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by stormfather 581 days ago
Your two examples of "lies, conspiracy theories, fantastical inventions" were that minimum wage wage costs jobs and that tax cuts generate growth. You are under the impression that there is broad economic consensus on these assertions to the point that they are "proven" false. Just from some cursory searching this doesn't seem to be the case. For instance:

""" Steve Kaplan of Chicago Booth strongly agreed that raising the wage would adversely affect the unemployment rate: “A $15 minimum wage rise makes entry level/low wage jobs very expensive. It would move the US to be more like France, Italy, etc.”

David Autor of MIT disagreed: “I don’t think the evidence supports the bold prediction that employment will be substantially lower. Not impossible, but no strong evidence.”

And Oliver Hart of Harvard was uncertain: “I worry that it will, but we don’t know enough. Firms may raise prices and the Fed may accommodate some inflation. But the change is large.” """ [1]

And from NPR on tax cuts: """ Many — but by no means all— economists believe there's a relationship between cuts and growth. In a 2012 survey of top economists, the University of Chicago's Booth School of Business found that 35 percent thought cutting taxes would boost economic growth. A roughly equal share, 35 percent, were uncertain. Only 8 percent disagreed or strongly disagreed. """ [2]

It doesn't seem like these things are as proven as you think they are. I encourage you to step out of your echo chamber and challenge your ideas more, and try to be less partisan in your analysis.

1. https://www.chicagobooth.edu/review/what-economists-think-ab... 2. https://www.npr.org/sections/itsallpolitics/2015/10/30/45290...

1 comments

I really hate the fact that we live in a world where people object to raising the $7.50 minimum wage while a single man is worth more than $200 billion.
Well that is something we agree on. Minimum wage should be livable and pegged to inflation, and the reason its not is because the rich have too much power.
Pegging minimum wage to inflation would cause a feed back loop. I think it should be set to average rental prices in the city the job is in. 40 hours of after tax minimum wage wages should be 1 month's rent for a one bedroom apartment.