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I disagree with the $15 per hour minimum wage, as matter of fact, I think the minimum wage should not change at all. There are many entry level jobs for college graduates that require actual skills, but only pay around $15 an hour.
A raise in minimum wage will only cause inflation. $15 an hour will have the same buying power as $7.25 once the economic dust settle. The economy is driven by supply and demand.
Currently a college graduate working an office job at $15 per hour has over twice the buying power of a non-skilled minimum wage worker. If the min gets raised to $15, the college graduate will have the same buying power as a non-skilled minimum wage worker!
A higher minimum wage reduces everyone else's buying power!
The minimum wage is the base! For example:
Min wage = $7.25 = lowest buying power = minimum buying power.
New college graduate earns $15 = 2.07 times more buying power than min wage.
Experienced college graduate earns $25 = 3.45 times more buying power than min wage.
Now this is what will happen if it gets raised to $15.
Min wage = $15 = lowest buying power = STILL ONLY minimum buying power!
New college graduate earns $15 = SAME buying power as min wage!
Experienced college graduate earns $25 = ONLY 1.67 times more buying power than min wage! This means if you are currently earning $25 per hour and the minimum wage gets raised to $15 per hour, your buying power will be reduced to the same as $12 per hour before the minimum wage increase!
Less buying power with the same amount of money EQUALS INFLATION! IT MEANS YOU WILL BE ABLE TO BUY LESS THEREFORE HAVE A LOWER STANDARD OF LIVING!
If the minimum wage doubles, you will need to DOUBLE your current salary just to have the same buying power! Do you think there is any chance your employer will double your salary just to keep up with the inflation an minimum wage increase will cause?!
Did you notice that the minimum wage earners STILL only have MINIMUM buying power?! Raising the minimum wage just causes inflation and not only doesn't help anyone, but it harms the people that currently earn more!
I dont get it. Maybe there will be less possibility youd robbed or get killed in the process. Maybe customer service quality would be better. Maybe goods and services will be cheaper since there are more shouldering production and operational costs. Its the same concept as with healthcare insurance actually
Your fact pattern is one dimensional. Since 1977, wages have not kept up with inflation, and as a result, purchasing power decreased.
This, let's face it inflation has killed since the 70's and we have only seen the train roll on.
Quote:
Originally Posted by GTRdad
I dont get it. Maybe there will be less possibility youd robbed or get killed in the process. Maybe customer service quality would be better. Maybe goods and services will be cheaper since there are more shouldering production and operational costs. Its the same concept as with healthcare insurance actually
Yeah, it is an issue you can see its good and bad. I think most people can see that. I see some good from a higher minimum wage but I see if it is raised to that proposed $15, it would not help the college wages (though it is hard for college grads to actually find the wages the OP said they could get.)
And this is exactly why people should take a moment and read the post's draft before actually hitting the 'Post' button. Wow, just wow.
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