Let's talk money. Few people have enough. A very, very few are sitting on craploads of money, *coughKOCHS, ADELSONcough* but most of us aren't.
GOP Congress members block any Democratic bill that aims to rectify that. *coughMINIMUMWAGEcough* Without wage hikes, the "have-nots" can't spend money. Without that money going into the economy, our situation remains stagnant. And Americans continue to struggle.
But that's okay with Republicans. That way they can blame it all on the president and use his/the Dems' "failure" as a fundraising ploy to win elections while claiming they could do better. Never mind that they've come up with no plan of their own other than that proven catastrophe called austerity. *coughPAULRYANcough*
Billionaires and corporations continue to hoard their money, while the rest of us agonize over how to stay above water, feed and clothe our kids, and simply make it through another day.
Thank you for Friday's compelling story about agricultural workers in the Central Valley ("Dreams die in drought"). I was moved by the plight of these families struggling to get by, and chagrined at the number of children they bring into the world and the stress that this adds.
If someone ever wondered about the differences between the haves and the have-nots, one need only read this story and the adjacent one about the obscene price Ballmer might pay for the Clippers ("NBA record $2 billion offered for Clippers," May 29) .
The fat cats sit game-side doodling on their cellphones while field laborers eke out an existence, or don't. Just think what Ballmer's play money could do to help these farmers and their children.
I only hope the Mormon missionaries in the moving Column One learn from the example of Jesus to not only feed the poor but also to fight for justice for the least of those among us.
Economist Brad Schiller cautions that President Obama's proposal to boost the minimum wage to $10.10 an hour would cost hundreds of thousands of jobs. He doesn't mention the multiplier effect of a wage increase. ("A higher minimum wage -- at what cost?," Opinion, May 27)
The multiplier effect is the single most powerful factor in growing an economy. It is to macroeconomics what compounding is to investing.
Schiller mentions the 500,000 jobs that "might" be lost (according to the Congressional Budget Officer report), but he conveniently omits the fact that the CBO also states that the wages of 16.1 million workers would go up. The positive multiplier effect on the 16.1 million workers would more than make up for the negative multiplier effect of the 500,000 who "might" lose their jobs by creating new jobs due to added demand.
In 1992, James Carville famously coined the phrase, "It's the economy, stupid." It's time for an update: "It's the multiplier effect, stupid."