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We have socialized millions to think they are worth more than the market indicates they are worth. The government is in fact complicit by its actions via minimum wage laws as well as offering welfare benefits at up to 400% of the poverty level. The result is millions who have decided it's better to not work and take the welfare path because they financially are in the same position, and, after all, they are worth more than $8 an hour.
Sheesh, you have NOT been paying attention. The exact, precise market value of the labor of any individual, accounting for his or her unique combination of skills, attitudes, habits, work ethic, et cetera is the highest wage that any employer will offer. Period. It is not an abstract number that Nancy Pelosi or you pull out of your rear ends, it is not a formula, and has nothing to do with the cost of rent or groceries. You are worth what an employer will pay you, no more and no less.
That's the number. Stop acting like this isn't the way it works. Subjective? Not at all.
You just described something that is completely subjective.
In theory, the minimum wage is ultimately decided upon by voters ( of whatever level of government that the particular minimum wage applies to).
Personally, I'm generally against raising the minimum wage and am in favor of doing away with most means tested welfare and having government wage subsidies instead. They would diminish based on distance from the minimum wage, and local/state governments could also add to the subsidy. It would greatly simplify the way the government addresses inequality, be more cost effective, and reward those who work. However, it's out of the box thinking and there are few Dems and Repubs that would support this sort of idea.
Personally, I believe housing is the elephant in the budget of most low-wage workers, and local/state governments should reduce regulation and thereby allow the private sector to produce more and cheaper housing.
Since local governments have a bad track record in this area, states would probably have to step up to the plate.
In other words, if you work harder, take on more responsibility, and get a raise... your wallet doesn't get any fuller.
It's the biggest single reason why the liberals' socialistic programs keep failing.
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It was Reagan's brilliant idea that welfare recipients who earn money should have their welfare benefits reduced dollar-for-dollar, and thus their wallets didn't get any fuller.
In theory, the minimum wage is ultimately decided upon by voters ( of whatever level of government that the particular minimum wage applies to).
Personally, I'm generally against raising the minimum wage and am in favor of doing away with most means tested welfare and having government wage subsidies instead. They would diminish based on distance from the minimum wage, and local/state governments could also add to the subsidy. It would greatly simplify the way the government addresses inequality, be more cost effective, and reward those who work. However, it's out of the box thinking and there are few Dems and Repubs that would support this sort of idea.
Good post. This is similar to how farm subsidies (price supports) have always been done. My gripe about the minimum wage is that it is really a 'something for nothing' sham. The subsidized wage approach is at least an honest attempt to help low wage workers. The minimum wage hurts those it purports to help.
The only problem with the subsidized approach is that it would fuel the Walmart/Amazon model of paying workers peanuts, and using the taxpayer to make up the difference.
Not having a minimum wage does not necessitate having 3rd world wages. Wages are set by supply and demand. A McD's worker in NYC would be lucky to get $10/hr, but that same worker would have a very hard time finding anything paying less than $10/hr in Williston, ND.
??? HowTF is a burger flipper going to afford to live in Williston ND?
The best judges of the proper wage for any individual is the individual and his or her potential employers, coming to a mutually agreeable wage. You think Congress or any state legislature or city council knows better? You are wrong, and you will hurt the very people you are purporting to help.
Have you ever stopped to consider that we have nowhere near enough jobs to go around BECAUSE the minimum wage was kited up by more than 40% by the Fair Minimum Wage Act of 2007? Anyone whose labor was worth more than $5.15 but less than $7.15 was priced out of the job market by this law...and we have massive unemployment among the low-skilled as a result.
The goodness or badness of welfare does not enter into it: a decent society makes sure that those who are unwilling or unable to pull their own weight do not starve to death or freeze to death. The wisdom of nailing employers to subsidize these poor souls (instead of society as a whole) is a separate topic from whether or not we ought to feed and clothe the poor.
??? I had a convenience store job where every one of our 20 employees was paid within 25 cents of minimum wage. Most of our employees worked hard and performed well. We had a couple superstar performers and a couple slackers (who didn't last long). It's hard for me to get my mind around the concept that every single one of our employees was paid what they were worth.
Ok, I missed your use of 'individual.' It was a long day for me yesterday. But you should thank me, because it gave you a golden opportunity to go into your finest mommy dearest attack mode.
The question remains, why don't minimum wage proponents propose indexing the minimum wage to family size, as is done with almost every other liberal program purported to help the poor. The answer is that this would hurt people with families by pricing them out of the labor market.
That's what income tax personal exemptions are for.
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