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Maybe I am totally off base here, but do we truly need a minimum wage?
Posted on 1/16/21 at 10:08 am
Posted on 1/16/21 at 10:08 am
Some of these minimum wage threads have me thinking. ??
Now I'm not the best in economics. I took one course freshman year in college, I made a B even though I slept half the class. So tell me if I am totally wrong or ignorant in this matter.
Is there truly a need for a minimum wage. If people accept the job and work the job, then than means that they find that income suitable enough for them at that point in time. They are able to "live" off the income at that time. Otherwise, they would accept a higher paying job. They may want more money, so they'll better their skill set, gain experience so they can accept a higher paying job elsewhere. Working minimum wage work in a high school, I thought I was balling at the time. It was enough for me at that time. In college, working a slightly higher than minimum wage work, I realized how crappy the pay was once I started paying my portion of rent for the apartment. So I made sure to so all I could to better myself so I could work higher paying jobs to live the quality of life that I desired. This isn't even a post shaming folks who don't go to college. I wouldn't do that, plus there are many different job industries that'll pay higher than minimum wage that doesn't require a college degree. All it takes is a desire to better one's self.
If a company wanted to pay their employees
at $5/hr, that is a business that would not find many employees, if at all. People would completely overlook the job because there's multiple opportunities out there that pay higher to do the same work. The business would then have to raise their wages so that they can actually get employees. For businesses who do pay their employees minimum wage, they will typically have high turnover, with lots of low quality employees.
Most businesses already pay more than minimum wage, because they have found a pay rate where they can find workers who are a high-enough quality for them to deal with, while still keeping their prices to consumer relatively low.
Now I'm not the best in economics. I took one course freshman year in college, I made a B even though I slept half the class. So tell me if I am totally wrong or ignorant in this matter.
Is there truly a need for a minimum wage. If people accept the job and work the job, then than means that they find that income suitable enough for them at that point in time. They are able to "live" off the income at that time. Otherwise, they would accept a higher paying job. They may want more money, so they'll better their skill set, gain experience so they can accept a higher paying job elsewhere. Working minimum wage work in a high school, I thought I was balling at the time. It was enough for me at that time. In college, working a slightly higher than minimum wage work, I realized how crappy the pay was once I started paying my portion of rent for the apartment. So I made sure to so all I could to better myself so I could work higher paying jobs to live the quality of life that I desired. This isn't even a post shaming folks who don't go to college. I wouldn't do that, plus there are many different job industries that'll pay higher than minimum wage that doesn't require a college degree. All it takes is a desire to better one's self.
If a company wanted to pay their employees
at $5/hr, that is a business that would not find many employees, if at all. People would completely overlook the job because there's multiple opportunities out there that pay higher to do the same work. The business would then have to raise their wages so that they can actually get employees. For businesses who do pay their employees minimum wage, they will typically have high turnover, with lots of low quality employees.
Most businesses already pay more than minimum wage, because they have found a pay rate where they can find workers who are a high-enough quality for them to deal with, while still keeping their prices to consumer relatively low.
19
Posted on 1/16/21 at 10:22 am to QJenk
It isn't needed and it is just more government control and a whip up the non-abstract thinkers.
Posted on 1/16/21 at 10:23 am to QJenk
quote:
do we truly need a minimum wage?
No.
We don't.
More harmful than helpful. Let the free market dictate wages.
Don't want to make $6 an hour flipping burgers at McD? Seek better employment. Jobs like that were made to give young people good work experience, not to make $40,000/yr at.
Posted on 1/16/21 at 10:25 am to QJenk
Just look up Milton Friedman on minimum wage. He has the answer.
Posted on 1/16/21 at 10:26 am to QJenk
No, but if we must have one it should be well below the equilibrium wage so not to call deadweight losses.
Posted on 1/16/21 at 10:29 am to QJenk
The only way minimum wage works is if it is variable by state and urban/rural areas. Possibly tied to a cost of living index. A national minimum wage is legitimately one of the most retarded things we can pursue.
Posted on 1/16/21 at 10:30 am to Gr8t8s
quote:
The only way minimum wage works is if it is variable by state and urban/rural areas. Possibly tied to a cost of living index. A national minimum wage is legitimately one of the most retarded things we can pursue.
$15 across the board is specifically to frick red areas.
Posted on 1/16/21 at 10:53 am to QJenk
Minimum wage means someone worth less than minimum wage becomes unemployed.
Posted on 1/16/21 at 10:53 am to QJenk
How about making the folks working at these these "McJobs" pass a test proving they can count back your change, balance a checkbook, write a personal check, personally make a payment at the bank, write in cursive, and fix a flat tire before they can qualify for $15.00/hour?
Posted on 1/16/21 at 10:54 am to QJenk
No.
Rejection of the argument “where should the minimum wage be set” is the appropriate response.
Rejection of the argument “where should the minimum wage be set” is the appropriate response.
Posted on 1/16/21 at 10:58 am to QJenk
No.
People are too fricking lazy and stupid to realize that you don’t have to accept the job if it pays too little.
Its called bettering yourself, but democrats don’t believe that. Everyone should get paid the same despite work ethic according to their line of thinking. I will never unite with these fricking idiots
People are too fricking lazy and stupid to realize that you don’t have to accept the job if it pays too little.
Its called bettering yourself, but democrats don’t believe that. Everyone should get paid the same despite work ethic according to their line of thinking. I will never unite with these fricking idiots
Posted on 1/16/21 at 11:11 am to QJenk
quote:
do we truly need a minimum wage
To quote Paul Krugmans economic textbook
“no”
The value of a job is fixed, and fixed in proportion to other jobs in the economy.
When you raise the wage you just create inflation. It doesn’t make those jobs more valuable. You earn more briefly, but that evens out within a few years, as inflation sets in, and the economy reprices labor.
If the wage has any utility, this was Krugman’s caveat, it protects people who might be otherwise victimized by their employers.
Let’s say you have a person with severe brain damage who bags groceries at the local cornerstore. The wage protects him from being underpaid by an unscrupulous boss.
That’s a very uncommon scenario though.
-
You can make jobs more valuable though, by forming cartels, or creating a permit process that makes getting that job more expensive, or otherwise more difficult.
Let’s say you want to make your medical speciality pay more. Just reduce the number of residencies. Over time your job will become more valuable.
This doesn’t work for low end jobs like a cornerstore employee though, because at a certain point it’s just cheaper to replace them with a machine.
This post was edited on 1/16/21 at 2:29 pm
Posted on 1/16/21 at 11:11 am to QJenk
quote:
Maybe I am totally off base here, but do we truly need a minimum wage?
I think we do because businesses will take advantage of their entry level and younger workers.
A place will pay a 15 year old $3 an hour knowing they have to help that kid get the work permit and that kid has no bills. That’s it’s just ‘extra’ income or whatever he/she makes ‘helps’.
In the 1990s when minimum wage went from $4.75 to $5.15 the company I worked for warned me I might be let go (I was in high school) That company made 5 million dollars a day. And I wasn’t let go but my hours were cut.
Taking advantage of workers is done to illegals (I know they shouldn’t be here) and others who don’t have a right to work (like foreign students). I wouldn’t put it past some businesses to take advantage of legal workers if they could.
Posted on 1/16/21 at 11:55 am to QJenk
It isn't - when it is artificially high (which is the rule rather than the exception), it serves to hurt low-skill, untrained and younger workers pretty significantly.
Posted on 1/16/21 at 12:13 pm to Ace Midnight
Seeing how this country seems to have minimum sense it only seems appropriate.
Posted on 1/16/21 at 12:35 pm to QJenk
Minimum wage jobs are for teenagers and new entrants to the job market. If you really want to better yourself you will work hard and find higher paying jobs but if you're lazy and think the world owes you a life well minimum wage jobs will be you career.
Posted on 1/16/21 at 12:36 pm to QJenk
quote:
Maybe I am totally off base here, but do we truly need a minimum wage?
Nope. A wage should be between the person paying and the person being paid. The government has no need to be in the discussion.
Posted on 1/16/21 at 12:39 pm to QJenk
We absolutely need a minimum wage and regional/local economic conditions will establish that minimum wage.......it just ain't that hard folks. 
Posted on 1/16/21 at 12:43 pm to the808bass
quote:
Rejection of the argument “where should the minimum wage be set” is the appropriate response.
This viewpoint is in the overwhelming minority and doing this is basically extricating yourself from discussion and policy development.
This post was edited on 1/16/21 at 12:44 pm
Posted on 1/16/21 at 12:44 pm to QJenk
No, at this point we need jobs created period and the market will bear out what they should pay given that a bunch of people would rather receive set benefits than earn more.
A shite job is meant to be a means to an end, to build skills that will allow you to get a better job. Not a career.
Fry cook is meant to lead toward shift manager towards store manager toward buying a franchise. Fry cook is not supposed to support a family of four.
A shite job is meant to be a means to an end, to build skills that will allow you to get a better job. Not a career.
Fry cook is meant to lead toward shift manager towards store manager toward buying a franchise. Fry cook is not supposed to support a family of four.
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