Raising Minimum Wage to $15 Per Hour (unemployment, layoffs, economy, money)

[Dr. Pepper Man]

will help poor people make their life better like in Australia and Europe.

No Food Stamps
No Welfare Programs

[afoigrokerkok]

What about the ones who lose their jobs? Won't they need food stamps and welfare programs?

[SilverBulletZ06]

Inflation, how does that work.

[urbanlife78]

Originally Posted by SilverBulletZ06

Inflation, how does that work.

Inflation happens regardless of the minimum wage.

[lycos679]

Welfare programs get adjusted upward. In 2000 min wage paid too much to qualify for welfare and in 2013 min wage pays too much to qualify for welfare.

Is another min wage thread absolutely needed?

Here are a few current threads.

Minimum Wage or Livable Wage?
$8.00 hr employees being heard--
Fast Food Places Fighting for Minimum Wage?

[petch751]

I wish people would stop waiting for government to do something. They will be sadly disappointed with the results if they do. Just always do what it takes to help yourself because there are too many people hanging on hoping government will legislate prosperity. It won't happen.

[01Snake]

Raise minimum wage --> prices increase as businesses look to offset higher minimum wage --> we're right back where we started.

[no1brownsfan]

Originally Posted by 01Snake

Raise minimum wage --> prices increase as businesses look to offset higher minimum wage --> we're right back where we started.

Don't forget more layoffs, as well as cutting of hours. And what about folks who already make over minimum wage? Are they going to get raises as well?

[Volobjectitarian]

Economic Fact 1 - If you raise the price of anything, assuming little or no change to supply, you decrease demand for that thing.

Economic Fact 2 - Inflation is always and everywhere a function of the money supply.

How are these two facts relevant? Well, fact 1 is the logical, proven basis for why always and everywhere minimum wage laws increase unemployment at that end of the wage scale. Fact 2 tells why minimum wage laws do not increase the well being of the people making that wage, because as the money supply goes up, inflation will see to it that the sum total of what their new income will buy will be essentially unchanged when inflation raises all of the prices of everything they buy.

Central command of an economy has and will never be even marginally as capable of properly allocating resources as the Invisible Hand, which is why minimum wage laws will always do more harm than good in any arena other than political campaigns.

[T-310]

Originally Posted by Dr. Pepper Man

will help poor people make their life better like in Australia and Europe.

No Food Stamps
No Welfare Programs

Never happen. People need an incentive to be more and get paid more than a hamburger flipper.