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That is really only true for low skilled workers. There is a company out there that gives the normal salaries for people with X amount of experience in different fields and different locations. If a company has to pay $20/hr to keep someone then that is what they have to do if they want an employee. I would never work for $5/hr, but that is because I know I can get more than that.
You would never work for $5/hr, but you think it is OK for an employer to bargain down someone else to that amount?
In 2002, I worked for 2.90 per hour as a student at Berea college. I got experience aNd saved over 2k at the end of the year. The min. Wage hurts the least well off bc it prices them out of the job market. Incidentally, the typical kid drug dealer makes less than min.wage (freakonomics).
Last edited by Edmund_Burke; 02-16-2013 at 04:29 PM..
In 2002, I worked for 2.90 per hour as a student at beware college. I got experience Nd saved over 2k at the end of the year. The min. Wage hurts the least well off bc it prices them out of the job market. Incidentally, the typical kid drug dealer makes less than min.wage (freakonomics).
In college, I worked a summer job @ $10/hr and put 3k into savings. What's your point? Jeez... all you did was lose the race to the bottom.
You would never work for $5/hr, but you think it is OK for an employer to bargain down someone else to that amount?
Absolutely.
I know that I am able to perform a service that is worth far more than $5 per hour. As a result, I will no longer work for such a low rate of pay. However, I also know that there are many people who have not yet obtained the skills, knowledge, or experience to do what I do at the level I do it. As a result, I expect that those people will accept a lower rate of pay. They will work, they will be paid, and they will gain some experience that should help them become better at what they do, or exposure that will allow them to access a different job to which they may be better suited, and therefore able to command a higher rate of pay.
The min. Wage hurts the least well off bc it prices them out of the job market.
Hardly. Here is a great review of the minimum wage data/studies over the years, along with evidence on low skilled workers. The impacts, while mixed, largely leans towards the of Card and Krueger (i.e. negligible, even among teenagers). http://www.cepr.net/documents/public...ge-2013-02.pdf
Over 90% of American economists oppose minimum wage. It's ESP. Detrimental when it outstrips inflation. What happens if there is deflation like in the 1930s? Black unemployment has gone up and stayed relatively high since 1930 when the first federal minimum wage came into law.
Btw, Singapore has no min. Wage and a great standard of living.
Well, that may sound like a good theory but the reality is that the workers, who are te many, have no negotiating leverage as individuals against the owner, who is the few or the one. In reality, the owner sets the rate and if you don't like that rate you can take a hike. That is precisely why unions were formed, to equalize the unequal power between mgt and labor.
So true. Any one watch Flipping Vegas. The big boss hires a worker to clean out a disgusting house. The worker wants $2000 big boss will only pay $1000. The worker caves he wants the work and future work. The big boss was obnoxious how he treated the worker. The worker had to hire people to get the work done when the big boss wanted it done, the big boss still wasn't happy he expected more when the guy said that is why it should be $2000... didn't matter. There is no way I would have done it but when you want to eat and need the money. Then the tile guy came in another argument and the guy had to work through the night. The big boss says there are lots of tile guys I'll get one next time who can do it in a day. In the end the jerk says he made money and goes out and buys himself a porsche.
For all those who think they are so darn special because they have skills, and an education and they know they deserve more than $5 an hr you live in la la land. No one is not replaceable. It may not be this year or next year it might be 20 years from now. The teachers thought that too and they have a union and tenure imagine being one person against a boss. In my state many teachers ended up taking a pay freeze others lost their jobs, others were forced into retirement. And once one worker does it for $5 it puts pressure on another worker to have to do it for $5 and so on and so on until you realize you aren't so special to deserve $10 if it means the big boss can get his Porsche.
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