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Thread: IMF urges U.S. to raise minimum wage

  1. #1

    IMF urges U.S. to raise minimum wage

    The International Monetary Fund on Monday called on the U.S. to raise its minimum wage, but refrained from naming a specific level, saying that’s up to Congress.
    In its annual review of the U.S. economy, the IMF said increasing the minimum wage and expanding the Earned Income Tax Credit would help raise the incomes of millions of poor, working Americans. Read the IMF’s review.
    Christine Lagarde, the IMF’s managing director, told reporters an increase in the minimum wage — now $7.25 an hour — “would be helpful from a macroeconomic point of view.”
    The fund’s recommendation will be well received by congressional Democrats and the Obama administration, both of which have been pushing for an increase to $10.10. The proposed increase has been hampered by an election-year stalemate over major policy issues. House Republicans don’t plan to take up a bill to increase it and Senate Democrats don’t have enough members to get it through their chamber.
    Lagarde said the amount of an increase “needs to be decided by legislators.”
    Lagarde briefed reporters after the release of the IMF’s review, in which it cut its growth estimate for the U.S. to 2% for 2014, down from the 2.8% it projected in April. The fund still expects growth of 3% next year. It said the weak 2014 estimate was largely due to a first quarter hit by a severe winter.
    With Congress stalemated, the Obama administration has moved ahead on increasing the minimum wage for some: Last week, the White House released details of a new rule guaranteeing workers under federal contracts a $10.10-an-hour minimum wage.
    Some states and cities haven’t waited for Washington to raise the minimum wage. Maryland, for example, is raising it gradually to $10.10 an hour by 2018. And Seattle is hiking its minimum wage to $15 an hour, the highest among major U.S. cities.
    Lagarde also weighed in on the Federal Reserve and how quickly it should raise interest rates, saying a “gradual path” is the right approach. She also called on the Fed to consider more press conferences, “maybe six” a year, to explain monetary policy going forward.
    IMF urges U.S. to raise minimum wage - Capitol Report - MarketWatch

    Merci Christine
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


  2. #2
    The cost of the Earned Income Tax Credit is 100% borne by taxpayers and no longer has anything to do with earning income. It is one of the primary reasons why 50% of Americans pay zero federal income taxes. My 80+ year old mother was receiving payments for the Earned Income Tax Credit every year, even though she has not earned any income since 1986.

    Thus far we have put over $5 trillion dollars into President Johnson's War on Poverty and have not decreased the poverty level. Fraud is rampant throughout the entire system. Unfortunately, shoveling more money at the issue is not going to solve anything. It's just another socialist transfer of wealth from productive people to non-productive people.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  3. #3
    Quote Originally Posted by TopDogger View Post
    Thus far we have put over $5 trillion dollars into President Johnson's War on Poverty and have not decreased the poverty level. Fraud is rampant throughout the entire system. Unfortunately, shoveling more money at the issue is not going to solve anything. It's just another socialist transfer of wealth from productive people to non-productive people.
    I believe that social peace can only be made by people working for decent wages and a society of full employment. You can take the issue from any direction, if you don't have a great functioning economy, you don't need too much social welfare. Today, the problem is much deeper than war on poverty, it is an economical and a political shift sucking the wealth from the middle class, in other words a total philosophical reversal similar to a new modern feudalism, aka the NWO.

    Remember this infamous quote, look it up!

    "The social experiment in China under Chairman Mao's leadership is one of the most important and successful in history."
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


  4. #4
    That was said by David Rockefeller as Mao was murdering 45 million Chinese.

    The underlying problem that may prevent full employment for decades is that fact that most people have an inherent lazy aspect of their nature. Too many people have been trained to milk the system and avoid work. If you know how to work the system, in several states you can pull in $30,000+ in social services benefits sitting at home and not doing anything productive. That is higher than the poverty level.

    We need to find a way to encourage more people to work. The path to recovery from the Obama recession is with jobs, not the stock market or housing. The real unemployment rate is still over 13%.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  5. #5
    Quote Originally Posted by TopDogger View Post
    That was said by David Rockefeller as Mao was murdering 45 million Chinese.
    From M.A.C.: Mutually-Assured Corruption - Mises Community Archive

    (From David Rockefeller, Memoirs [New York, N.Y: Random House, 2002], pg. 405.)

    So here, in no uncertain terms, David Rockefeller proudly admits to being part of a "secret cabal working against the best interests of the United States" and "conspiring with others around the world to build a more integrated global political and economic structure--one world ..." As he states: "If that's the charge, I stand guilty, and I am proud of it."

    And,

    ""
    One is impressed immediately by the sense of national harmony. ... There is a very real and pervasive dedication to Chairman Mao and Maoist principles. Whatever the price of the Chinese Revolution, it has obviously succeeded not only in producing more efficient and dedicated administration, but also in fostering high morale and community purpose. General social and economic progress is no less impressive. ... The enormous social advances of China have benefitted greatly from the singleness of ideology and purpose. ... The social experiment in China under Chairman Mao's leadership is one of the most important and successful in history.
    ""

    (From David Rockefeller, in his article "From a China Traveler," New York Times, August 10, 1973, pg. 31.)


    The underlying problem that may prevent full employment for decades is that fact that most people have an inherent lazy aspect of their nature. Too many people have been trained to milk the system and avoid work. If you know how to work the system, in several states you can pull in $30,000+ in social services benefits sitting at home and not doing anything productive. That is higher than the poverty level.

    We need to find a way to encourage more people to work. The path to recovery from the Obama recession is with jobs, not the stock market or housing. The real unemployment rate is still over 13%.
    Today, I believe that most people will be motivated to work if they are well paid, and have intensives, of course some will never be motivated enough, in this case the social welfare should be reserved only for the people temporarily out of work, handicapped or sick.
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


  6. #6
    Quote Originally Posted by Franc Tireur View Post
    Today, I believe that most people will be motivated to work if they are well paid, and have intensives, of course some will never be motivated enough, in this case the social welfare should be reserved only for the people temporarily out of work, handicapped or sick.
    You are correct. Social welfare was never intended for deadbeats. However, due to human nature, a large percentage of people find it more worthwhile to sit at home and collect up to $30,000 that to find a good job and make $60,000. People started cheating the system as soon as the War on Poverty was initiated by Johnson. Over the years, this fraud has been protected, supported and encouraged by the Democrat party because it buys votes at the taxpayer's expense. That is the real genius that insider's see in Johnson's War on Poverty.

    Prior to the War on Poverty, most black people were Republicans. After the War on Poverty, they flipped over to the Democrats to protect their freebies. We will never eliminate the widespread fraud as long as the Democrat party exists in its current form.

    Just remember that when everyone is well-paid, prices increase substantially. For most businesses, employment costs are their largest expense. In the end, the costs are always paid by the consumers.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  7. #7
    You have to ask yourself who benefit from this mechanism at the beginning before anyone, banks love the government's money, and it doesn't matter if it come from welfare, wars, arms, national security, spying business, etc as long as they lend money to government, they are the happy monsters who will make you pay and they are going to put the tabs on you and me (The People), you like it or not, that's why these guys wanted to take away the treasury primary function from the government to build their private federal reserve and their central banks to enslave The People.


    The biggest conspiracy of all time!

    The Jekyll Island duck hunt that created the Federal Reserve
    Federal Reserve System, Jekyll island, History, Aldrich Plan, J. Pierpont Morgan, Historical, Dr. A. Piatt Andrew, Henry P. Davison, National City Bank, Frank A. Vanderlip, Kuhn, Loeb, Co., Paul M. Warburg, Nelson W. Aldrich
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


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