SB 9107: Wage Insurance Act (Passed)

[YE]

You must be logged in to read this quote.

People's House of Representatives
Passed in the House of Representatives 5-4-0-0


[/quote]

Needs sponsor

I'll be somewhat lenient with advocacy given the circumstances.

[Devout Centrist]

I'll sponsor

[YE]

24 hours to advocate, plus 72 hours to debate.

[Devout Centrist]

This act shall greatly aid workers displaced by economic fluctuations and by recent trade agreements. Additional assistance from this fund shall provide higher living standards to workers near retirement age, too. This measure is a necessary component of a renewed commitment to American workers and their families.

[At-Large Senator LouisvilleThunder]

This act shall greatly aid workers displaced by economic fluctuations and by recent trade agreements. Additional assistance from this fund shall provide higher living standards to workers near retirement age, too. This measure is a necessary component of a renewed commitment to American workers and their families.

Why not just redo those trade agreements to give these displaced workers good jobs rather than handouts.

[Southern Senator North Carolina Yankee]

You must be logged in to read this quote.

[Southern Senator North Carolina Yankee]

You must be logged in to read this quote.

Sponsor Feedback: None Given
Status: Awaiting Feedback

[Southern Senator North Carolina Yankee]

I would point out this bill is essentially a hollow empty promise with no backing whatsoever, and thus the level of support listed and to the amounts listed is a mirage as it is with no reality to it. Therefore in order to better facilitate the arrival of funding for such a bill, I am thus desiring to reduce the amounts so as to bring the likely price tag down to a reasonable level.

[Devout Centrist]

This act shall greatly aid workers displaced by economic fluctuations and by recent trade agreements. Additional assistance from this fund shall provide higher living standards to workers near retirement age, too. This measure is a necessary component of a renewed commitment to American workers and their families.

Why not just redo those trade agreements to give these displaced workers good jobs rather than handouts.

This is far too simplistic. While renegotiating trade agreements can be helpful in certain circumstances, it is far too little to offset the overall economic cost for both this country and for these workers. Even if these jobs return to this country, oftentimes they do not return to the exact same area or region as where they once existed. This is a big country, after all.

Ultimately, this program is part of a greater initiative to help revitalize the areas hit hardest by recession and by international trade. This is just a piece of a greater compact needed to help hard working Atlasians across this country.

[Devout Centrist]

You must be logged in to read this quote.

Sponsor Feedback: None Given
Status: Awaiting Feedback

This amendment is friendly and I accept its introduction.

[Southern Senator North Carolina Yankee]

You must be logged in to read this quote.

Sponsor Feedback: Friendly
Status: Senators have 24 hours to object to the adoption of the Amendment

[Southern Senator North Carolina Yankee]

This act shall greatly aid workers displaced by economic fluctuations and by recent trade agreements. Additional assistance from this fund shall provide higher living standards to workers near retirement age, too. This measure is a necessary component of a renewed commitment to American workers and their families.

Why not just redo those trade agreements to give these displaced workers good jobs rather than handouts.

This is far too simplistic. While renegotiating trade agreements can be helpful in certain circumstances, it is far too little to offset the overall economic cost for both this country and for these workers. Even if these jobs return to this country, oftentimes they do not return to the exact same area or region as where they once existed. This is a big country, after all.

Ultimately, this program is part of a greater initiative to help revitalize the areas hit hardest by recession and by international trade. This is just a piece of a greater compact needed to help hard working Atlasians across this country.

When you move industries you often upgrade at the same time, which means that not only is there the moving impact but also the automation impact as well and thus the jobs that return are producing more with fewer people in that scenario as well.

However, to LT's larger point I think this is the dynamic where we are heading towards and that is that of a left that embraces technology, trade, and immigration and counterbalances it with redistribution (Which is what the New Deal did though it didn't really change immigration until the tail end of the era) and a right that opposes the disruptive changes on the economy (basically the Tucker Carlson argument for banning driver less trucks).

 

[MAINEiac4434]

I object to the amendment.

[YE]

Any idea how much this would cost?

[Fmr. Representative Encke]

Any idea how much this would cost?

I'm working on a cost analysis right now.

[Fmr. Representative Encke]

All right, cost analysis:

Main source for preliminary numbers comes from Figure 1 of the following paper:
https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr846.pdf
which breaks wage groups into four quartiles. Based off of an analysis of tax records, the only relevant quartiles here are the third and fourth (containing people whose incomes were above $50,000).

Roughly 3.7% of individuals in quartile 3 last year were reported to be in lower-paying jobs this year, while 1.2% of individuals in quartile 4 last year were reported to be in lower-paying (quartile 1 and 2) jobs. Based off of some rough projected tax return data broken down by income, around 1,360,000 people would be eligible for wage insurance under the current iteration of this bill. Assuming all of these people are eligible for the full $10,000 (unlikely, but an overestimate is better than an underestimate), this is around 13.6 billion dollars in cost.

Error estimate is +/- 1 billion dollars, making allowances for possible differences in these statistics due to differences between Atlasia and RL.

Note that the cost will increase if the amendment is adopted, because the likelihood of earning a lower wage in a subsequent job is higher as income decreases.

[Southern Senator North Carolina Yankee]

I withdraw 16:06 and offer this one instead.

You must be logged in to read this quote.

[/quote]

[Southern Senator North Carolina Yankee]

You must be logged in to read this quote.

Sponsor Feedback: None Given
Status: Needs Feedback/vote in 24 hours otherwise.

[Devout Centrist]

I do apologize, Senator for not seeing the propose amendment sooner. At this time, I think the amendment is friendly. However, there are some substantial changes I plan to make to this bill in the near future. I will update everyone on my progress as soon as possible.

[Devout Centrist]

Proposing the following amendment:

You must be logged in to read this quote.

[Southern Senator North Carolina Yankee]

Senators have 24 hours to object to the above amendment, which I think is S16:08 by Devout Centrist.

[Southern Senator North Carolina Yankee]

One quick question, was it intentional to change both numbers to $40,000? I went back and offered a second amendment because Encke said doing so increased the cost.

[Devout Centrist]

One quick question, was it intentional to change both numbers to $40,000? I went back and offered a second amendment because Encke said doing so increased the cost.

Oh, I apologize. I misread your amendment. I'll go ahead and fix that after this amendment is adopted.

[Southern Senator North Carolina Yankee]

One quick question, was it intentional to change both numbers to $40,000? I went back and offered a second amendment because Encke said doing so increased the cost.

Oh, I apologize. I misread your amendment. I'll go ahead and fix that after this amendment is adopted.

Seeing no objections, Amendment S16:08 is adopted.

[Southern Senator North Carolina Yankee]

Devout, are you still planning to offer that amendment?