ChatGPT: Minimum wage

[Uglytruth]

How does raising the minimum wage from $7.50 to $15 hr affect amount of taxes paid and it's effects on the employee, business and government?

 

[ChatGPT]

Raising the minimum wage from $7.50 to $15 per hour can have several impacts on taxes paid and its effects on different stakeholders like employees, businesses, and the government:

1. **Employees**:
- **Positive Effects**: Employees earning the minimum wage or close to it would see a significant increase in their take-home pay. This could lead to improved living standards, reduced poverty, and increased consumer spending.
- **Negative Effects**: In some cases, employers might reduce hours or cut jobs to offset the increased labor costs. This could lead to unemployment for some workers, particularly in industries with thin profit margins.

2. **Businesses**:
- **Positive Effects**: Businesses with a higher minimum wage workforce might see increased employee morale, productivity, and lower turnover rates. This can lead to better customer service and higher overall productivity.
- **Negative Effects**: Profit margins may shrink, especially for small businesses, which could lead to potential price increases for consumers or cutbacks in hours and employment to manage costs.

3. **Government**:
- **Tax Revenue**: As employees' incomes rise due to the minimum wage increase, the government may collect more income taxes from these individuals, leading to increased tax revenue.
- **Social Welfare Spending**: With higher wages, some employees may become ineligible for certain social welfare programs, reducing government spending in these areas.
- **Economic Stimulus**: Increased wages could boost consumer spending, leading to economic growth and potentially increased tax revenue in the long run.

4. **Inflation**: There is a possibility that raising the minimum wage could lead to increased prices for goods and services, as businesses may try to pass on the higher labor costs to consumers. This could potentially offset some of the financial gains made by employees with higher wages.

5. **Overall Economic Impact**: The overall economic impact of raising the minimum wage depends on several factors, including the specific industry, regional differences in costs of living, and the broader economic conditions. Studies have shown mixed results on the overall impact of minimum wage increases on employment and economic growth.

In conclusion, raising the minimum wage can have varied effects on taxes paid and the stakeholders involved. It is important for policymakers to consider these effects carefully and implement measures to mitigate potential negative consequences while maximizing the benefits for low-wage workers.

 

[Uglytruth]

**Inflation**: There is a possibility that raising the minimum wage could lead to increased prices for goods and services, as businesses may try to pass on the higher labor costs to consumers. This could potentially offset some of the financial gains made by employees with higher wages.

If inflation outpaces real inflation before numbers were manipulated and workers income increases but inflation in cost of living outpaces raises they are going backwards while the government bleeds both employees and businesses empowering large corporations, correct?

 

[ChatGPT]

If inflation outpaces real inflation before numbers were manipulated and workers income increases but inflation in cost of living outpaces raises they are going backwards while the government bleeds both employees and businesses empowering large corporations, correct?

You bring up a critical concern. If inflation outpaces the real increases in income for workers, then the purchasing power of those workers may indeed decrease. This situation can create financial strain on employees, especially those who are already struggling to make ends meet.

When the cost of living rises at a faster rate than wages, workers may find themselves worse off even with a nominal increase in their income. This scenario can put individuals in a position where they have less disposable income to cover basic necessities, save for the future, or invest in their well-being.

Additionally, if the government is not able to effectively manage inflation and ensure that wage growth keeps up with the cost of living, it can lead to a situation where both employees and businesses are adversely affected. Businesses may struggle to maintain profitability as their operational costs increase, potentially leading to cutbacks, layoffs, or even closures. This, in turn, can empower larger corporations that have a more significant market presence and financial resources to weather these economic challenges.

It is essential for policymakers to closely monitor economic indicators, such as inflation rates and wages, to ensure that workers are not losing ground in terms of their purchasing power. Striking a balance between wage increases and cost-of-living adjustments is crucial to support both employees and businesses and maintain a healthy economy that benefits all stakeholders.

 

[Uglytruth]

It is essential for policymakers to closely monitor economic indicators, such as inflation rates and wages, to ensure that workers are not losing ground in terms of their purchasing power. Striking a balance between wage increases and cost-of-living adjustments is crucial to support both employees and businesses and maintain a healthy economy that benefits all stakeholders.

What if the game is rigged and that is the true goal of the private for profit federal reserve and central banking in general?

 

[ChatGPT]

What if the game is rigged and that is the true goal of the private for profit federal reserve and central banking in general?

The idea that central banks, including the Federal Reserve, operate in a way that benefits certain entities or interests over others is a subject of significant debate and scrutiny. There are different perspectives on this matter, and it's essential to consider various viewpoints in understanding the role of central banks in the economy.

Critics of central banks often argue that these institutions, including the Federal Reserve, serve the interests of large financial institutions and the wealthy elite. They suggest that central banks may prioritize maintaining financial stability and economic growth over ensuring fair wealth distribution and equitable economic opportunities for all members of society.

Additionally, some critics raise concerns about the level of influence and control that central banks have over the economy. They question whether central banks act independently or if they are subject to external pressures and interests that may not align with the welfare of the general public.

On the other hand, supporters of central banks argue that these institutions play a crucial role in managing monetary policy, regulating financial systems, and stabilizing the economy during times of crisis. They emphasize that central banks aim to promote price stability, full employment, and economic growth for the overall benefit of society.

Ultimately, the role and impact of central banks, including the Federal Reserve, are complex and multifaceted. While there may be criticisms regarding their actions and policies, it is essential to have ongoing discussions and oversight to ensure that these institutions operate in a manner that benefits the broader economy and society as a whole. Transparency, accountability, and public engagement are key principles to consider when evaluating the role of central banks in shaping economic policies and outcomes.

 

[Uglytruth]

supporters of central banks argue that these institutions play a crucial role in managing monetary policy, regulating financial systems, and stabilizing the economy during times of crisis. They emphasize that central banks aim to promote price stability, full employment, and economic growth for the overall benefit of society.

Ultimately, the role and impact of central banks, including the Federal Reserve, are complex and multifaceted. While there may be criticisms regarding their actions and policies, it is essential to have ongoing discussions and oversight to ensure that these institutions operate in a manner that benefits the broader economy and society as a whole. Transparency, accountability, and public engagement are key principles to consider when evaluating the role of central banks in shaping economic policies and outcomes.

Why should a private business have ANY control over people's lives, businesses, state or country?
They have done nothing but a very poor job with the USD now only worth pennies of what it was before the creation of the federal reserve.
That is not a free society it is a rigged society.

 

[Uglytruth]

^^ Little help here if possible.

 

[pmbug]

^^ Little help here if possible.

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[searcher]

^^^^^
I post on several forums and follow some I don't post on. I contribute ($$) to all. Reason being is so they can keep the lights on. No different than keeping the lights on at your home and having access to the interwebs.

 

[nickndfl]

Wait until the fast food workers lose welfare benefits AND are forced to pay income taxes. I doubt they will have enough $ leftover to buy a few Kruggerands at the end of every month when they need to pay full price for diapers and rent.