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• #WAGE CLOCKER FREE#

It also set a new, reduced workweek, although the details vary in different accounts. Ford announced his $5-per-day program on January 5, 1914, raising the minimum daily pay from $2.34 to $5 for qualifying workers. A Cleveland, Ohio newspaper editorialized that the announcement "shot like a blinding rocket through the dark clouds of the present industrial depression." The move proved extremely profitable instead of constant turnover of employees, the best mechanics in Detroit flocked to Ford, bringing their human capital and expertise, raising productivity, and lowering training costs.

Efficiency meant hiring and keeping the best workers.įord astonished the world in 1914 by offering a $5 per day wage ($120 today), which more than doubled the rate of most of his workers. Well, duh Joe, so has everyone else.įord was a pioneer of "welfare capitalism", designed to improve the lot of his workers and especially to reduce the heavy turnover that had many departments hiring 300 men per year to fill 100 slots. Scarborough says the White House has followed the CBO when it suits their purposes. The price doesn't cause the short supply it's the other way around. It's common knowledge that if something is in short supply the price will be higher if it is plentiful, it will be cheaper. I don't think that is what Sperling meant, although he said it poorly.

#WAGE CLOCKER FREE#

Of course, the added benefit is another half million people no longer job locked and free to follow their passion. And even if they didn't, the "moral imperative" of paying $10.10 an hour overrides the moral imperative of not killing 500,000 jobs. So according to the White House, they know more about the impact of changes on the labor market than the CBO. “We’ve had practical research.” He added that even if “you want to buy their view,” the moral imperative overrides all other concerns. “This is not where they have some special expertise others don’t,” he declared. Sperling wouldn’t budge, further criticizing the CBO. MSNBC’s Joe Scarborough attacked the White House position, noting that “the White House has followed the CBO when it suits their purposes.” So, the White House chief economist thinks that if price goes up, supply goes down.

And I think their mistake was not looking at the practical research that was done.” Sperling claimed the CBO researchers relied too much on “Economics 101 - that if price goes up, there must be a little less supply. “On jobs - you know, this is an area where I regretfully disagree with the CBO,” he said on MSNBC (), “though we have enormous admiration for the institution and their professionalism.” And Sperling, as Director of the White House’s National Economic Council, doubled down on that language Tuesday morning. Yesterday the White House assured reporters that an increase would have no impact on employment. The White House economist Gene Sperling immediately rejected the CBO report, essentially saying that they lacked the competence to do the analysis. They said that their best estimate was the middle of that range, about 500,000 million jobs lost. The Congressional Budget Office released a report saying that the impact of such an increase could range from small to as much as 1 million lost jobs. Obama's proposed increase of the minimum wage to $10.10 is stirring up a lot of controversy without benefit of conservatives weighing in.