Are we being astroturfed over minimum wage (unemployment, fast food, legal)

[TrapperJohn]

Originally Posted by urbanlife78

Making minimum wage reduce to $2/hr isn't going to make bread cost a quarter. If this were true, the cost of bread should not have gone up in price any in the past 6 years. The reality is the cost of bread has gone up over that time period.

You're not very good at economics and government fiscal and monetary policy I see.

[urbanlife78]

Originally Posted by TrapperJohn

You're not very good at economics and government fiscal and monetary policy I see.

I don't live in a fantasy land where we could go back to paying everyone little to nothing and a soda will magically cost a nickel again.

[ContrarianEcon]

Originally Posted by JimRom

Exactly how does devaluing the dollar benefit us all? I'm dying to know.

U.S. National Debt Clock : Real Time
It reduces the cost of servicing the debts in America.

It increases our competitiveness as far as exports go.

The bottom is really good about spending its money so the velocity of money would go up. Velocity of M2 Money Stock - FRED - St. Louis Fed

It would reduce the cost of welfare so our deficit would go down.

want more?

[ContrarianEcon]

Originally Posted by pnwmdk

The minimum wage is the means of ending all jobs not worth that much in value. So, you want every employment opportunity not worth that much to end?

Or is it that you want to ensure that the vast majority of people who have no degree or "high skill" job will be forever unemployable?

Which is it?

let that meet the FED's printing press. The FED will just print enough money to put everyone back to work. deal with it.

[ContrarianEcon]

Originally Posted by marcopolo

Pretending that an hour of labor is worth more all of a sudden is not the same as an hour of labor actually being worth more.

Supply and demand. The demand for labor is in part a function of the availability of credit. That requires unleveraged income. So pretending that an hr of labor is worth more will let more money be loaned against it, and guess what. It will be worth more.

[nvxplorer]

Originally Posted by nononsenseguy

For the same reason that a business cannot charge more than a product or service is worth; i.e., more than the market will bear, an employee cannot expect to be paid more than his skills and knowledge are worth to any employer. Value for value is the rule. If government tries to violate this principle, in the end, the job market for the lower skilled worker will dry up.

It doesn't work that way in the real world. We've already been down this road. Here's one example of how laissez-faire economics works: History Files - Pullman

[nvxplorer]

Originally Posted by TrapperJohn

You're not very good at economics and government fiscal and monetary policy I see.

see post #46

[Quick Enough]

Originally Posted by MaseMan

Most polls say most Americans overwhelmingly support raising the minimum wage, hence I would say "Yes, we're probably being astroturfed."

"overwhelmingly support raising the minimum "

It is ALWAYS easy to tell someone else what to do with their money.

Do any of the polls ask where THEY shop Nostrum's or Wal-Mart?

Wal-Mart isn't the largest retailer for nothing.

[JimRom]

Originally Posted by ContrarianEcon

U.S. National Debt Clock : Real Time
It reduces the cost of servicing the debts in America.

It increases our competitiveness as far as exports go.

The bottom is really good about spending its money so the velocity of money would go up. Velocity of M2 Money Stock - FRED - St. Louis Fed

It would reduce the cost of welfare so our deficit would go down.

want more?

Neither of the bolded is true.

We would see a temporary spike in spending as the minimum wage earners temporarily became "ghetto rich", but it would very temporary.

Welfare would still cost about the same in relative dollars, since minimum wage earners would be right back on the welfare roles once the markets adjusted, and would have a few new friends to come along with them after businesses pushed more automation to offset labor costs.

[TrapperJohn]

Originally Posted by urbanlife78

I don't live in a fantasy land where we could go back to paying everyone little to nothing and a soda will magically cost a nickel again.

I don't either. But you do live in a liberal fantasy land where printing money borrowed against future human capital magically doesn't devalue anything.