Is it time to implement the $1,000,000/hour minimum wage?

[Spatula City]

The fact that the minimum wage can be too low doesn't mean it can't also be too high.
Anyone who isn't a complete idiot knows this.

OP maybe next time you should stop and think it through before you decide to post a liberal hate thread. It will be less embarrassing for you.

[FatBob96]

Originally Posted by FrankMiller

No, that's not how it works. To simplify, people should make a minimum wage that is sufficient to provide food and shelter for their families. $1m/hr would have deletrious effects on the economy that a $10-20/hr wage would not, such as dramatic inflation, in addition to being dramatically higher than necessary to accomplish the aforementioned goals of minimum wage.

See, this is how the Progressive mindset works......

Paying people based on what they think people should make rather than what employers are able to pay.

Frank, can you please come up to the chalk board and write out for the class your magical business model that allows employers to pay people based on their needs rather than the value of their labor?

[FatBob96]

Originally Posted by FrankMiller

The increase in minimum wage will not be offset by inflation. That would only happen for goods whose price is determined 100% by minimum wage labor. For goods priced based on wages other than minimum (i.e., pretty much all goods), the inflation will be less than the minimum wage increase and therefore purchasing power for minimum wage earners will increase.

Of course, this assumes a reasonable increase to $10-20/hr; if the minimum wage went up eighty bajillion dollars then inflation would potentially swamp other effects.

You're forgetting that millions of others would demand raises in accordance with the minimum wage hike. They won't all get them of course, (thus devaluing their current wages and buying power)

But you can be sure of one group who will get rasies.....unions whose wages are contractually tied to minimum wage hikes.

Nah.....no inflation potential there.