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Do you think the minimum wage should be $0.25? That's what it was in 1938.
If you take the historical average of every year in CY 2014 dollars, minimum wage has averaged around $7.50 an hour over the last 75 years. The current federal MW isn't that far off its history.
The MW in 1938 works out to $4.13 in 2014 dollars.
People love using the exponential growth curve of then 50s and 60s, but had the MW stayed on that course, it would be around $20 an hour right now. Had it stayed on the growth of the 30s and 40s, or pretty much since the peak in 1968 until now, it could be much lower, like around $6.00
A minimum wage increase wouldn't have much effect on inflation, since labor input costs at the low end of the scale usually don't make up a great deal of the overall cost of most products and services. These things follow curves; a minimum wage hike to something like $15 would not have much effect, while a leap to $100 obviously would.
Its benefit would be in channeling more capital into the class of people with the highest marginal propensity to spend, and spend locally. So it would be a bit redistributive, but I wouldn't be very concerned about inflation of the money supply on that account. If anything, deflation still seems like the bigger short-term trend.
I wasn't making an argument. I was stating history. Look it up. Removing minimum wage affects that law alone, so I have no idea what you're referring to by "the thousands of laws, policies and codes..." We're talking about wages, and historically, businesses will exploit labor, to the point that people organize and sometimes violence occurs. The idea that laissez-faire economics produces anything resembling equity is a utopian wet-dream.
This is stupid. Majority of people already make above both federal and state minimum wage. Liberals often forget this inconvenient fact when talking about "racing to the bottom".You can cherry pick any point in history and it will still not be indicative of today's environment.
Bottom feeders huh? I'm betting that the OP has no problem getting pissy with their burger/ tire changed/ grocery worker/ all because they feel like they believe they are a better class of people. I think MOST people tend to forget it's the blue collar works that built/fed this country!
And MOST people know that the people who built and fed this country weren't working for minimum wage. MOST people realize that blue collar does not equal minimum wage.
I'd also like someone to comment on government assistance and the role it plays....its seems liberals focus on the dollar amount and its the only consideration, especially with their historical charts and such. What does not get talked about is all the other benefits and entitlements that are afforded to people that were initiated after their cherry picked date in history. While they may make less money, they may actually get more assistance from government...you'll never really hear about people discussing the impact government assistance has on wages. i.e. if I get more government assistance, I don't have to make as much to maintain a certain lifestyle which can certainly affect the amount someone will work for.
This is stupid. Majority of people already make above both federal and state minimum wage. Liberals often forget this inconvenient fact when talking about "racing to the bottom".You can cherry pick any point in history and it will still not be indicative of today's environment.
No, that fact isn't forgotten, minimum wage went from 7.25 to $10/hr, those in between 7.25-10 would be directly affected.
No, that fact isn't forgotten, minimum wage went from 7.25 to $10/hr, those in between 7.25-10 would be directly affected.
What? You are moving the goal post or do not understand the context of the discussion I was having with nvxplorer. He stated employers would exploit and lower wages if minimum wage laws were removed. This is easy disprove because majority of people already make more than federal and state minimum wage. In other words, minimum wage is largely irrelevant to majority of employers and employees. Its clear sign the market values and will pay above a forced minimum for labor. "The race to the bottom" line is a bull**** liberal talking point that you've seem to bought hook, line and sinker.
I get a COLA every year. So do millions of other people. Why do you want to deny minimum wage workers the same COLA that many, if not most of us enjoy?
I agree about COLA, there should be some sort of scaling built into min. wage.
However, Min. wage is inherently flawed without taking into account the cost of living in various areas being wildly different. Large urban areas forcing a one-size fits all min wage would really really screw the small towns etc.
Does it really make sense to have the same minimum wage in a town where rent is $300/month with utilities and $900/month in another town for the same rental?
This is what is really polarizing the discussion. It's really a rural vs. urban discussion which of course creates political divides.
What? You are moving the goal post or do not understand the context of the discussion I was having with nvxplorer. He stated employers would exploit and lower wages if minimum wage laws were removed. This is easy disprove because majority of people already make more than federal and state minimum wage. In other words, minimum wage is largely irrelevant to majority of employers and employees. Its clear sign the market values labor.
He is right, they would be exploited, if there wasn't a minimum wage, it would be much easier to offer a dollar more than the next company that is offering a job for $2/hr, and you would be lucky to have that slightly more paying $3/hr job.
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I wasn't making an argument. I was stating history. Look it up. Removing minimum wage affects that law alone, so I have no idea what you're referring to by "the thousands of laws, policies and codes..." We're talking about wages, and historically, businesses will exploit labor, to the point that people organize and sometimes violence occurs. The idea that laissez-faire economics produces anything resembling equity is a utopian wet-dream.
