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Because the worlds monetary base did a 3.3333X over the last decade, with the printed money going through the US economy, and we need to up the minimum wage just to keep up with inflation.
A side benefit is that the price of houses should go up and with that the economy should expend.
Australia has an adult minimum wage for anyone 21+ years of age. From what I've been told its around 15 to 18 Australian dollars per hour(all depending on where you live). Australian cities are some of the most expensive cities in the world as well. I don't necessarily think we want that in USA.
Many of the simpltons entering the workforce are so poorly educated and incapable of doing anything productive they are not worth the minimum wage they are being paid now.
Forcing employers to pay them 4X more would only bankrupt the companies and add to the employment problem.
Stupid Idea.
How is this going to happen, you go tell the local hardware store that the 16 year old kid they have stocking the shelves part time is going to start costing $30/hour? Yeah right.
Why are you starting a new thread with the same exact post?
Same thread different forum.
Quote:
Originally Posted by jimhcom
Many of the simpltons entering the workforce are so poorly educated and incapable of doing anything productive they are not worth the minimum wage they are being paid now.
Forcing employers to pay them 4X more would only bankrupt the companies and add to the employment problem.
Stupid Idea.
All by itself I am inclined to agree with you but if you cut everyone a check at the same time so that we had a spike in demand at the same time as the minimum wage goes up then the companies could just pass along the cost to us.
As far as not getting an education out of the public school system if the “Simpletons” aren’t worth minimum wage upon graduation then why waste the money ion educating them? If you stimulate demand by giving everyone a check with printed money then workers would be in the position of training those simpletons on how to work.
Quote:
Originally Posted by slackjaw
I agree with jimhcom.
How is this going to happen, you go tell the local hardware store that the 16 year old kid they have stocking the shelves part time is going to start costing $30/hour? Yeah right.
Again if you give everyone a check then demand will go up with the increase in demand you can increase wages with an increase in wages you get more demand for houses with the price of those going up we get full employment. You would step up the minimum wage in several steps. The fed is trying to pump back up the economy but they are failing what is needed is more un-leveraged wages to leverage so that the economy will expand.
Many of the simpltons entering the workforce are so poorly educated and incapable of doing anything productive they are not worth the minimum wage they are being paid now.
Forcing employers to pay them 4X more would only bankrupt the companies and add to the employment problem.
Stupid Idea.
I agree. But before you go calling people "simpletons", maybe you should spell it correctly. Otherwise, you look like the simpletons you're complaining about.
A side benefit is that the price of houses should go up and with that the economy should expend.
The benefit of raising the minimum wage like this would be that R&D investment would go through the roof in an attempt to automate these jobs..
bye bye, Starbucks barista! McDonalds would turn into a factory with one person making sure the machinery was in working order, and then cleaning it after hours.
In the mean time though, the UR would skyrocket..wait.. didn't we just have a phased-in increase of the min wage over last few years from ~$5/hr to $7/hr?...hmmmm.
Also with the gap between people making $30/hr and the large number of unemployed, we will be on the fast track to 3rd world status. Want those favorable min wage jobs? favors for favors - corruption abound, bosses and middlemen taking bribes to offer these rationed jobs to others for a price. Let's not forget the fraud that will have to be maintained into perpetuity by the structurally unemployed class.
Again if you give everyone a check then demand will go up with the increase in demand you can increase wages with an increase in wages you get more demand for houses with the price of those going up we get full employment.
Who's going to give everyone a check? You? Small businesses aren't going to do it, they can't afford it. Do you want to be the guy who owns a hardware store, squeaks by with enough profit to pay himself 50k annually, and finds out he now has to pay his stock boy 60k? The guy raking leaves in front of the dentists office now makes the same as the dental hygienist inside cleaning teeth? The temp receptionist making as much as the architect she's answering phones for?
The only businesses that would do well would be lumber, to meet the demand for wood to board up buildings that used to have businesses in them.
Raising the minimum wage significantly would immediately double or triple unemployment. The majority of minimum wage earners are employed by small businesses and retailers. Grocery stores, operating on 3% margins, can't afford a sudden increase in wages for baggers, checkers, and stockers. The small local store employing your son or daughter during the summer can't pay people this much.
Or - prices rise suddenly and signficantly to cover the wage increases.
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