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Obviously a nervous contestant who choked on the delivery, but close enough to know what he was saying. He won as far as I can tell.
5 months, 3 weeks ago on Did Wheel of Fortune Cheat This Dude Out of $1 Million Over Pronunciation?
When cutting using the middle of the knife blade set the tip of your knife onto the cutting board and use it as a fulcrum while you cut. You'll have better control over the knife and you won't slam the edge against the cutting board (as often) which will keep it sharper longer.
1 year ago on Top Chef: 5 Kitchen Skills That Will Make Your Life Easier
@Rob3 @jameskkaiser Semantics, my friend. Sorry for the confusion. Still, it's not a net benefit for the economy. It simply increases money in circulation and that's not always a good thing.
1 year ago on Access denied | FP Passport
@Rob3 @jameskkaiser Take the long term view here. No, giving worthy individuals raises is a good thing. Applying blanket wage limits are bad.
Inflation? How old are you? Take a look at the last 40 years and then we'll talk inflation.
Reread number 4 above. Use your own numbers if you'd like. When prices increase, and when the wages of people earning more than minimum wage don't, those people have to spend more to buy the same thing. Since they didn't get a raise they have less money in their pockets when they get back from the store. Repeat every time minimum wage gets a hike and you see why people have trouble making ends meet. Welcome to your first lesson about inflation.
@jameskkaiser Understand that the distribution of wealth hasn't changed as far as the poor and the rich go. There are still poor people and rich people. Only the numbers have changed. As history has shown the two equalizers in economic stature, other than marriage, are brute force and education. Of those only education will resolve the plight of the "poor", and less children, of course. But teasing them with a higher minimum wage is a con game. As minimum wage rises other factors come into play and the spending power of everyone goes down. The rich just don't notice it so much. Consider that even people on government support programs will cause government spending to increase as the costs of goods and services increase. It's all just a pyramid scheme. No one wins except big government.
@KalvinLee That's a good breakdown. But, it was a significant increase every other time that minimum wage was raised also. Should everyone be living large by now? What's the limit? $10, $50, $100, $1000 an hour? You can raise it as high as you like and the market will adjust which means that retail prices will rise to offset the increased wage cost. The whole idea of increasing minimum wage as a method to decrease poverty is a pipe dream.
@Rob3 @jameskkaiser Untrue. You're separating profit from wages and the two are intertwined. Remember that business has to pay their wages, and those wages come from profits, and the business owners are people like you and me with expenses and retirement and children to think about. Since the business owner's personal expenses will also increase they will need to allow for an increase in profits to cover them. How? Raise prices to offset the higher wages.
It's not a net benefit, it all works out to a wash after a period of time. Then the cycle begins again and someone wants to raise minimum wage. See how the circle forms? It's like riding a ferris wheel in the lake. Everything's fine when your out of the water, but when the water approaches everyone starts talking about raising minimum wage. What about everybody just get off? Makes more sense to me in the long run.
Think about it. In 50 years minimum wage could be $100 an hour. Do you think all of the poor people will all of a sudden get rich? Heeeeeeell, no! Because the same economic factors will be pressuring retail prices. But, government income from sales and income taxes? My calculator doesn't even have that many digits. And there will still be poor people and rich people.
@LasseTrevland The higher-ups are already going to get a pay cut when prices rise, again. But they won't feel it as much as the peons like you and me. No offense.
Ok. What about this? Just mandate that all wages are $10 an hour. No profit sharing, no stock options, no bonuses. Everyone makes $10 an hour and that's it. Sounds like equality to me. Buuuuut, this would, of course, need to start at the top (Mr. President himself) and flow down to the new guy that is supposed to be helping you with that new project but doesn't have the slightest clue what he's doing and you yourself who have been on the job 45 years. Ok, nevermind that idea. See, equality isn't easy.
True. Over time as the Earth's resources are used up it will become more expensive to maintain the status quo. That's a related, but off-topic point. Yet, minimum wage legislation will only exacerbate the increase in retail costs that are due to other influences.
2. I forgot to include the parallel increase in income taxes. I doubt if I need to explain this one. Higher income=more income taxes coming into the government coffers to be spent freely.
4. The numbers used are assumptions. The leveling off of retail prices based on the new labor rates may not happen the first year, but it will happen. And those people making minimum wage will, again, be at the bottom of the economic ladder. Nothing gained, still poor. Actually, poorer because not only will their income be low, but their expenses will have increased, making them even poorer. Good job Congress!
Look, it's really simple here so pay attention. Minimum wage does nothing to help the citizens on the United States and everything to help the government.
1. If you raise minimum wage then the costs of all goods and services will rise (yes, all, you'll see why in a moment), effectively negating any raise in wages. This is a simple fact since Material+Overhead+Taxes+Wages+etc.=Retail Price. Increase any production cost and the retail cost follows suit.
2. Any increase in retail prices means an increase in total sales taxes. (Remember this. It's the main reason for government support of minimum wage itself and the regular increases.) More sales tax income means more money to blow on crap and less need for a balanced budget. You think those morons in your state capital and Washington, DC would rather just have more money instead of balancing the budget? Gimmee a hell yeah if you know what I'm talking about!!
Along those same lines consider that giving people an unearned raise is one way of buying votes. That's right. And the money doesn't have to come out of any Congressman's pocket, it comes out of yours. Those sneaky bastards! Double-win for Congress!
3. Raising the retail price of American goods and services further strains the international trade of those goods and services by encouraging international purchasers to go elsewhere or to develop cheaper alternatives for their own markets.
4. This one's a little tricky so pay attention. If you're making more than minimum wage you will receive a reduction in spendable income, otherwise known effectively as a pay cut. If minimum wage is $5 an hour and you're making $10 an hour then what happens if Minimum Wage increases to $7 and hour? Well, consider that retail prices will increase, let's say 2%. Before, you were spending $6 of your hourly dollars on retail items. Multiply that by 2080 working hours a year and that comes to $12,480 a year for retail goods and services. Now add in the 2% increase and your are now spending $12729.60 a year on those same items. Your spendable income just decreased by $249.60 which means that you just received a pay cut and you didn't even get written up or counseled first. Thanks a lot Minimum Wage!!! Thanks for the inflation!
5. For those of you that own your own business and have employees you'll understand that, quite often, an employee's benefit package uses wages as a factor. So, any increase in wages paid will increase your expenses for benefits related to that employee. Remember the formula for computing retail price - Material+Overhead+Taxes+Wages+etc.=Retail Price. Yeah, prices go up because expenses go up. That's how business works.
6. This one's a little bit of a stretch in that it allows Congress to have a conscience so it's probably not true. But, consider that many Congressmen are millionaires. Maybe they are assuaging some of their guilt by pushing minimum wage up thinking they are helping the Little People. Poor, poor, little people. Yeah, it's a stretch.
We here in the United States assume, incorrectly, that our economy is based on the Free Market system. Well, it may have been at one time, but when labor rates are mandated by law then it's no longer a free market.
It's time to get rid of minimum wage. It's keeping American goods and services priced out of many world markets and damaging our internal economy by legalizing mandatory inflation. It's a primary reason for sending labor jobs overseas, it's nothing more than a simple hat trick for the poor and penalizes those with higher incomes, it gives Government spenders more money and lessens their accountability for a balanced budget. A federally mandated minimum wage is simply bad policy. End the minimum wage now!