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Did FDR intend for it to keep going up? If so,to how much? At some point we will be over paying people for certain jobs.
People are wanting a $15 min wage. That's not too far from an $18 min wage. Then a $20 min wage. Should a person get $20 an hour for bagging groceries?
Of course he would have. The concept must be tied to inflation or it’s worthless.
Do any of you economist agree or disagree with this?
Quote:
Thus, if the objective is to match the highest-ever real value of the minimum wage, today’s minimum wage would need to be raised to $10.80 an hour. Raising it to $15 an hour would far exceed any past level of real minimum wage.
But why should we raise the minimum wage to match its past real values? In general, workers are not guaranteed that their wages will rise with inflation to preserve their real value, and there is no reason why minimum wage workers should be an exception.
I agree $15 is too high for a national standard. While I think it should be raised, IMO $10, or $12 at the most, would be OK.
I disagree. As laid out in the legislation introduced in the House, $15 takes effect in 2024, gradually raising the current $7.25/hr up to $15 over a 5 year time frame.
"
(1) except as otherwise provided in this section, not less than—
(A) $8.55 an hour, beginning on the effective date under section 7 of the Raise the Wage Act;
(B) $9.85 an hour, beginning 1 year after such effective date;
(C) $11.15 an hour, beginning 2 years after such effective date;
(D) $12.45 an hour, beginning 3 years after such effective date;
(E) $13.75 an hour, beginning 4 years after such effective date;
(F) $15.00 an hour, beginning 5 years after such effective date;
...
"
Then they'll go out of business and teh employees can work elsewhere to earn a living. Maybe they can babysit or have garage sales to support themselves.
Did FDR intend for it to keep going up? If so,to how much? At some point we will be over paying people for certain jobs.
People are wanting a $15 min wage. That's not too far from an $18 min wage. Then a $20 min wage. Should a person get $20 an hour for bagging groceries?
He seemed pretty clear. Either business was going to pay employees higher wages, or they were going to pay higher taxes. The link is to the text of his speech.
"In my Inaugural I laid down the simple proposition that nobody is going to starve in this country. It seems to me to be equally plain that no business which depends for existence on paying less than living wages to its workers has any right to continue in this country. By "business" I mean the whole of commerce as well as the whole of industry; by workers I mean all workers, the white collar class as well as the men in overalls; and by living wages I mean more than a bare subsistence level-I mean the wages of decent living."
Well there are some on the fringes of the left who believe there should be no limit, and in fact there should not only be a minimum wage there should be a maximum one too. And they should be the same wage or at least encompass a narrow range. And how much you receive should not be based on how much work you do but instead on how much you need. And you should put in whatever your abilities permit you to put in, which should have little to no bearing on what you receive. The minimum wage is just the beginning of the road that leads to that end.
The minimum wage can't just keep increasing. At some point it has to stop. We can't have a $25 minimum wage. Too many jobs won't be worth that much.
It stops at how much I value my employees.
No one in Austin Texas, works for minimum wage, of $7.25.
Dairy Queen is hiring at $12 to start.
The free Market works itself out, with supply and demand.
$15 and hour may be low wage in some places and a gold mine in others, for it to be a national fixed pricing(monopoly cartel)
Having to pay $15 and hour in Tescott, Kansas, puts the business into downsizing, greatly. Basically sole propietor, running the store and all aspects. Unemployment rises and relying on a government handout increases.
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