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Consumer Prices in United States are 33.36% lower than in Australia
Consumer Prices Including Rent in United States are 36.20% lower than in Australia
Rent Prices in United States are 41.95% lower than in Australia
Restaurant Prices in United States are 34.13% lower than in Australia
Groceries Prices in United States are 27.36% lower than in Australia
Local Purchasing Power in United States is 32.67% higher than in Australia
As a landlord I like the 41% rent higher
So what your saying is when you raise the minimum wage the cost of everything goes up? Who could have possibly predicted something like that could happen, oh wait, I did
Quote:
Originally Posted by shooting4life
Higher minimum wage means higher priced goods means people will still only be able to purchase the same amount of crap.
Consumer Prices in United States are 33.36% lower than in Australia
Consumer Prices Including Rent in United States are 36.20% lower than in Australia
Rent Prices in United States are 41.95% lower than in Australia
Restaurant Prices in United States are 34.13% lower than in Australia
Groceries Prices in United States are 27.36% lower than in Australia
Local Purchasing Power in United States is 32.67% higher than in Australia
As a landlord I like the 41% rent higher
Quote:
Originally Posted by shooting4life
So what your saying is when you raise the minimum wage the cost of everything goes up? Who could have possibly predicted something like that could happen, oh wait, I did
7.75 is 52% of 15 dollars. You just said prices only rise by an average of about 35%. That means Australians are still taking home about 13% more than Americans even with higher cost.
so to put it simply, you are talking about a 48% raise for only a 35% jump in prices. If your argument about cost rising along with minimum wage, it should be 48% and 48%.
the big take ways is Australians still take home more.
Australia raised their minimum wage to AUD 16.37 (U.S. $15) recently, and their unemployment rate is only 5.7%. Australian's also have business-friendly environment, weeks of paid vacation, national healthcare & they work less.
U.S. current minimum wage is $7.25 (Some states slightly higher) with 7.6% unemployment rate.
Isn't it time to raise the U.S. minimum wage? It is very low for 2013!
Higher wage = More $ to spend.
No, prices wouldn't necessary go up. Perhaps maybe slightly smaller paycheck for multimillionaire and billionaire CEO's?
No wonder that their kids can travel the world all of the time.
7.75 is 52% of 15 dollars. You just said prices only rise by an average of about 35%. That means Australians are still taking home about 13% more than Americans even with higher cost.
Where did i say anything about how much prices would rise.
The U.S. is on a path to becoming a 3rd world country! Conservatism, as a balance with Liberalism may be fine and appropriate, but the "backward thinking" and outright lies of the extreme right are destroying all of us!
What right wingers won't tell you is that right wingers LIKE a 3rd world country system, because it's chaotic, because the rich control everything, and because these countries tend to be violent, and they consider violence to be oh so very macho!
that would mean the increase in wages would be matched by an Increase in prices would it not ?
Not necessarily. It depends on the percentage of an item's price which is determined by the wage input. For example, if you bought a bejeweled sceptre for $50,000,000, and the jewel cutter's pay was $100,000, you could raise the labor input tenfold and your sceptre would cost $50,900,000, all things equal. That's nowhere near 10X the original price.
That's an extreme example, but it applies here to some extent. The main goal of a minimum wage increase is to put more money into the hands of those making the minimum wage, as a form of economic stimulus. We know that minimum wage workers tend to spend locally to a greater extent than others, which means that the economic benefits of their wage increase are more likely to be "captured" locally (eg, by local stores, instead of real estate investment trusts in Monaco or something).
I think that's a reasonable argument, and one that several economists and econometricians have made over the years.
There doesn't appear to be much of a link between national prosperity and a low minimum wage. Haiti's minimum wage used to be 60 cents per day, and it didn't seem to do them much good in terms of job creation.
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