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Old 03-19-2013, 03:58 PM
 
1,230 posts, read 2,432,253 times
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It would sure get workers to get out and start spending again on new cars, appliances, vacations, and college education for the kids. Do you think big corporate employers will be excited about this new idea? Just think what will happen when the all of the corporate conglomerate low level employee's can actually buy in abundance what they sell! Do you think corporate shareholders will like this idea?
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Old 03-19-2013, 04:00 PM
 
Location: Wisconsin
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I like a lot of Sen. Warren's politics, but suddenly raising the minimum wage by roughly 2.5x would be a disaster. I am in favor of raising it to around $10.00-11.00, though.
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Old 03-19-2013, 04:19 PM
 
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In the hearing with other legislators it was discussed that when adjusted for inflation and in regard to productivity the minimum wage for an American worker should actually be 33$ dollars an hour!
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Old 03-19-2013, 04:21 PM
 
Location: South Minneapolis
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Minimum wage workers tend to be young, with half under the age of 25, and working in the service industry, so when the minimum wage goes up, employment among minimum wage workers goes down. Let's face it, teenagers bussing tables are not worth $22 an hour. Warren knows this, but she also knows this will get her a lot of press, and that's her real objective.

Characteristics of Minimum Wage Workers: 2011
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Old 03-19-2013, 04:29 PM
 
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Quote:
Originally Posted by Glenfield View Post
Minimum wage workers tend to be young, with half under the age of 25, and working in the service industry, so when the minimum wage goes up, employment among minimum wage workers goes down. Let's face it, teenagers bussing tables are not worth $22 an hour. Warren knows this, but she also knows this will get her a lot of press, and that's her real objective.

Characteristics of Minimum Wage Workers: 2011
84 percent of minimum wake workers are age 20 and over according to the EPI ( Economic Policy Institute)
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Old 03-19-2013, 04:48 PM
 
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Elizabeth Warren: Minimum Wage Would Be $22 An Hour If It Had Kept Up With Productivity
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Old 03-19-2013, 05:04 PM
 
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Nothing is ever going to come of this.

And if anything of this sort ever came out, Mcdonalds and the like would become mechanized to the point where 2 competent workers could handle an entire restaurant.
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Old 03-19-2013, 05:14 PM
 
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Quote:
Originally Posted by GiantRutgersfan View Post
Nothing is ever going to come of this.

And if anything of this sort ever came out, Mcdonalds and the like would become mechanized to the point where 2 competent workers could handle an entire restaurant.
LOL! If that happened the 'REAL' unemployment rate would jump sky high!
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Old 03-19-2013, 05:41 PM
 
Location: TX
795 posts, read 1,185,152 times
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Quote:
Originally Posted by GiantRutgersfan View Post
Nothing is ever going to come of this.

And if anything of this sort ever came out, Mcdonalds and the like would become mechanized to the point where 2 competent workers could handle an entire restaurant.
Agreed - either that, or the dollar-menu becomes the $5-menu.

Minimum wage acts as the price of unskilled labor for commodity-like goods & services. Thus, if raised, such goods/services must raise in price to compensate.

Don't get me wrong - I'm a huge fan of (Henry) Fordism, but it just wouldn't work.
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Old 03-19-2013, 05:54 PM
 
29 posts, read 38,613 times
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Quote:
Originally Posted by celcius View Post
Agreed - either that, or the dollar-menu becomes the $5-menu.

Minimum wage acts as the price of unskilled labor for commodity-like goods & services. Thus, if raised, such goods/services must raise in price to compensate.

Don't get me wrong - I'm a huge fan of (Henry) Fordism, but it just wouldn't work.
Why is that when ceo's get a x300 raise, the prices stay the same, but give minimum wage workers 2-3x raise, oh, everything has to go sky high to compensate.
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