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If the cost of living is going up despite wages being stagnant, why would the COL suddenly plummet because you got a raise?? If high wages results in a low COL then the Bay Area should be one of the cheapest places in the country. Besides do you think that business owners are exempt from paying these "Steadily rising prices"? Wages aren't the only things that companies have to pay for.
MayorOfNYC, I’m among the many proponents for annually “pegging” the federal minimum wage, (FMW) rate to the cost—price index.
The minimum rate has always been of economic benefit to USA’s economy but it is less beneficial to any extent it fails to stay abreast with the purchasing power of the U.S. dollar. The FMW rate is not among the primary causes of the dollar’s inflation.
Wage rates at or below the nation’s median wage rate are substantially affected by the minimum bench mark and proportionally the working poor gain the greatest benefits but ALL wages and salaries to some extent benefit due the FMW rate.
MayorOfNYC, I’m among the many proponents for annually “pegging” the federal minimum wage, (FMW) rate to the cost—price index.
The minimum rate has always been of economic benefit to USA’s economy but it is less beneficial to any extent it fails to stay abreast with the purchasing power of the U.S. dollar. The FMW rate is not among the primary causes of the dollar’s inflation.
Wage rates at or below the nation’s median wage rate are substantially affected by the minimum bench mark and proportionally the working poor gain the greatest benefits but ALL wages and salaries to some extent benefit due the FMW rate.
Respectfully, Supposn
Pegging the min wage to the rate of inflation is kinda like putting lipstick on a pig. It makes inflation look better than it really is. What we need is sound money (Gold Standard) and a more productive economy. The increase in supply and production of goods keeps prices down while a strong currency will ensure that it stays that way. That's why a person earning $2.00 an hour in 1950 had a higher standard of living than a person making $15.00 an hour today.
... What we need is sound money (Gold Standard) and a more productive economy. ...
MayorOfNYC, I believe that government regulating its currency is similar to a monkey playing the piano; we don’t expect it to be done well but it’s remarkable that it can be done to any reasonable extent.
It’s conflicting that USA (and the remainder of the world) hasn’t done any better than the U.S. Federal Reserve Board.
[Under the FRB’s monitoring and regulating, our currency has done as well or better than when we made no regulating attempts or when the U.S. dollar was backed by precious metals].
Currency regulation is a topic of which I have not reached any definite conclusions.
Pegging the min wage to the rate of inflation is kinda like putting lipstick on a pig. It makes inflation look better than it really is. What we need is sound money (Gold Standard) and a more productive economy. The increase in supply and production of goods keeps prices down while a strong currency will ensure that it stays that way. That's why a person earning $2.00 an hour in 1950 had a higher standard of living than a person making $15.00 an hour today.
MayorOfNYC, if the federal minimum wage, (FMW) rate remains above the theoretical and indefinite USA competitive labor markets’ minimum rates, it is of net economic benefit to USA’s economy.
This remains true regardless of the strength of U.S. dollar or our gross domestic product.
That theoretical and indefinite minimum labor market rate is the effective minimum rate if FMW laws were repealed or if the purchasing power of the FMW rate were permitted to plunge down to that of the theoretical and indefinite rate.
That’s the underlying reason for the FMW rate to be annually pegged to the cost-price index.
Raising the minimum wage makes outsourcing and offshoring more attractive to businesses. It's already routine for drive through windows to be processed through the Philippines, and every day more causual dining restaurants add self-order tablets at the table.
My clients include companies which build self-checkout and warehouse automation systems. They're really looking forward to a $15/hour minimum wage, suddenly their (very expensive) hardware starts looking much more affordable to business owners!
Raising the minimum wage makes outsourcing and offshoring more attractive to businesses. It's already routine for drive through windows to be processed through the Philippines, and every day more causual dining restaurants add self-order tablets at the table.
My clients include companies which build self-checkout and warehouse automation systems. They're really looking forward to a $15/hour minimum wage, suddenly their (very expensive) hardware starts looking much more affordable to business owners!
The logical need for currency in any capacity decreases in proportion to the availability and functionality of technology. The implications of that journey appear to be beyond the grasp of most people. It doesn't bode well for the continuity of our species.
if the prices are going to increase anyway because of the rich elites (not rich)
robbing us with inflation through the fed
we may as well have wage inflation
make it 25 dollars an hour considering prices went up by 100% already for food medicine education property etc.
after so long. I am getting sick of the inflation, I would rather the economy automate anyway.
I don't care about unemployment now.
Just do it it is necessary to have the other worthless jobs CULLED rather than kept.
maybe then people will get off their butts and do something instead of working min wage jobs
I do not know why min wages isn't just linked with inflation
and I may add not just any inflation I will reckon
food/med/rent/necessary goods inflation
if it is inflation of luxury goods (go to hell)
If you cannot even provide your slaves with shelter and food you have no business running any plantation
might as well.
otherwise CRASH THE PRICES.
economic growth + productivity is SUPPOSE TO LOWER PRICES NOT INCREASE PRICES.
if they cannot lower prices/pass along the productivity gains
then wages must increase to compensate their thievery of productivity
so what will it be?
crash/lower prices or higher wages
Raising the minimum wage makes outsourcing and offshoring more attractive to businesses. It's already routine for drive through windows to be processed through the Philippines, and every day more causual dining restaurants add self-order tablets at the table.
My clients include companies which build self-checkout and warehouse automation systems. They're really looking forward to a $15/hour minimum wage, suddenly their (very expensive) hardware starts looking much more affordable to business owners!
NoneSuch, I’m a proponent of Import Certificates, a unilateral policy for a nation’s global trade of products.
I would suppose that even if a nation did not suddenly increase their minimum wage rate, increasing it too greatly would have some net adverse effect upon the nation’s economy but I’m unaware of such a national occurrence anywhere at any time.
The increasing the values of labor coupled with the unavailability of overcoming that increase costs by outsourcing within or beyond the nation’s borders will promote automation within the nation and such automation has always been of net benefit to those nations. I wish your clients well.
Most manufacturing isn't minimum wage. Maybe by increasing the spending power of most Americans, domestic demand for goods would increase and motivate more hiring?
This will not effect "Most" Americans. Only 5% of hourly workers make M/W.
So the costs to those employers will go up as well as cost of those goods and services.
This will not effect "Most" Americans. Only 5% of hourly workers make M/W.
So the costs to those employers will go up as well as cost of those goods and services.
Sky Writing, the federal minimum wage rate has a positive relationship to ALL USA wage rates.
That relationship does not affect all job rates equally; job rates are proportionally and inversely related to the minimum’s rate. The minimum rate has proportionally more affect upon the USA’s lowest earning employees, (i.e. the working poor).
The minimum rate has proportionally extremely lesser affects upon job wage rates as they increase beyond the median rate.
Thus due to any increases of the federal minimum wage rate, the working poor will gain the greatest increase of their wages purchasing powers, middle income earners will experience lesser gains and for employees earning more than the median wage rate, the increased purchasing powers of their pay will be hardly perceivable.
Labor costs affects upon prices of various products vary. Products for which the working poor have the greatest affect upon their prices, will reflect the greatest increases due to any increases of the minimum wage rate but it is impossible for those price increases to be affected more than the proportional increase of the minimum rate.
If a product’s prices reflect lesser proportions of labor costs and/or the working poor are a lesser proportion of those labor costs, increases of the minimum wage have lesser proportional affect upon that product’s price.
Federal minimum wage rate increases are not among the primary causes of U.S. products increasing prices, (i.e. the U.S. dollar’s inflation). The minimum wage rate is less a cause and more a victim of inflation. That’s why I’m among the proponents for the minimum rate to be annually “pegged” to the cost-price index.
Respectfully, Supposn
Last edited by Supposn; 07-03-2014 at 11:32 AM..
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Higher minimum wage == Lower hiring
