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The minimum wage
Mr. Perfect
Member, Moderator Posts: 66,275 ******
in Politics
Are economists changing their mind about the minimum wage? Your analysis of this article would be appreciated.
Some will die in hot pursuit
And fiery auto crashes
Some will die in hot pursuit
While sifting through my ashes
Some will fall in love with life
And drink it from a fountain
That is pouring like an avalanche
Coming down the mountain
And fiery auto crashes
Some will die in hot pursuit
While sifting through my ashes
Some will fall in love with life
And drink it from a fountain
That is pouring like an avalanche
Coming down the mountain
Comments
they got their $15 first
Cost of living will rise when the min. wage rises. All the dems want is velocity. The spending of money. As the country grows deeper in debt.. inflation will rise. So the dollar will not be worth as much. There lies a higher min wage.
There are millions of potential dimocratic supporters in this country that are currently making less than $15 per hour. What better way to secure their votes than buy them?
The stingy (D)'s why not make it $25.00 so even the lowest on the ladder of life can be RICH!!!!!!!!!!!!!!!!
Select-fire and bustedknee you are both correct. Once it gets to $15 and all the prices increase then they will want $20, when does it stop?
I remember a couple years ago some so called expert said McDonalds would only have to raise the price of the Big Mac 5 cents to cover paying the help $15/hr. Of course he neglected to figure in the fact that all of the suppliers that sell to McDonalds and everyone else in the supply chain would have to raise their prices. Also he forgot to figure in the employers matching tax amounts as well. When all that was figured in the increase in price would have to be more like 50% to cover everything. That sort of wipes out the whole increase in pay because all of the other products like gas, groceries, etc.., that these wage earners buy will go up comparatively as well. Bob
Florida passed a $15 minimum wage in November. Within a week, the Super Target where I normally shop began tearing out check stands and replacing them with automated checkouts. I saw this exact thing happen in CA when that state hiked their minimum wage to $15.
Minimum wage in reality is a tax on the minimum wage earners themselves.
Lastly, economists are as worthless as t's on a boar hog. Most are clueless political hacks.
I really get tired of this frequent "raise the minimum wage just a little bit and everything will be better". Later we need to just raise it a little bit more and things will really be better.
I say let's just get to where we are going. Raise the minimum wage to $1,000 per hour. Then everyone will be happy except the lawyers. Can you imagine a burger flipper making more money than the lawyer?
Of course, the lawyers will raise their charges to $5,000 per hour and the burger flippers won't be able to afford them.
Seriously? Nobody else can see this?
And all those who saved for retirement will see their savings die from inflation
Buy gold silver and hard commodities
What people forget to mention is that entry level minimum wage jobs are NOT supposed to be what you do to support your family. Entry level jobs are paid low, with low expectations. It's how kids learn to get their butt to work on time, do a good job, and earn a few raises and be proud of the raises. Learn a work ethic, and make yourself more employable so you can expect a higher wage.
When your skills are worth squat, expect to earn squat. When you're a skilled employee, expect to earn more.
You know what they say about economists. You can lay them all in a line end to end, and they still won't reach a conclusion.
Everyone has an agenda. Was the "study" government funded? Throw it out. Do they provide the raw data so you can do your own analysis? No? Throw it out.
It's a rare thing today to find a study done using the real Scientific Method. When you find those, expect marginally better answers. Marginally. Still do your own analysis.
In my old state of residence there were very few minimum wage jobs left because the market allowed for higher wages there. The market took care of raising the area's minimum wage up in many cases to around $15 an hour. Where I live now I think it will be terribly bad for small businesses if a $15 min wage is mandated. The market here just cannot handle it without something giving, which will likely mean loss of jobs. Judging from what I see for semi or non skilled jobs here, $10 an hour would be much more appropriate, that would allow for a $12-15 range for more skilled/experienced workers.
Unions have done the same thing to us.
They have forced companies (auto makers?) to over-pay their workers so they have to raise their prices (on cars) to compensate. The owners and shareholders aren't going to pay the increase out of their share.
And while they are raising prices - may as well add an increase for owners and share holders.
Then consumers must then make more to be able to afford to buy that product (cars).
So the employees at the factory (shoe mfr), down the road, demand higher pay because they can no longer afford a car. So that factory must increase wages. Etc., etc...
Next thing you know we are paying $50,000 for a car, $100 for tennis shoes and $600 for Glocks.
It was in my lifetime that producers of goods or services would figure their overhead then add a fair profit.
Now, they start with "the maximum the market will allow". Then unions and politicians force the cost even higher --- (like I've not said this before) WE ARE DOOMED!
The market will set the wage.
Well let’s do the math, so a kid just out of school at a minimum wage job will make $31,200 per year.
As was said above in different ways, one set of businesses with access to capital will say, how can I automate that and save $31,200 + their part of SS, unemployment and other taxes?
Other businesses will cut wherever they can and still have to raise prices. All prices will rise and pass the costs to the consumer, taxes will be raised on the folks earning the new minimum wage, some may be bumped out of govt programs helping them now.
And for starter or part time jobs, who will pay that for someone with no skills?
So a year from now, will people whose wages that were above that $15/ hour now be able to offset their increased costs and eat out or spend as much of their after tax wages on things as they do now? No.
I’m not sure that it’s well thought through or that people have learned from examples in Places that have already tried this. Seems people should earn a livable wage, but this will drive inflation and thus hurt folks that are no longer working regardless of the reason.
Wow to think I started working min wage was 1.25. Jumped to 1.35 not long after but still living at home at 16. It was a fortune to a poor kid lol
Last fall Burger King's help wanted sign said $17 per hour. Last week BK help wanted sign said $11 per hour. Either people are getting more desperate for jobs or the job market is changing.
probably some of both. Like I stayed earlier the market will set the wage
Politicians use the minimum wage laws as a way of using other peoples money to buy themselves votes because the majority of people are too stupid and ignorant of real world economics.