WARREN BUFFETT EXPLAINS HOW A $15 MINIMUM WAGE WOULD HURT WORKERS

As Fortune observes, Warren Buffett is one of the Left’s favorite billionaires, but he occasionally says things they don’t want to hear. At such times, liberals politely ignore him and wait for him to say something useful to their cause, at which point the fulsome praise resumes.

They prefer not to dwell on such hypocrisies as the energy Buffett devotes to lawfully avoiding the high taxes he philosophically supports, which is no surprise, because hypocrisy is the grease that keeps the gears of socialism turning. Aristocratic privilege is the enticement leftists have always offered to useful industrialists.

The Left isn’t going to like what Buffett had to say about the minimum wage in the Wall Street Journal last week. After reviewing the numbers for income inequality (growing, especially during the Obama years, although Buffett tactfully avoids pointing that out) and poverty (static, despite trillions of dollars spent in the War on Poverty), he blows a hole through liberal class-war boilerplate about the rich somehow getting richer off the backs of the poor:

No conspiracy lies behind this depressing fact: The poor are most definitely not poor because the rich are rich. Nor are the rich undeserving. Most of them have contributed brilliant innovations or managerial expertise to America’s well-being. We all live far better because of Henry Ford, Steve Jobs, Sam Walton and the like.

Buffett explains at length that specialization is both the source of our incredible national wealth, and the difficulty some people – and, more disturbingly, some families - encounter when trying to access it. In a pre-industrial age when most of the population could perform most of the available jobs, and failure to perform generally resulted in starvation, there wasn’t much “income inequality” until the wealthiest aristocrats and hereditary royalty were considered. Sociologists regard the evolution of an independent middle class as an important achievement, but it inevitably creates a larger, more distinct underclass as well. “Poverty” was not as compelling a subject when just about everyone was equally poor… and commoners had few opportunities to significantly improve their station.

Via: Breitbart

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Lower Minimum Wage To $0 by Katie Kieffer

If you love In-N-Out burgers and care about the workers who flip your burgers, then you should support a minimum wage of $0.

Deep down, I know you’re tired of seeing actors jump up and down for TV cameras while waving professional signs that read: “McGreedy! McStingy! McPoverty!” or “McShame. McDonald’s. Raise That Wage.”

You weren’t born yesterday. You doubt that these protestors come up with these slogans on their own or fashion them into makeshift signs with their own cardboard, sticks and markers. You suspect they were given signs and paid to wave them. Indeed, in recent protests, 84% of McDonald's "protesters" were not real McDonald's employees but paid and trained professional rioters.

Professional rioters pout and shout in public for a one-time cash payment—not a cause. Since rioters are not entrepreneurs, they do not empathize with the challenges of competing in the restaurant business where profit margins hover at 4%. Nor do they understand the feat of turning a profit while relying on a staff of over-paid and inexperienced high school students.

Greed clouds the intellect of many professional wage protesters. For, reason as well as the Fourth Amendment tell us that every American business owner has a natural right to spend their private property (or cash) on employee wages as they see fit.

Los Angeles’ current minimum wage is above the Federal minimum of $7.25. Last week, the Los Angeles city council voted to raise its minimum wage to $15 an hour. Los Angeles is a city of nearly 19 million. According to TIME, a maximum of 800,000 people—or about four percent of the city’s population—will benefit.

Besides “benefiting” up to 800,000 people, the wage hike will eventually hurt an untold number of people. Prepare to see (and smell) more wrinkly clothing and shaggy hair when Los Angelenos delay trips to the dry cleaners and barber.

Joking aside, we have recent a case study of what happens when we jack up the minimum wage. After the city of Seattle, Washington raised its minimum wage to $15, Forbes reported: “Restaurants are closing at higher than normal rates.”

Via: Townhall

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Los Angeles poised to raise minimum wage to $15 an hour

Following the lead of other west coast cities, the Los Angeles city council appears ready to raise the minimum wage from $9 an hour to $15 an hour by 2020.
LA Times:

Workers are currently supposed to earn at least the California state minimum wage of $9 an hour, which will rise to $10 an hour in January. Under a plan endorsed by a key panel of City Council members last week, Los Angeles would increase its required wage year-by-year to reach a minimum of $15 hourly by July 2020 

Small businesses -- those with 25 workers or fewer -- would get an additional year to phase in the increases. Nonprofits that meet certain requirements could ask permission to do the same.
Under the plan, the wage requirements would continue to rise automatically every year starting in July 2022, based on the average increase in the consumer price index over the previous two decades. 

The wage proposal would hike pay more slowly than some activists wanted. But leaders in the Raise the Wage Coalition nonetheless heralded it last week as a sound plan to improve the standard of living for low-income workers and their families.

Via: American Thinker

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Fed Chairman Yellen backs CBO study on minimum wage job loss

Janet Yellen, the newly-installed head of the Federal Reserve System, isexercising her political independence (she cannot be fired during her five year term as Chairman of the Fed’s Board of Governors) and telling the truth about the new minimum wage proposed by President Obama.  Joseph Lawler reports in the Examiner:

Federal Reserve Chairwoman Janet Yellen lent credence Thursday to a Congressional Budget Office study of the minimum wage that White House economists had criticized for its finding that an increase favored by President Obama would cost 500,000 jobs.

In an unusual criticism of the nonpartisan budget scorekeeper, Jason Furman, chairman of the president's Council of Economic Advisers, had responded to the CBO report by directly challenging its estimates of job losses, claiming that they "do not reflect the overall consensus view of economists."

Yellen, who held the same position Furman does under President Bill Clinton, disagreed with that assessment at a SenateBanking Committee hearing.

"CBO is as qualified as anyone to evaluate that literature," Yellen said in response to a question from Sen. Dean Heller, R-Nev. "I wouldn’t want to argue with their assessment.”

This is refreshing indeed. Furman’s statement was shocking in its dishonesty. He was pandering to the president at whose pleasure he serves. The Democrats are ginning up a campaign issue and want to pretend that raising the price of something does not cause demand to shrink. That is dishonest.

Via: American Thinker

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Obama's Minimum Wage Ruse

President Obama's newfound enthusiasm for the minimum wage is the political equivalent of a ruse of war.

With an eye on the approaching midterm elections, the Demagogue-in-Chief hopes to lure his Republican enemies into a discussion on his ideological home turf so he can pound away at them mercilessly and distract from his own political problems.

As his approval rating slides, Obama has heartily embraced the red herring as the cornerstone of his public relations strategy.  Bearing his by now familiar deer-in-the-headlights look, he officially knows next to nothing about what his administration is doing and is constantly on the lookout for scapegoats and other distractions.

Democrats, as well as those leftists not disillusioned with Obama, desperately want to recapture the House and hang onto the Senate in the hope of imposing even more destructive progressive policies on the populace before a new president takes over in January 2017.  The November congressional elections give these left-wingers their last kick at the legislative can during the Obama presidency.  It is Obama's final opportunity to drop-kick America over the cliff and into the bottomless socialist abyss.

Obama promises that 2014 will be "a year of action."  The president plans to keep the chattering classes busy blathering on endlessly about stuff that doesn't matter to normal people.  He knows dragging voters to the polls in an off-year election is hard, so he wants to excite his base.

Obama is pushing a minimum wage increase, an otherwise marginal issue voters place well down on the list of national priorities, because he needs to get left-wing voters emotional.  Even though under 3 percent of all workers in the nation (and an even lower percentage of full-time workers) earn the minimum wage, Obama knows that whipping up indignation over the issue gets voters to the polls.

Obama's former employer and legal client ACORN, the huge community organizing network that went bankrupt in 2010, viewed raising the minimum wage as an electoral crowd pleaser.

Via: American Thinker

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Hey! Twenty three Democratic Senators can do minimum wage math!

Shocking. Why have they hidden their light under a bushel for all these years?

Senate Majority Leader Harry Reid on Tuesday delayed action on legislation raising the minimum wage, the centerpiece of the Democrats’ 2014 agenda.

[snip]

Reid has not yet unified his caucus on the issue, which is a constant in the Democrats’ election-year playbook. Of the 55 senators who caucus with the Democrats, only 32 have signed on as official co-sponsors of Sen. Tom Harkin’s (D-Iowa) bill.

(H/T: Hot Air) The ostensible problem was a CBO (a org that the Left can never decide is good or bad these days) report promising that this measure would lose half a million jobs. But the real problem is that Democratic politicians have never been able to gently explain to their more activist members that business owners do not have Scrooge McDuck swimming pools full of gold coins. I know that this sounds unbelievable, but trust me: many progressives really do think that prices are high simply because capitalists take ‘too much’ profits. That a business like, say, oil production could be seeing most of its revenues go out in overhead (ESPECIALLY taxes) seems to be absolutely alien to them, as a whole.

But you have to understand: many of the Left’s theoreticians lack critical educational or life experiences that would help them properly understand economics. Very few of them have owned a business, worked directly for a small business owner, and/or experienced what we in this country laughingly call ‘poverty.’ The closest most of them have come are a variety of retail jobs that were abandoned the moment something better came along – or, more likely, they got boring. Couple that with the usual lack of empathy* and you get this kind of failure to communicate.

Oh, well. Back to the drawing board! …Which is going to be a little bare on the Democrats’ side, given that it’s an election year, but such is life.

Via: Red State

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