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Yeah, well the last time minimum wage was decided was July 24, 2009 and it has been set at $7.25 for the past 13 years. Work a months wages on that, try and meet your bills and then come back with how the economy is doing. Trust it isn't the minimum wage, that's the problem.
Quote:
Originally Posted by erieguy
Minimum wage jobs weren’t intended to live or raise a family on… Expecting otherwise is a very poor plan for one’s economic future.
And the cost of living has risen how much in the past 13 years, where as $7.25 was adequate to live? When $12 - $15 hourly wage isn't enough to make ends meet, when does enough, become enough?
Demand for the product doesn't "necessarily" have to increase to raise price...the demand could be inelastic! Could be a product everyone needs! For example, if a utility decides to increase their prices because of increased costs does demand for the product have to increase? If my company is superior to my competitors I can charge more than said competitors....IF customers are willing to pay for superior service/product.
If wages go up and you can't justify prices you can accept lower margins (if practical) but there ARE limits to how much staff you can cut and still be effective. By the way, in some cases you can......automate!!!
Just for the record, as far as running a business, I have built 3 successful businesses from scratch in multiple sectors of our economy. One of which became one of the fastest growing tech businesses in our country during the late 90's....which I then sold to another very well known company. Now get out of your mother's basement and actually go accomplish something!!
You are the first person I've seen on here to admit that accepting margins is an inkling of a possibility (not as a likelihood, but people act as if this is downright impossible). On top of that, elasticity is rarely mentioned where applicable. I pretty much agree with everything else, props for the logical take.
And the cost of living has risen how much in the past 13 years, where as $7.25 was adequate to live? When $12 - $15 hourly wage isn't enough to make ends meet, when does enough, become enough?
It isn't the wage one earns, that's the problem.
Again, minimum wage/entry level jobs were/are not intended for making a living or raising a family.
Want a job that pays more money, better oneself and get educated whether it be college, tech school, etc…
Folks cried for $15/hr, sOOO many got it and now they’re crying they want more.
There is no intent, only markets. But if the corp isn't paying for maintenance and upkeep (living wage) of its equipment (humans), then taxpayers are.
It got inflated away. You know this, don't play dumb.
Yep it did, with consequences, yet they want more. Paying everyone more simply raises prices of everything else, then they want more, which raises prices more, etc…
Want more money, get a job that pays more money. Wanting $50k to flip burgers, bag groceries, etc…, isn’t going to happen and shouldn’t.
Yep it did, with consequences, yet they want more. Paying everyone more simply raises prices of everything else, then they want more, which raises prices more, etc…
Once again implying that wages are the primary inflation driver. Logical at its surface, glancing over all the details of the greater global economy. A great way to put the blame on the ones whose inflation-adjusted wage has been falling for a while. Yes, raised wages contribute to inflation. No, it is not a runaway effect where rising wages always makes everyone poor again. That's absurd. Once again, the logical conclusion is for everyone to take a pay cut, then we're magically all richer because prices went down. Or are you saying that a large segment of the population is always screwed no matter what, due to the nature of the system? Because I'll agree with that.
Once again implying that wages are the primary inflation driver. Logical at its surface, glancing over all the details of the greater global economy. A great way to put the blame on the ones whose inflation-adjusted wage has been falling for a while. Yes, raised wages contribute to inflation. No, it is not a runaway effect where rising wages always makes everyone poor again. That's absurd. Once again, the logical conclusion is for everyone to take a pay cut, then we're magically all richer because prices went down. Or are you saying that a large segment of the population is always screwed no matter what, due to the nature of the system? Because I'll agree with that.
Those that are going to count on entry level jobs to make a living and/or raise a family are mostly screwed because it’s not realistic.
Want more money, get a job that pays more money. Wanting $50k to flip burgers, bag groceries, etc…, isn’t going to happen and shouldn’t.
These idiots who rant and rave about the minimum wage don't understand simple economics. When businesses have to pay more for labor they don't eat the cost they pass it on to the consumer.
So your 3-dollar big mac now costs $5 and your meal $10 or $11 so you're essentially back to square one.
It doesn't work out that way in real life. This is because a big mac in Arkansas is priced no higher than it is in Oklahoma, even though the minimum wage is much higher in Arkansas, $11 vs. $7.25.
Those that are going to count on entry level jobs to make a living and/or raise a family are mostly screwed because it’s not realistic.
Want more money, get a job that pays more money. Wanting $50k to flip burgers, bag groceries, etc…, isn’t going to happen and shouldn’t.
Not everybody can be a manager etc. If all that didn't make a living wage didn't go to work (remember, you or someone must pay for the cost of equipment upkeep), society would be in big trouble. Just face it, some of us enjoy and benefit from our quasi-feudalism thing going on at the lower rungs of society.
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