to decrease


When minimum wage is increased...costs to bring goods and services to customers go up.

I honestly don't know what point you're trying to make.

#69 thatlookseasy

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Posted 22 March 2013 - 01:52 AM

Yeah, price of food goes up. Why are there lines again? I didnt realize there would be a food shortage, does a minimum wage increase cause famines?

#70 g5jamz

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Posted 22 March 2013 - 08:00 AM

Yeah, price of food goes up. Why are there lines again? I didnt realize there would be a food shortage, does a minimum wage increase cause famines?


I'm sorry...let me put it in 21st century terms. EBT cards will be handed out...

#71 Panthro

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Posted 22 March 2013 - 08:04 AM

Oracle CEO buys a Hawaiian island

http://money.msn.com...98-404a9a22716c

Will there be breads lines for buying islands?

#72 Harris Aballah

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Posted 22 March 2013 - 10:03 AM

raising it up to 22 would put alot of people in a higher tax bracket. More revenues for the feds, yeah!!!! if they were serious they would drop income tax for low wage earners. that way you're not FORCING employers to shell out more money, and be giving a break to those earners. Evaluate who makes min wage in this country. start with restaraunts. Food prices already going up, plus the threat of obamacare. Higher taxes on profits and all the insurances the employer has to carry for compensation and unemployment,ect.Even a dollar increase to the wage would put these businesses on their end. $22.00 minimum wage? Hell, why not 40 or 60?


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