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There is more to economics that Econ 101, not realizing that is the biggest mistake ignorant people do.
Now, explain to us the mechanism that makes the minimum wage keep the wages low.... Please, enlighten us lol
You never know. My son's friend started off at Walmart changing tires in the automotive section.
The kid never wanted to go to college and always wanted to work on cars.
There's no school for that..it's all OJT. And it turns out he's pretty good at it.
One week of school left........and he really wants that job. He's been working at Applebees last couple months after working at Hy Vee. He likes to spend money on his girlfriend and I told him I'm not gonna do it so he got some jobs. lol. Yes you never know where your gonna end up but if you keep pounding nails a roof will be built. I think he's gonna work and go to community college to get his credits out of the way then go to a university to get his degree, at least that is what he told me he wants to do. Save me a pile of money so I just nodded my head. If he can figure out how to do body work on cars too then all the better. It's hard work but cars wreck all the time........
There is more to economics that Econ 101, not realizing that is the biggest mistake ignorant people do.
Now, explain to us the mechanism that makes the minimum wage keep the wages low.... Please, enlighten us lol
There is more to economics that Econ 101, not realizing that is the biggest mistake ignorant people do.
Now, explain to us the mechanism that makes the minimum wage keep the wages low.... Please, enlighten us lol
The amount someone is willing to pay for labor is going to be equal to or less than the value produced by that labor. If you have a mandated minimum wage which is above the point where a particular job creates value for the employer, then that job will be eliminated.
Then, once you have eliminated jobs, you increase the number of unemployed people. When the supply of labor exceeds the demand for labor, then wages go down. Over time, with a greater supply of unemployed people, there will be more people competing for available jobs, and the wages that employers have to pay to find people for those jobs will go down. It won't happen overnight, but over time it will happen.
Of course this does not apply to skilled jobs. Cutting people from Walmart isn't going to depress the wages of people working electrical engineering jobs. But skilled jobs aren't the ones under consideration here.
You know we can argue value, economics etc etc till we are blue in the face. The bottomline is if we are a corporation who has made record profits, more then at anytime in american history and can afford to pay one CEO more then all your employees salaries put together, then we can afford to pay a few extra bucks an hr to employees. The argument about The amount someone is willing to pay for labor is going to be equal to or less than the value produced by that labor is suspect in my opinion. In any major corporation, its always going to be the middle management and lower level workers who produce the most labor. The guys in the fancy offices only do paperwork, make decisions and take credit for success. Don't get me wrong every business needs a good leader(s). The problem is the job of CEO has always been the same since i can remember. No real special skills besides business school. So since 79' how come the top 25% income earners in this country have made almost 32x what they made in 79'
But everyone elses wages have been stagnant or decrease. I have a real difficult time with useing taxpayer money to give corporate incentives to keep prices down and create jobs, when what they do is cut wages and benefits to employees so they can make max profits and pay there fellow 25%ers CEOs more then everyone else combined. So with all of this happening, we are arguing about raising the min wage. We should raise wages because its the right thing to do.
I had a buddy who did that back in the day. If you knew what you were looking for and what others wanted you could clean up.
When I was a kid I had a dream job. I lived for the day I could apply for and get that job. It probably paid about 2x minimum wage. The job was not glamorous, nor did it impress anyone.
When you enter the NYC subway, you have to pass through a turnstile, which requires a dedicated fare token you insert into a coin slot. Most subway stations have (or had) a tiny attended booth where you could buy tokens. I wanted to be a booth attendant and pick out all the valuable coins that came into the booth. Silver coins still circulated, and fares were 15 cents until 1968 - staggeringly vast volumes of coinage came through the booths daily.
Then, our coinage was debased by the elimination of silver in new coins. The remaining silver coins in circulation soon disappeared. Congress had forever ruined my dream job! I gave up the dream and forgot about that job, forever.
Until the mid-90s, when it became known that someone (by then deceased), who had held a similar token attendant job in mid-century, not only had made a fortune selling some of the valuable coins he acquired in the booth, he died still holding a vast hoard of valuable coins he had not yet sold. (He had been selling his coins slowly so as to not depress values through oversupply.) This was not his original idea, that came from his brother-in-law.
The remaining hoard of unsold coins included dozens or hundreds of very valuable coins which millions of collectors failed to find even once. As one example - which I find particularly mind-boggling - is the scarce and pricey ($1,000 or so in all but the lowest grades) 1916-D Mercury dime. The hoard he left behind contained 241 of them, or almost one-tenth of one percent of the total mintage.
I had a great idea but was foiled by time and Congress.
If you folks are for $15/hour for unskilled work then what you do think starting salary should be for skilled work like electrician's helper ?
That job starts off near $14/hour. That's an apprentice until they have enough hours and knowledge to take the electrician's exam and become licensed.
And there are lots of other apprenticeship jobs that lead to skilled, licensed jobs that start off near that.
My son has a friend who is only 24 and already making $25/hour with no college.
Right out of high school he found an automative helper job and worked his way up to mechanic.
You have a small minority of people that for some reason cannot learn beyond "Do you want fries with that" and you want to hand them more money then people who are working their way up the ladder learning skills. Unbelievable.
Are those self-serve order-placing kiosks going to ask, Would you like fries with that?
When I was a kid I had a dream job. I lived for the day I could apply for and get that job. It probably paid about 2x minimum wage. The job was not glamorous, nor did it impress anyone.
When you enter the NYC subway, you have to pass through a turnstile, which requires a dedicated fare token you insert into a coin slot. Most subway stations have (or had) a tiny attended booth where you could buy tokens. I wanted to be a booth attendant and pick out all the valuable coins that came into the booth. Silver coins still circulated, and fares were 15 cents until 1968 - staggeringly vast volumes of coinage came through the booths daily.
Then, our coinage was debased by the elimination of silver in new coins. The remaining silver coins in circulation soon disappeared. Congress had forever ruined my dream job! I gave up the dream and forgot about that job, forever.
Until the mid-90s, when it became known that someone (by then deceased), who had held a similar token attendant job in mid-century, not only had made a fortune selling some of the valuable coins he acquired in the booth, he died still holding a vast hoard of valuable coins he had not yet sold. (He had been selling his coins slowly so as to not depress values through oversupply.) This was not his original idea, that came from his brother-in-law.
The remaining hoard of unsold coins included dozens or hundreds of very valuable coins which millions of collectors failed to find even once. As one example - which I find particularly mind-boggling - is the scarce and pricey ($1,000 or so in all but the lowest grades) 1916-D Mercury dime. The hoard he left behind contained 241 of them, or almost one-tenth of one percent of the total mintage.
I had a great idea but was foiled by time and Congress.
I kid you not my wife read some thing about the quarters............went and took out five thousand dollars in quarters and went through em all. Didn't find one that was I can't even remember pre '65? Government and banks probably took em all. I can't remember the exact date she was looking for...........just remember thinking what the hell are all these quarters everywhere...........then went to watch football. lol
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