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An excellent source, too. One cannot criticize Walter E. Williams. He is one of my faaavor-ite, people in all the world! One very smart man (and funny too!).
The cruelest law of all is the minimum wage. It is the most basic law of economics: if the price rises on a good, then less of it will be purchased. Labor is no exception. When you raise the price (i.e., the minimum wage in this case), less labor at the low end of the skill scale will be employed.
In a time when our economy is struggling and teenage unemployment is through the roof (especially minorities), raising the minimum wage is the worst thing that can be done. This price control hurts the most vulnerable in society and those most in need of jobs.
Yet the political class knows they can depend upon the ignorance and stupidity of the voting public. By appearing to be compassionate, they gain favor and votes. This move is not compassionate, it is harmful and destructive. There is nothing more harmful to low-skilled workers than raising the minimum wage. If it benefits politicians they don’t care what havoc and destruction they impose so long as enough of the people can be fooled.
Boggle.
Do you believe all of this stuff? I mean deep down and sincerely?
Yes less of something might be purchased, but at a higher profit margin. Its why most things are priced above the cost to produce them. And that "profit margin" in this case is...the money to survive.
Teenage unemployment is through the roof because all of the teenage jobs are being taken by non-teenagers trying to survive. and minimum wage as others say over and over here...isnt supposed to be for ssurviving.
Gah! People....
Person "I cant find work"
Conservative "Go apply at mcdonalds"
Now lets assume mcdonalds actually hires this guy, lets assume thats because he downgrades his resume as much as possible, software engineer becomes say..."I used software"...
Person "Im not making enough to survive and am on food stamps"
Conservative "You moocher! That job is for teens, not to survive on! we need to reduce minimum wage so people like you stop taking the kids jobs"
Seriously...wtf?
What is wrong with this scenario? Why have you given up critical thinking? Why do we just hear canned statements without a understanding of the realities underneath?
How about a very recent example of the strategy of smoothie retailer Jamba Juice, which in order to battle a 4% drop in Q3 same store sales has decided to radically transform its entire retailing strategy by getting rid of labor, cheap, part-time or otherwise, altogether. Presenting the biggest threat to minimum-wage restaurant workers everywhere: the JambaGo self-serve machine that just made the vast majority of Jamba's employees obsolete. The company will soon have installed more than 1,800 machines (up from only 404 at the start of 2013).
Coming soon to a fast-food retailer near you.
its peers will watch closely and soon decide to roll out their own version of just this: a self-contained dispenser of a la carte prepared fast-food food, either liquid or solid, and in the process let go tens of thousands of their own minimum-wage employees, also known to shareholders as "costs."
What happens after that should be clear to most everyone: more unemployment, lower wages for the remaining employees, worse worker morale, but even higher profits to holders of capital. And so on. Because in a world in which technology makes the unqualified worker utterly irrelevant, this is what is known as "progress."
Well seeing that top income earners have seeing their incomes grow at drastic levels while everyone else has stayed stagnant or gone down, I don't think they would have any problem finding the money to pay their employers more, it is unfortunate that we have to use minimum wage increases for that to happen.
Maybe nobody would buy the Big Mac because almost everyone's wages (except the exorbitant increase for the top 2%) has not kept up with the cost of living.
Pfffffff!!!!!! Tell me: What is the "exorbitant increase" for the "top 2%?" Who are they? Who is deciding what's exorbitant? You? And what do you base that opinion on?
Seriously, would you rather have an increased tax base and less government assistance or have more government assistance programs and less people earning a taxable income?
Or are you waiting to see what Fox News tell you to think?
They want slave labor with no strings attached.
And they still don't understand how Barack Obama got elected twice.
And they still don't understand how Barack Obama got elected twice.
He got elected by a media that carried water for him, lying about his flagship healthcare law, and countless other things..
As for slave labor?
We do not what anything of the kind, just more name calling, any hyperbole from the loony left.
texan2yankee sums it up what will happen, Human workers will be priced out of the market of labor because of you higher wages and miles and miles of red tape, caused by leftist polices...
Quote:
How about a very recent example of the strategy of smoothie retailer Jamba Juice, which in order to battle a 4% drop in Q3 same store sales has decided to radically transform its entire retailing strategy by getting rid of labor, cheap, part-time or otherwise, altogether. Presenting the biggest threat to minimum-wage restaurant workers everywhere: the JambaGo self-serve machine that just made the vast majority of Jamba's employees obsolete. The company will soon have installed more than 1,800 machines (up from only 404 at the start of 2013).
Coming soon to a fast-food retailer near you.
its peers will watch closely and soon decide to roll out their own version of just this: a self-contained dispenser of a la carte prepared fast-food food, either liquid or solid, and in the process let go tens of thousands of their own minimum-wage employees, also known to shareholders as "costs."
What happens after that should be clear to most everyone: more unemployment, lower wages for the remaining employees, worse worker morale, but even higher profits to holders of capital. And so on. Because in a world in which technology makes the unqualified worker utterly irrelevant, this is what is known as "progress."
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One very smart man (and funny too!).
