Sunday, March 30, 2014

Biden Economics: Minimum Wage Hike Worth Billions, ‘Really Good for the Economy’

The Washington Times reports:
Vice President Joseph R. Biden asked Americans Saturday to confront lawmakers who oppose raising the federal minimum wage.
“Ask your representatives who oppose raising the federal minimum wage—why do they oppose it?” Mr. Biden said in the White House weekly address. “There’s no reason in the world why an American working 40 hours a week has to live in poverty.”..
Mr. Biden, who filled in this week while the president was traveling overseas, said there’s proof that raising the minimum wage is good for the economy.
“There’s clear data that shows fair wages generate loyalty of workers to their employers, which has the benefit of increasing productivity and leading to less turn over,” Mr. Biden said. “It’s really good for the economy as a whole because raising the minimum wage would generate an additional $19 billion in additional income for people who need it the most.”
He also said it would help to close the gap in pay between men and women, because women make up the majority of minimum-wage employees.
“The president and I think they deserve it,” Mr. Biden said. “And we think a lot of you do too. So, folks, it’s time to act. It’s time to give America a raise.”

There you have it, no messy supply and demand curves which show that if you raise prices for any good, even for wages, there will be less quantity demanded of that good, just absurd declarations instead. (SEE:  The Truth About Minimum Wage Laws)


  1. So here's an idea: the US spends 38 billion in foreign aid every year. How about we cut that in half and directly subsidize our own minimum wage citizens for the same benefit without cost to employers. How much would that boost the economy, Joe?

  2. Biden slipped some feminism, too, into his remarks. It's clear that anyone who opposes raising the minimum wage is waging (heh) a war on women.

  3. Yes, who needs the economic reality of supply and demand when you can just issue a command right?

    Stupid is as stupid does.

  4. Biden is a liar.

    If he truly believes what he says, he would start his own company, pay "fair" wages, and enjoy the profits that come from highly productive workers with less turnover.

    He doesn't do it because he doesn't believe what he says. Or even more likely, he doesn't believe it nor understand it.

    He. Is. A. Liar. Actions speak louder than words.

  5. Oh, Come on. It is just trying to buy votes from the Public School Retards(PSR) on behalf of the Democrat Terrorist Organization(DTO). That's all it cares about.

  6. Vice Presidents say the darnedest things!

    (Off topic: can anyone look at the putative presidential field for 2016 and NOT shudder? I think we're on the verge of "Idiocracy")

    1. It's funny how my Dem friends are so excited about the possibility of a Joe Biden or Hillary Clinton run for presidency.

  7. Mr. Biden, if raising wages increased worker productivity, reduced turnover, and (here's the important part) increased profitability for the employers, why aren't employers arbitrarily raising wages themselves? Are business owners just too stupid to know what is good for them? If raising the wage of their low-skilled entry-level workers was good for them and the economy, they would already being doing it. The only time that you need the government to force you to do something, is when it's not in your best interest to do so (i.e. sign up for Obamacare, raise minimum wages, pay taxes, etc...).