OBAMA: "If you believe you could work full-time & support family on less than $15,000 a yr-GO TRY IT

[kpete]

"To everyone in this Congress who still refuses to raise the minimum wage, I say this: If you truly believe you could work full-time and support a family on less than $15,000 a year, go try it."

- Barack Obama ‪#?StateoftheUnion‬
http://news.yahoo.com/sotu-state-of-the-union-obama-address-2015-live-140737732.html
http://www.theguardian.com/us-news/2015/jan/20/obama-state-of-the-union-2015-full-text

[Ineeda]

1. One of the best lines tonight,

along with 'I won the election -- twice!' (paraphrasing) They didn't like that, poor babies.

[Cha]

3. they're like all "Ouch!".. we don't need to hear that.. poor babies, indeed. lol

[blogslut]

2. Bazingo!

[JEB]

4. A lot more will get to try

if the trade agreements get passed.

[2naSalit]

5. No doubt.

[cstanleytech]

7. Trade isnt the problem, corrupt corporate leadership is. nt

[lovemydog]

6. Best & most significant quote of the night, imho.

Thanks kepete!

[davidn3600]

8. Conservatives are convinced that if you raise the min. wage that it will cause inflation

If people have more money to spend, demand increases, which means prices for goods begin to rise. That's there argument.

Is it true? Eh..... yes and no.
The basic rule of economics is when you increase the quantity of X, the value of X decreases. This is basic supply and demand economics.

So going by this rule, if you increase the amount of money in circulation, the value of that money begins to decrease. Is that true. Sort of... The thing is, money is not a product. So it's not effected by the same supply and demand pressures as a Super Bowl ticket, for example. Currency devaluation is mainly due to different pressures than how much money people have in their pocket to spend. However, places in the economy that heavily rely on cheap labor are likely to push at least most of the increase in wages onto the consumer. So this technically leads to a certain type of inflation called "push inflation." Hotels, retail, restaurants and super markets are the businesses where you would possibly see an increase in prices.

But...over the long term, raising the minimum wage is not going to solve the problems that are leading to increased wealth inequality. Even if you raise the minimum wage to $15 an hour, the rich will still continue to get richer and the poor will still get poorer. The solution to that problem is far, far more complicated.

[BootinUp]

9. If the conservatives are worried about it, thats all one needs to know these days

and further this is the era of inflation being too low, which is hurting the average joe in many ways.