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The UK had no minimum wage until 1999; Conservatives fought it bitterly, but by 2005 then-MP (and current Conservative PM) David Cameron described it as "a success." The minimum wage is currently at a relatively hefty £6.19 ($9.62) per hour; lower rates apply to workers who are aged 18-20, under 18, or apprentices. The minimum wage currently applies to about 2% of the British workforce, and represents 50-60% of the median salary.
A commission tasked with evaluating its impact found that:
Quote:
the evidence available to date suggests that minimum wages do not appear to have cut employment to any significant degree. Further, the reduced hours do not appear to have reduced weekly earnings and the lower profits have not led to business closures.
One of its most noticeable effects has been a marked reduction in income inequality, which of course explains why Republicans detest the concept of a minimum wage so much.
In that they kill jobs and evens out for workers since it causes goods/services to cost more. (somehow wages are 100% of the cost of living.)
Why wouldn't the inverse be a net positive?
Mandate lower wages, so that there's more jobs, and the cost of goods/services become cheaper.
Wouldn't that be a boost to the economy?
If Obama really gave a damn about better wages, he wouldn't be so hell-bent on adding 25 million illegals and all their kin-folk to the labor pool. He knows full will that massive illegal immigration is all about cheap labor and lowering wages and he's doing all he can to promote it. Why not shut down the employers of illegals?
If Obama really gave a damn about better wages, he wouldn't be so hell-bent on adding 25 million illegals and all their kin-folk to the labor pool. He knows full will that massive illegal immigration is all about cheap labor and lowering wages and he's doing all he can to promote it. Why not shut down the employers of illegals?
Like most responses, this is not germane to the OP.
The powers that be that finance both parties will never stop illegals from working here. They want people to work for less compensation relative to output. The GOP shares those wishes. Obama has deported more illegals than Bush, though.
In that they kill jobs and evens out for workers since it causes goods/services to cost more. (somehow wages are 100% of the cost of living.)
Why wouldn't the inverse be a net positive?
Mandate lower wages, so that there's more jobs, and the cost of goods/services become cheaper.
Wouldn't that be a boost to the economy?
Saying that high wages will cause inflation doesn't say that they are 100% of the cost of living. That isn't even a remotely rational conclusion to draw.
As for "Why wouldn't the inverse be a net positive"? Well, let's see. Fire can kill people. Water puts out fire. So why not protect people from being burned to death by submerging them in water, right?
If wages are high across the board, then inflation will result. Prices will rise to the point where they offset the wages, and what used to be high wages will simply become the new low wages. It's really not hard to understand.
Mandated low wages are simply nonsensical. That will cause prices to fall which will discourage spending and investment and possibly crash the economy.
It's obvious you think you're making some kind of point but taking things to extremes to prove a point only works when you're taking things to their logical extreme. In this case you're taking things to nonsense extremes and that doesn't prove anything.
Saying that high wages will cause inflation doesn't say that they are 100% of the cost of living. That isn't even a remotely rational conclusion to draw.
...
If wages are high across the board, then inflation will result. Prices will rise to the point where they offset the wages
Once again, you want it both ways.
You claim to acknowledge that it is ridiculous to think that inflation will 100% offset increased wages for workers.. yet, you spout the GOP talking point that it will.
So, which is it?
Removing the minimum wage will lower wages. fact. yet, it's better for the economy, right?
Forced things in general are bad, unless they prevent damage to something.
In an extreme example it's a good thing that we can be sure that no one can nuke this planet into oblivion.
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