Author Topic: This Was Not The Answer MSNBC Host Anticipated From Bill Gates About Raising The Minimum Wage  (Read 802 times)

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Offline Cincinnatus

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Gates schools Mika Brzezinski on certain facts relative to raising the minimum wage.

Quote
Microsoft founder and philanthropist Bill Gates appeared on MSNBC’s Morning Joe Tuesday, and was asked by co-host Mika Brzezinski whether he supports raising the minimum wage, as do most Democrats.

Judging by the way Mika couched the question – and her reaction to Gates – she didn’t get the answer she was looking for. Here’s Mika:

“What do you think about the minimum wage? Should it be raised? And should we want to see models more like Costco – where companies pay their employees a lot more than the minimum wage?”

Ah, the proverbial loaded question. Anyway, Mika was a bit flummoxed by this answer from Gates:

“Well, jobs are a great thing. So you have to be a bit careful: If you raise the minimum wage, you’re encouraging labor substitution, and you’re going to go buy machines and automate things — or cause jobs to appear outside of that jurisdiction. And so within certain limits, you know, it does cause job destruction. If you really start pushing it, then you’re just making a huge trade-off.”

Given that Bill Gates tends to lean left politically, was Mika anticipating he would “automatically” support raising the minimum wage? If so, here’s a bit of advice for Mika: As any good prosecuting attorney knows, never ask a question for which you don’t already know the answer.


This report does not mention a most important point raised by Gates and that is the main beneficiaries of a minimum wage boost, 89%, are relatively financially secure, and only 11% could be considered poor. He also notes for some it's a lack of working hours that is the culprit, not the wage.

Video at link.

http://www.ijreview.com/2014/01/110131-answer-msnbc-host-looking-bill-gates-raising-minimum-wage/
We shall never be abandoned by Heaven while we act worthy of its aid ~~ Samuel Adams

Offline Rapunzel

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Mika isn't the sharpest knife in the drawer, but outdid herself in this interview in showing just how dull she is.
“The time is now near at hand which must probably determine, whether Americans are to be, Freemen, or Slaves.” G Washington July 2, 1776

Offline Rapunzel

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Interesting discussion on Beck today about how people become successful and how wealth is created.. Yaron Brooks pointed out kids today do not know how wealth is created and as we have moved from the industrial age into this technological age the high school kids are even less prepared to survive in this new world - especially when so many kids are dropping out of high school and there is no factory jobs for them to absorb into.
“The time is now near at hand which must probably determine, whether Americans are to be, Freemen, or Slaves.” G Washington July 2, 1776

Offline olde north church

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Interesting discussion on Beck today about how people become successful and how wealth is created.. Yaron Brooks pointed out kids today do not know how wealth is created and as we have moved from the industrial age into this technological age the high school kids are even less prepared to survive in this new world - especially when so many kids are dropping out of high school and there is no factory jobs for them to absorb into.

I'm 52 and I have no idea how wealth is created.
Why?  Well, because I'm a bastard, that's why.

Offline Rapunzel

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I'm 52 and I have no idea how wealth is created.


You should. It's a concept that seems to have been left out of our education system.  There is a comic book written a very long time ago - I posted the link and some excerpts a while back - that gives very simplified lessons in how wealth is created... hint - it isn't sitting back and waiting for someone to do it for you.

This is the link I posted a while back - simplified explanation of how one person creates wealth while others do not....  go to the link to read all pages, I just did the first section here...

http://www.gopbriefingroom.com/index.php/topic,123611.0.html
“The time is now near at hand which must probably determine, whether Americans are to be, Freemen, or Slaves.” G Washington July 2, 1776

Offline olde north church

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You should. It's a concept that seems to have been left out of our education system.  There is a comic book written a very long time ago - I posted the link and some excerpts a while back - that gives very simplified lessons in how wealth is created... hint - it isn't sitting back and waiting for someone to do it for you.

This is the link I posted a while back - simplified explanation of how one person creates wealth while others do not....  go to the link to read all pages, I just did the first section here...

http://www.gopbriefingroom.com/index.php/topic,123611.0.html


That's fine if you have money to lend.
Why?  Well, because I'm a bastard, that's why.

Offline Oceander

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That's fine if you have money to lend.

Nope, it's fine if you have a good idea and the ability to postpone the gratification of consuming all of your resources now.

Offline Rapunzel

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Nope, it's fine if you have a good idea and the ability to postpone the gratification of consuming all of your resources now.

Exactly.   You have to be willing to work hard, sacrifice time with your family, time for frivolous pursuits and more.   You also have to have a burning desire to be more and do more with your life which makes the sacrifice worth it.  What you cannot do is sit back and wait for success to come to you - doesn't work that way.
“The time is now near at hand which must probably determine, whether Americans are to be, Freemen, or Slaves.” G Washington July 2, 1776

Offline Oceander

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Exactly.   You have to be willing to work hard, sacrifice time with your family, time for frivolous pursuits and more.   You also have to have a burning desire to be more and do more with your life which makes the sacrifice worth it.  What you cannot do is sit back and wait for success to come to you - doesn't work that way.

I don't think you need to go to the extremes to create wealth.

Wealth is also created when the employees of a business produce goods the business can sell for more than it cost to make those goods, including the cost of labor.  That's not to say that labor is pre-eminent; capital, and capitalists, are as necessary to creating wealth as is labor.

That being said, it is labor that gets the whole game off the ground.  Consider:  one could treat wealth as being the sum of the store of goods everyone has that each individual could either consume directly or could trade for something else.  How can this sum be increased?  After all, at the retail level, we're essentially swapping goods, which creates greater utility inasmuch as each party gets something they value more than what they're giving away, so mere buying and selling doesn't create wealth, even if it does create a profit.

However, suppose that I pick up a pretty stone one day and start chipping away at it during my spare time so that, after several months, I have carved a small statuette of, say, a local deity, something that has value to someone else, and thus to me (who is more interested in selling it).  I have created wealth; I have taken something that had little or no value to anyone - a rock lying on the footpath, more likely to turn an ankle than an eye - and through my own labor have turned that worthless rock into a statuette of value.  If I had taken that rock to market, I probably wouldn't have gotten anything for my troubles; however, if I take the statuette I turned it into, I am likely to get something in return that I will value.

Offline Rapunzel

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I have several friends who are very successful business people - one owns a software company in Idaho with 100 employees.. he spent the first years constantly on the road promoting his business while his wife kept things going in Idaho and seeing each other on weekends when possible..  now he is very wealthy and still runs the business and also has time to travel extensively with his wife.. but the early years - not so simple.. then there is my friend who has two businesses - used profits from the first business to finance getting the second business off the ground - the first years of the first business the wife paid the bills while he worked night and day to grow the business..... today they are very comfortable and are enjoying the fruits of their success and he hopes to retire in about two or three years....
“The time is now near at hand which must probably determine, whether Americans are to be, Freemen, or Slaves.” G Washington July 2, 1776

Offline olde north church

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Let's put it this way, I'm better off than I have ever been than in any point in my life financially and I couldn't tell you why.  I've worked hard.  Nuthin'.  Worked smart.  Bupkis.  About the only way I could have been better off, would have been to buy Apple @ $23/share (and yes, I almost did -- long story!).
I couldn't tell you how I did it.  The best thing I did for my financial life?  Got and stayed ('til now anyway!) married.
Why?  Well, because I'm a bastard, that's why.

Offline Oceander

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Let's put it this way, I'm better off than I have ever been than in any point in my life financially and I couldn't tell you why.  I've worked hard.  Nuthin'.  Worked smart.  Bupkis.  About the only way I could have been better off, would have been to buy Apple @ $23/share (and yes, I almost did -- long story!).
I couldn't tell you how I did it.  The best thing I did for my financial life?  Got and stayed ('til now anyway!) married.

Simple:  you spent less than you took in.  And, from the sound of it, the person who managed to accomplish that was your better half.

Offline Rapunzel

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 The best thing I did for my financial life?  Got and stayed ('til now anyway!) married.

Actually that is not a surprise...
“The time is now near at hand which must probably determine, whether Americans are to be, Freemen, or Slaves.” G Washington July 2, 1776


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