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Discussion and Debate
Discussion and Debate
Politics
American Politics
Walter Williams on the pathology of racial problems in Baltimore, Chicago, Detroit and Ferguson
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<blockquote data-quote="iluvatar5150" data-source="post: 68584464" data-attributes="member: 313046"><p>If doubling your caloric intake from 900 to 1800 calories/day is good, why isn't quadrupling it to 3600 calories/day twice as good?</p><p></p><p></p><p></p><p>If accelerating a rocket ship to escape velocity is good, then why isn't accelerating it as rapidly as a bullet even better?</p><p></p><p>The answer to both is because it doesn't the system is ill-equipped to absorb that kind of shock.</p><p></p><p></p><p></p><p></p><p>No, that isn't what he described. What he described was his attempt to investigate the side-effects of the minimum wage being met with lack of interest in finding the answer. On its own, his question is a worthwhile one to ask, but your assessment of his statement is incorrect. Additionally, history shows us that removing a minimum wage hurts the poor.</p><p></p><p></p><p></p><p>He didn't show anything like that.</p><p></p><p></p><p></p><p>This is only true if you're a partisan fool.</p><p></p><p></p><p></p><p>It doesn't help them get a job. It helps the people who have a job maintain some semblance of self-reliance by establishing a floor below which employees can't undercut each other.</p><p></p><p></p><p></p><p>Eighty years ago was 1935, which was in the middle of the depression. When adjusted for inflation, $1 in 1935 is equal to $17.42 today, or about 2.5 hours at today's federal minimum wage. The first federal minimum wage was established in 1933 at $0.25/hr, which is equivalent to about $4.59/hr today.</p></blockquote><p></p>
[QUOTE="iluvatar5150, post: 68584464, member: 313046"] If doubling your caloric intake from 900 to 1800 calories/day is good, why isn't quadrupling it to 3600 calories/day twice as good? If accelerating a rocket ship to escape velocity is good, then why isn't accelerating it as rapidly as a bullet even better? The answer to both is because it doesn't the system is ill-equipped to absorb that kind of shock. No, that isn't what he described. What he described was his attempt to investigate the side-effects of the minimum wage being met with lack of interest in finding the answer. On its own, his question is a worthwhile one to ask, but your assessment of his statement is incorrect. Additionally, history shows us that removing a minimum wage hurts the poor. He didn't show anything like that. This is only true if you're a partisan fool. It doesn't help them get a job. It helps the people who have a job maintain some semblance of self-reliance by establishing a floor below which employees can't undercut each other. Eighty years ago was 1935, which was in the middle of the depression. When adjusted for inflation, $1 in 1935 is equal to $17.42 today, or about 2.5 hours at today's federal minimum wage. The first federal minimum wage was established in 1933 at $0.25/hr, which is equivalent to about $4.59/hr today. [/QUOTE]
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Walter Williams on the pathology of racial problems in Baltimore, Chicago, Detroit and Ferguson
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