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But tell me, if the United States is currently a successful country with a dynamic economy and a high stsndard of living, why do you want to change it?
Real median incomes have been flat for 40 years. The income and wealth disparity is far higher than it's ever been. 40 years ago the US middle class easily was the envy of the world. Now we rank 5th in income and 27th in wealth.
I assume that businesses will increase prices in keeping with their cost increase. Even so, there will be an aggregate increase in product and service sales resulting from the redistribution of income to the bottom.
And the same decrease from the middle class that took the hit from the following inflation. Those that will no longer eat out/will do without.
$15/hr employee will get a raise. The MW sets the floor that all the rest reference. There will of course be more wage compression than there is currently, and a small increase in prices. The only significant aggregate effect would be net benefit for the working poor to the detriment of everyone else.
I agree that there will be some wage compression, but that won't affect the people already making tens of millions every year. It will still hurt ambitious small business owners, and those are not the people we want to be hurting as a society.
Raising the min. wage will only encourage big businesses to send more jobs overseas or, indirectly, to seek suppliers and the like who have lower costs which likely means overseas. The reverberating effects could be huge.
And do you really think the rise in prices will be minimal? If someone is renting a 1br apartment on minimum wage and the landlord knows that this is their income....what happens if minimum wage goes up? Rent will go up accordingly, thus there will be no change in LIVING STANDARD which is the purported goal here.
And with higher wages comes a higher tax burden. If prices rise to accommodate the new wages people could actually see a diminished quality of life because of the difference in taxes. There are so many negative factors that come with increasing the minimum wage, the worst of which is that it creates so many unemployable teenagers and young adults (who are the people who SHOULD be working minimum wage jobs, they are not intended to be careers) who simply need any kind of work experience and references.
Walter E. Williams has an amazing explanation on this. This man is to economics what Ben Carson is to neurosurgery....someone who beat the odds, succeeded, and understands exactly how more people could do it too. https://www.youtube.com/watch?v=P1r-r6iLBEI
And the same decrease from the middle class that took the hit from the following inflation. Those that will no longer eat out/will do without.
They'll quit eating out because the cost went up 5%? I doubt they will even notice. Still, they will experience a relative loss of real income, so there will be give somewhere.
It will still hurt ambitious small business owners, and those are not the people we want to be hurting as a society.
It won't. Not in the slightest.
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Raising the min. wage will only encourage big businesses to send more jobs overseas or, indirectly, to seek suppliers and the like who have lower costs which likely means overseas. The reverberating effects could be huge.
The trade deficit is easily fixed. Always has been. It's a non issue where this is concerned.
Besides, nearly every low skill job that *can* be offshored, has been gone a long time.
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Rent will go up accordingly, thus there will be no change in LIVING STANDARD which is the purported goal here.
Complete nonsense. Is that what happens when *you* get a raise? Everyone jacks up their prices on you?
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And with higher wages comes a higher tax burden. If prices rise to accommodate the new wages people could actually see a diminished quality of life because of the difference in taxes. There are so many negative factors that come with increasing the minimum wage
Only in your imagination.
Based on your imaginings, we'd all be better off with a huge pay cut. You go first, and tell us how much better it is.
Are you aware that floor wages are already >$15/hr in most wealthy countries? How do you suppose they manage it?
Maybe we can shorten the legal workweek so everyone gets a shift at Starbucks.
Bring on the 20 hour work week for everyone!
Ask around as many people are already at 25 hour work weeks having to work two or more jobs due to the Obama care cutoff for FT. There are already companies whose management is made up of FTEs.
But tell me, if the United States is currently a successful country with a dynamic economy and a high stsndard of living, why do you want to change it?
We aren't any other country, we are US.
I question how successful it is. Biggest does not always equal best.
I agree that there will be some wage compression, but that won't affect the people already making tens of millions every year. It will still hurt ambitious small business owners, and those are not the people we want to be hurting as a society.
Raising the min. wage will only encourage big businesses to send more jobs overseas or, indirectly, to seek suppliers and the like who have lower costs which likely means overseas. The reverberating effects could be huge.
And do you really think the rise in prices will be minimal? If someone is renting a 1br apartment on minimum wage and the landlord knows that this is their income....what happens if minimum wage goes up? Rent will go up accordingly, thus there will be no change in LIVING STANDARD which is the purported goal here.
And with higher wages comes a higher tax burden. If prices rise to accommodate the new wages people could actually see a diminished quality of life because of the difference in taxes. There are so many negative factors that come with increasing the minimum wage, the worst of which is that it creates so many unemployable teenagers and young adults (who are the people who SHOULD be working minimum wage jobs, they are not intended to be careers) who simply need any kind of work experience and references.
Walter E. Williams has an amazing explanation on this. This man is to economics what Ben Carson is to neurosurgery....someone who beat the odds, succeeded, and understands exactly how more people could do it too. https://www.youtube.com/watch?v=P1r-r6iLBEI
To answer this question, they already are not renting any 1br apartments on their own. You need to prove 3x income:rent to most property managers. Most minimum wage jobs are not full time, so those workers cannot rent without someone co-signing or taking on roommates.
I live in a place where median wages are low but rents are high. This is because there are a lot of transplants from other areas who bring with them large sums from elsewhere, but still require services like waiters, etc... Those waiters have to live somewhere.... they triple, quadruple up in apartments, houses, etc... Property owners/managers charge market rate for their property. They care not one whit what median or minimum wages are.
Actually you do if you think employees wanting more money is stealing.
Nice try, but I never said employees wanting more money is stealing. I think most employees want more money, heck I sure did when I was one. There is nothing wrong or illegal about that.
Getting back to what you posted, you said if profits are going up and CEO is making more while employees get no raises that is stealing. That is asinine, stealing is taking something that doesn't belong to you. Profits belong to the company, and whether employees get a piece of profits or not has nothing to do with stealing since they are working for a wage not as owners of the company.
It might not seem fair to you, but doesn't mean you go all tard and call it stealing.
Seriously, people. If the minimum wage was such a problem, it logically follows that the most successful countries would have the lowest minimum wage. Turns out that is not the case.
This logic cannot be proven due to subjective nature of your premise, no two people will agree on what countries are more successful.
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Originally Posted by redguard57
I question how successful it is. Biggest does not always equal best.
Exactly! You question how successful the US is, and there are many people in other countries you'd consider successful that in turn question how successful their country is and would give anything to be in the United States. Nobody is right/wrong here it just a different value system.
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