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The problem is the supply. Can always make more widgets. Economic rents tend to be fixed.
In the last real estate rally, people wanted suburbia. Now, everyone wants inner city and walkability. People are doing different things to make this happen.
Last go-round everyone wanted to build out. They wanted LAND, they wanted as many bedrooms and bathrooms as they could afford. Now, perfectly good houses are being razed and new, custom homes replace them.
instead of raising everybody wages to $15, why not raise those that deserve it
^^^ Raising the minimum wage will make employers hire less workers for a shift and make the workers they do keep have to work harder to cover the slack.
IMO there are many minimum wage jobs that should be considered starter jobs, and not career work. And adding more job skills, is what gets increased wages. A Burger King fry cook just can't expect to raise a family on that job for their whole lives. However, if someone loves to work in a kitchen, there are many ways to work their way up the ladder at a fine restaurant or dining facilities, going from prep cook, to line cook, sous chef and finally executive chef.
And for recent immigrants, they should be working on their English skills and not just working in situations where their native tongue is the dominant language.
And raising the minimum wages won't ever translate to better housing options. There will always be too big a gap between the minimum wages and skilled trade work and whit collar work. Those jobs will always have more buying power in the marketplace.
Also, those without desirable job skills and only able to work minimum wage jobs, should not be making babies they can't afford to raise on their own.
instead of raising everybody wages to $15, why not raise those that deserve it
And the others can go live under a bridge somewhere.....
If you go back to 1964, last year silver dimes were put in circulation, equate that to minimum wage in effect back then. Bring value of silver in that dime to todays price and you get around $16 as minimum wage or what it should be. The govt inflation figures are smoke and mirrows, hard asset like silver tells the truth. Course that $16 an hour doesnt buy the housing and automobile that minimum wage in 1964 bought. Pretending somebody can live on $7.50 an hour is silly unless you get paid in 1964 silver dimes. And like it or not, those jobs arent filled by teenagers, they are filled by ADULTS cause the real entry level jobs for ADULTS without college or equivalent technical training went overseas. DUE TO GREED.
I'm sure first dual-income household on the block lived quite nicely. So did the second.
But when it became the norm, housing prices rose because the free market makes us all suffer for the sins of the higher bidder / biggest idiot.
There is no such thing as an advantage in today's marketplace as a consumer, only disadvantages. The bulk of your buyers (competitors) are A-players: dual income, dual-degreed professionals with perfect credit and family gifting their major expenses early in life - education, weddings, down payment on first house... sometimes the entire house.
Let's see. If apartments generally ask for income to be 3x rent... Two college grads at 25, newly married, each making $75k with no debt would not see a problem with $2000 per month. But to anyone else living any other type of lifestyle, it would quickly eat up their disposable income. Single income, maybe dual income but one works part time, or not in a hot industry.
IF the default behavior were to increase our savings rate instead of trying to buy more stuff, or engaging in a bidding war over basic necessities like shelter, how would things have turned out?
And for recent immigrants, they should be working on their English skills and not just working in situations where their native tongue is the dominant language.
They already do this in droves. working more than one job and trying to squeeze in classes when they aren’t working, sleeping or taking care of their families.
This idea that they can press a magic button and assimilate/know perfect English overnight is mostly through a lens of ignorance.
And the others can go live under a bridge somewhere.....
If you go back to 1964, last year silver dimes were put in circulation, equate that to minimum wage in effect back then. Bring value of silver in that dime to todays price and you get around $16 as minimum wage or what it should be. The govt inflation figures are smoke and mirrows, hard asset like silver tells the truth. Course that $16 an hour doesnt buy the housing and automobile that minimum wage in 1964 bought. Pretending somebody can live on $7.50 an hour is silly unless you get paid in 1964 silver dimes. And like it or not, those jobs arent filled by teenagers, they are filled by ADULTS cause the real entry level jobs for ADULTS without college or equivalent technical training went overseas. DUE TO GREED.
This notion that those basic jobs would all still exist is simply not accurate.
Minimum wage rate does not increase the unemployment rate of unskilled workers.
Minimum wage rate does not increase the rate of unemployment.
Minimum wage rate does not increase the unemployment rate of unskilled workers.
(Minimum wage rate’s relative to the rate of unemployment):
Reduced purchasing power, (i.e. the “real value”) of the minimum wage enables commercial performance of tasks that previously did not justify the costs of minimum rate wages; paradoxically, it doesn’t reduce the rate of unemployment.
Minimum’s lesser purchasing power provides employment for those who previously couldn’t obtain employment among jobs that justified paying at least the “real” current value of the minimum rate. There are always some that cannot perform in a manner that would justify the minimum wage rate.
When we permit reduction of the minimum wage rate’s purchasing power:
(1) More jobs than otherwise may be created at pay scales of lesser purchasing powers; also, due to employers’ wage differential practices, purchasing powers of other wage rates are also to some extents reduced).
(2) Lesser desirable or able workers are enabled to join the pool of employees and applicants.
(3) Lower rate workers and applicant pool sizes increase, but they exceed the numbers of additional lower rate jobs created.
(4) Unemployment rates for lower rate workers are not reduced.
(5) Additional products and services that previously did not justify the cost of the minimum wage rate and do not justify wages losses of purchasing powers effects upon the nation’s GDP.
I agree that a low minimum wage acts as a drag on the wages of those earning above it.
However, a larger pool of people now unemployed because a higher minimum wage has made their work uneconomic, also acts as a drag on wages.
I don't see your argument actually advancing your cause.
Real demand for labor is what raises wages.
kettlepot, transcript from thread, "Minimum wage rate does not increase the rate of unemployment":
Quote:
Originally Posted by Supposn
Minimum wage rate does not increase the rate of unemployment.
Minimum wage rate does not increase the unemployment rate of unskilled workers.
(Minimum wage rate’s relative to the rate of unemployment):
Reduced purchasing power, (i.e. the “real value”) of the minimum wage enables commercial performance of tasks that previously did not justify the costs of minimum rate wages; paradoxically, it doesn’t reduce the rate of unemployment.
Minimum’s lesser purchasing power provides employment for those who previously couldn’t obtain employment among jobs that justified paying at least the “real” current value of the minimum rate. There are always some that cannot perform in a manner that would justify the minimum wage rate.
When we permit reduction of the minimum wage rate’s purchasing power:
(1) More jobs than otherwise may be created at pay scales of lesser purchasing powers; also, due to employers’ wage differential practices, purchasing powers of other wage rates are also to some extents reduced).
(2) Lesser desirable or able workers are enabled to join the pool of employees and applicants.
(3) Lower rate workers and applicant pool sizes increase, but they exceed the numbers of additional lower rate jobs created.
(4) Unemployment rates for lower rate workers are not reduced.
(5) Additional products and services that previously did not justify the cost of the minimum wage rate and do not justify wages losses of purchasing powers effects upon the nation’s GDP.
Respectfully, Supposn
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Minimum wage rate does not increase the unemployment rate of unskilled workers.
