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No doubt owners of low pay businesses would very much support abolishing all minimum wages. They would love to use the newly freed up labor market to see just how close to ZERO people would be willing to work for. One major downside is that it would likely encourage the rise of unionism.
I'm unaware of a single instance in which a federal minimum wage hike produced long-term increases in unemployment for workers in general.
One thing that is usually missed in these discussions is that when the minimum wage is increased, it not only increases the wage of those working at the minimum, but it also raises the wages of workers above them, whose wages have to be adjusted as well, to keep a disparity between entry-level positions and those with more responsibilities.
No doubt owners of low pay businesses would very much support abolishing all minimum wages. They would love to use the newly freed up labor market to see just how close to ZERO people would be willing to work for. One major downside is that it would likely encourage the rise of unionism.
I wonder why I get paid nearly 4 times the minimum wage. Why would a company pay anyone more than the minimum?
IRL companies are very slow to drop wages. Employee performance tends to drop along with increased turnover.
I'm unaware of a single instance in which a federal minimum wage hike produced long-term increases in unemployment for workers in general.
One thing that is usually missed in these discussions is that when the minimum wage is increased, it not only increases the wage of those working at the minimum, but it also raises the wages of workers above them, whose wages have to be adjusted as well, to keep a disparity between entry-level positions and those with more responsibilities.
It also raises the cost of goods and services - which is why companies move to automation... or just move altogether - out of country, to keep operating costs down.
yes, i feel minimum wage short be eliminated, go on a supply and demand system, dont like what one guy pays go somewhere else. The minimum wages is an excuse to keep from paying more. if nobody will work for you, you have to pay more
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