A Quote by Edmund Phelps
There would be plenty of justification to raise revenues in order to subsidize businesses that employ low-wage workers. But there can be no justification for pandering to the economy's entire bottom half merely to attract its votes.
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Walmart is so huge that a wage boost at Walmart would ripple through the entire economy, putting more money in the pockets of low-wage workers. This would help boost the entire economy - including Walmart's own sales.
I'm afraid that in the United States of America today the prevailing doctrine of justification is not justification by faith alone. It is not even justification by good works or by a combination of faith and works. The prevailing notion of justification in our culture today is justification by death. All one has to do to be received into the everlasting arms of God is to die.
Raising the minimum wage and lowering the barriers to union organization would carry a trade-off - higher unemployment. A better idea is to have the government subsidize low-wage employment. The earned-income tax credit for low-income workers - which has been the object of proposed cuts by both President Clinton and congressional Republicans - has been a positive step in this direction.
Low-wage workers are also consumers. It's just common sense: when these workers have more take-home pay it leads to spending that trickles up to benefit many small, locally owned businesses.
Justification and sanctification are both God's work, and while they can and must be distinguished, the Bible won't let us separate them. Both are gifts of our union with Christ, and within this double-blessing, justification is the root of sanctification and sanctification is the fruit of justification.
Justification and regeneration are simultaneous. The pardoned sinner becomes a child of God in justification.
The bottom line is that five million low-income Americans working full time for minimum wage, deserve a raise.
People who don't pay attention to the question of justification are often rather uninteresting, in my opinion. I am most fascinated by characters who struggle with the demands of justification.
We [writers] must know that we can never escape the common misery and that our only justification, if indeed there is a justification, is to speak up, insofar as we can, for those who cannot do so.
Minimum wage law is the 'People's Fed.' Tie minimum wage to money supply. If there is pushback against this idea, then shut down the Fed and its ability to distort the economy, penalizing labor, or make the Fed's distortions available to all businesses and all workers.
When the press writes scare stories about the global labor supply draining jobs from rich to poor places, the story is usually presented as a "race to the bottom" simply in terms of wages. Capitalism supposedly looks for labor wherever labor is cheapest. This story is half wrong. A kind of cultural selection is also at work, so that jobs leave high-wage countries like the United States and Germany, but migrate to low-wage economies with skilled, sometimes overqualified workers.
A serf-supporting and self-respecting democracy can plead no justification for the existence of child labor, no economic reason for chiseling workers' wages or stretching workers' hours.
I was on the committee that helped raise the minimum wage here in Seattle. I introduced a statewide bill to raise the minimum wage in Washington state my first year in the state senate, and I really believe that raising the federal minimum wage, while not the answer to everything, addresses a lot of the issues at the very bottom.
I know firsthand that many employers who comply with other labor standards still hire the undocumented. Many businesses pay the minimum wage and have barely tolerable working conditions because there are sufficient undocumented workers willing to accept those terms. If we care about low-income workers in this country, we need to create pressure to improve their economic condition by reducing the supply of unauthorized workers.
If you go from $7 to $15 in a very short period of time, potentially that could have a negative effect on some economies because that is a very big jump. And you're saying to businesses that employ a large number of minimum wage workers, your payroll is basically going to double. That could have a negative impact. It would have to be studied.
Raising the minimum wage represents a substantial financial burden for employers, particularly start-ups, early stage companies, and family-owned businesses. In response, business owners would be forced to either lay off workers or raise prices to offset the rise in labor costs.
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