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There is no such thing as a minimum standard for the almost infinite amount of skill sets in the labor market.
The bigger the middle in a country the richer the country. We had set up under FDR policies that deliberately grew the middle at the somewhat expense of the top. That has been taken apart and what we have now is growing the top at the expense of the middle. It doesn't matter that there is an infinite skill set of labor. Setting a bottom means there is a limit to how far monopolistic labor practices can depress wages.
Quote:
Originally Posted by Frank DeForrest
Should all new cars from every manufacturer have a mandated min price ( or in your words "minimum standard")?
That is the effect of labor unions and safety regulations. They set a minimum that you can go below for the cost of a new car.
Quote:
Originally Posted by Frank DeForrest
Labor is no different than any other commodity.
Fundamentally it is. You can own other commodities. You can't own labor. The minimum wage is the floor on how badly you can treat your labor.
Quote:
Originally Posted by Frank DeForrest
If a business owner can determine a higher wage, why not a lower?
How low can you go? zero? My friend went to china in 2004. He was promised so much money for going. Some of the workers took him aside and said they weren't getting paid to work so he should think about setting aside enough money to get home with if they decided not to pay him. They didn't pay him and if he hadn't set the money aside he still would've been there.
Quote:
Originally Posted by Frank DeForrest
Do you think congressmen know more about the business owners business than the business owner?
It is the job of a congressman to keep the business owner from having a labor arrangement that acts like slavery.
he doesn't have to know more about the business than the business man. It is his job to keep the business man from mistreating his workers. To that end there has been established a minimum wage.
it is the floor. You can't go below it.
The bigger the middle in a country the richer the country. We had set up under FDR policies that deliberately grew the middle at the somewhat expense of the top. That has been taken apart and what we have now is growing the top at the expense of the middle.
The US was relatively prosperous for a blip for a unique set of reasons, including the destruction of the developed world's infrastructure, the inability of foreign competition to educate their people and a restricted supply of workers. It would be impossible to duplicate those circumstances, today.
The US was relatively prosperous for a blip for a unique set of reasons, including the destruction of the developed world's infrastructure, the inability of foreign competition to educate their people and a restricted supply of workers. It would be impossible to duplicate those circumstances, today.
you think so?
Try this on for size. We insist our trading partners pay US minimum wage or higher to their export workers. This would get a rapid clime in world economic output. That would support growing the middle here.
We still have a restricted supply of workers. There are only 7 billion people on this planet.
There is no such thing as a minimum standard for the almost infinite amount of skill sets in the labor market.
Should all new cars from every manufacturer have a mandated min price ( or in your words "minimum standard")?
Labor is no different than any other commodity.
If a business owner can determine a higher wage, why not a lower?
Do you think congressmen know more about the business owners business than the business owner?
Minimum standard means minimum wage, you cannot pay anyone less than that. Cars already have a minimum price, look at all the new cars for 2015, and figure out what the lowest price is, you aren't finding a brand new car for $5K these days.
That is the point of a minimum wage, to prevent employers from paying people a poverty rate of pay. I am sure you guys would be happy if employers could pay people a dollar a day for 8 hours of work, but that will never happen here.
Did anyone in this thread actually provide hard numbers as to what the outcome would be? I mean someone who actually owns a small business where they would be affected?
I hope it will never happen here but that is the direction it is headed.
Unfortunately, you're right. The only people willing to take it will be illegal aliens who enjoy welfare benefits and work under the table. We are allowing our birthright to be sold to the illegals who take the lower paying jobs we would refuse.
Did anyone in this thread actually provide hard numbers as to what the outcome would be? I mean someone who actually owns a small business where they would be affected?
Hard numbers would require a survey of many businesses. We can look to studies to predict outcomes. Full service restaurants would be one industry affected by a minimum wage increase. According to this article, average labor cost for full-service restaurants is 33% of total costs. From there, it's just math.
Thanks. I bookmarked this and the other one to read but thought to ask in case no one had done the actual numbers.
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